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I � I ` • � � - -� �� Cit of ORONO � � F THE CITY COUNCIL `Y. RESOLUTION O � NO. 1240 ;s - • • A RESOLUTION APPROVING A SPECIAL ASSESSMENT DEFERMENT FOR BASIL M. YOUNG 6dHEREAS, the City Council has ordered a local improvement project known as LS1980-1 Sanitary Sewer for which special assessments have been levied against the benefited properties; and WHEREAS, the City Council has adopted Resolution No. 1093 establishing a policy and procedure for deferring such special assessments for persons 65 years of age or older who have limited income and assets arid for whom payment of such special assessment would constitute a financial hardship; and WHEREAS, Basil M. Young has made an application for deferment of the above noted special assessment pursuant to tl�e provisions of Resolution No. 1093, NOW, THEREFORE, BE IT RESOLVED, that the City Council of the • City of Orono hereby finds that the applicant has demonstrated a hardship consistent with the provisions of Resolution No. 1093, and hereby orders deferral of the payment for the levied special assessments as follows: APPLICANT: Basil M. Young ADDRESS: 1225 Dickenson Street LEVY NO. PINS LEVIED AMOUNT AMOUNT DEFERRED 7989 02-117-23 31 0048 $6, 700 . 00 $6, 700 . 00 Deferral of payments for principal and interest shall be for a period of time no to exceed five (5) years with the first payment of principal and interest due in collection year 1986 . ' Interest at the rate of 9zo annum shall be added to the deferred assessment. Deferred principal and interest shall be payable at the time of the first payment due in collection year 1986 . The remainder of the principal and interest shall thereafter be payable in accordance with the adopted assessment roll. This right of deferment is automatically terminated in collection year 1986 or upon the occurrence of any one or more of the following conditions, whichever may occur first: • l . The owner dies and the spouse is not otherwise ' eligible. Page 1 of 2