Ordinance 2770 - Laserfiche WebLink

Y . provided in Chapter 141 Session Laws of 1923 or acts amendatory thereto and the ordinances of the City of Everett. Section 3: There is hereby established a local improve ment district to be called "Local Improvement District No. 525 which district shall include the following property: Lots 1 to 34 inclusive, in Block 189, and all of Block 192, Plat of Everett , Division "T" , Snohomish County, Washington. Section 4: A special fund is hereby created to be called local improvement district fund No. 525 , which shall 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 expense of such improvement. Out of said fund shall be paid the bonds and interest thereon, the cost of materials, fixed estimate and all other expenses in connection with said improve- ment, except the amount a: nributed by the Federal Government under WPA for labor. Section 5: The cost and expense of such improve- ment 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 defrayed by special assessment, payable in Ten (10) annual installments with interest thereon at the rate offive -c5 %) per cent . per annum under the mode of payment by bonds as provided by law and the ordinances of said City. Bonds bearing interest at the rate of ive' Sc;(percent per annum, payable on or before Twelve (12) years rom ate of issue shall be issued in payment of the cost and expense of such improvement assessed against the property in said district, or the City of Everett may sell the bonds and make payment in cash in the manner provided by the ordinances of said city. Mayor Attest: City Clerk Passed: June 7th , 1938 Published: June 8th , 1938