Ordinance 3182 - Laserfiche WebLink

Section 4: A special fund is hereby created to be called "Local Improvement District Fund No. 59c) " which shall consist in the aggregate of the several amounts assessed, levied and collected 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 ani expenses of such improvement . Out of said fund shall be paid the bonds , the interest thereon and the entire cost of such improvement , except the amount to be paid by funds from the Washington State Development Board. Section 5: The costs and expenses of such improvement to be assessed against the owners of the property within said district as set forth in Section 2 of this Ordinance shall be defrayed by special assessment , payable in ten equal annual 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 interest at the rate of four per cent per annum, payable on or before twelve 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. Mayor Attest : ,. ! ty lerk Passed: March 30, 1948. Published: " 31st , 1948 .