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2901.050. Application. Application forms may be obtained from the <br />office of the City Clerk and shall be submitted to the City Clerk together with <br />any other required documents no later than 10 days prior to the City Council <br />Meeting at which the application is to receive consideration. <br />2901.060. Interest. Interest to be charged shall be in the same amount <br />as charged against non - deferred assessments under the same bond issue and shall <br />accrue on such deferred assessments but shall not be compounded or become due <br />and payable until the termination of said deferment. <br />2901.070. Termination. Deferments granted hereunder shall terminate <br />and the amount deferred, together with accrued interest, shall become due upon <br />the occurrence of any of the following events: <br />(a) death of owner (providing the surviving spouse, if any, <br />is not eligible for deferment; <br />(b) sale, transfer or subdivision of the subject property; <br />(c) loss of homestead status of subject property; <br />(d) change of circumstances of owner resulting in there no <br />longer being a hardship as defined herein. <br />Upon termination for any of the above reasons the Council may, at its <br />discretion, allow for installment payments in accordance with the terms of the <br />original assessment." <br />Section 2. This ordinance shall take effect and be in force from and <br />after its passage and publication. <br />Passed by the Council of the City <br />of Little Canada this day <br />of , 198 <br />Clerk <br />Ayes - <br />Nays - <br />)D <br />Mayor <br />