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a <br /> Section 3 : There is hereby established a local <br /> improvement district to be called Local Improvement District <br /> No. _5,/ ° , which district shell include the following <br /> described property, located in Lverett, Snohomish County, <br /> Washington, to-wit : <br /> Commencing at the Northeast corner of Lot 1, Block 108, Grand- <br /> view . 44.,on to Lverett, the true point of beginning; <br /> thencernsterly along the Northeasterly line of said Lot 1, <br /> to the Northwesterly corner of Lot 14 thence angle 90 <br /> degrees to and intersect with the North boundary line <br /> of Government Lot 3, in Section 7 , Township 29 North, <br /> Range 5 East w. i,I. , the nceEa st along said boundary line <br /> to the .Test line of Llverson Blvd. , thence Southerly <br /> along said '.Nest line to true point of beginning, all in <br /> Government Lot 3, Section 7 , Township 29 North, Lange <br /> 5 Last W. N. <br /> Section 4: A special fund is hereby created to be <br /> called Local Improvement Listrict fund o. s.Vo , 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 . uut of said fund shall be paid <br /> the bonds and interest thereon, and the cost of raterials, <br /> fixed estimate and all other expenses in connection with said <br /> improvement , except the amount contributed by the Federal Government <br /> under WPA 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 ir,nrovement 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 S per cent per annum, under the mode of <br /> payment by bonds as provided by law and the ordinances of said <br /> d <br /> city. Bonds bearing interest at tte of s Pfr <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 <br /> ordinances of said City. <br /> P:Zayo r <br /> Attest: <br /> City Clerk <br /> iassed: g - ' s — 37 <br /> rublished: �" — 1 - 3,, <br /> -2- <br />