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Council , the life of the improvement ordered being not less than the <br /> term of the bonds, and shall be issued in exchange for and in <br /> redemption of any and all revenue warrants issued hereunder and not <br /> redeemed in cash within a period of not to exceed sixty days after <br /> the first publication by the City Treasurer of notice that the <br /> assessment roll for Local Improvement District No. 707 is in his <br /> hands for collection. The bonds shall be redeemed by the collection <br /> of special assessment to be levied and assessed against property <br /> within the district , payable in annual installments , with interest <br /> at a rate to be hereafter fixed by ordinance under the mode of <br /> "payment by bonds , " as defined by law and the ordinances of the <br /> City. In the case of default in the payment of any assessment when <br /> the same shall become due, there shall be added interest and a <br /> penalty at a rate to be hereafter fixed by ordinance. The exact <br /> form, amount , date, interest rate and denominations of such warrants <br /> and bonds shall be hereafter fixed by ordinance of the City Council . <br /> Such warrants and bonds shall be sold in such manner as the City <br /> Council shall hereafter determine. <br /> Section 6 . All the work necessary to be done in connection <br /> with the making of such improvement shall be done and made by <br /> contract upon competitive bids and the City shall have and reserves <br /> the right to reject any and all bids. The call for bids for work <br /> authorized pursuant to this ordinance shall include a statement that <br /> payment for such work will be made in cash warrants drawn upon the <br /> "Local Improvement Fund , District No. 707 . " <br /> Section 7 . There is created and established in the <br /> office of the Treasurer of the City for Local Improvement District <br /> No. 707 a special fund to be known and designated as "Local Improve- <br /> ment Fund , District No. 707 , " into which fund shall be deposited the <br /> proceeds from the sale of revenue warrants drawn against the fund <br /> which may be issued and sold by the City and collections pertaining <br /> to assessments and any federal and state grants received therefor, <br /> 4 <br />