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<br />2. Such deferred assessment shall be payable in full upon the sale of the property; further <br />subdivision of such property; or the expiration of _ years, whichever event occurs first, <br />and shall bear interest at the rate of _ percent per annum from the date ofthe adoption <br />of this deferred assessment resolution. <br /> <br />3. If the adopted deferred assessment differs from the proposed assessment as to any <br />particular lot, piece, or parcel of land, the City Administrator shall mail to the owner a notice <br />stating the amount of the adopted assessment. The administrator must also notify affected <br />owners of any changes adopted by the Council in interest rates or prepayment requirements <br />from those contained in the notice of the proposed assessment. <br /> <br />4. The owner of any property so assessed may, at any time prior to certification of the <br />assessment to the county auditor, pay the whole of the assessment on such property, to the <br />City Administrator, no interest shall be charged ifthe entire assessment is paid within 30 <br />days from the adoption of the assessment. The owner may at any time thereafter, pay to the <br />County Auditor the entire amount of the assessment remaining unpaid, with interest accrued <br />to December 3 I of the year in which such payment is made. Such payment must be made <br />before November 15 or interest will be charged through December 31 of the succeeding year. <br /> <br />5. The City Administrator shall forthwith prepare and transmit a certified duplicate of this <br />deferred assessment to the County Auditor to be extended on the property tax lists of the <br />county. Such deferred assessments shall be collected and paid over in the same manner as <br />other municipal taxes. <br /> <br />ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARDEN HILLS <br />TillS 11th DAY OF JUNE, 2007. <br /> <br />Stanley D. Harpstead, MAYOR <br /> <br />ATTEST: <br /> <br />Michelle Wolfe, CITY ADMINISTRATOR <br /> <br />\\Melro-inel.us\ardenhills\Admin\Council\Resolutlons\2007\07-S8, Adopting Deferred Special Assessment Roll 2007 PMP.doc <br />