Arkansas Code Title 14. Local Government § 14-184-118. Supplemental annual assessments--Levy

(a)(1) In order to effectuate the plan of improvement and to maintain the improvements constructed under it, it may be desirable to provide additional funds for operation, maintenance, repairs, and replacements, and to levy a supplemental annual assessment upon the property owners within a central business improvement district in order to provide funds for these purposes.

(2) Supplemental annual assessment for operation, maintenance, repairs, and replacements shall be in addition to that levied and collected upon the assessment of benefits which has been, or may be, pledged and mortgaged to retire bonded indebtedness of the district as authorized in this subchapter.

(b)(1) The petition requesting the creation of the district and the ordinances creating the district and levying the tax on the assessment of benefits to provide for the retirement of bonded indebtedness may also provide for a continuing supplemental annual levy of an assessment which shall be designated for the purposes of operation, maintenance, repairs, and replacements of the improvements.

(c)(1) The levy and collection of the supplemental annual assessment for operation, maintenance, repairs, and replacements shall not operate to reduce the total of the assessed benefits which may be, or may have been, mortgaged and pledged to secure bonded indebtedness of the district.

(2) Upon request of the board of commissioners, the annual supplemental assessment may be adjusted no more frequently than annually by the governing body.