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x <br /> ' v <br /> Section 4 : A special fund is hereby created to <br /> be called Local improvement District rwund i1o. i which <br /> shall consist in the aggregate of the several amounts <br /> assessed, levied and collected on the several lots and parcels <br /> of land in said local improvement district, the proceeds of <br /> the sale of bonds of said district and the moneys allocated <br /> from the Waszinton State Motor Vehicle Fund, for the purpose <br /> of defraying the cost and expense of such improvement. Out <br /> of such funds shall be paid the bonds, interest thereon and <br /> the entire cost of such improvement. <br /> Section .5 : The cost and expense of such improve- <br /> ment shall be defrayed in the manner set forth in Section 2 <br /> of this ordinance. The cost of said improvement to be borne <br /> by the property in said district shall be defrayed by special <br /> assessment , payable in Ten (10) annual installments, with <br /> interest thereon at the rate of 5 percent, under the <br /> mode of payment by bonds as provided by law and the ordinances <br /> of said city. Bonds bearing interest at the r to of 5' <br /> percent1 "v.G .__. .) years rvercent per annum, payable on or before r from <br /> date of issue , shall be issued in payment of the cost and <br /> expense 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 law and the <br /> ordinances of said City. <br /> Section 6 : That Ordinance No. 273E of the city <br /> . of Everett be , and the same is hereby repealed. <br /> Mayor <br /> Attest: <br /> City Clerk <br /> Passed: J , %/' <br /> Published: J 0..,. 3 , I cj3 <br />