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• <br /> Section 5 . The costs and expenses of such improvement shall be de- <br /> frayed only in the uanndr set forth in Section 2 of this ordinance, but <br /> the cost of material in the approximate amount of 255 of such improvement <br /> borne by the property owners shall be defrayed by special assessments, <br /> payable in five (5) annual installments , with interest thereon at the <br /> rate of seven (75) per cent per annum, under the mode of payment of bonds , <br /> as provided by law and the Ordinances of said city. Bonds bearing interest <br /> at the rate of seven (75) per cent per annum, payable on or before six (6 ) <br /> years from date of issue, shall be issued in payment of the cost and ex- <br /> pense of the improvement assessed against the property owners , or the city <br /> of Everett may, at its election, sell the bonds and make payment in cash <br /> in the manner provided by the ordinances of said city. <br /> Mayor <br /> Attest: <br /> City Clerk ^� <br /> Passed: Dec. 19th, 1934. <br /> Published: Dec. 20th, 1934. <br />