Ordinance 1628 - Laserfiche WebLink

Section 3: That there is hereby established a local improvement district to be called "Local Improvement District No.304". Said district shall include the following described property: Lots 1 to 28 inclusive, and lots 8A and 18A,in block 666, Plat of Averett; and lots A, B, C , D, in block 666 Tunnel Addition to Averett. Section 4: A special fund is hereby created, to be called "Local Improvement Fund, District No. 304" , and 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. Out of said fund shall be paid the entire cost of such improvement. Section 5: The work performed and materials furnished pursuant to ordinance No. 1613 of the city of Averett in improving said alley shall, to all intents and purposes, be considered as pens formed and furnished pursuant to this ordinance, and shall be paid for in the same manner as if said work were performed and materials furnished pursuant to this ordinances and the local improvement district fund created by this ordinance shall be treated and con- sidered as a continuation of the local improvement district fund created by Ordinance No. 1613 of the city of Averett. Section 6: That Sections 1, 2, 3, and 5 of Ordinance No. 1613 of the city of Averett, be and they are hereby repealed. Section 7: That the cost and expense of such improvement shall be defrayed by special assessments payable in five equal annual installments , with interest at the rate of per cent per annum under the mode of 'Payment by Bonds' as defined by law and the ordinances of said city. Bonds bearing interest at the rate of per cent per annum, payable on or before five years from the date of issue shall be issued in payment of the cost and expense of such improvement, or the city of Averett may, at its election, sell said