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RESOLUTION NO. 2006 — 52 <br />RESOLUTION ESTABLISHING A PROGRAM TO DEFER PAYMENT OF <br />SPECIAL ASSESSMENTS FOR SENIOR CITIZENS <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF HUGO, <br />MINNESOTA, as follows. <br />Section 1. Special Assessment Deferral <br />Pursuant to Minn. Stat. 435.193 through 435.195 senior citizens may defer special <br />assessments levied against homestead property owned by the applicant if the criteria set <br />forth below are met by the applicant. <br />Section 2. Eligibility <br />Any person 65 years of age or older may defer special assessments levied against real <br />property for public improvements if the following conditions are met: <br />A. Ownership. The applicant must be the fee simple owner of the property or must <br />be a contract vendee for fee simple ownership. <br />B. Homestead. The property must be the applicant's principal place of domicile and <br />classified on the County's real estate tax rolls as the applicant's homestead. <br />Section 3. Interest on Deferred Assessment <br />All deferred special assessments shall be subject to and charged simple interest at the <br />prevailing rate applicable at the time the assessment was originally levied. Said interest <br />shall be payable upon termination of the deferral status. <br />Section 4. Termination of Deferral Status <br />Special assessment payments deferred pursuant to the eligibility requirements set forth by <br />this resolution shall become payable effective upon the occurrence of one of the <br />following events: <br />A. Sale of Property. The subject property is sold, transferred, subdivided, or in any <br />way conveyed to another by the fee owner qualified for deferral status. <br />B. Death of Owner. The death of the fee owner qualified for deferral status unless a <br />surviving spouse is eligible for the deferral benefit provided hereunder. <br />C. Non -homestead Property. The subject property loses its homestead status for any <br />reason. <br />