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<br />No R-91-38 <br />CITY OF FALCON HEIGHTS <br />C O U N C I L R E S O L U T I O N <br />Date 6/19/91 <br />--------------------------------------------------------------- <br />A RESOLUTION APPROVING DEFERRAL OF BOTH PRINCIPAL AND INTEREST <br />WITH COMPOUNDING OF INTEREST ON THE SAME <br />WHEREAS, the Applicant has presented to the City Council an <br />application for deferral of special assessments pursuant to law; <br />and <br />WHEREAS, the Applicant is over age 65 and meets the other <br />requirements for deferral of special assessments; <br />NOW THEREFORE, BE IT RESOLVED, by the City Council of the <br />City of Falcon Heights, Minnesota, as follows: <br />1. Viola M. Gulden (Applicant) is hereby granted de~'erral on <br />payment of special assessment for the 1991 street improvement <br />on Parcel No. 16-29-23-44-0016 on the following conditions: <br />• 1) That the conditions described in the application for <br />deferral continue to exist. <br />2) This deferral shall terminate after a period of 10 <br />years. <br />3) This deferral shall terminate upon: <br />a. applicant's death, provided that the spouse is <br />otherwise not eligible for the benefits hereunder; <br />b. the sale, transfer or subdivision of the property <br />or any part thereof; <br />c. if the property, for any reason, should lose its <br />homestead status. <br />d. if for any reason the City Council determines that <br />there would be no hardship to require immediate or <br />partial payment. <br />2. These sums otherwise due and payable for the special <br />assessments shall accrue compounded interest at the rate of 8 <br />percent. The payment schedule is as follows: <br />• <br />