Ordinance 1424 - Laserfiche WebLink

t Section 2: That the cost and expense of such improvement, including all necessary and incidental expenses, shall be borne I,y and assessed against the property included in the assessment district hereafter created in accor_adance with law. The city of Everett shall not be liable in any manner for any portion of the cost and expense of said improvement. Section 3: That there is herebye sta blished a local improvement district, to be called Local Improvement District No. _//7 which said district is described as follows: All the property between the termini of said improvement, abutting upon, adjacent, vicinal and proximate to such portion of said alley a distance back from the marginal line 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: A special fund is hereby created, to be called Local Improvement Fund District No.,/ie/ , 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 in said district. Out of said fund shall be paid the bonds, interest thereon, and the entire cost of said improvement. w, Section 5: That the cost and expense of- such improvement shall be defrayed by special assessments , payable in �� equal annual installments , with interest at the rate of �e per cent per7 annum, under the mode of 'payment by bonds ' , as defined by law and the charter and ordinances of said city. Bonds bearing interest at the rate of7 per cent per annum, payable on or before _el___._ years from the date of issuance, shall be issued in payment