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<br />. <br /> <br />RESOLUTION 92 - 114 <br />RESOLUTION' FOR THE CITY OF ELK RIVER <br /> <br />A RESOLUTION APPROVING DEFERRED SPECIAL ASSESSMENT FOR THE <br />1992 WESTERN AREA PROJECT <br /> <br />WHEREAS, the applicant has presented to the City Council an application for deferred <br />special assessments pursuant to law; and, <br /> <br />WHEREAS, the applicant is over 65 years of age and meets the financial requirements <br />for deferral of special assessments. <br /> <br />NOW, THEREFORE, BE IT RESOL YED by the City Council of the City of Elk River as <br />follows: <br /> <br />1. Lucille Lloyd is hereby granted deferral of special assessment for <br />the Western Area Improvement Project on Parcel #75-413-0320 <br />on the following conditions: <br /> <br />a. That the conditions described on the application for deferral <br />continue to exist. <br /> <br />. <br /> <br />b, This deferral shall terminate after a period often years unless <br />extended pursuant to Section 1404 of the City Code of Ordinances. <br /> <br />c. This deferral shall terminate upon: <br /> <br />1. Applicant's death, provided that the spouse is not otherwise <br />eligible for the benefits hereunder; <br /> <br />2. The sale, transfer or subdivision of the property or any part <br />thereof; <br /> <br />3. If the property should, for any reason, lose its homestead status; <br /> <br />4. If for any reason the City Council determines that there would be <br />no hardship to require immediate or partial payment. <br /> <br />. <br /> <br />2. Those sums otherwise due and payable for the special assessments <br />shall accrue interest at the rate of6.02 percent per annum which <br />interest shall not be paid with property taxes during the deferral <br />period but may be paid to the City on an annual basis. In any <br />event, all unpaid accrued interest shall be paid upon termination of <br />deferral. <br />