Ordinance 1493 - Laserfiche WebLink

tf 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 i verett 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. 283. Said improvement 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 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 improve- ment 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. 283, which shall consist in the aggregate of the several amounts assessed, levied and collected upon the several lots or 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 bonds , the 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 date of issue shall be issued in payment of the cost and expense of such improvement; or the city of Averett may, at its election, sell said