Ordinance 3287 - Laserfiche WebLink

south property line of Hewitt Avenue being the center line of the blocks facing and abutting the south margin of Hewitt Avenue. Section 4: A special fund is hereby created to be called "Local Improvement Fund 613", which shall consist in the aggregate of the several amounts assessed, levied, and collec- ted on the several lots, tracts, and parcels of land in said local improvement district and 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, the interest 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 (40) per cent per annum, under the mode of payment by bonds as provided by law and the ordinances of the City of Everett. bonds bearing interest at the rate of four (4-A per cent per annum, payable on or before twelve (12) years from date of issue, shall be issued in payment of the costs and expenses of such improve- ment, or the City of Everett may, at its election, sell said bonds and make payments in cash in the manner provided by the ordinances of said city. Section 6: The assessments shall be made against the property in the district in accordance with special benefits it will derive from the improvement without regard to the zone and termini method of spreading assessments as provided for by Rem. Rev. Stat. 9365--1947 Supplement. Mayor ATTEST: City C11(1.7 Passed: May 31, 1950. Published:June 2, 1950.