Ordinance 3475 - Laserfiche WebLink

I iv It- Section 4: A special fund is hereby created to be called Local Improvement Fund No, (332 ", which shall consist in the I aggregate of the several amounts assessed, levied and collected on the several lots, tracts and parcels of land in said local improve- ment district end the proceeds of the sale of the bonds in said district for the purpose of defraying the costs and expenses of such improvement. Out of said fund shall be paid the bonds, in'-erest thereon and the entire cost of such improvement. Section 5: The costs and expenses of such improvement shall be defrayed by special assessment, payable in ten (10) equal annual installments, with interest thereon at the rate of four per cent (4 ) per annum, under the mode of payment by bonds as provided by law and the ordinances of the City of J-verett. Bonds bearing interest at the rate of four per cent per annum payable on or before I/ twelve (12) years from date of issue, shall be issued in payment of the costs and expenses of such improvement, or the City of Everett may, at its election, sell said bonds and make payment in cash in the manner provided by the ordinances of said City. Section 6: The assessments shall be made against the pro- perty in the district in accordance with special benefits it will derive from the improvement without regard to the zone and termini method of soreading assessments as provided for by Rem. Rev. - tat. 9365-1947 Supplement. ((-91/i: Ma or Attest: City 1erk Passed: July 27, 1954 Published: July 28, 1954