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40 • , <br /> of such improvement. <br /> Section 4: A special fund is hereby created to be <br /> called Local Improvement District Fund No. 489 , which shall <br /> consist in the aggregate of the several amounts assessed, lev- <br /> ied and collected on the several lots and parcels of land in <br /> said local improvement district, and the proceeds of the sale <br /> of all the bonds of said district, for the purpose of defraying <br /> the cost and expense of such improvement. Cut of said fund shall <br /> be paid the bonds, interest thereon and the entire cost of said <br /> improvement. <br /> Section 5: That the cost and expense of said improve- <br /> ment shall be defrayed by special assessments, payable in five <br /> (5) equal annual installments, with interest thereon at the rate <br /> of seven ( 7) per cent, under the mode of payment by bonds as de- <br /> • fined by law and the ordinances of said city. Bonds bearing <br /> interest at the rate of seven ( 7) per cent, per annum, payable <br /> on or before seven ( 7) years from date of issue, shall be is- <br /> sued in oayment of the cost and expense of such improvement or <br /> the city of Everett may, at its election, sell said bonds and <br /> make payment in cash in the manner provided by the ordinances <br /> of said city. <br /> section 6: That an emergency exists and this ordinance <br /> shall take effect immediately upon its passage and publication. <br /> 11!--841 -4/Z-D <br /> Attest- <br /> ---city Clerk. <br /> Passed: December 18. 1928 <br /> Published: December 20 , 192S <br />