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_ <br /> Section 5: That a special fund is hereby created to be known as <br /> "Local Improvement Fund No. 689 " which shall consist in the aggregate <br /> of the several amounts levied, assessed and collected on the several lots , <br /> tracts and parcels of land in said Local Improvement District and the pro- <br /> ceeds of the sale of bonds or installment notes in said district for the <br /> purpose of defraying the costs and expenses of such improvement. Out of <br /> said funds shall be paid the bonds or installment notes , the interest <br /> thereon and the entire costs of such improvements . <br /> Section 6 : The costs and expenses of such improvement shall be <br /> defrayed by special assessment payable in five (5) equal annual install- <br /> ments with interest thereon at the rate of eight per cent (8%) per annum, <br /> under the mode of payment by bonds or installment notes as provided by law <br /> and the ordinances of the City of Everett. Bonds or installment notes <br /> bearing interest at the rate of ( 8%) eight percent payable on or before <br /> (5) five years from the date of issue shall be issued in payment of the <br /> costs and expenses of such improvement or the City of Everett may, at its <br /> election , sell said bonds and make payment in cash in the manner provided <br /> by the ordinances of said City . <br /> Robert C. Anderson <br /> 40 <br /> Mayor <br /> Attes .. <br /> , , <br /> DEPtfly City Clerk <br /> Passed <br /> Published 7— — 70 <br /> VA- c_ p , 7 — 17 — 7 d <br /> Page 3 <br />