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Al 4 <br /> Section 4: A special fund is hereby created to be called <br /> Local Improvement District .N?und No. 4L Z,, 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 the sale of all of the bonds <br /> of said district for the purpose of defraying the cost and ex- <br /> pense of such improvement. Out of said fund shall be paid the <br /> bonds, interest thereon and the entire cost of said improvement. <br /> Section 5: That the cost and expense of such improvement <br /> shall be defrayed by special assessments, payable in ten (10) <br /> equal annual installments with interest thereon at the rate of <br /> seven per cent. (7%) per annum, under the mode of payment by bonds <br /> as defined by law and the ordinances of said city. Bonds bearing <br /> interest at the rate of 7 % 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 its <br /> election, sell said bonds and make payment in cash in the manner <br /> provided by the ordinances of said city. <br /> Section 6 : An emergency is hereby declared to exist and <br /> this ordinance shall take effect immediately upon its passage and <br /> publication. <br /> ay . <br /> Passed: - / 2 <br /> Attest: <br /> y er . <br /> Published: c�1.-e-t z/, / / 24 <br />