Ordinance 1458 - Laserfiche WebLink

such improvements to be made according to the plans and specifications therefor prepared under the direction of the city engineer now on file in the office of the said city engineer, which plans and speci- fications are hereby 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 improvement district to be called local improvement district I1'o. 0)..T 4 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 avenue and streets 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 prop- erty specially benefited by said improvement. Section 4: A special fund is hereby created, to be called Local Improvement Fund , District No. WI which 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 district 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 improve- ment shall be defrayed by special assessment 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 issued in payment of the cost and expense of such