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f <br /> Section 4+: A special fund is hereby created to be called <br /> Local Improvement Fund No. 647 , which shall consist in the <br /> aggregate of the several amounts assessed, levied and collected <br /> on the several lots, tracts and parcels of land in said local <br /> improvement district and the proceeds of the sale of the bonds in <br /> said district for the purpose of defraying the costs and expenses <br /> 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 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 the said City. <br /> M A Y O R <br /> Attest: <br /> City Clerk <br /> Passed: Oct. 30, 1956 <br /> Published: Oct. 31, 1956 <br />