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1 Section 7 : THE COSTS AND EXPENSES OF SUCH IMPROVEMENT <br /> 2 SHALL BE DEFRAYED BY SPECIAL ASSESSMENT PAYABLE IN FIFTEEN <br /> 3 (15) EQUAL INSTALLMENTS WITH INTEREST THEREON, UNDER THE <br /> 4 MODE OF PAYMENT BY BONDS OR INSTALLMENT NOTES AS PROVIDED BY <br /> 5 LAW AND THE ORDINANCES OF THE CITY OF EVERETT. BONDS OR <br /> 6 INSTALLMENT NOTES BEARING INTEREST AT A RATE TO BE NEGOTIATED <br /> 7 BY THE CITY TREASURER IN THE BEST INTEREST OF THE SAID LID <br /> 8 FUND, PAYABLE ON OR BEFORE SEVENTEEN (17) YEARS FROM THE DATE <br /> 9 OF ISSUE SHALL BE ISSUED IN PAYMENT OF THE COSTS AND EXPENSES <br /> 10 OF SUCH IMPROVEMENT OR THE CITY OF EVERETT MAY, AT ITS ELECTION, <br /> 11 SELL SAID BONDS OR INSTALLMENT NOTES AND MAKE PAYMENTS IN CASH <br /> 12 IN THE MANNER PROVIDED BY ORDINANCE OF SAID CITY. <br /> 13 Section 8 : THE CITY OF EVERETT AUTHORIZES THE ISSUANCE <br /> 14 OF WARRANTS IN PAYMENT OF THE COST AND EXPENSES OF THE THEREIN <br /> 15 CREATED, LOCAL IMPROVEMENT DISTRICT NO. 694 , PAYABLE OUT OF <br /> 16 THE LOCAL IMPROVEMENT DISTRICT FUND NO. 694 . THE WARRANTS SHALL <br /> 17 BEAR AN INTEREST AT A RATE TO BE NEGOTIATED BY THE CITY TREASURER <br /> 18 IN THE BEST INTEREST OF SAID LID AND SHALL BE REDEEMED EITHER <br /> 19 IN CASH OR BY LOCAL IMPROVEMENT BONDS AS AUTHORIZED HEREIN. <br /> 20 SECTION 9 : That an emergency is hereby declared to exist <br /> and this ordinance shall take effect upon becoming valid. <br /> 21 <br /> 22 <br /> CITY OF EVERETT <br /> 23 (J26LI <br /> 24 <br /> MAYOR <br /> 25 <br /> 26 ATTEST: <br /> 2 7 ( '� <br /> 26 f <br /> DEPUTY CITY CLERK <br /> 29 <br /> 30 <br /> PASSED: ,.' <br /> 31 VALID: : /- 'yam <br /> 32 PUBLISHED: rti <br />