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Assets, not including homesteaded property, must be $50,000 or less. <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY <br />OF ORONO IN A REGIILAR MEETING ASSEMBLED, that the assessments against any <br />homestead property owned by a person 65 years of age or older and for whom it would be a hardship <br />to make the payments, be deferred for a period of time not to exceed five years subject to the <br />aforementioned financial criteria, upon submission of an appropriate application signed by the <br />qualified person, and which may upon expiration of initial or any subsequent renewal deferments <br />may be reapplied for, and subject to the applicant meeting all the necessary criteria upon <br />reapplication be deferred for an additional period not to exceed 5 years; and <br />BE IT FURTHER RESOLVED, that the right of deferment is automatically terminated <br />under Section 435.195 if: <br />1 . The owner dies and the spouse is not otherwise eligible; <br />2. The property or any part thereof is sold, transferred or subdivided; <br />3. The property should lose its homestead status; or <br />4. If for any reason the City determines that there would be no hardship to require <br />immediate or partial payment. <br />Adopted by the City Council of the City of Orono, Minnesota at a regular meeting held May <br />8,2000. <br />ATTEST:Gabriel Jabbour, Mayor <br />Linda S. Vee, City Clerk <br />Page 2 of2