Ordinance 2737 - Laserfiche WebLink

Im7.71 .44 Vs Section 4 : A special fund is hereby created to be called Local improvement district Fund No. 512, which shall consist in the aggregate of the several amounts assessed, levied and collected on the several lots, tracts and parcels of land in said local improvement district and the proceeds of the sale of all the 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, interest- thereon, and the entire cost of such improvement. Section 5: The costs and expenses of such improve- ment shall be defrayed from funds allocated to the City of Everett from the Washington State Motor Vehicle fund and by Federal grant, and by special assessment not to exceed Thirty percent (30; ) , plus fixed estimate , payable in Ten (10) annual installments, with interest thereon at the rate of Five per cent (*) per annum under the mode of "Payment by .Bonds, " as provided by law and the ordinances of the City. bonds bearing interest at the rate of five percent (5 =) per annum, payable on or before Twelve (12) years from date of issue , shall be issued and sold by the City of Everett for the purpose of paying the costs and expense of such improvement to to paid for by assessments on the property within said assessment district, and the cost and expense of such improvement shall be paid for in cash in the manner provided by the ordinances of said City. Section 6: That Ordinance _ o, 2649 of the city of Everett be, and the same is hereby repealed. Mayor Attest : City Clerk Passed: July 27 , 1937 Published: July 1937