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Section 5: A special fund is hereby created to <br /> be called Local Improvement District No. 5Z , which shall <br /> consist in the aggregate of the several amoun s assessed, <br /> levied and collected on the several lots, tracts and parcels of <br /> land in said local improvement district, and the proceeds of the <br /> sale of all bonds in said district for the purpose of defraying <br /> the cost and expense of said improvement. Out of said fund <br /> shall be paid the bonds, interest thereon and the entire cost <br /> of said improvement. <br /> Section 6: The cost and expense of such improve- <br /> ment shall be defrayed by special assessment on the property <br /> within said local improvement district, payable in Ten (10 ) <br /> annual installments with interest thereon at the rate of give <br /> percent per annum under the mode of payment by bonds as <br /> Provided by law and the ordinances of said city. Bonds bearing <br /> interest at the rate of per cent per annum, payable on or <br /> before Twelve (12) years fom date of issue, shall be issued <br /> in payment of the cost and expense of said improvement , or <br /> the City of Everett, at its election, may sell said 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: 1 - 3' <br /> Published: 8 - 1 % - <br />