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Section 4: A spe e ial fund is hereby created to be <br /> called "Local Improvement District fund No. 5 - which shall <br /> consist in the aggregate of the several amounts assessed, levied <br /> and collected on the several lots and parcels of land in the <br /> said local improvement district, and the proceeds of the sale <br /> of bonds in said district , for the purpose of defraying the cost <br /> and expense of such improvement . Out of said fund shall be paid <br /> the bonds and interest thereon, and the cost of materials, <br /> fixed estimate and all other expenses in connection with said <br /> improvement, except the amount contributed by the Federal <br /> Government under 4'a3A, for labor. <br /> Section The co sts and expenses of such improve- <br /> ment shall be defrayed only in the manner set forth in this <br /> ordinance . The cost of such improvement to be borne by the <br /> property in said district shall be defrayed by special assess- <br /> ment , payable in five ( 5) annual installments ti ri th interest <br /> at the rate of _ , percent per annum, under the mode of <br /> payment by bonds as provided by law and the ordinances of said <br /> city . bonds bearing interest at the rate of per cent <br /> years- from date of <br /> per a rzinm, payable on or before 7 <br /> issue shall be issued in payment of the cost and expense of <br /> such improvement assessed against the property in said district, <br /> or the City of Lverett may, et its election, sell the bonds and <br /> make payment in cash in the manner provided in the ordinances <br /> of sa id City . <br /> Mayor <br /> Attest: <br /> City Clerk <br /> Passed: /i - /7 - <br /> Published: // - o - �� <br />