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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 3/5 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 /> Sec.2-7. Termination of Deferment. <br /> The deferment of payment of a special assessment shall cease and all amounts accruing plus interest <br /> shall become due and payable upon the occurrence of any of the events specified in this Section. At its <br /> discretion,the City Council may, at the time of termination of the deferral,provide for payment of the <br /> deferred sum in accordance with the terms of the original assessment. <br /> (1)The death of the property owner provided that the spouse is unable to qualify for deferment. <br /> (2)The sale,transfer, or subdivision of the property or any part thereof <br /> (3)The homestead status of the property is lost. <br /> 2-2 <br />