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• <br /> 1 Section 4: A special fund is hereby created to be called Local <br /> 2 Improvement District Fund No . 353 , which shall consist in the <br /> 3 aggregate of the several amounts assessed, levied, and collected on <br /> 4 the several lots and parcels of land in said Local Improvement Dis- <br /> 5 trict , and the proceeds of the sale of all of the bonds, of said <br /> 6 District, for the purpose of defraying the cost and expense of such <br /> 7 improvement. Out of said fund shall be paid the bonds, interest <br /> 8 thereon and the entire cost of said improvement. <br /> 9 <br /> Section 5: The cost and expense of such improvement shall be <br /> 10 <br /> defrayed by special assessments payable in ten equal installments <br /> 11 <br /> with interest thereon at the rate of not more than seven per cent <br /> 12 <br /> per annum, under the mode of payment by bonds, as provided by law, <br /> 13 <br /> and the ordinances of said City. Bonds bearing interest at the rate <br /> 14 <br /> of not more than seven per cent per annum, payable on or before <br /> 15 twelve years from the date of issue, shall be issued in payment of <br /> 16 the cost end expense of such improvement, or the City of Everett <br /> 17 may, at its election, sell said bonds and make payment in cash in the <br /> 18 manner provided by the ordinances of said City. <br /> 19 <br /> 20 <br /> 21 Mayor. <br /> 22 <br /> Passed: .< rcla 16th, 192C. <br /> 23 <br /> 24 Attest f <br /> �� <br /> Ca y Clexk. <br /> 25 <br /> Published:26 <br /> 4� :rch 18 , 1S; OC. <br /> 27 <br /> 28 <br /> 29 <br /> 30 <br /> 31 <br /> -3- <br />