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M A, ,► M <br /> Section 4: A special fund is hereby created to be <br /> called Local Improvement District Fund No. \5- , which <br /> shall consist in the aggregate of the several amoits assessed, <br /> levied and collected on the several lots end 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 of such improvement. Out of such fund shall be paid <br /> the bonds and interest thereon, the cost of materials, fixed <br /> estimate and all other expenses in connection with said <br /> improvement, except the amount contributed by the Federal <br /> Government under WPA for labor. <br /> Section 5: The cost and expense of such improvement <br /> shall be defrayed in the manner set forth in this ordinance. <br /> The cost of said improvement to be borne by the property in <br /> said district shall be defrayed by special assessment, payable <br /> in Ten (10) annual installments with interest thereon at the <br /> rate of 51x percent. per annum under the rode of <br /> payment by bonds as provided by law and the ordinances of <br /> said City. Bonds bearing interest at the rate of sic <br /> percent. per annum payable on or before twelve (12) years from <br /> date of issue shall be issued in payment of the cbsts and <br /> expenses of such improvement assessed against the property in <br /> said district, or the City of Everett may sell the bonds and <br /> make payment in cash in the manner provided by the ordinances <br /> of said city. <br /> Mayor <br /> ATTEST: <br /> City Clerk <br /> Passed: Se JoJ. 1 -1 - 1 9 34. <br /> Published: S,J. i - i 3 8'• <br />