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Section 4: That a special fund is hereby created to be <br /> known as "Local Improvement District Fund No. " which shall <br /> consist in the aggregate of the several amounts levied, assessed <br /> and collected on the several lots, tracts and parcels of land in <br /> said Local Improvement District and the proceed of the sale of <br /> bonds in saiddistrict for the purpose of defraying the costs and <br /> expenses of such improvement and the contributia-x by the City of <br /> Everett . Out of said funds shall be paid the bonds, the interest <br /> thereon and the entire cost of such improvement . <br /> Section 5: The costs and expenses of such improvement <br /> shall be defrayed by special assessment payable in ten (10) equal <br /> annual installments with interest thereon at the rate of five per <br /> cent (5%) per annum, under the mode of payment by bonds as pro- <br /> vided by law and the ordinances of the City of Everett . Bonds <br /> bearing interest at the rate of five per cent (5%) per annum <br /> payable on or before twelve (12) years from date of issue shall <br /> be issued in payment of the costs and expenses of such improvement, <br /> or the City of Everett may, at its election, sell said bonds and <br /> make payments in cash in the manner provided by the ordinances of <br /> said city. <br /> C .,-., <br /> Attest: <br /> t�/ <br /> C LY CLERK <br /> Passed: <br /> Published: ' a ( 6 <br /> -3- <br />