Ordinance 2312 - Laserfiche WebLink

w Section 3: There is hereby established a Local Improve- ment District to be called Local Improvement District No. 455 , which district shall include the following described property, to-wit: Lots 17 to 32, Inc. Block 395. Riverdale Addition. Lots 17 to 32, Inc. Block 406. Riverdale Addition. Beginning at the intersection of the south property line of 16th Street, with the west -property line of Walnut Street, thence west 140 feet to the west line of the alley; thence south a- long said west line of alley for a distance of 200 feet; the true place of beginning; thence continue along the west line of the alley to the north line of 19th Street, thence west along the north line of 19th Street, 122.98 feet; thence North and parallel to the alley to a point 200 feet south of the south property line of 16th Street. ; thence East to the point of beginning, less right-of-way for 17th and 18th Streets. Section 4: A special fund is heresy created to be called Local Improvement District Fund No. 455 , which shall consist in the aggregate of the several amounts assessed, levied and collect- ed on the several lots, and parcels of land in said Local Improve- ment District, and the proceeds of the sale of the bonds of the said District, for the purposes of defraying the costs and expenses of such improvement . Out of said fund shall be paid the bonds, the interest thereon and theentire cost of such improvement. Section 5: The costs and expenses of such improvement shall be defrayed by special assessments, payable in five (5) equal annual installments, with interest thereon at the rate of seven ( 7) per cent per annum, under the mode of payment by bonds, as provided by law and the ordinances of said city. Bonds bearing interest at the rate of seven ( 7) per cent. per annum, payable on or before seven ( 7) years from date of issue, shall be issued in payment of the cost and expense of such improvement, or the City of Everett may, at its election, sell said bonds and make payment in cash in the manner provided by the ordinances of said cit r. Attest: _,o'L City Ulerk. Passed: April 12, 1927 Published: _A . ril l 1;;s7