Laserfiche WebLink
Section 2: That the cost and expense of such improvement, <br /> including all necessary and incidental expenses, shall be borne by <br /> and assessed against the property included in the assessment district <br /> hereafter created in accordance with law. The city of Averett shall <br /> not be liable in any manner for any portion of the cost and expense <br /> of such improvement. <br /> Section 3: That there is hereby established a local <br /> improvement district to be called Local Improvement District <br /> and shall contain the following described property: All of the prop» <br /> erty between the termini of said improvement abutting upon, adjacent, <br /> vicinal or proximate to such portion of Chestnut Street 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 <br /> district and none other shall be considered and held to be the prop- <br /> erty specially benefited by said improvement. <br /> Section 4: That there is hereby created a local improvement <br /> district fund to be called Local Improvement District Fund No. v\G\ <br /> which shall consist in the aggregate of the several amounts assessed, <br /> levied or collected upon the several lots or parcels of land in said <br /> local improvement district, and the proceeds of the sale of all of <br /> the bonds. Out of said fund shall be paid the bonds, interest <br /> thereon, and the entire cost of 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 seven per cent per annum <br /> 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 ten years from date of issue, <br /> shall be issued in payment of the cost and expense of such improvement. <br /> The city of Averett may,at its election, sell said bonds and make pay» <br /> orient in cash in the manner provided in the ordinances of said city. <br /> --a - <br /> Passed MAR 3 - 1914- yor. <br /> Attest: ty Clerk. <br /> Published NW - 1914 <br />