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• <br />• <br />ORDINANCE NO. 07 - 90 <br />C. The applicant and any other owner of said property <br />who resides therein with the applicant shall not <br />have gross assets (excluding the homestead <br />property) in excess of $50,000.00. <br />D. The Assessor's Market Value of the applicant's <br />homestead parcel shall not exceed $60,000.00. <br />E. The limitations on an applicant's assets, and <br />property marked value may be adjusted on an annual <br />basis upon recommendation of the City Administrator <br />and motion of the City Council of the City of Lino <br />Lakes. <br />F. Unless otherwise provided under the resolution <br />adopting said assessments, all such deferred <br />assessments shall bear interest at the rate of <br />two (2) percent above the City's borrowing rate. <br />G. This procedure shall not apply to any assessment of <br />$100.00 or less. <br />Subdivision 2. The deferment shall be granted for as <br />long a period of time as the hardship exists and the <br />conditions as aforementioned have been met. However, it <br />shall be the duty of the applicant to notify the City Clerk <br />of any change in his status that would affect eligibility for <br />deferment. <br />Subdivision 3. The entire amount of deferred special <br />assessments shall be due within sixty (60) days after loss of <br />eligibility by the applicant. If the special assessment is <br />not paid within sixty (60) days, the City Clerk shall add <br />thereto interest at two (2) percent above the City's <br />borrowing rate from date assessments wee adopted through <br />December 31 of the following year and the total amount of <br />principal and interest shall be certified to the County <br />Auditor for collection with taxes the following year. Should <br />the applicant plead and prove, to the satisfaction of the <br />Council, that full repayment of the deferred special <br />assessment would cause the applicant particular undue <br />financial hardship, the Council may order that the applicant <br />pay within sixty (60) days a sum equal to the number of <br />installments of deferred special assessments outstanding and <br />unpaid to date (including principal and interest) with the <br />balance thereafter paid according to the terms and conditions <br />of the original special assessment. <br />Subdivision 4. The option to defer the payment of <br />special assessments shall terminate and all amounts <br />accumulated plus applicable interest shall become due upon <br />the occurrence of any one of the following: <br />PAGE 2 <br />