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, <br /> direction of the City Engineer, which plans and specifications are <br /> hereby adopted and approved. <br /> Section 2 : That the cost and expense of such improvement <br /> including all necessary incidental expenses shall be borne by and <br /> assessed against the property included in the assessment district <br /> herein created in accordance with law. The City of Everett shall <br /> not be liable in any manner for any portion of the costs and expenses <br /> of such improvement . <br /> Section 3 : There is hereby established a Local Improve- <br /> ment District to be called Local Improvement District No 408 <br /> which district shall include the following described property,to-wit : <br /> Lots 1 to 30 Inc , Block 615 , Plat of Everett . <br /> Section 4 : special fund is hereby created to be called <br /> Local Improvement District Fund No 408 , which shall consist in the <br /> aggregate of the several amounts assessed, levied and collected on <br /> the several lots and parcels of land in said Local Improvement District , <br /> and the proceeds of the sale of the bonds of the said District, for <br /> the purpose of defraying the costs and expenses of such improvement . <br /> Out of said Fund shall be paid the bonds, the interest thereon and <br /> the entire cost of such improvement . <br /> Section 5 : The costs and expenses of such improvement <br /> shall be defrayed by special assessments, payable in ten (10) equal <br /> annual installments, with interest thereon at the rate of seven (7 ) <br /> per cent per annum under the mode of payment by bonds , as provided by <br /> l .w 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 (12 ) <br /> years from date of issue shall be issued in payment of the cost and <br /> 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 /> -2- <br />