The City Council is authorized to approve the deferral of the payment of a special assessment against a homestead property if the owner of the property for which the assessment is deferred is:
1. Sixty-five years of age or older; or
2. Retired by virtue of a permanent and total disability.
a. In order to be eligible for the deferral, the annual household adjusted gross income of the owner of the property shall not exceed an amount to be set annually by the City Council by resolution.
b. The deferral shall exist only as long as the property owner qualifies for the deferral, but not to exceed ten years.
c. Interest on the deferred special assessment shall accrue during the deferral at the net interest rate of the improvement bond issue, as stated in the official bond document, per annum. The City Council may require current payment of interest as a condition of deferral. Accumulated interest and the deferred payments shall become due and payable upon the occurrence of any of the following events:
i. The death of the owner; provided the spouse is not eligible 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; and
iv. If, for any reason, the City Council determines that there would be no hardship to require immediate or partial payment.
d. The deferral of payment of special assessments may be ordered by resolution of the City Council at the request of the property owner at any time following adoption of the assessment role. The property owner shall immediately notify the City Administrator’s office of the existence of any change in status which may affect eligibility for deferral.
e. The deferral may be extended beyond the initial ten years upon application of the property owner and approval by the City Council.