Ordinance 1508 - Laserfiche WebLink

x i.t k4 � 17.7 R* 4i�.,„` it r 4P-1b ' 4 5:4M t F * • R }zh <22 • "- ,a • i 1 `4.v i i s f • • a t l# 1 ,..:1 F�Fs�Y of such improvement. Section 3 : That there is hereby established a local improvement district to be called Local Improvement District No.j%� Said district shall include all of the following property, all of the property between the termini of said improvement abutting upon, adjacent, vicinal or proximate to such portions of said streets 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 District Fund No. ),_" , which shall consist in the aggregate of the several mounts assessed , levied and collected on the several lots and parcels of land in said improvement districts " and the proceeds of the sale of all bonds of said. district. Out of such fund shall be paid the bonds, interest thereon, and the entire cost of such improvement. 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 seven 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 seven per cent per annum payable on or before ten 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 provided by the orainanc - es of said city. Passed ; .. Mayor. �. Attest Clerk. Published Aitc279913