Ordinance 3186 - Laserfiche WebLink

Y ♦ ✓ 11, Section 4: That there is hereby established a Local Improvement District to be known as Local Improvement District No. 573 which district shall include the following described property, to-wit: Lot 1, Block 24, Replat of South Park Addition to Everett, less right of way of State Highway No. 1. Lots 13 to 24 inclusive, Block 1, Central Park Addition to Everett, less right of way of State Highway No. 1. Section 5: A special fund is hereby created to be called Local Improvement District Fund No. 573, which shall consist in the aggregate of several amounts assessed, levied and collected on the several lots, tracts and parcels of land in said local improve- ment district, and the proceeds of the sale of the bonds in said district, for the purpose of defraying the cost and expense of such impzovanent. Out of said fund shall be paid the bonds, the interest thereon and the entire cost of such impzovement. Section 6: 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 (4) per cent per annum under the mode of payment by bonds, as provided by law and the ordinances of said City. Bonds bearing interest at the rate of four (4) per cent per annum, wable on or before 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 ordinances of said City. Section 7: That Ordinance No. 3086 be and the same is hereby repealed. Mayor Attest: i‘jh ty Clerk Passed: May 4th, 1948. Published: " 5th , 1948 .