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• <br /> • M <br /> levied and collected on the several lots, tracts and parcels of <br /> land in said Local Improvement District and the proceeds of the <br /> sale of all of the bonds of said district, for the purpose of de- <br /> 1 raying the cost and expenses of such improvement. Out of said <br /> 2 fund shall be paid the bonds, interest thereon and the entire <br /> 3 cost of such improvement. <br /> 4j <br /> Section 5 : The costs and expenses of such improve- <br /> 5 ' <br /> ment shall be defrayed by special assessment, payable in ten <br /> 6 (10) annual installments, withinterest thereon at the rate of <br /> 7j <br /> seven (7) per cent per annum under the mode of payment by <br /> 8j <br /> bonds, as provided by law and the Ordinances of said city. <br /> 9 <br /> Bonds bearing interest at the rate of seven (7) per cent per <br /> 10 <br /> annum, payable on or beforetwelve (12) years from date of <br /> 11 ' <br /> issue shall be issued in payment of the cost and expense of <br /> 12 <br /> such improvement, or the City of Everett may at its election, <br /> 13 <br /> sell said bonds and make payment in cash in the manner provided <br /> 14 <br /> by the ordinances of said city. <br /> 15 <br /> I � <br /> 16 <br /> 17 Mayor, <br /> 18 <br /> 19 Passed: April 18th, 1922 <br /> 20 Attest: <br /> 21 I City Clerk. <br /> 22 Published: April 20th t 1922 <br /> 23 <br /> 24 <br /> 25 <br /> 26 <br /> 27 <br /> 28 <br /> 29 <br /> 30 -3- <br /> 31 <br />