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• <br /> Section 6: A special fund is hereby created to be called <br /> "Local Improvement District Fund No. 618", which shall consist in <br /> the aggregate of the several amounts assessed, levied and collect- <br /> ed on the several lots, tracts and parcels of land in said local <br /> improvement district and the proceeds of the sale of the bonds <br /> in said district for the purpose of defraying the costs and <br /> expenses of such improvement. Out of the said fund shall be paid <br /> the bonds, the interest thereon, and the entire cost of such <br /> improvement. <br /> Section 7: The costs and expenses of such improvement <br /> shall be defrayed by special assessment payable in ten (10) equal <br /> annual installments, with interest thereon at the rate of four <br /> per cent (4%) per annum, under the mode of payment by bonds as <br /> provided by law and the ordinances of the City of Everett. Bonds <br /> bearing interest at the rate of four per cent (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 payments in cash in the manner provided by the <br /> ordinances of said city. <br /> Section 8: The assessments shall be made against the <br /> property in the district in accordance with special benefits it <br /> will derive from the improvement without regard to the zone and <br /> termini method of spreading assessments as provided for by Rem. <br /> Rev. Stat. 9365--1947 Supplement. <br /> Mayor <br /> Attest: <br /> Deputy CityClerk <br /> P Y <br /> Passed: May 29, 1951 <br /> Published: May 31, 1951 <br />