Ordinance 2788 - Laserfiche WebLink

7 ,r All that property between Colby Avenue and Summit Avenu: that lies between the North margin of Twenty-third Street and a line Two Hundred (200) feet North and parallel thereto; also all that property between Colby Avenue and Summit Avenue that lie- between the South margin of Twenty-third Street and a line Two Hundred ( 200) feet South and parallel thereto,vrith the exception of the streets and alleys. Section 4: A special fund is hereby created to be called "Local Improvement District Fund No. ,f 532 ," which shal consist in the aggregate of the several amounts assessed, levied and collected on the several lots and Parcels of land in said local improvement district, and the proceeds of the sale of bonds of said district, for the purpose of defraying the cost and ex- pense of such improvement . Out of said fund shall be paid the bonds and interest thereon, and the entire cost of said improve- ment , except the amount contributed by federal government under PW A. Section 5 : The cost and expense of such improvement shall be defrayed in the manner set forth in this ordinance. The cost of said improvement to be borne by the property in said district shall be aefrayed by special assessment , payable in Ten (10) annual installments, with interest thereon at the rate of Five per cent per annum, under the mode of payment by bond- as provided by law and the ordinances of said City. Bonds bearing interest at the rate of f7YE per cent per annum, pay- able on or before Twelve (12 ) years from date of issue , shall be issued in payment of the cost and expense of such improvement assessed aainst the property in said district, or the City of Everett , at its election, may sell the bonds and make payment in cash in the manner provided by law and the ordinances of said Citi . Mayor Attest: ity Clerk Passed: October 5th , 1938 Published: October 6th , 1938 -2-