Ordinance 2649 - Laserfiche WebLink

Section 4 . A special fund is hereby created to be called Local Improvement District Fund No. 5/ --_r, 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 there- on, and the entire cost of such improvement . Section 5 . The costs and expenses of such improvement 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 (30%) per cent plus clerk and treasurer's fees , payable in ten annual installments, with interest thereon at the rate of • • ( %) 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 ( %) per cent per annum, payable on or before twelve years from date of issue , shall be issued in payment of the cost and expense of such improve- ment , cr the City of Everett,at its election, may sell said bonds and make payment in cash in the manner provided by the ordinances of said city. Mayor Attest: City Clerk Passed : Au,_rust 7, 1935. Published: August 7 , 1935 -3-