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-+ d <br /> . <br /> Section 4: A special fund is hereby created , to be called <br /> "Local Improvement District Fund No. 3 ", which shall con- <br /> sist in the aggregate of the several amounts assessed, levied and <br /> collected on the several Tote and parcels of land in said local <br /> improvement district and the proceeds of the sale of all of the <br /> bonds of said distridt, for the purpose of defraying the cost and <br /> expense of such improvement. Out fif said fund shall be paid the <br /> bonds, interest thereon, and the entire cost of said improvement. <br /> section 5: That the cost and expense of such improvement <br /> shall be defrayed by special assessments payable in ten(lO) <br /> equal annual installments, with interest thereon at a rate not to <br /> exceed seven per cent per annum, under the mode of "payment by bonds" <br /> as defined by law and the ordinances of said city, Bonds bearing <br /> interest at a rate not to exceed seven per cent per annum, payable <br /> on or before twelve years from date of issue shall be issued in <br /> payment of the cost and expense of such improvement, or the City <br /> of Everett may, at its election, sell said bonds an make payments <br /> in cash in the manner provided by the ordinances of said city. <br /> C)L.q. <br /> May o r. <br /> Passed: �c�� �• <br /> Attest: 4--c.. f <br /> Clerk <br /> Published: <br />