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Section 3: That there is hereby established a local <br /> improvement district, to be called 'Local Improvement District No.� (1'), ' <br /> which shall contain the following described property: all the prop» <br /> erty between the termini of said improvement, abutting upon, adjacent, <br /> vicinal, or proximate to such portion of Hoyt Avenue as above set <br /> forth for a distance back from the marginal lines thereof as provided <br /> by law, and the property included within said local improvement dist- <br /> rict and none other shall be considered and held to be the property <br /> specially benefited by said improvement. <br /> Section 4: That there is hereby created a local improve» <br /> ment district fund to be called 'Local Improvement District Fund <br /> No. 1,0" ' , which shall consist in the aggregate of the several <br /> amounts assessed , levied, or collected upon the several lots or <br /> parcels of land in said local improvement district, and the proceeds <br /> of the sale of all of the bonds of said district. Out of said fund <br /> shall be paid the bonds, interest thereon, and the entire cost of <br /> such improvement. <br /> Section 5: That the cost and expense of such improvement <br /> shall be defrayed by special assessments , payable in ten equal annual <br /> installments , with interest at the rate of +-A 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 .1 per <br /> cent per annum, payable on or before ten years from the date of issue <br /> shall be issued in payment of the cost and expense of such improve.. <br /> merit , or the city of rl,verett may, at its election, sell said bonds <br /> and make payment in cash in the manner provided by the ordinances <br /> of said. city. <br /> Passed APR 28 1914 Mayor. <br /> Attest <br /> ty lerk. <br /> Published APR 3 0 1914 <br />