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t . <br /> and collected on the several lots, tracts and parcels of land <br /> in said local improvement district and the proceeds of the <br /> sale of the bonds in said district for the purpose of defraying <br /> the costs and expenses of such improvement. Out of the said <br /> fund shall be paid the bonds, the interest thereon, and the <br /> 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) <br /> equal annual installments with interest thereon at the rate of <br /> four percent (4%) per annum, under the mode of payment by <br /> bonds as provided by law and the ordinances of the City of <br /> Everett. Bonds bearing interest at the rate of four percent <br /> (4%) per annum payable on or before twelve (12) years from <br /> date of issue, shall be issued in payment of the costs and <br /> expenses of such improvement, or the City of Everett may, at <br /> its election, sell said bonds and make payment in cash in the <br /> manner provided by the ordinances of said city. <br /> 1 <br /> M A Y O R <br /> Attest: <br /> .A./ I " <br /> Cl ,C1er <br /> Passed: June 2, 1959 <br /> Published: June 3, 1959 <br />