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3. Upon the occurrence of any of the events mentioned above: <br />a) The deferred assessment shall become due and payable <br />following the occurrence of any of the events mentioned <br />above, and <br />b) The deferred assessment shall bear interest at the rate <br />of 8 -1/4% per annum from October 23, 1990, and <br />c) To the assessment payment shall be added interest on the <br />entire deferred assessment from October 23, 1990, until <br />December 31 of the year in which the assessment is paid. <br />4. The City Administrator shall forthwith transmit a certified <br />duplicate copy of this Deferred Assessment Roll to the County Auditor <br />to be extended on the property tax list of the County. Such deferred <br />special assessments shall be collected and paid over in the same <br />manner as other municipal taxes. <br />The motion for the adoption of the foregoing resolution was seconded <br />by Councilmember LaVaile and upon vote taken thereon, the following <br />voted in favor of thereof: <br />Fahey, Scalze, Biesener, LaVaile, Collova; <br />and the following voted against the same: None. <br />Whereupon said Resolution was declared duly passed and adopted. <br />(SEAL) <br />( Joel) R. Hanson <br />C' Administrator <br />Page 70 <br />