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} <br /> r <br /> Section 4: A special fund is hereby created to be called <br /> "Local Improvement Fund No. 576 , " which shall consist in the <br /> aggregate of the several amounts assessed, levied and collected on <br /> the several lots, tracts and parcels of lend in said local improve- <br /> ment cistrict and the proceeds of the sale of the bonds in said <br /> district for the purpose of defraying the costs and expenses of such <br /> improvement. 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 ten equal annual ' <br /> installments, with interest thereon at the rate of four per cent <br /> per annum, under the mode of payment by bonds as provided by law <br /> and the ordinances of the City of Everett . Bonds bearing interest <br /> . at the rate of four per cent per annum payable on or before <br /> twelve (12) years from date of issue , shall be issued in payment of <br /> the costs and expenses of such improvement , or the City of Everett <br /> may, at its election sell said bonds and nahe payment in cash in the <br /> manner provided by the ordinances of said City. <br /> Mayor. <br /> ATTEST: <br /> • <br /> amity Clerk. <br /> Passed: December 24, 1946 <br /> Published: Deoenber 26, 1946 <br />