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4 J r ♦ w <br /> Section 4: That the balance of the cost of <br /> said improvement not assessed to said direct benefit district <br /> and said indirect benefit district shall be paid from the City <br /> Street 'und of the City of Everett. <br /> Section 5: A special fund is hereby created to be <br /> called Local Improvement District Fund No. ' 28 , which shall <br /> consist in the aggregate of the several amounts assessed, levied <br /> and collected on the several lots, tracts and parcels o laApt,in <br /> c' <br /> said enlarged local improvement district , and th sa e of all <br /> bonds in said district for the purpose of defraying the cost and <br /> expense of said improvement. Out of said fund shall be paid <br /> the bonds, the interest thereon and the entire cost of said improv: - <br /> ment, except the amount paid by the L'ity of Everett from the City <br /> Street Fund. <br /> Section 6: That Fifty-five percent (55%) of the <br /> cost of said improvement, including Four (4) foot strip of side- <br /> walk adjacent to curb, plus fixed estimate , shall be borne by <br /> and assessed against the property liable therefor, and Sixty- <br /> three percent (63%) of the cost of sidewalk renewal beyond the <br /> Four (4) foot strip adjacent to curb to be assessed to abutting <br /> property, shall be defrayed by special assessment on the property <br /> within said local improvement district as in this ordinance pro- <br /> vided, payable in Ten (10) annual installments, trith interest <br /> thereon at the rate of 5 percent per annum, under the mode <br /> of payment by bonds as provided by law and the ordinances of said <br /> city. Bonds bearing interest at the rate of 5 percent <br /> per annum, payable on or before ._2 years from date of <br /> issue shall be issued in payment of the cost and expense of said <br /> improvement borne by said assessment district , or the City of <br /> Everett, at its election, may sell said bonds and make payment <br /> in cash as provided by the ordinances of the City of Everett . <br /> Section 7: That Ordinance No. 2779 of the City of <br /> Everett be, and the same is hereby repeald. <br /> Mayor <br /> Attest: <br /> City Clerk <br /> Passed: April 16, 1940 . <br /> Published: April 1$, 19 40. <br />