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4 <br /> be known as "Local Improvement Fund No. 7 ", which <br /> shall consist in the aggregate of the several amounts levied, <br /> assessed and collected on the several lots, tracts and parcels of <br /> land in said Local Improvement District and the proceeds of the <br /> sale of bonds in said district for the purpose of defraying the <br /> costs and expenses of such improvement and the contribution by <br /> the City of Everett. Out of said funds shall be paid the bonds, <br /> the interest thereon and the entire costs 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 six per <br /> cent (60) 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 /> iR bearing interest at the rate of six per cent (6%) per annum pay- <br /> able on or before twelve (12) years from date of issue shall be <br /> issued in payment of the costs and expenses of such improvement, <br /> or the City of Everett may, at its election, sell said bonds <br /> and make payment in cash in the manner provided by the ordinances <br /> of said city. <br /> If <br /> y 1 <br /> MAYOR <br /> Attest : <br /> City Clerk <br /> Passed: Oct. 29, 1063. <br /> Published: ® 13:L°` <br /> ' I <br /> s' R <br />