98-118 RES RESOLUTION 98 - 118
RESOLUTION FOR THE CITY OF ELK RIVER
A RESOLTUION APPROVING DEFERRED SPECIAL ASSESSMENT
FOR THE 1998 LAKE ORONO SEDIMENT REMOVAL
WHEREAS,
the applicant has presented to the City Council an apphcation
for deferred special assessments pursuant to law; and,
WHEREAS,
the applicant is over 65 years of age and meets the financial
requirement for deferral of special assessments.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Elk River, Minnesota, as follows:
Lucille G. Lloyd is hereby granted deferral of special assessment for the
1998 Lake Orono Sediment Removal Project on Parcel #75-413-0320 on
the following conditions:
a. That the conditions described on the apphcation for deferral continue
to exist.
b. This deferral shall terminate after a period of ten years unless
extended pursuant to Section 1404 of the City Code of Ordinances.
c. This deferral shall terminate upon:
i. Applicant's death, provided that the spouse is not otherwise
ehgible for the benefits hereunder;
ii. The sale, transfer, or subdivision of the property or any part
thereof;
iii. If the property should, for any reason, lose its homestead status;
iv. If for any reason, the City Council determines that there would be
no hardship to require immediate or partial payment.
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Those sums otherwise due and payable for the special assessments shall
accrue interest at the net interest rate of the 1998 G.O. Improvement
Bonds to be issued to finance this project, per annum, which interest
shall not be paid with property taxes during the deferral period, but
may be paid to the City on an annual basis. In any event, all unpaid
accrued interest shall be paid upon termination of deferral.
Passed and adopted by the City Council of the City of Elk River this 26th day of
October, 1998.
Jl~len/A. Duitsman, Mayor
ATTEST:
This instrument was drafted by
The City of Elk River
13065 Orono Parkway
Elk River, Minnesota 55330