Ordinance 2865 - Laserfiche WebLink

• i• 'I \ West 120 feet of the East Half of Block 32, Sines Acre Tracts; West Half of block 39 Sines Acre Tracts; West 70 feet of the East half of Block 39, Sines Acre Tracts; Also the vacated strip of 40th Street lying East of Smith Street . Section 4: A special fund is hereby created to be called Local Improvement District Fund NO. 546 which shall consist in the aggregate of the several amounts assessed, levied and collected on the several lots and parcels of land in the said local improvement district, and the proceeds of the sale of bonds of said di strict , for the purpose of de- fraying the cost and expense of such improvement . Out of said fund shall be paid the bonds and interest thereon, the cost of materials, fixed estimate and all other expenses in connection with said improvement , except the amount contributed by the Federal Government under WPA for labor. Section 5: The costs and expenses of such improve 4 ment shall be defrayed only in the manner set forth in this ordinance. The cost of such improvement yo be borne by the property in said district shall be defrayed by special assessment, payable in Ten (10 ) annual installments with interest at the rate of 5 ( five ) percent per annum, under the mode of payment by bonds as provided by law and the ordinances r. of said City. Bonds bearing interest at the rate of 5 Yo (Five ) percent per annum payable on or before 12 years from date of issue shall be issued in payment of the cost and expense of such improvement assessed against the property in said district, or the City of Everett may, at its election, sell the bonds and make payment in cash in the manner provided by the i! ordinances of said City. Mayor Attest: City Clerk Passed: July 16th, 1940 Ii Published: July 17th, 1940 h J