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Sec. 2-3. Deferment of Special Assessments. <br />At its discretion, the City Council may defer the payment of a special assessment adopted by the City <br />when it determines by a 315 vote of all Council members that each of the following conditions are <br />present: <br />(1) The property upon which the assessment has been or is to be levied is homestead property. <br />(2) One or more of the property owners is 65 years of age or older. <br />(3) Payment of the assessment would be a hardship for the property owner. (Ord. No. 381, 1-11-77; <br />Code of 1988; Code of 2001) <br />Sec. 2-4. Hardship Defined. <br />A hardship shall be deemed to prima facie exist when the average annual payment for all assessments <br />levied against the subject property exceeds 1% of the adjusted gross income of the applicant as <br />evidenced by the applicant's most recent Federal income tax return. <br />The average annual payment of an assessment shall be the total cost of the assessment, excluding <br />interest, divided by the number of years over which it is spread. <br />The City Council may consider assessment deferral for other eligible applicants not meeting the prima <br />facie test of this Section. (Ord. No. 381, 1-11-77; Code of 1988; Code of 2001) <br />Sec. 2-5. Determination of Interest Rate. <br />Deferred assessments shall carry an interest rate equal to the interest rate imposed on all other <br />assessments for the same public improvement. (Ord. No. 381, 1-11-77; Code of 1988; Code of 2001) <br />Sec. 2-6. Application. <br />Application for a deferral shall be made on a form as prescribed by the City. (Ord. No. 381, 1-11-77; <br />Code of 1988; Code of 2001) <br />2-2 <br />