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1 • <br /> Section 4: A special fund is hereby created to be called <br /> Local Improvement District Fund N,,.40 which shall consist in the <br /> aggregate_ of the ,several amounts assessed,levied, and, collected <br /> on the several lots and parcels of land in said Local Improvement <br /> District, and the proceeds of the sale of the bonds of the said <br /> district for the purpose of defraying the cost and expenses of <br /> such improvement. Out of said fund shall be paid the bonds, interest <br /> thereon and the entire cost of said improvement. <br /> Section 5: The cost and expense of such improvement shall <br /> be defrayed by special assessments payable in ten equal installments <br /> with interest thereon at the rate of not more than seven (7j ) <br /> per cent per annum under the mode of payment by bonds, as <br /> provided by law and the ordinances of saidcity.. Bonds bearing <br /> interest at the rate of not more than seven (7%) per cent per annum <br /> payable on or bfore twelve (12) years from date of i.: sue shall <br /> be issued in payment of the cost and expense of such improvement , <br /> or the city of Everett may at its election sell said bands and <br /> make payment in cash in the manner provided by the ordinances of <br /> said city. <br /> 0014;., <br /> D. D Merrill <br /> Mayor <br /> Passed: a44;7-7- 1/97/27 <br /> Attest:_ Louis Leh <br /> City Clerk. <br /> Published: Oot. 23.25 1919 <br />