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' Resolution 2011-33 <br />3. Accordingly, the City approves a deferment of the assessment for the subject <br />property until such time as the property is improved through the construction of a dwelling. <br />4. Interest on Deferred Assessment. The deferred special interest shall be subject to <br />and charged simple interest at the rate of 4.27%, and said interest shall be payable upon <br />termination of the deferral status. <br />5. Termination of Deferral Status. The deferral of the assessment shall end upon the <br />improvement of the parcel and the assessment be payable in full, including interest, at the time <br />the improvement is approved through City Council action or with the approval of a building <br />permit. <br />WHEREUPON, said Resolution was declared duly passed and adopted by the City <br />Council for the City of Hugo this 3rd day of October, 2011. <br />ran iron, Mayor <br />ATTEST: <br />r <br />Michele Lindau, City Clerk <br />Drafted by.- <br />David <br />y.David K. Snyder <br />Eckberg, Lammers, Briggs, Wolff & Yierling, P.L.L.P. <br />1809 Northwestern Avenue <br />Stillwater, MN 55082 <br />(651) 439-2878 <br />2 <br />