Ordinance 2956 - Laserfiche WebLink

Section 3: That there is hereby established a local Improvement district to be known as "Local Improvement District No . ," which district shall include the following des- criaed'property: Lots 6 to 20 inclusive, Block 653, Swalwell' s First addition to Everett; Lots 1 to 5 inclusive, and Lots 21 to 30 inclusive , Block 654, swalwell' s Second Addition to Everett . Section 4: A special fund is hereby created to be called "Local improvement Fund No . S�S" , " which shall con- sist in the aggregate of the several amounts assessed, levied andl collected on the several lots, tracts and parcels of land in said local improvement district, and the proceeds of the sale of bonds in said district, for the purpose of defraying the costs and expenses of such improvement . Out of said fund shall be paid the bonds, the interest thereon and the entire cost of such improvement , except the amount paid by the City of Everett from the City Street Fund. Section 5: That not less than Twenty-five percent (25%) of the costs and expenses of such improvement shall be paid out of the City Street Fund and the balance of such improvement shall be defrayed by special assessment, payable in # - �0 equal annual installments, with interest thereon et the rate of Five percent ( 5 0) per annum under the mode of payment by bonds as provided by law and the ordinances of said City . Bonds bear- ing interest at the rate of percent per annum, pay- able on or before /2- years from date of issue, shall be issued in payment of the costs end expenses of such improve- ment or the City of Everett may, at its election ,sell said bonds and make payment in cash in the manner provided by the ordinances of said City. Ma or Attest: City Clerk. Passed: 9 - )2 - .2' Published: 9 - 3 - 7 .2