Ordinance 2331 - Laserfiche WebLink

specifications are hereby adopted and approved. Section 2: That the cost and expense of such improvement, including all necessary incidental expenses, shall be borne by and assessed against the property included in the assessment dis- trict herein created in accordance with law. The Oity of Ever- ett shall not be liable in any manner for any portion of the costs and expenses of such improvement , except as provided in Chapter 141, Session Laws of 1923, and Ordinance No. 2126 of the city of Everett. Section 3 There is hereby established a Local Improve- ment District o be called Local Improvement District No. 465 , which district shall include the following described property: Lots 9 to 24, Inc. Block 498. Capitol Hill 2nd Add. Lots 1 to 8, Inc. and 25 to 32, Inc. Block 544. Division I. Section 4: A special funs_ is hereby created to be called Local Improvement District Fund Iio, 465 , which shall 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, th.e 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 equal annual installments, with interest thereon at the rate of seven ( 7) per- cent . per annum under the mode of rayment by bonds, as provided by law and the Ordinances of said city. Bonds bearing interest at the rate of seven 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 Ev • erett may, at its election, sell said bonds and make payment in cash in the manner provided by the ordinances of said city.