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r <br /> Section 5: The costs and expenses of such improvement <br /> shall be defrayed b ;, special assessments, payable in five equal <br /> annual installments, with interest thereon at the rate of seven <br /> ( 7) per cent. per annum, under the mode of payment by bonds, <br /> as irovided by law and the ordinances of the city of Everett . <br /> Bonds Bonds bearing interest at the rate of seven ( 7) per cent . per <br /> annum, payable on or before seven ( 7) years from date of issue shall <br /> be issued in payment of the cost and expense of such improve- <br /> ment, or the City of Everett may, at its election, sell said <br /> bonds and make payment in cash in the manner provided by the <br /> ordinances of said city. <br /> Section 6: An emergency is declared to exist and this or- <br /> dinance shall take effect immediately upon its passage and pub- <br /> lication. <br /> May r. <br /> Attest:I- <br /> _44e 0,6„,,_. <br /> City Clerk. <br /> Passed: August 9, 1927 <br /> Published: August 11, 1927 <br />