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S <br /> lected on the several lots and parcels of land in said local im— <br /> provement district, and the proceeds of the sale of all the <br /> bonds of said district, for the purpose of defraying the cost <br /> and expense of such improvement. cut of said fund shall be paid <br /> the bonds, interest thereon and the entire cost of said improve- <br /> mnnt. <br /> Section 5: That the cost and expense of said improvement <br /> shall be defrayed by special assessments, payable in five equal <br /> annual installments with interest thereon at the rate of seven <br /> (7) per cent. under the mode of payment by bonds as defined by <br /> law and the ordinances of said city. Bonds bearing interest at <br /> the rate of seven ( 7 ) per cent . per annum, payable on or before <br /> seven (7) years from date of issue, shall be issued in payment of <br /> the cost and expense of such improvement or the city of Everett <br /> may, at its election, sell said bonds and make payment in cash in <br /> the manner provided by the ordinances of said city. <br /> ection 6: ghat an emergency exists and this ordinance <br /> shall take effect immediately upon its passage and publication. <br /> . 4aA.Z.,, <br /> Mayor. <br /> .t <br /> -ai y v le rk. <br /> Passed: October 23 , 1928. <br /> Published: October 24. 1928. <br />