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C. The applicant must have a "financial hardship" defined as: <br />1. An annual income at or below a level established annually by City fee <br />resolution and; <br />2. The aggregate total of all special assessments levies will exceed one and one- <br />half percent (1 %%) of the applicant's annual income. . <br />Any homestead property, at least one of the owners and occupiers of which is sixty-five (65) <br />years of age or older, and for whom the total household income does not exceed the federal poverty <br />guidelines per year, shall qualify for deferment of special assessments. Interest at the rate <br />determined in the assessment policy shall be added to the assessment each year for which a <br />deferment is sought. The total assessment, and all interest accruing thereon, shall be payable at the <br />time that the property changes ownership. This deferment policy shall be changed from time to <br />time to confirm with any changes which taken place in the Minnesota Statute which allows said <br />deferments. Application for said deferment shall be made annually, by completing a form provided <br />by the City of Hugo. <br />WHEREUPON, said Resolution was declared duly passed and adopted by the City <br />Council for the City of Hugo this P day of September 2002. <br />n, Mayor <br />ATTEST: <br />Mary Ann Creager, City Clerk <br />