Loading...
Tab_290Oct 18, 2016 4:01 pm Prepared by RBC Capital Markets Page 1 BOND PRICING 2016 Series Three (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Maturity Bond Component Date Amount Rate Yield 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2016 460,000 2.000% 0.900% 12/01/2017 7,150,000 2.000% 1.080% 12/01/2018 9,110,000 4.000% 1.300% 12/01/2019 8,220,000 4.000% 1.440% 12/01/2020 9,105,000 4.000% 1.570% 12/01/2021 8,230,000 4.000% 1.690% 12/01/2022 4,490,000 5.000% 1,820% 12/01/2023 4,885,000 5.000% 2.040% 12/01/2024 4,450,000 5.000% 2.220% 12/01/2025 4,735,000 5.000% 2.380% 12/01/2026 5,005,000 5.000% 2.510% 12/01/2027 4,855,000 5.000% 2.750% 70,695,000 2016-3 Serial Bonds (Non-AMT) (Unin) (Call): 12/01/2028 2,755,000 5.000% 2,760% 2016-3 Serial Bonds (Non-AMT) (Insured): 12/01/2029 675,000 3.000% 3,130% 12/01/2030 700,000 3.125% 3.250% 12/01/2031 720,000 3.125% 3.320% 2,095,000 2016-3 2033 Term Bond (Non-AMT) (Insured): 12/01/2032 750,000 3,250% 3.440% 12/01/2033 785,000 3,250% 3,440% 1,535,000 2016-3 2037 Term Bond (Non-AMT) (Insured): 12/01/2034 795,000 3,375% 3,590% 12/01/2035 825,000 3.375% 3.590% 12/01/2036 860,000 3.375% 3,590% 12/01/2037 875,000 3.375% 3,590% 3,355,000 80,435,000 Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds Yield to Call Call Premium Price Maturity Date Price (-Discount) Takedown 100.084 386.40 1.250 100.982 70,213,00 1,250 105,516 502,507,60 1.250 107,679 631,213.80 2.500 109,561 870,529,05 2.500 111,194 921,266.20 2.500 118.216 817,898.40 2,500 119.414 948,373.90 2,500 120,452 910,114.00 2,500 121.274 1,007,323.90 3,000 122.048 1,103,502.40 3.000 121.358 1,036,930.90 3.000 8,820,259.55 119.587 C 3,049% 12/01/2026 100.000 539,621,85 3.000 98.612 -9,369.00 3.000 98,595 -9,835.00 3.000 97.699 -16,567.20 3,000 -35,771.20 97.559 -18,307,50 3.500 97.559 -19,161.85 3.500 -37,469.35 96.838 -25,137,90 3,500 96,838 -26,086.50 3,500 96.838 -27,193.20 3,500 96.838 -27,667.50 3,500 -106,085.10 9,180,555.75 11/03/2016 11/03/2016 12/01/2016 80,435,000,00 9,180,555,75 89,615,555.75 111.413633% -235,589.17 -0,292894% 89,379,966,58 111,120739% 89,379,966,58 Oct 18, 2016 4:01 pm Prepared by RBC Capital Markets Page 2 BOND PRICING 2016 Series Four (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Maturity Bond Component Date 2016-4 Serial Bonds (AMT) (Uninsured): 12/01/2016 12/01/2017 12/01/2018 12/01/2019 12/01/2020 12/01/2021 12/01/2022 12/01/2023 12/01/2024 12/01/2025 12/01/2026 12/01/2027 12/01/2028 12/01/2029 12/01/2030 12/01/2031 12/01/2032 12/01/2033 2016-4 Serial Bonds (AMT) (Insured): 12/01/2034 12/01/2035 Yield to Call Call Price Maturity Date Price 100.077 101.888 107.303 110.043 112.441 114.519 116.216 117.113 118.021 118.582 119.102 117,756 C 3.094% 12/01/2026 100.000 116.523 C 3.327% 12/01/2026 100.000 115.772 C 3.488% 12/01/2026 100.000 114.934 C 3.635% 12/01/2026 100,000 114.287 C 3.751% 12/01/2026 100,000 113.736 C 3.846% 12/01/2026 100.000 113.188 C 3.932% 12/01/2026 100.000 112.734 C 4.003% 12/01/2026 100.000 112.372 C 4.062% 12/01/2026 100.000 Premium (-Discount) Takedown 469.70 1.250 17,936.00 1,250 72,299.70 1.250 104,949.35 2.500 135,606.90 2.500 166,242.55 2.500 195,402.80 2,500 215,623.80 2.500 238,778.25 2.500 258,289.80 3.000 278,889.20 3.000 272,554.60 3.000 266,846.45 3.000 266,546.80 3.000 265,825.20 3.000 266,452.55 3.000 269,225.60 3.500 271,013.40 3.500 3,562,952.65 275,691.10 3.500 280,225.80 3.500 555,916.90 Amount Rate