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district and the proceeds of the sale of the bonds in said district <br /> for the purpose of defraying the costs and expenses of such improve- <br /> ment. Out of said fund shall be paid the bonds, the interest <br /> thereon and the entire cost of such improvement. <br /> Section 5: The costs and expenses of such improvement <br /> shall be defrayed by special assessment, payable in ten equal annual <br /> installments, with interest thereon at the rate of four per cent <br /> per annum, under the mode of payment by bonds as provided by law <br /> and the ordinances of the City of Everett. Bonds bearing interest <br /> at the rate of four per cent per annum payable on or before twelve <br /> (12) 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 <br /> its election sell said bonds and make payment in cash in the manner <br /> provided by the ordinances of said City. <br /> Mayor <br /> Attest <br /> Cit Clerk <br /> Passed: May 25th, 1948. <br /> Published. " 214th, 1948 . <br /> —2 <br />