Ordinance 3708 - Laserfiche WebLink

SECTION 6: That there is hereby established a local improvement district to be known as "Local Improvement District No. 652 ", which district shall include all of the property described in Section 4. SECTION 7: A special fund is hereby created to be called "Local Improvement District Fund No. 652 ", which shall include, in addition to the amount to be contributed by the City of Everett and the several amounts assessed, levied and collected on the several lots, tracts and parcels of land in said enlarged local improvement district, and the proceeds of the sale of all bonds in said district for the purpose of defraying the costs and expenses of the said improvement. Out of said fund shall be paid the bonds, the inter- est thereon and the entire cost of the improvement. SECTION 8: The assessments herein provided shall be made against the property in the district in accordance with the benefits it will derive without regard to the zone and termini method of spreading assessments. SECTION 9: The cost of said improvement shall be payable in 20 equal annual installments with interest at the rate offour percent per annum under the mode of payment by bonds, as provided by law and the ordinances of said city. Bonds bearing interest at the rate of ? % per annum payable on or before 22 years from date of issue shall be issued in payment of the costs and expenses of said improvement, or the City of Everett may, at its election, sell said bonds and make payment in cash as provided by the ordinances of the City of Everett. The City Council unanimously finds that the life of the improvement will exceed 25 years and that the life of the improvement will exceed the period during which the bonds herein provided for are payable. AYOR Attest: Passed: Mar. 10, 1959 Published: Mar. 11, 1959 -5-