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Section 4+: a special fund is hereby created, to be called "Local <br /> Improvement District Fund No. • _ -: : ", which shall consist in the <br /> aggregate of the several amounts assessed, levied and collected on <br /> the several lots and parcels of land in said local improvement district, <br /> and the proceeds of the sale of all of the bonds of said district, for <br /> the purpose of defraying the cost and expense of such improvement. Cut <br /> of said fund shall be paid the bonds, interest thereon, and the entire <br /> cost of said improvement. <br /> Section 5: That the cost and expense of such improvement shall be <br /> defrayed by special assessments payable in five equal annual install- <br /> ments, with interest thereon at the rate of �„ per cent per annum, <br /> under the mode of "Payment by Bonds", as defined by law and the ordin- <br /> ances of said city. Bonds bearing interest at the rate of (, per <br /> cent per annurr... payable on or before seven years from date of issue <br /> shall be issued in payment of the cost and expense of said improvement, <br /> or the city of Everett may, at its election, sell said bonds and make <br /> payment in cash, in_ the manner provided by the ordinances of said city. <br /> �.Y <br /> Passed r° . , <br /> IOU <br /> Attest <br /> City Ole -lc. <br /> Published <br />