Ordinance 1651 - Laserfiche WebLink

• made according to the plans and specifications therefor prepared under the direction of the city engineer and now on file in the office of the city engineer, which plans and specifications are hereby: adopted and approved. Section 2: That the cost and expense of such improvement, including all necessary and incidental expenses, shall be borne by and assessed against the property included in the assessment district herein created in accordance with law. The city of Averett shall not be liable for any portion of the cost and expense of such improvement. Section 3: That there is hereby established a local improvement district to be called "Local Improvement District Nota:(2. Such district shall include all the following property: All property between the termini of said improvement abutting upon, 'adjacent, vicinal, or proximate to such portion of said Everett Avenue as above set forth to a distance back from the marginal lines thereof as provided by law , and the property included within said local improvement district and none other shall be considered and held to be the property specially benefited by said improvement. Section 4: That a special fund is hereby created, to be c called "Local Improvement Fund District No. " , which shall consist in the aggregate of the several amounts assessed, levied and collected on the several lots, and parcels of land, in said improvement district, and the proceeds of the sale of all the bonds of. said district. Out of said fund shall be paid the bonds , the interest thereon, and the entire cost of such improvement. Section 5: That the cost and expense of such improvement shall be defrayed by special assessments, payable in ten equal annual installments , with interest at the rate of 7 per cent per annum, under the mode of "Payment by Bonds" as defined by law and the 7 ordinances of said city. Bonds bearing interest at the rate of