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reasonable value of the said improvement, and if such agreement is <br /> not reached , shall appoint an appraiser, in accordance with the terms <br /> of said leases, and shall take all necessary legal steps to secure a <br /> just appraisal of the said improvements placed on said dock property <br /> by said lessees or their assigns for the purpose of ascertaining the <br /> present reasonable value of said improvements and to determine the <br /> price that should be paid therefor by the said city to the said <br /> lessees or their assigns . <br /> Section 3. Por the purpose of purchasing and taking over the <br /> said improvements on the said dock property and to enable said City <br /> to pay the present reasonable value of said improvements to said <br /> lessees'pr assigns and also to raise sufficient revenue to meet the <br /> cost of constructing an extension of the wharf with the necessary <br /> additional buildings and equipment there is hereby authorized a <br /> special bonded indebtedness and the issuance of special bonds of the <br /> City in a sum sufficient to pay the said reasonable value of improve- <br /> ments and the said cost of extension and new construction with necess- <br /> ary engineering expenses but in no case to exceed the sum of $65000.00, <br /> the said bonds to run for twenty years and to bear interest at a rate <br /> not to 'exceed six ( 6 ) per cent per annum and to be an obligation <br /> solely against fifty per cent of the gross revenues or rental proceeds <br /> of the said cl.ty dock property and its wharf. The bonds shall be is- <br /> sued in manner and form as required by law for such special bonds. <br /> Section 4. That there is hereby created a «City Dock Fund <br /> of Everett Series No. 1 ," into which the City of Everett irrevocably <br /> binds itself to pay fifty ( 50) per cent of the gross revenues or <br /> rental proceeds of the said City Dock property and its, wharf so long <br /> as any of such obligations or bonds are outstanding and said fund <br /> shall be used only in payment of the bond obligations by this ordin- <br /> ance created until all are paid: provided however,, that the Council <br /> of said City may arrange for a. temporary investment of any surplus <br />