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- • ! " / <br /> Section 4: A special fund is hereby created to <br /> be called Local Improvement District Fund No. , which <br /> shall consist in the aggregate of the several amounts assessed, <br /> levied and collected on the several lots and parcels of land <br /> in the said local improvement district, and the proceeds of the <br /> sale of bonds of said district, for the purpose of defraying <br /> the cost and expense of such improvement. Out of said fund <br /> shall be paid the bonds and interest thereon, and the cost of <br /> materials, fixed estimate and all other expenses in connection <br /> with said improvement , except the amount contributed by the <br /> Federal Government under WPA for labor. <br /> Section 5: The costs and expenses of such <br /> improvement shall be defrayed only in the manner set forth <br /> in this ordinance . The cost of such improvement to be borne <br /> by the property in said district shall be defrayed by special <br /> assessment, payable in Five ( 5) annual installments with <br /> interest at the rate of 6 percent per annum, under the <br /> mode of payment by bonds as provided by law and the ordinances <br /> of said City. Bonds bearing interest at the rate of <br /> percent per annum payable on or before 7 years <br /> from date of issue shall be issued in payment of the cost and <br /> expense of such improvement assessed a!;ainst the property <br /> in said district , or the City of Everett may, at its election, <br /> sell the bonds and make payment in cash in the manner provided <br /> by the ordinances of said City. <br /> Mayor <br /> Attest: <br /> City Clerk <br /> Passed: 0 - ( y 3 <br /> Published: - 1 - <br />