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I ! <br /> That 95 of the expurse of sai d improvement shall <br /> be borne by and assessed against all remaining portion of said <br /> +l1arged .i7i. strict , known as the Indirect Benefit strict. <br /> 1 Section 4 ; A special fund is hereby created to <br /> be called Local Improvement 1D. strict Fund No. 373 which shall <br /> 3 consist in the aggregate of the several amounts, assessed, levied <br /> 4 and collected on the several lots and parcel.t of land in said <br /> 5 Lo c al Improvement Astrict , and the proceeds of the sale of all <br /> 6 of the bonds of said district for the purpose of defraying the <br /> 7 cost zlad expense of such iraprrov'3nent. Out of said fund shall <br /> 8 be paid the bonds, interest thereon and the entire cost of <br /> 9 sai d improvement. <br /> 10 Section 5 : That the cost and expense of such <br /> 11 improvement shall be defrayed by special assessments, payable in <br /> 12 five ( 5) equal annual installments with interest Chereon at the <br /> 13 li rate of 7% per annum, under the mode of payment by bonds as <br /> 14 defined by law and the ordinances of said city. Bonds bearing <br /> 15 interest at the rate of 75 per annum, payable on o r before <br /> 16 seven (7) years from date of issue shall be issued in payment <br /> 17 of the cost and expense of such improvement or the city of <br /> 18 Everett, may, at its election, sell said bonds and make payment <br /> 19 in cash in the manner provided by the ordinances of said city. <br /> 20 <br /> 21 <br /> i.1 a y o r. <br /> 22 <br /> 23 - • <br /> Passed: N• • 2 4 t +I _ <br /> 24 At t est: • ` <br /> 25 Ci—ty . . <br /> Ol er <br /> 26 <br /> Published: December and, 1921 . . <br /> 27 <br /> 28 <br /> 29 <br /> 30 <br /> 31 <br />