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recent federal income tax return. The average annual payment of an assessment shall be the <br />total cost of the assessment divided by the number of years over which it is spread. <br />Subd. 2. The deferment shall be granted for as long a period of time as the hardship exists and the <br />conditions aforementioned have been met. However, it shall be the duty of the applicant to notify <br />the City Clerk of any change in his status that would affect eligibility for deferment. <br />Subd. 3. The entire amount of deferred special assessments shall be due within sixty days after <br />loss of eligibility by the applicant. If the special assessment is not paid within the sixty (60) days, <br />the City Clerk shall add thereto interest at a -pa anxuin interest rate of two percent (2%) above the <br />bond interest ratethe rate as defined in section 6.4 and the total amount of principal and interest <br />shall be certified to the County Auditor for collection with taxes the following year. Should the <br />applicant demonstrate to the satisfaction of the Council, that full repayment of the deferred special <br />assessment would cause the applicant particular undue financial hardship, the Council may order <br />that the applicant pay within sixty days a sum equal to the number of installments of deferred <br />special assessments outstanding and unpaid to date, including principal and interest, with the <br />balance thereafter paid according to the terms and conditions of the original special assessments. <br />Subd. 4. The option to defer the payment of special assessments shall terminate and all amounts <br />accumulated plus applicable interest shall become due upon the occurrence of any one of the <br />following: <br />1. The death of the owner when there is no spouse who is eligible for deferment. <br />2. The sale, transfer or subdivision of all or any part of the property. <br />3. Loss of homestead status on the property. <br />4. Determination by the Council for any reason that immediate or partial payment would impose <br />no hardship. <br />State Law References(s): Minn. Stat. § 435.193, Senior Citizens or retired & disabled persons <br />hardship special assessment deferral. <br />14 <br />