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r <br /> • <br /> 1 • <br /> , •'1' r 7 <br /> called.; "Local Irnprover�ent Fund i.ro. 567 "which shall consist in <br /> tle aggregate of the several amounts assessed, levied and collected <br /> on the several lots, tracts and parcels of land in said local <br /> improvement 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 . Out of said fund shell be paid the bonds,the <br /> interest 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 10 <br /> equal annual installmmhts, with interest thereon at the rate of <br /> 7; 4',"0 percent per annum, under the mode of payment by bonds <br /> as provided by law and the ordinances of the City of Everett . Bonds <br /> bearing interest et the rate of 44 percent per annum, payblee <br /> on or before ! 12 years from date of issue, shall be issued ' <br /> in payment of the costs and expenses of such improvement , or the City <br /> of Everett may, at its election sell said bonds and make payment in <br /> cash in the manner provided by the ordinances of said City. <br /> Mayor <br /> Attest : <br /> city Clerk <br /> Passed: May 21st, 1940. <br /> Published: " 22nd, 1946 . <br /> -2- <br />