Ordinance 3144 - Laserfiche WebLink

6 Section 4: That there is hereby established a Local Improvement District to be known as Local Improvement District No. 588 which district shall include the following described property, to-wit: Beginning at the existing monument at 39th Street and Broadway, thence south on the monument line of Broadway for 40 feet, thence angle right 90° for 71. 92 feet to the west line of Broadway and the true point of beginning; thence angle left 900 for 193.14 feet ; thence angle right 90° for 120 feet thence angle right 90° for 413.14 feet, thence angle right 90° for 120 feet, thence angle right 90° for 220 feet to the true point of beginning, less the south 70 feet of the north 220 feet of the above description. Section 5: A special fund is hereby created to be called Local Improvement District .Lund No. 588 , 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 im- provement district, and the proceeds of the sale of the bonds in said district, for the purpose of defraying the cost and expense of such improvement. Out of said fund shall be paid the bonds, the interest thereon and the entire cost of such improvement. Section 6 The costs and expenses of such improvement shall be defrayed by special assessment, payable in 10 equal annual installments, with interest thereon at the rate of 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 4 per cent per annum, payable 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 or ainances of said City. Mayor Attest: dity�/Clerk Passed: Sept. 24 , 1947 . Published: Sept . 24 , 1947.