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ORDINANCE 08- 09 CITY OF ELK RIVER AN ORDINANCE OF THE CITY OF ELK RIVER AMENDING SECTION 62 -1 "DEFERRAL" OF THE CITY CODE OF ORDINANCES The City Council of the City of Elk River does hereby ordain as follows: Section 1. Section 62 -1 titled, Deferral, of the City of Elk River Code of Ordinances shall be amended to read as follows: (a) The city council is authorized to approve the deferral of the payment of a special assessment against a homestead property if the owner of the property for which the assessment is deferred is: (1) Sixty -five years of age or older; (2) Retired by virtue of a permanent and total disability; or (3) A member of the National Guard or military reserve in active service. (b) In order to be eligible for the deferral, the annual household adjusted gross income of the owner(s) of the property shall not exceed the maximum income guidelines set by the Minnesota Department of Commerce for Minnesota Energy Assistance Program eligibility. (c) The deferral shall exist only as long as the property owner qualifies for the deferral, but not to exceed ten years. (d) Interest on the deferred special assessment shall accrue during the deferral at the net interest rate of the improvement bond issue, as stated in the official bond document, per annum. The city council may require current payment of interest as a condition of deferral. Accumulated interest and the deferred payments shall become due and payable upon the occurrence of any of the following events: (1) The death of the owner, provided the spouse is not eligible for benefits under this section; (2) The sale, transfer, or subdivision of the property or any part thereof; (3) If the property should for any reason lose its homestead status; or (4) If for any reason the city council determines that there would be no hardship to require immediate or partial payment. (e) The deferral of payment of special assessments may be ordered by resolution of the city council at the request of the property owner at any time following adoption of the assessment roll. The property owner shall immediately notify the city finance department of the existence of any change in status which may affect eligibility for deferral. (f) The deferral may be extended beyond the initial ten years upon application of the property owner and approval by the city council. Section 2. That this ordinance shall take effect upon publication as provided by law. •