Ordinance 1602 - Laserfiche WebLink

ment to be made according to the plans and specifications therefor prepared under the direction of the City j+engineer, now on file, in the office of the City Angineer, 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 hereafter created in accordance with law. The city of iverett shall not be liable for any portion of the cost and expense of such improve- ment. Section 3: That there is hereby established a local improvement district, to be called "Local Improvement District Such district shall include all the fallowing property: all the property between the termini of said improvement, abutting upon, adjacent, vicinal or proximate to such portion of said Thirty-third Street and Norton Avenue as above set forth, to a distance back from the margin- al 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. A special fund is hereby created, to be called "Local Improvement Fund, District rNo. 7" , 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 borids, the interest thereon, and the entire cost of such improvement.. Section 4: That the cost and expense of such improvement shall be drfrayed by special assessments payable in / O 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 ordinances of said city. Bonds bearing interest at the rate of per cent per annum, payable on or before LQ years from the