Ordinance 1464 - Laserfiche WebLink

f - 4 t ;.ax • _ ,;,r! a�y. -c �.�e; it 3. - a "* _ Y ' 5 Section2: That the cost and expense of such :improvement, _4 including all' necessary and incidental expenses, , shall be. borne by and assessed against the property included in the assessaen district, hereafter created in accordance with law. The city `" rerett shafl not be liable in any manner for any portion of the cost and expense of s cb. improvement. Section 3: That there is hereby established a local improve- ment district to be called local improvement district which said. district shall contain the following described property: All the property between the termini of said improvement abutting. upon, adjacent, vicinal or proximate to such portion of said alley 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 all the property specially benefited by said improvement. • Section 4: That there is hereby created a local improvement dietric.tm,fund, to be ,called local improvement fund district .%To. which shall cons' .et in the aggregate of the several amounts assessed, levied and collected upon the several lots or parcels of land in said ` 4 local improvement district and the proceeds of the sale of the bonds of said district. .Out of said fund shall be paid the bonds, interest thereon, and the entire cost of said improvement. ;52- Section 5: That the cost and expense of such improvement shall be defrayed by special assessment, payable in five equal annual installments , with: interest at t � he rate of seven per cent per annum #.. _ under the mode of payment by bonds as defined by, l and-the e. rWx'° and ordinances 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 improvement. Or the city of Everett may, at its election, sell said bonds and make payment in cash, in which case warrants bearing � t.