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Section 4: A special fund is hereby created, to be called <br /> "Local I _provement District Fund No., __", which shall consist in <br /> the 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 said district, for <br /> the purpose of defraying the cost and expense of such improvement. Out <br /> of said fund shall be paid the bonds, interest thereon, and the entire <br /> cost of such improvement. <br /> Section 5: That the cost and expense of such improvement <br /> shall be defrayed by special assessments payable in five equal annual <br /> installments, with interest thereon at the rate df seven per vent per <br /> annum under the mode of "Payment by Bonds", as defined by law and the <br /> ordinances of said city. Bonds bearing interest at the rate of seven <br /> per cent per annum, payable on or before seven years from date of issue <br /> shall be issued in payment of the cost and expense of such 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 /> Wayor. <br /> Passed 0CT 3 1916 <br /> Attest .(_wq... <br /> City Clerk. <br /> Published OU.I. 5 1916 <br />