Ordinance 1468 - Laserfiche WebLink

110 office of the city engineer, which plans and specifications are here- by 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 within the assessment district herein created in accordance with law. The city of Everett 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 improve- ment district to be called local improvement district No. , which said district is eescribed as follows: All the property between the termini of such improvement abutting upon, adjacent, vicinal or proximate to such portion of said streets and avenues as is above set forth to a distance back from the marginal lines thereof as provided by law, and the property included within such local improvement district and none other shall be considered and held to be the prop- erty specially benefited by said improvement. Section 4: A special fund is hereby created, to be called Local Improvement Fund District 11o. Vwhich shall consist in the aggregate of the several amounts assessed, levied and collected on the several lots or parcels of land in said local improvement dist- rict and the proceeds of the sale of all bonds of said district. Out of said 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 five 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 ordinanc es of said city. Bonds bearing interest at the rate of seven per cent per annum, payable on or before five years from the date of issue, shall be issued in payment of the cost and expense of such improve» ment, or the city of Everett may, at its election, sell said bonds and make payment in cash. Passed yor. �T�� ` '-t------�- City Clerk. Publisned