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• <br /> not described and included in the above described '± irect <br /> Benefit :.)istrict. The Indirect Benefit ~strict shall bear <br /> 1 <br /> 40% of the cost of the total improvement. <br /> 2 <br /> 3 ;:section 4 : A special fund is hereby created, to be <br /> 4 called Local Improvement Bistrict ifund No . 363 _, which <br /> 5 shall consist in the aggregate of the several amounts <br /> 6 assessed, levied and collected on the several lots, tracts <br /> 7 and parcels of land in said Local Improvement :District and the <br /> 8 proceeds of the sale of all of the bonds of said district, <br /> 9 for the purpose of defraying the cost and expenses of such <br /> 10 improvement. Out of said fund shall be paid the bonds, <br /> 11 interest thereon and the entire cost of such improvement. <br /> 12 <br /> section 5 : The cost and expense of such improvement shall <br /> 13 <br /> be defrayed by special assessmenta payable in five annual <br /> 14 <br /> installments with interest thereon at the rate of not more than <br /> 15 <br /> seven per cent per annum, under the mode of payment by bonds as <br /> 16 !I <br /> provided by law and the ordinances of said City. Bonds <br /> 17 <br /> bearing interest at the rate of not more than seven per <br /> 18 <br /> cent (7j4) per annum payable on or before seven years from date <br /> 19 <br /> of issue, shall be issued in payment of the cost and expense <br /> 20 <br /> of such improvement or the City of Everett may, at its <br /> 21 <br /> election, sell said bonds and make payment in cash in the <br /> 22 li <br /> manner provided by the ordinances of said city. <br /> 23 <br /> 24 <br /> Passed: November 16th,) 1920 Ma ,or. ---- -_._ <br /> 25 ` <br /> 26 Attest : <br /> 27 City Clk, <br /> 28 published: November 18th, 1930. <br /> 29 <br /> 30 4. <br /> 31 <br />