Ordinance 1465 - Laserfiche WebLink

• The city of Eve -ett shall not be liable in any manner for any portion of the cost or expense of such improvement. Section 3: That there is hereby established a local improve- ment district to be called Local Improvement District No. 11,10 which said district is described as follows: All the property between the termini of said improvement abutting upon, adjacent, vicinal, or proximate to such portion of said Sixteenth Street as 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 property specially benefited by said improvement. Section 4 A special fund is hereby created to be called Local Improvement Fund, District No. \ ` , 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, 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 issue , shall be issed in payment of the cost and expense of such improvement. Or the city of Everett may, at its election, sell said bonds and make payment in cash, in which case warrants bearing interest at the rate of seven per cent per annum shall be issued, in payment of such improvement. jaZ4). „61,9,0-t. Mayor. Passed OCT 2 21912 Attest Published r 2 41912