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11. <br /> { i <br /> ORDINANCE NO. <br /> An ordinance providing for the rate of interest to be charged <br /> on certain local improvement assessments and local improvement <br /> bonds, and amending Ordinance No. 1753, relating to the improvement <br /> of Everett Avenue, and declaring an emergency. <br /> THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1: That Section 5 of Ordinance No. 1?53 of the city <br /> of Everett, relating to the improvement of Everett Avenue, be, and <br /> hereby is amended to read as follows: <br /> "Section 5: That the cost and expense of such improvement shall <br /> be defrayed by special assessment payable in five equal annual <br /> installments with interest thereon at the rate of not more than <br /> seven per cent per annum under the mode of "Payment by ponds" as <br /> defined by law and the ordinances of said city. T3onds bearing <br /> interest at the rate of not more than seven per cent per annum pay— <br /> able on or before seven years from date of issue shall be issued <br /> in payment of the cost and expense of such improvement, or the city <br /> of Everett may at its election sell said bonds and make payment in <br /> cash, in the manner provided by the ordinances of said city. " <br /> Section 2: An emergency is declared to exist, and this ordin— <br /> ance shall take effect upon its passage and publication. <br /> Passed MAR 2 7 1917 Mayor. <br /> Attest <br /> City C1 rk. <br /> Published MAP 2 9 1917 <br />