CC RES 77-051 RESOLUTION RELATING TO DEFERMENT OF SPECIAL ASSESSMENTS FOR PERSONS 65 YEARS OF AGE OR OLDER AND ESTABLISHING AN INTEREST RATE

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RESOLUTION 77-051 A RESOLUTION RELATING TO DEFERMENT OF SPECIAL ASSESSMENTS FOR PERSONS 65 YEARS OF AGE OR OLDER AND ESTABLISHING AN INTEREST RATE WHEREAS, Minnesota Statutes Section 435.193 - 435.195 provides for the deferment of special assessments and specifies the conditions under which municipalities are authorized, on a voluntary basis , to defer such assessments, and WHEREAS, the City Council desires to establish a deferred assessment policy for qualified applicants. NOW, THEREFORE BE IT RESOLVED that the City Council does hereby ap- prove of deferred assessments under the following conditions : 1. The property upon which the assessment is deferred must be homesteaded, 2. The property- is owned by a person at least 65 years of age, and 3. The household income is not to exceed $9 ,000 .00 per year or there is an otherwise verifiable financial hardship in the household. • BE IT FURTHER RESOLVED, that deferred assessments are to be charged for interest at the same rate as the original assessment. BE IT FURTHER RESOLVED, that the right to deferred assessments is hereby terminated upon the occurance of any of the following events: 1. The death of the owner, provided that the spouse is other- wise ineligible for the benefits, 2. The sale, transfer or subdivision of the land or any part thereof, 3. The loss of homesteaded tax status, or 4. The determination that a hardship no longer exists . BE IT FURTHER RESOLVED that the City Clerk is directed to provide application -forms, as may be necessary, and to process said deferred assessments upon the submission of an application signed by the qualified person. Adopted the 25t day of October 1977. • Mayor ATTEST: City Clerk