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655 LOCAL IMPROVEMENTS, SPECIAL ASSESSMENTS 429.061 <br />The assessment, with accruing interest, shall be a lien upon all private and public <br />property included therein, from the date of the resolution adopting the assessment, con- <br />current with general taxes; but the lien shall not be enforceable against public property <br />as long as it is publicly owned, and during such period the assessment shall be recover- <br />able from the owner of such property only in the manner and to the extent provided <br />in section 435.19. Unless otherwise provided in the resolution, all assessments shall be <br />payable in equal annual installments extending over such period, not exceeding 30 <br />years, as the resolution determines, payable on the first Monday in January in each <br />year, but the number of installments need not be uniform for all assessments included <br />in a single assessment roll if a uniform criterion for determining the number of install- <br />ments is provided by the resolution. Assessments on property located in a targeted <br />neighborhood as defined in Laws 1987, chapter 386, article 6, section 4, may be payable <br />in variable annual installments if the resolution provides for a variable payment. The <br />first installment of each assessment shall be included in the first tax rolls completed <br />after its adoption and shall be payable in the same year as the taxes contained therein; <br />except that the payment of the first installment of any assessment levied upon unim- <br />proved property may be deferred until a designated future year, or until the platting <br />of the property or the construction of improvements thereon, upon such terms and con- <br />ditions and based upon such standards and criteria as may be provided by resolution <br />of the council. If special assessments against the property have been deferred pursuant <br />to this subdivision, the governmental unit shall file with the county recorder in the <br />county in which the property is located a certificate containing the legal description of <br />the affected property and of the amount deferred. In any event, every assessment the <br />payment of which is so deferred, when it becomes payable, shall be divided into a num- <br />ber of installments such that the last installment thereof will be payable not more than <br />30 years after the levy of the assessment. All assessments shall bear interest at such rate <br />as the resolution determines. To the first installment of each assessment shall be added <br />interest on the entire assessment from a date specified in the resolution levying the <br />assessment, not earlier than the date of the resolution, until December 31 of the year <br />in which the first installment is payable, and to each subsequent installment shall be <br />added interest for one year on all unpaid installments; or alternatively, any assessment <br />may be made payable in equal annual installments including principal and interest, <br />each in the amount annually required to pay the principal over such period with interest <br />at such rate as the resolution determines, not exceeding the maximum period and rate <br />specified above. In the latter event no prepayment shall be accepted under subdivision <br />3 without payment of all installments due to and including December 31 of the year <br />of prepayment, together with the original principal amount reduced only by the <br />amounts of principal included in such installments, computed on an annual amortiza- <br />tion basis. When payment of an assessment is deferred, as authorized in this subdivi- <br />sion, interest thereon for the period of deferment may be made payable annually at the <br />same times as the principal installments of the assessment would have been payable if <br />not deferred; or interest for this period may be added to the principal amount of the <br />assessment when it becomes payable; or, if so provided in the resolution levying the <br />assessment, interest thereon to December 31 of the year before the first installment is <br />payable may be forgiven. <br />Subd. 3. Transmitted to auditor, prepayment. After the adoption of the assessment, <br />the clerk shall transmit a certified duplicate of the assessment roll with each installment, <br />including interest, set forth separately to the county auditor of the county to be <br />extended on the proper tax lists of the county; but in lieu of such certification, the coun- <br />cil may in its discretion direct the clerk to file all assessment rolls in the clerk's office <br />and to certify annually to the county auditor, on or before November 30 in each year, <br />the total amount of installments of and interest on assessments on each parcel of land <br />in the municipality which are to become due in the following year. If any installment <br />and interest has not been so certified prior to the year when it is due, the clerk shall <br />forthwith certify the same to the county auditor for collection in the then succeeding <br />year; and if the municipality has issued improvement warrants to finance the improve- <br />ment, it shall pay out of its general funds into the fund of the improvement interest on <br />