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4 <br /> I <br /> Section 4: A special fund is hereby created to be <br /> called "local Improvement fund No. j65 , " which shall <br /> consist in the aggregate of the several amounts assessed, levied <br /> and collected on the several lots, tracts and parcels of land <br /> in said local improvement district , and the proceeds of the sale <br /> of the bonds in said district , for the purpose of defraying the <br /> cost and expense of such improvement . Out of said fund shall be <br /> paid the bonds, the interest thereon and the entire cost of such <br /> improvement . <br /> Section 5: The costs and expenses of such improve- <br /> ment shall be defrayed by special assessment , payable in <br /> five equal annual installments, with ' nterest <br /> thereon at the rate of four percent per annum under the <br /> mode of payment by bonds as provided by law and the ordinances <br /> of said City. Bonds bearing interest at the rate of four <br /> percent per annum, payable on or before seven years from <br /> date of issue , shall be issued in payment of the costs and <br /> expenses of such improvement , or the -%ity of iilverett may, at <br /> its election, sell said bonds and make payment in cash in the <br /> manner provided by the ordinances of said City. <br /> Mayor <br /> Attest : <br /> ii/r1 <br /> City lerk <br /> Passed: July 24, 1945 <br /> Published: July 26, 1945. <br />