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Section 4: A special fund is hereby created to be called <br /> Local Improvement District Fund No. 4A2 , which shall consist in <br /> the aggregate of the several amounts assessed, levied and collect- <br /> ed on the several lots and parcels of land in said Local Improve- <br /> ment District, and the proceeds of theVsale of the bonds of said <br /> district, for the purpose of defraying the costs and expenses of <br /> such improvement, out of said Fund shall be paid the bonds, the in- <br /> terest . thereon and the entire cost of such improvement , <br /> Section 5: The costs and expenses of such improvement shall <br /> be defrayed by special assessments, payable in ten equal annual in- <br /> stallments, with interest thereon at the rate of seven (7) per cent . <br /> per annum under the mode of payment by bonds, as provided by law <br /> and the Ordinances of said city, Bonds bearing interest at the <br /> rate of seven (7) per cent per annum, payable on or before twelve <br /> (12) years from date of issue shall be issued in payment of the cost <br /> and expense of such improvement, or the City of Everett may, at <br /> its election, sell said bonds and make payment in cash in the man- <br /> ner provided by the 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 publica- <br /> tion. <br /> 1,layo r. <br /> Attest: 494 <br /> City Ulerk. <br /> Passed: August 9, 1927 <br /> Published: August 11, 1927 <br />