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ORDINANCE NO. 320 <br />r1 Page Two <br />contained therein; except that t•he payment of <br />the first installment of any assessment levied <br />upon unimproved property may be deferred until <br />a designated future year or until the platting <br />of the property or the construction of improve- <br />ments thereon, upon such terms and conditions and <br />based upon such standards and criteria as may be <br />provided by resolution of the Council. In any <br />event, every assessment, the payment of which is <br />so deferred, when it becomes payable, shall be <br />divided into a number of installments such that <br />the last installment thereof will be payable not <br />more than thirty years after the levy of the <br />assessment. All assessments shall bear interest at <br />such rate as the resolution determines, not <br />exceeding B-per-eent-per-annem the maximum permitted <br />by law, except that the rate may in any event equal <br />the average annual interest rate on bonds issued <br />to finance the improvement for which the assessments <br />are levied. To the first installment of each <br />assessment shall be added interest on the entire <br />assessment from a date specified in the resolution <br />levying the assessment, not earlier than the date <br />of the resolution, until December 31 of the year <br />in which the first installment is payable, and to <br />each subsequent installment shall be added interest <br />for one year on all unpaid installments; or, <br />alternatively, any assessment may be made payable <br />in equal annual installments including principal <br />and interest, each in the amount annually required <br />to pay the principal over such period with interest <br />at such rate as the resolution determines, not <br />exceeding the maximum period and rate specified <br />above. In the latter event, no prepayment shall <br />be accepted under Subdivision 3 without payment <br />of all installments due to and including December 31 <br />of the year of prepayment, together with the <br />original principal amount reduced only by the <br />amounts of principal included in such installments, <br />computed on an annual amortization basis. When <br />payment of an assessment is deferred, as authorized <br />in this subdivision, interest thereon for the <br />period of deferment may be made payable annually <br />at the same times as the principal installments <br />of the assessment would have been payable if not <br />deferred; or interest for this period may be added <br />to the principal amount of the assessment when it <br />