A. Initial Costs:
1. Three-fourths (3/4) of the entire cost and expense of furnishing, installing and equipping lighting units, together with the necessary connections and appurtenances; and three-fourths (3/4) of the entire cost of maintaining lights thereon and supplying electrical current therefor for the first year, provided for in resolution 14 passed by the city council on May 16, 1921, for the purpose of erecting and furnishing lighting units and maintaining lights thereon for the first year as set forth and specified in said resolution, shall be paid by the entire district, special improvement lighting district no. 1, each lot and parcel of land within the district to be assessed for that part of the cost to be paid by the district which its number of linear feet in front of or abutting the streets and avenues included within said district, bears to the total number of linear feet in front of or abutting the streets and avenues to be lighted within the special improvement lighting district no. 1; and the other one-fourth (1/4) of the entire cost of maintaining said lights and supplying electrical current therefor in the district for the first year shall be paid by the city out of the general fund or other fund provided for that purpose.
2. The cost and expense of furnishing, installing and equipping the lighting units, together with the necessary connections and appurtenances, shall be paid in eight (8) equal annual installments, and for the entire cost and expense of said improvements, bonds are to be drawn on the funds of the special improvement lighting district no. 1 and made payable exclusively from said funds. Such bonds shall be of the denomination of one hundred dollars ($100.00) or multiples or fractions thereof. Such assessments shall be paid in eight (8) annual installments and the payments of said annual installments of said assessments and of said cost and expense shall be extended over a period of eight (8) years from and after the completion of the installation of such lighting fixtures and appurtenances in the district. All monies derived from the collection of said assessments, and all monies paid by the city out of the general fund, or other fund, for the purpose of erecting and furnishing said units, shall constitute a fund to be known as "Special Improvement Lighting District No. 1 Fund".
B. Annual Assessment: The entire cost and expense of maintaining the lights and furnishing electrical current therefor shall be paid by an annual assessment against the property in the district and by the city, in such proportions as are designated in subsection A1 of this section for the first year, and in such proportion as may hereafter be designated by the city council for the succeeding years. All monies derived from the collection of the assessments and from the amount so paid by the city shall be paid into a fund to be known as the "Special Improvement Lighting District No. 1 Maintenance Fund", and warrants shall be drawn on said fund for the payment of such costs and maintaining the lights and furnishing electrical current therefor. (Ord. 3.00)