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• <br /> Section 4: A special fund is hereby created to be called <br /> "Local Improvement ound No. 578 , " which shall consist in the <br /> aggregate or the several amounts assessed, levied and collected <br /> on the several lots, tracts and parcels of land in said local im- <br /> provement district and the proceeds of the sale of the bonds in <br /> said district for the purpose of defraying the costs and expenses <br /> of such improvement. Qut of said fund shall be paid the bonds, <br /> the interest thereon and the entire cost of such improvement. <br /> Section 5: The costs and expenses of such improvement shall <br /> be defrayed by special assessment, payable in 10 equal annual <br /> installments, with interest thereon at the rate of 4 percent <br /> per annum, under the mode of payment b: bonds as provided by law <br /> and the ordinances of the 'dity of Everett. Bonds bearing interest <br /> at the rate of four percent per annum, payable on or before 12 <br /> years from date of issue, shall be issued in payment of the costs <br /> and expenses of such improvement, or the L'ity of Everett may, at <br /> its election, sell said bonds and make payment in cash in the manner <br /> provided by the ordinances of said 'ity. <br /> /P0P- . <br /> Mayor <br /> Attest: <br /> City Clerk <br /> Passed: January 14, 1947. <br /> Published: Jan . 15, 1947. <br />