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Section 4; A special fund is hereby created to be celled <br /> Local Improvement District :Bond No. 446 , which thall 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 Im.ro vemen <br /> District, And the prcr-eeds of the sale of the bonds of the said <br /> District, for the purpose of defraying the costs and expenses of4t <br /> such improvement. Out of said fund shall be paid the bonds, the <br /> interest thereon end the entire cost of such improvement. <br /> Section 5: The costs and ,x ;rnses of such improvement shall <br /> be defrayed by special assessments, payable in five equal annual <br /> installments, with interest thereon at the rate of seven per cent <br /> (7%) per annum, under the mode of payment by bonds, as provided by <br /> law and the ordinances of said city. Bonds bearing interest at the <br /> rate of seven per cent (7 ;) per annum, payable on or before seven <br /> years from date of issue, shall be issued in payment of the cost <br /> and expense of such improveiaent, or the City of iverett may, at <br /> its election, sell said bonds and make payment in cash in the man- <br /> • <br /> ner provided by the ordinance of said city. <br /> I_ :Jor <br /> Passed: one �, 10 <br /> ,Attest: epi-c- <br /> i y filer <br /> Published: June fir, 1926 <br />