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,0 w- <br /> Section 4: A special fund is hereby created to be call- <br /> ed "Local Improvement Fund No. 622 ", which shall consist in <br /> the aggregate of the several amounts assessed, levied and <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 said fund shall <br /> be paid the bonds, the interest thereon and the entire cost of <br /> 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 (4%) percent 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 (4%) per cent 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 or in the manner provided by <br /> the Ordinances of Laid City. <br /> • <br /> Mayor <br /> Attest: <br /> City Clerk <br /> Passed: October 16th, 1951. <br /> Published: " 17th, 1951. <br />