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• <br /> Section 4 A special fund is hereby created to be called <br /> "Local Improvement Fund No. 601 ", which shall consist in the <br /> aggregate of the several amounts assessed, levied and collected on <br /> the several lots, tracts and parcels of land in said local improvement <br /> 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 thereon <br /> and t he entire cost of such improvement. <br /> Section 5: The costs and expenses of such improvement <br /> , shall be defrayed by special assessment payable in five (5) equal <br /> annual installments, with interest thereon at the rate of four (4%) <br /> per cent per annum, under the mode of payment by bonds as provided <br /> by law and the Ordinances of the City of Everett. Bonds bearing <br /> interest at the rate of four (4%) per cent per annum, payable on <br /> or before seven . ( 7) years from date of issue, shall be issued in <br /> payment of the costs and expenses of such improvement, or the City <br /> of Everett may, at its election, sell said bonds and make payment <br /> in cash in the manner provided by the Ordinances of said City. <br /> Mayor <br /> Attest: <br /> l <br /> CitClerk <br /> Passed: April 27th , 1948 . <br /> Published: " 28th, 1948 . <br />