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Section 4 : A special fund is hereby created to be <br /> called Local Improvement District .Fund l�o. .. , which <br /> shall consist in the aggregate of the several amounts levied <br /> and collected on the several lots and parcels of land in the <br /> said local improvement district , and the proceeds of the sale <br /> of the bonds of the said district for the purpose of de- <br /> frayin_; the cost and expense of such improvement. Out of said <br /> fund shall be paid the bonds, the interest thereon, the cost <br /> of materials and the fixed estimate and all other expenses in <br /> cOnnection with said improvement. <br /> Section 5: The cost and expense of said improve- <br /> ment shall be defrayed only in the manner set forth in <br /> Section 2 of this ordinance. The cost of said improvement to <br /> be borne by the property in said district shall be defrayed by <br /> special assessment , payable in Ten (10) annual installments <br /> with interest thereon at the rate of Four percent (4 ) per annum <br /> under the mode of payment by bonds as provided by law and the <br /> ordinances of said City. 'onas bearing interest et the rate <br /> of Four percent (4 >) her annum, payable on or before 'Twelve `(12) <br /> years from date of issue shall be issued in r aynent of the costs <br /> and expenses of said improvement assessed against the property <br /> in said district , or the city of u_verett may sell the bonds end <br /> malice payment in cash in the manner provided by law and the <br /> ordinances of said city. <br /> Mayor <br /> Attest: <br /> l -Carty Olen! <br /> Passed: 3/30/37 <br /> Published: 3/30/37 <br />