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<br />five year period commencing on .fuly 1, ~2009, and thereafter <br />shall be a pledge of net revenues of the Project, after payment of operating <br />costs of the Project. During such initial five-year period, the City shall agree <br />. to provide in its budget each year for any anticipated deficiency in the net <br />Project revenues and Issuer Pledge available for operation and maintenance of <br />the Project in accordance with the Operating Deficit Agreement, and the City <br />shall levy taxes as necessary, without limitation, for the purpose of paying <br />such deficiency, and shall transfer the proceeds of any such levy to ACHRA <br />or the bond trustee for the purpose of paying such operation and maintenance <br />costs, all as authorized by Minnesota Statutes, Sections 469.041(10) and <br />471.191, subdivision 2. <br /> <br />The parties acknowledge and agree that the City shall remain within the taxing <br />jurisdiction of the ACHRA so long as the Project Bonds are outstanding. The <br />parties further acknowledge and agree that, pursuant to statutory authority, <br />the ACHRA may make an annual levy within its taxing jurisdiction to fund <br />ACHRA activities (including operation of the Project), and that the ACHRA <br />may pledge a portion of its annual levy payable as revenue to be used for the <br />Project. <br /> <br />B. Section 4, Subsection 3) Priority for Residency. is hereby amended to read as follows <br />by deleting the existing language and substituting the following: <br /> <br />3) Priority for Residency. For initial occupancy of the dwelling units in the <br />Project, and thereafter at such times as all residential dwelling units in the <br />Project are occupied and a waiting list is implemented, applicants shall be <br />given priority for occupancy in accordance with the following: <br /> <br />a) Applicants who are Priority Applicants (as hereinafter defined) shall be <br />given occupancy before other applicants. Where two or more Priority <br />Applicants are next in succession for a vacant unit, such Priority <br />Applicants shall be allocated units in the order in which their respective <br />applications were received. In the case of couples, only one person need <br />meet the criteria described below in order for the couple to meet the <br />definition of a Priority Applicant. <br /> <br />b) A "Priority Applicant" is an applicant who is at least' 55 years of age, and <br />who meets one of the following criteria, in the following order of priority: <br /> <br />Priority 1) During the five (5) year-period commencing. on <br />.fuly 1, ~2009, any person who has been domiciled in the <br />taxing area of the City for a period of at least six months prior to <br />application. <br /> <br />Priority 2) Any person who has been domiciled in the taxing area of the <br />ACHRA for a period of at least six months prior to application. <br /> <br />Priority 3) Any other person who has been domiciled in Anoka County for <br />a period of at least six months prior to application. <br /> <br />2 <br /> <br />-205- <br />