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r <br /> F a <br /> ection 5: The limits of the assessnent herein <br /> shall be raised for purposes of this local improvement assess- <br /> ment only to en amount not exceeding double the assessed <br /> valuation of the property herein, all in accordance with <br /> petition of the property owners on file herein and Remington's <br /> Revised Statutes, Section 9363. <br /> erection 6: 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 <br /> the rate of five (50) percent per annum, under the mode of pay- <br /> ment by bonds as Provided by law and the ordinances of said amity. <br /> Bonds bearing interest at the rate of five( *ercent per annur:, <br /> payable on or before Twelve (12) years from date of issue, <br /> shall be issued in payment of the cost and expense of such <br /> improvement assessed against the property in said district, <br /> or the City of _verett may, at its election, sell the bonds <br /> and make payment in cash in the manner provided by law and the <br /> ordinances of said City. <br /> Section 7 : An emergency is declared to exist and <br /> this ordinance shall take effect upon its passage and publication. <br /> Mayor <br /> Attest : <br /> -C1 v Clerk <br /> Passed: August 17th, 1938 <br /> Published: t,ugust 19 th„ 1938. <br /> -3- <br />