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2. Such deferred assessment shall be payable in full upon the sale of the property; further subdivision of such property; or the expiration of 20 years, whichever event occurs first, and shall bear interest at the rate of 6.5 percent per annum from the date ofthe adoption of this deferred assessment resolution. 3. If the adopted deferred assessment differs from the proposed assessment as to any particular lot, piece, or parcel of land, the City Administrator shall mail to the owner a notice stating the amount of the adopted assessment. The administrator must also notify affected owners of any changes adopted by the Council in interest rates or prepayment requirements from those contained in the notice of the proposed assessment. 4. The owner of any property so assessed may, at any time prior to certification ofthe assessment to the county auditor, pay the whole of the assessment on such property, to the City Administrator, no interest shall be charged ifthe entire assessment is paid within 30 days from the adoption of the assessment. The owner may at any time thereafter, pay to the County Auditor the entire amount of the assessment remaining unpaid, with interest accrued to December 31 of the year in which such payment is made. Such payment must be made before November 15 or interest will be charged through December 31 of the succeeding year. 5. The City Administrator shall forthwith prepare and transmit a certified duplicate ofthis deferred assessment to the County Auditor to be extended on the property tax lists of the county. Such deferred assessments shall be collected and paid over in the same manner as other municipal taxes. ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARDEN HIL THIS 11th DAY OF JUNE, 2007. ATTEST: fl ,_A)~l J ~ Q i( ~ 'l/f!{ Michelle Wolfe, CITY MlNISTRATOR \\melro-inel.us\ardenhills\Admin\CouncilIResolutions\2007\07-58, Adopting Deferred Special Assessment Roll 2007 PMP.doc