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i <br /> ' • .. Section 5 : THAT A SPECIAL FUND IS HEREBY CREATED TO BE KNOWN <br /> AS "LOCAL IMPROVEMENT DISTRICT FUND NO. 703" WHICH SHALL CONSIST <br /> IN THE AGGREGATE OF THE SEVERAL AMOUNTS LEVIED, ASSESSED AND COLLECTED <br /> ON THE SEVERAL LOTS, TRACTS, AND PARCELS OF LAND IN SAID LOCAL <br /> IMPROVEMENT DISTRICT AND THE PROCEEDS OF THE SALE OF BONDS OR <br /> INSTALLMENT NOTES IN SAID DISTRICT FOR THE PURPOSE OF DEFRAYING <br /> THE COSTS AND EXPENSES OF SUCH IMPROVEMENT. OUT OF SAID FUNDS <br /> SHALL BE PAID THE BONDS OR INSTALLMENT NOTES, THE INTEREST THEREON <br /> AND THE ENTIRE COST OF SUCH IMPROVEMENT. <br /> Section 6: THE COSTS AND EXPENSES OF SUCH IMPROVEMENT SHALL <br /> BE DEFRAYED BY SPECIAL ASSESSMENT PAYABLE IN TWENTY (20) EQUAL <br /> INSTALLMENTS WITH INTEREST, UNDER THE MODE OF PAYMENT BY BONDS <br /> OR INSTALLMENT NOTES AS PROVIDED BY LAW AND THE ORDINANCES OF <br /> THE CITY OF EVERETT. BONDS OR INSTALLMENT NOTES BEARING INTEREST <br /> PAYABLE ON OR BEFORE TWENTY-TWO (22) YEARS FROM DATE OF ISSUE <br /> SHALL BE ISSUED IN PAYMENT OF THE COSTS AND EXPENSES OF SUCH IMPROVEMENT <br /> OR THE CITY OF EVERETT MAY, AT ITS ELECTION, SELL SAID BONDS OR <br /> INSTALLMENT NOTES AND MAKE PAYMENTS IN CASH IN THE MANNER PROVIDED <br /> by ORDINANCE OF SAID CITY. <br /> CITY OF EVERETT <br /> -41101.%!/ <br /> Mayor <br /> ATTEST: 2L-t-tt.4.'_r-G% <br /> City Clerk <br /> APPROVE-D-16—TO-FORM: <br /> City"attorney <br /> Passed" 1/ -(4/- <br /> Valid: <br /> ( 4i Valid: O t ' ( -7 9 <br /> Published: ( t <br />