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Lots 1 to 16 inclusive , Block 506 Garfield's <br /> Addition to the City of Everett. <br /> Section 4: A special 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 of <br /> 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, fixed <br /> estimate and all other expenses in connection with said improve- <br /> ment , except the amount contributed by the Federal Government <br /> under 1rVPA. for labor. <br /> Section 5: The costs 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 with interest <br /> at the rate of per cent 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 /> per annum, payable on or before 7 years from date of <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 Everett may , at its election, sell the bonds <br /> and make payment in cash in the manner provided by the ordinances <br /> of said City. <br /> Mayor <br /> Attest: <br /> City Clerk <br /> Passed: .311-77/0 <br /> Published: a/i S'//o <br />