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Section 6 . Local improvement district warrants shall be <br /> issued in payment of that portion of the cost and expense of the <br /> improvement herein ordered to be assessed, such warrants to be payable <br /> out of the "Local Improvement Fund, District No. '- ((.% , " hereinafter <br /> created and referred to as the "Local Improvement Fund, " to bear <br /> interest from the date thereof at a rate to be hereafter fixed by <br /> ordinance not to exceed 8% per annum and to be redeemed in cash, <br /> and/or by local improvement district bonds, herein authorized to be <br /> issued, such interest-bearing warrants to be hereafter referred to <br /> as "revenue warrants . " The City is authorized to issue local improve- <br /> ment district bonds for the district which shall bear interest at a <br /> rate to be hereafter fixed by ordinance not exceeding 8% per annum, <br /> shall be payable on or before twenty-two years from the date of issuance, <br /> the life of the improvement ordered being not less than the term of <br /> the bonds , and shall be issued in exchange for and in redemption of <br /> any and all revenue warrants issued hereunder and not redeemed in cash <br /> within a period of not to exceed sixty days after the first publication <br /> by the City Treasurer of notice that the assessment roll for Local <br /> Improvement District No. ,',9 Q is in his hands for collection. The <br /> bonds shall be redeemed by the collection of special assessments to <br /> be levied and assessed upon the property within the district, payable <br /> in twenty equal annual installments , with interest at a rate to be <br /> hereafter fixed by ordinance not exceeding 8-1/2% per annum, under <br /> the mode of "payment by bonds , " as defined by law and the ordinances <br /> of the City. In the case of default in the payment of any assessment <br /> when the same shall become due , there shall be added interest at a <br /> rate to be hereafter fixed by ordinance not to exceed 8-1/2% per annum <br /> and a penalty of % which shall also be collected. The exact form, <br /> amount, date , interest rate and denominations of the revenue warrants <br /> and local improvement district bonds shall be hereafter fixed by <br /> ordinance of the City Council. The warrants and bonds shall be sold <br /> in such manner as the City Council shall hereafter determine. <br /> -6- <br />