Ordinance 2497 - Laserfiche WebLink

I including all necessary incidental expenses, shall be borne by, and assessed against the property included in the assess_ent district herein created in accordance with law. The City of Everett shall not be liable in any manner for any portion of the costs and expenses of such improvement, except as provided in Chapter 141, $ea#tion Iawe of 1923, and ordinance No. 2126 of the City of Everett . Section 3: There is hereby established a local improvement district, to be called Local Improvement District No. 504 which district shall include the following described property: Lots 1 to 14, Inc. Block 680 ilat of Everett Lots 25 to 38, Inc. rr n ►r rt n Section 4: A special fund is hereby created to be called Local Improvement District Fund No. 504 , which s^all consist in the aggregate of the several amounts assessed, levied and col- lected on the several lots and parcels of land in said local im- provement district, and the proceeds of the sale of the bonds of said district, for the purpose of defraying the costs and expen- ses of such improvement. Out of said fund shall be paid the bonds, the interest thereon and the entire cost of such improvement. Section 5: The costs and expenses of such improvement shall be defrayed by special assessments, payable in ten ( 10 ) equal annual installments, with interest thereon at the rate of six (6 ) per cent . per annum, under t'-e bode of payment by bonds, as provided by law and the Ordinances of said city. Bonds bbL.aring interest at the rate of six (6) per cent . per annum, payable on or before twelve (12) years from date of issue shall be issued in payment of the cost and expense of such improvement, or the City of -verett may, at its election, sell said bonds and make