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Section 4: A special fund is hereby created to be called <br /> "Local Improvement Fund No. 589 , " 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 <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 5 equal annual <br /> installments, with interest thereon at the rate of 4 per cent per <br /> annum, under the mode of payment by bonds as provided by law and <br /> the ordinances of the City of z,verett. Bonds bearing interest at <br /> the rate of 4 per cent per annum, payable on or before 7 years <br /> from date of issue, shall be issued in payment of the costs and <br /> expenses of such improvement, or the City of Everett may, at its <br /> 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 /> City Clerk <br /> Passed: November 12, 1947 . <br /> Published: " 13 , 1947. <br />