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Section 4 : A special fund is hereby created, to be <br /> called Local Improvement District hind No. 74), which shall <br /> consist in the aggregate of the several amounts, assessed, levied <br /> and collected on the several lots, tracts and parcels of land in <br /> said Local Improvement District and the proceeds of the sale of <br /> all of the bonds of said district, for the purpose of defraying <br /> the cost and expense of such improvement. Out of said fund shall <br /> be paid the bonds, interest thereon and the entire cost of such <br /> improvement. <br /> 7 section 5 : . he cost and expense of such improvement <br /> shall be defrayed by special assessments payable in five (5) equal <br /> annual installments with interest thereon at the rate of seven per. <br /> cent (7 0) per annum, under the mode of payment by bonds as provided <br /> by law and the ordinances of said city. .3onds bearing interest at <br /> 12 the rate of seven percent ( 7 0) per annum, payable on or before <br /> 13 seven (7) years from date of issue, shall be issued in payment <br /> 14 of the cost and expense of such improvement or the City or Everett <br /> 15 ! may, at its election, sell said bonds and make payment in cash in <br /> 16 the manner provided by the ordinances of said city• <br /> i 1 <br /> 17 <br /> 18 Mayor. <br /> _-----+ <br /> 19 <br /> I I <br /> 20 <br /> 21 Passed: <br /> 22 Attest: , _� <br /> 23 City Clerk. <br /> 24 Published: /41_214 <br /> 25 <br /> 26 <br /> 27 <br /> 28 <br /> 29 <br /> 30 <br /> m4., <br /> 31 <br />