Ordinance 98-70 - Laserfiche WebLink

• along the Easterly line of said lot 35 for 35 .0 feet; thence Easterly in a straight line to a point on the East line of lot 40 Beverly Berry Tracts Division No. 2 which is 635 . 0 feet Southerly of the Northeast corner thereof ; thence Northerly along the Easterly line of said lot 40 and the Northerly projection thereof across Casino Road and lot 23 Beverly Berry Tracts Division No. 2 to the point of beginning . Section 5 : THAT A SPECIAL FUND IS HEREBY CREATED TO BE KNOWN AS "LOCAL IMPROVEMENT DISTRICT FUND NO. /7/ WHICH SHALL CONSIST IN THE AGGREGATE OF THE SEVERAL AMOUNTS LEVIED, ASSESSED AND COLLECTED ON THE SEVERAL LOTS, TRACTS, AND PARCELS OF LAND IN SAID LOCAL IMPROVEMENT DISTRICT AND THE PROCEEDS OF THE SALE OF BONDS OR INSTALLMENT NOTES IN SAID DISTRICT FOR THE PURPOSE OF DEFRAYING THE COSTS AND EXPENSES OF SUCH IMPROVEMENT. OUT OF SAID FUNDS SHALL BE PAID THE BONDS OR INSTALLMENT NOTES , THE INTEREST THEREON AND THE ENTIRE COST OF SUCH IMPROVEMENT. Section 6 : THE COSTS AND EXPENSES OF SUCH IMPROVEMENT SHALL BE DEFRAYED BY SPECIAL ASSESSMENT PAYABLE IN FIFTEEN (15) EQUAL INSTALLMENTS WITH INTEREST THEREON AT THE RATE OF S ✓ t - PER ANNUM, UNDER THE MODE OF PAYMENT BY BONDS OR INSTALLMENT NOTES AS PROVIDED BY LAW AND THE ORDINANCES OF THE CITY OF EVERETT. BONDS OR INSTALLMENT NOTES BEARING INTEREST AT THE RATE OF NOT TO EXCEED 8% PER ANNUM PAYABLE ON OR BEFORE SEVENTEEN (17) YEARS FROM DATE OF ISSUE SHALL BE ISSUED IN PAYMENT OF THE COSTS AND EXPENSES OF SUCH IMPROVE- MENT OR THE CITY OF EVERETT MAY, AT ITS ELECTION SELL SAID BONDS OR INSTALLMENT NOTES AND MAKE PAYMENTS IN CASH IN THE MANNER PROVIDED BY ORDINANCE OF SAID CITY. CITY OF EVERETT Q41 0. MAYOR ATT i T: -: 4 l City Clerk ) Passed: /0 _ / 5,_ 70 Valid: • / Q _ / 9 - Published :