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w <br /> Section 4: That Fifteen percent of the cost of said <br /> improvement , plus fifty percent of the fixed estimate, shall be <br /> borne by and assessed against the property within that portion <br /> of the enlarged district known as the direct benefit district <br /> described as follows: <br /> All that portion between the termini of the proposed <br /> improvement and within Ninety ( 90) feet of the marginal lines <br /> of Norton Avenue Extension. <br /> That Fifteen (15%) percent of the cost of said improve- <br /> ment , plus Fifty percent (50%) of the fixed estimate, shall be <br /> borne by and assessed against the remaining portion of said <br /> enlarged district known as the indirect benefit district . <br /> Section 5: A special fund is hereby created to be <br /> called Local improvement Liistrict Fund No. 527 , which <br /> shall consist in the aggregate of the several amounts assessed, <br /> levied and collected on the several lots, tracts and parcels <br /> of land in said local improvement district, and the sale <br /> of all bonds in said district for the purpose of defraying the <br /> cost and expense of said improvement. Out of said fund shall <br /> be paid the bonds, the interest thereon and the entire cost <br /> of said improvement, except the amount paid by the City of <br /> Everett, from the gasoline tax fund and the general fund of the <br /> City of Everett. <br /> Section 6: That Thirty percent (30%( of the cost <br /> and expense of said improvement, plus fixed estimate , shall be <br /> defrayed by special assessment wickki on the property within <br /> said local improvement district as herein provided, payable <br /> in annual installments , with interest thereon <br /> at the rate of 5 percent under the mode of payment <br /> by bonds as provided by law and the ordinances of said City. <br /> Bonds bearing interest at the rate of Five percent (5%) per ann ii <br /> payable on or before 12 ;Tears from date of issue <br /> 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 b: the ordinances of said city. <br /> Section 7: That Ordinance N'o. 2778 of the City of <br /> Everett be ,and the same is hereby repealed. <br /> Mayor <br /> Attest: <br /> City Clerk <br /> Passed: September 7, 1939 <br /> Published: Sept . 7, 1939 . <br /> -3- <br />