Ordinance 1525 - Laserfiche WebLink

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 Aver. ett shall not be liable in any manner 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 No. `''1.0\ " Said district shall include all the following property: all the property between the termini of said improvement, abutting upon, adjacent, vicinal or proximate to such portions of said avenue and street 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: A special fund is hereby created to be called. "Local Improvement Fund District No. V\ e " , which shall consist in the aggregate of the several amounts assessed, levied and collected on the several lots or parcels of land in said improvement district and the proceeds of the sale of all of the bonds of said district. Out of said fund shall be paid the bonds, the interest thereon, and the entire cost of said proceeding. - 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 per cent Der annum under the mode of "payment by bonds" as defined by law and the ordinances of said city. Bonds bearing interest at the rate ofb \ per cent per annum, payable on or before ` Q years from the date of issuance shall be issued in payment of the cost and expense of such improvement, or the city of Averett may at its election sell said bonds and make payment in cash in the manner