(A) Deferred payments.
(1) The Council may defer the payment of any special assessment on homestead property owned by a person who is 65 years of age or older. The deferment shall be granted upon a certification by the owner on a form prescribed by the County Assessor supplemented by the City Clerk to establish the qualification of the owner for such deferment. The application shall be made within 30 days after the adoption of the assessment roll by the Council. The Council shall either grant or deny the deferment and, if it grants the deferment, it may require the payment of the interest due each year.
(2) If the Council grants the deferment, the Clerk shall notify the County Auditor and the County Assessor who shall, in accordance with M.S. § 435.194, as it may be amended from time to time, record a notice of the deferment with the Register of Deeds setting forth the amount of the assessment.
(B) Deferred payments. The option to defer the payment of special assessments shall terminate and all amounts accumulated, plus applicable interest, shall become due upon the occurrence of any one of the following events:
(1) The death of the owner when there is no spouse who is eligible for deferment;
(2) The sale, transfer or subdivision of all or any part of the property;
(3) Loss of homestead status on the property; or
(4) Determination by the Council for any reason that there would be no hardship to require immediate or partial payment.
(C) Terminations.
(1) Upon the occurrence of one of the events specified in division (B) above, the Council shall terminate the deferment.
(2) Thereupon, the Clerk shall notify the County Assessor and the County Auditor of the termination, including the amounts accumulated on unpaid installments, plus applicable interest, which shall become due and payable as a result of the termination.
(1978 Code, § 304.09)