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• <br /> • <br /> Section 3: That the cost and expenses of the improvement, including <br /> but not limited to, all necessary and incidental expenses or fees or property <br /> acquisition costs, shall be borne by and assessed against the property included <br /> in the assessment district herein created. The costs and the expenses of the <br /> improvement to be assessed against the property, including the assessment district <br /> herein created, shall be assessed in accordance with the special benefits derived <br /> from the improvement and without regard to the zone and termini method of <br /> spreading assessments. The City shall not be liable in any manner for any of <br /> the remaining expense and costs of the improvement except as provided in <br /> Chapter 144, Session Laws of 1923 or acts amendatory thereto, and the <br /> ordinances of the City of Everett. <br /> Section 4: That there is hereby established a Local Improvement <br /> District to be known as "LOCAL IMPROVEMENT DISTRICT NO. 708" which <br /> district shall include the following described property located in Everett, <br /> Snohomish County, Washington: <br /> Block 26 Plat of J.S. Sines Acre Tracts according to the Plat <br /> thereof recorded in Volume 4 of Plats Page 11 records of <br /> Snohomish County, Washington. <br /> Section 5: That a special fund is hereby created to be known as <br /> "LOCAL IMPROVEMENT DISTRICT FUND NO. 708" which shall consist in the <br /> aggregate of the several amounts levied, assessed and collected on the several <br /> lots, tracts, and parcels of land in said Local Improvement District and the <br /> proceeds of the sale of bonds or installment notes in said district for the purpose <br /> of defraying the costs and expenses of such improvement. Out of said funds shall <br /> be paid the bonds or installment notes, the interest thereon and the entire cost <br /> of such improvement. <br /> Section 6: The costs and expenses of such improvement shall be defrayed <br /> by special assessment payable in five (5) equal installments with interest, under <br /> the mode of payment by bonds or installment notes as provided by law and the <br /> ordinances of the City of Everett. Bonds or installment notes bearing interest <br /> payable on or before seven (7) years from date of issue shall be issued in payment <br /> of the costs and expenses of such improvement or the City of Everett may, at <br /> its election, sell said bonds or installment notes and make payments in cash in <br /> the manner provided by ordinance of said City. <br /> -2- <br />