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Section 5: That the cost and expense of such improvement <br /> shall be defrayed by special assessment payable in ten equal annual <br /> installments, with interest thereon at the rate of not more than <br /> seven per cent per annum, under the mode of "Payment by Bonds" as <br /> defined by law and the ordinances of said city. Bonds bearing int- <br /> erest at the rate of not more than seven per cent per annum, payable <br /> on or before twelve years from date of issue shall be issued in <br /> eayment of the cost and expense of such improvement, or the city of <br /> Everett may at its election sell said bonds and make payment in <br /> cash, in the manner provided by the ordinances of said city. <br /> Passed AP 4 191 <br /> Attest `'•- �' <br /> City Clerk. <br /> Pubii heal APR 2 619 <br />