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Also that portion of G.N. Ry. r/w in SEu SW4., Sec. <br /> 20, T 29 N, R 5 EWM lying north of Hewitt Ave. in <br /> the City of Everett, east of vacated McDougall Ave. , <br /> southwesterly of B1k. 661, Plat of Everett, Div. <br /> "I" and southerly of the north r/w line of the Great <br /> Northern Railway Co. r/w, together with the east <br /> half of vacated McDougall Ave. lying westerly of the <br /> above described tract. <br /> Section 4: A special fund is hereby created to be called <br /> "Local Improvement Fund No. 654 ", which shall consist in <br /> the aggregate of the several amounts assessed, levied and <br /> collected on the several lots, tracts and parcels of land in said <br /> local improvement district and the proceeds of the sale of the <br /> bonds in said district for the purpose of defraying the costs and <br /> expenses of such improvement. Out of said fund shall be paid the <br /> bonds, the interest thereon, and the entire cost of such improve- <br /> ment. <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 per cent (4%) per annum, under the mode of payment by bonds <br /> as provided by law and the ordinances of the City of Everett. <br /> Bonds bearing interest at the rate of four percent (4%) 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 improve- <br /> ment, or the City of Everett may, at its election, sell said <br /> bonds and make payment in cash in the manner provided by the <br /> ordinances of said city. <br /> MAYOR <br /> Attest: <br /> Attest: <br /> 1 r <br /> ' <br /> )14/uIty _er <br /> F 1C <br /> Passed: JUN 21959 <br /> Published: JUN 195' <br />