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Page 5 of 6 assessments shall bear interest at the rate of two percent above the city's borrowing rate. (g) This procedure shall not apply to any assessment of $100 or less. (2) The deferment shall be granted for as long a period of time as the hardship exists and the conditions as aforementioned have been met. However, it shall be the duty of the applicant to notify the City Clerk of any change in his status that would affect eligibility for deferment. (3) The entire amount of deferred special assessments shall be due within 60 days after the loss of eligibility by the applicant. If the special assessment is not paid within 60 days, the City Clerk shall add thereto interest at two percent above the city' s borrowing rate from date assessments were adopted through December 31 of the following year and the total amount of principal and interest shall be certified to the County Auditor for collection with taxes the following year. Should the applicant plead and prove, to the satisfaction of the Council, that full repayment of the deferred special assessment would cause the applicant particular undue hardship, the Council may order that the applicant pay within 60 days a sum equal to the number of installments of deferred special assessments outstanding and unpaid to date (including principal and interest) with the balance thereafter paid according to the terms and condition of the original special assessment. (4) The option to defer the payment of special assessments shall terminate and all amounts accumulated plus applicable interest shall become due upon the occurrence of any one of the following: (a) The death of the owner when there is no spouse who is eligible for deferment. (b) The sale, transfer or subdivision of all or any part of the property. (c) Loss of homestead status on the property. (d) Determination by the Council for any reason that there would be no hardship to require immediate or partial payment. (5) Notice of the special assessment deferral shall be filed by the City Clerk with the Anoka County Recorder as provided by law. Failure to record such notice, however, shall not affect the validity of the special assessments. (6) Any person, firm, entity or corporation who shall provide false information in application for a deferral under this provision or shall violate any term or condition contained herein shall be guilty of a misdemeanor as defined by state law. § 303.11 ALLOWING PARTIAL PREPAYMENTS ON ASSESSMENTS. The city will accept partial payments on assessments exceeding $100,000. (Prior Code, § 303.10) This Code of Ordinances and/or any other documents that appear on this site may not reflect the most current legislation adopted by the Disclaimer: Municipality. American Legal Publishing Corporation provides these documents for informational purposes only These documents should not be relied upon as the definitive authority for local legislation. Additionally, the formatting and pagination of the posted documents varies from the formatting and pagination of the official copy. The official printed copy of a Code of Ordinances should be consulted prior to any action being taken. htto: / /www.amleaal.com/aluscrints /get- content.aspx 12/16/2011