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1 East 1/2 of flg. described: Beg. at a point <br /> 364' east and 990' N of S.W. Cor. of SW1/4 <br /> 2 NW1/4; th East 164' ; th N152 ' M/L; th West 164' ; th <br /> South 152 ' to P.O.B. less County Road. <br /> 3 <br /> Section 4: A special fund is hereby created to be <br /> 4 called Local improvement District Fund No. k which shall <br /> consist in the aggregate of the several amounts assessed, <br /> 5 levied and collected on the several lots, tracts and parcels <br /> of land in said local improvement district and the sale of the <br /> 6 bonds in said district for the purpose of defraying the costs and <br /> expenses in such improvement . Out of said fund shall be paid the <br /> 7 bonds and interest thereon and the entire cost of such improvement, <br /> except as otherwise provided. <br /> 8 <br /> Section 5: The cost and expense of such improvement, <br /> g except as paid by the City of Everett, shall be defrayed by <br /> special assessments payable in five (5) equal annual installments <br /> 10 with interest thereon at the rate of five (5%) per cent per annum <br /> under the mode of payment by bonds as provided by law and the <br /> 11 ordinances of the City of Everett . Bonds bearing interest at the <br /> rate of five (5%) per cent per annum payable on or before seven <br /> 12 (7) years from date of issue shall be issued in payment of the <br /> cost and expense of such improvement or the City of Everett may, <br /> 13 at its election, sell said bonds and make payment in cash in the <br /> manner provided by the ordinances of said City. <br /> 14 <br /> 15 <br /> 16 <br /> 17R <br /> 18 <br /> 19 Attest: <br /> 20 <br /> 21 <br /> City Clerk <br /> 22 <br /> 23 Passed: <br /> 24 Published: 1 h V-1 <br /> 25 <br /> 26 <br /> 27 <br /> 28 <br /> 29 <br /> 30 <br /> 31 <br /> 32 <br /> -2- <br />