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SECTION 14, cant. <br /> DEFFERED ASSESSMENTS, cont. <br /> Senior Citizens, cont. <br /> special assessments levied after the date of the <br /> Policy; (2) Senior Citizens special assessment <br /> hardship deferral applies to qualifying special <br /> assessments against all properties classified as <br /> "homestead" pursuant 'to M.S. Chapter 273, where <br /> one or more of the owners of such property is 65 <br /> years of age or older and it would create a hard- <br /> ship for the owner or owners of the property to <br /> pay the special assessment installments as they <br /> become due; (3) It shall be presumed that a hard- <br /> ship exists if: (a) the annual assessment in- <br /> stallment exceeds 1% of the previous year's <br /> total adjusted gross incomes, for Federal Income <br /> Tax purposed, for all owners of the property; in <br /> no event shall "total adjusted gross income" <br /> include Social Security Benefits, Railroad <br /> Retirement Benefits, retirement benefits attributable <br /> to employee contributions, disability benefits, per- <br /> sonal injury awards. or workmen's compensation pay- <br /> ments; and (b) all owners of the property verify, <br /> under oath, that they meet the criteria for es- <br /> tablishing a hardship by completing an application <br /> provided by the City. (4) In cases where exception- <br /> al and unusual circumstances exist, the City Council <br /> may determine that a hardship exists despite the <br /> fact that the minimum income requirements of Section <br /> A(3) are not met; such cases shall be decided by the <br /> Council on a case by case basis. <br /> B. Interest. Interest shall be charged on any <br /> assessment deferred pursuant to this Ordinance at <br /> a rate equal to the rate charged on other assessments <br /> for the particular public improvement project the <br /> assessment is financing. <br /> C. Termination of Deferment. The option to defer <br /> the payment of special assessments pursuant to this <br /> Ordinance shall terminate and all installment amounts <br /> previously deferred, plus applicable interest, shall <br /> become due upon the occurence'of any of the following <br /> events: (1) Request of Property owner; (2) Death <br /> of property owner 65 years of age or older, providing <br /> the surviving owner is otherwise not eligible for <br /> the deferral; (3) Sale, transfer or subdivision <br /> of the property or any part thereof; (4) The City <br /> determines that hardship no longer exists; (5) The <br /> property, for any reason, loses its homestead status. <br /> 16 <br />