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4 <br /> lines thereof as provied by law, and the property included within <br /> said local improvement district and none other shall be considered <br /> and held to be thr property specially benefited by said improvement. <br /> Section 4: That there is hereby created a local improve- <br /> aent district fund, to be called local improvement district fund No. <br /> which shall consist in the aggregateof the several <br /> amounts assessed, levied and collected upon the several lots or <br /> parcels of land in said local improvement district, and the proceeds <br /> of the sale of all bonds. Out of said fund shall be paid the bonds, <br /> interest thereon, and the entire cost of said improvement. <br /> Section 5: That the cost and expense of such improvement <br /> shall be defrayed by special assessments payable in equal <br /> annual installments , with interest at the rate of seven per cent <br /> per annum, under the mode of ' payment by bonds ' , as defined by law <br /> and the charter and ordinances of said city. Bonds bearing interest <br /> at the rate of seven per cent per annum payable on or before 1,6a___ <br /> years from date of issue shall be issued in payment of the cost and <br /> expense of such improvement.\ The city of Everett may, at its <br /> election, sell said bonds and make payment in cash, in which case <br /> warrants bearing interest at the rate of seven per cent per annum <br /> shall be issued in payment of such improvement. <br /> Passed: <br /> SEP 1 ,o 1912 Mayor. <br /> Attest: <br /> 1912 <br /> Published: <br />