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Section 4: A special fund is hereby created to be <br /> called Local Improvement District Y4o. 523 , which shall <br /> consist in the aggregate of the several amounts levied end <br /> collected on the several lots and parcels of land in the said <br /> local improvement district, and the proceeds of the sale of <br /> bonds of said district , for the purpose of defraying the cost <br /> and expense of such improvement. Out of said fund shall be <br /> paid the bonds , the interest thereon , the cost of materials <br /> and the fixed estimate and all other expenses in connection <br /> with said improvement . <br /> Section 5: The cost and expense of such improvement <br /> shall be defrayed by special assessment , payable in Ten (10) <br /> equal , annual installments, with interest thereon at the rate <br /> of six (60)_ per cent per annum, under the mo: e of payment by <br /> bonds as provided by law, and the ordinances of said city. Bonds <br /> bearing interest at the rate of six (6%) per cent. per annum, <br /> payable on or before Twelve (12) ' years from date of issue shall <br /> be issued in payment of the cost and expense of said improvement <br /> assessed against the property in said district , or the City of <br /> Everett may, at its election , sell said bonds and make payment <br /> in cash in the manner provided by the ordinances of said city. <br /> • Mayor <br /> Attest: <br /> City Clerk <br /> Passed: April 5th, 1938 <br /> Publ i shed:APri 1 6th , 1938 <br />