Ordinance 3285 - Laserfiche WebLink

• Section 4: A special fund is hereby created to be called "Local. Improvement Fund No. 111 _", which shall consist in the aggregate of the several amounts assessed, levied, and col- lected 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 improve- ment. Section 5 : The costs and expenses of such improvement shall be defrayed by special assessment, payable in ten equal an- nual installments, with interest thereon at the rate of four 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 in- terest at the rate of four 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 improvement, or the City of Everett may, at its election, sell said bonds and make payment in cash in the manner provided by the ordinance of said City. Section 6: That the City Council of the City of Everett hereby declares the improvement provided for in this ordinance to be necessary for the public health and benefit and so orders the improvement. ATTEST: Cit C1 e k passed; May 23, 1950. Published: May 24, 1950.