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y Y <br /> r <br /> • <br /> collected on the several lots, tracts and parcels of land in <br /> said local improvement district and the proceeds of the sale of <br /> the bonds in said district for the purpose of defraying the <br /> costs and expenses of such improvement. Out of the said fund <br /> shall be paid the bonds, the interest thereon, and the entire <br /> 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 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 <br /> annum payable on or before twelve (12) years from date of issue, <br /> shall be issued in payment of the costs and expenses of such <br /> improvement, or the City of Everett may, at its election, sell <br /> said bonds and make payment in cash in the manner provided by <br /> the ordinances of said city. <br /> 7 �P <br /> ' M A Y O R <br /> Attest: <br /> AILA ,/ dl-1 ai,t <br /> r Cit}r le <br /> Passed: April 21, 1959 <br /> Published: April 22,. 1959 <br />