Ordinance 2886 - Laserfiche WebLink

. _ • k. Section 3: There is hereby established a local improvement district to be known as "Local Improvement District o. 550 , " which district shall include the following des- cribed property, to-wit : Lots 1 to 32 inclusive, Block 622 , Plat of -J]verett , En_ohomis h. County, Washington. Section 4: t� special fund is hereby created to be called "Local Improver_f3nt Fund ro. 550 ," which shell consist in the aggregate of the several amounts assessed, levied and collected on the several lots end parcels of lend in said local improvement district , end the proceeds of the sale of bonds in said district for the -.tarpose of defraying the costs and expenses of such improvement. Out of said fund shall be paid the bonds, t:ce interest thereon, and the entire cost of such improvement . Section 5: The costs and expenses of such improve- ment shall be defrayed by special assessment , dyable in Five (5) equal annual installments, with interest thereon at the rate of 5 -3-' percent. per annum under the mode of payment by bonds as provided by law and the ordinances of said city. ---)onds bearing interest at the rate of 5_..") percent. per arnum, payable on or before 7 7shell � years from date of issue, be issued in -0E7_1e/it of the costs end expenses of such improve- ment, or the City of Lverett nay, at its election, sell said bonds and n ke peyment in cash in the mnner provided by the ordinances of said City . ______, T.-a7,Tor fittest : ".`U.,tjr Clerk Fassed: October 22, 1940. Fublished: Oct. 23, 1940.