Ordinance 4023 - Laserfiche WebLink

r. • '8r 1n {' I' r ., line, Qf Hoyt Avenue and.,the West line of Colby Avenue; thence 'Northerly ,along said line, midway between the East line of Hoyt Avenue and the West line of Colby Avenue to an intersection with the centerline of the alley in Block 3, Central Park Addition to Everett, produced Southerly; thence Northerly along the centerline of said alley in Block 3 and said alley produced and the centerline . of the alley in Block 21 and 26, Replat of South Park Addition; and the alley in Block 16, Plat of South Park Addition to the South line of 41st Street; thence Ely along the South line of 41st I Street for 8 feet to the T.P.O.B. Section 4: A special fund is hereby created to be known as "Local lm rovement Fund No. , " which shall consist . I of the amount contributed by the City of Everett and the ag- gregate of several amounts levied, assessed and collected on ;i the property lying within the district and the proceeds of the !, sale of bonds in said district for the purpose of defraying a portion of the cost and expenses of such improvement . Out of said funds shall be paid the bonds, the interest thereon and the entire cost of such improvement . li Section 5: The costs and expenses of such improvement, except the sum contributed by the City of Everett, shall be defrayed by special assessment payable in ten (10) equal annual installments with interest thereon at the rate of t-Jv e. per cent (co) per annum, under the mode of payment by bonds as provided by law and the ordinances of the City of Everett. Bonds bearing interest at the rate of f; ,,c, per cent (3v%) per annum payable on or before twelve (12) years From date of issue, shall be issued in payment of the costs and expenses of such improvement, or the City of Everett may, at its election sell said bonds and make payment in cash in the manner provided by the ordinances of said City. Section 6: The cost and expenses of the improvement herein to be paid by the City of Everett, as provided in Sections 2, 4 and 5 of this Ordinance, shall be paid by the City out of i; the Street Arterial Fund, which fund is derived from the proceeds of the one-half cent additional gas tax provided by Chapter 7 of the laws of the State of Washington, Extraordinary Session 1961 . a /71./.1e(A.- -eC ,7)7.- ,,,(c•‘- t-it..-0,") . MAYOA a Attest: .2 ,.-66.-_ ---..z._ C TY CLERK ' Passed: JUN 16 1964 Published: A,' 17 1964 i -3- Y