Ordinance 2827 - Laserfiche WebLink

Section 4: A special fund is hereby created to be called Local Improvement district Fund No. q"/ , 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 district, for the purpose of defraying the cost and exi e ns e of such improvement . Out of said fund sha11 be paid the bonds and interest the reon, and the cost of materials, fixed estimate and all other expenses in connection with said improvement , except the amount contributed b7, the Federal Government under WPA for labor. Section 5: The costs and expenses of such improvement shall be defrayed only in the manner set forth in this ordinance. . The cost of such improvement to be borne by the property in said district shell be defrayed by special assessment , payable in Five ( 5) annual installments with interest at the rate of percent per annum, under the mode of payment by bonds as provided by law and the ordinances of said City. Bonds bearing interest at the rate of per cent per annum payable on or before years from date of issue shall be issued in payment of tYie cost and expense of such improvement assesaad- 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 ordinances of said City. T Ta yor Attest: City Clerk Passed: August 15 , 1939 . Published: August 14, 1939 .