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• <br /> • <br /> Section 5: A special fund is hereby created to be called <br /> Local Improvement District Fund No. ,sr, , which shall consist in <br /> the aggregate of several amounts assessed, levied, and collected on <br /> the several lots, tracts, and parcels of land in said local improve- <br /> ment district, and the proceeds of the sale of the bonds in said <br /> district, for the purpose of defraying the cost and expense of such <br /> improvement. Out of said fund shall be paid the bonds, the interest <br /> thereon, and the entire cost of such improvement. <br /> Section 6: The costs and expenses of such improvement <br /> shall be defrayed by special assessments payable in ten (10) equal <br /> annual installments, with interest thereon at the rate of four (4) <br /> per cent per annum under the mode of payment by bonds, as provided <br /> by law, and the ordinances of said City. Bonds bearing interest at <br /> the rate of four (4) percent per annum, payable on or before twelve <br /> years from date of issue, shall be issued in payment of the costs <br /> and expenses of such improvement, or the City of Everett may, at its <br /> election, sell said bonds and make payment in cash in the manner <br /> provided by the ordinances of said Uity. <br /> ZA( <br /> a y o r <br /> Atte t: <br /> am /7-zra <br /> City _e k <br /> Passed: aurast 11, 1953 <br /> Published: Au,,,ist 1_7, 1953 <br />