Yield 610,000 2.000% 0,990% 950,000 3.000% 1.230% 990,000 5.000% 1.420% 1,045,000 5.000% 1.640% 1,090,000 5.000% 1.820% 1,145,000 5.000% 1.980% 1,205,000 5.000% 2.140% 1,260,000 5.000% 2,360% 1,325,000 5.000% 2.520% 1,390,000 5.000% 2.680% 1,460,000 5.000% 2.810% 1,535,000 5.000% 2.950% 1,615,000 5.000% 3,080% 1,690,000 5,000% 3.160% 1,780,000 5.000% 3.250% 1,865,000 5.000% 3.320% 1,960,000 5.000% 3.380% 2,055,000 5.000% 3.440% 24,970,000 2,165,000 5.000% 3.490% 2,265,000 5.000% 3.530% 4,430,000 29,400,000 Dated Date Delivery Date First Coupon Par Asnount Premium Production Underwriters Discount Purchase Price Accrued Interest Net Proceeds 4,118,869.55 11/03/2016 11/03/2016 12/01/2016 29,400,000.00 4,118,869.55 33,518,869.55 114.009760% -99,333.90 -0.337870% 33,419,535.65 113.671890% 33,419,535,65 Oct 18, 2016 4:24 pm Prepared by RBC Capital Markets TABLE OF CONTENTS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Escrow Descriptions Report Page Escrow for Alaska Municipal Bond Bank Escrow Descriptions Escrow for City and Borough of Juneau Escrow Descriptions ...............................2 Type of Security Nov 3,2016: SLGS SLGS SLGS SLGS SLGS SLGS SLGS SLGS SLGS SLGS SLGS SLGS 12/01/2016 12/01/2016 12/05/2016 12/05/2016 03/01/2017 03/01/2017 04/01/2017 04/01/2017 06/01/2017 06/01/2017 09/01/2017 09/01/2017 10/01/2017 10/01/2017 12/01/2017 06/01/2017 03/01/2018 03/01/2017 04/01/2018 04/01/2017 06/01/2018 06/01/2017 09/01/2018 03/01/2017 Type of SLGS ESCROW DESCRIPTIONS Escrow for Alaska Municipal Bond Bank Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results --October 18, 2016 --------------------------------------------- Escrow Descriptions Maturity First mt Date Pmt Date Certificate Certificate Certificate Certificate Certificate Certificate Certificate Note Note Note Note Note Oct 18, 2016 4:24 pm Prepared by RBC Capital Markets Page I Par Max Amount Rate Rate 1,678,815 66,936,594 0.240% 0.240% 200,308 0.330% 0.330% 804,128 0.380% 0.380% 59,715 0.460% 0.460% 7,673,189 0.570% 0.570% 412,504 0.600% 0.600% 61,622 0.630% 0.630% 19,704 0.680% 0.680% 21,134,753 0.690% 0.690% 3,121,816 0.720% 0.720% 844,771 0.760% 0.760% 102,947,919 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 77,765,253.00 Total Notes 25,182,666.00 Total original SLGS 102,947,919.00 Oct 18, 2016 4:24 pm Prepared by RBC Capital Markets Page 2 ESCROW DESCRIPTIONS Escrow for City and Borough of Juneau Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Escrow Descriptions SLGS Summary SLGS Rates File Total Certificates of Indebtedness Par Max Amount Rate Rate 18,755,988 0240% 0.240% 18,755,988 18OCT16 18,755,988.00 Type of Type of Maturity First Int Security SLGS Date Pmt Date Nov 3, 2016: SLGS Certificate 12/05/2016 12/05/2016 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets TABLE OF CONTENTS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Report Page AMBB GO Bonds 2016 Series Three & Four Sources and Uses of Funds ............................1 Bond Pricing Bond Summary Statistics .............................4 Bond Debt Service Breakdown ..........................5 Bond Maturity Table ...............................6 Summary of Refunding Results ..........................7 Summary of Bonds Refunded ...........................8 Proof of Arbitrage Yield .............................11 Refund 2007-1 (Non-AMT) Sources and Uses of Funds ............................13 Bond Pricing ..................................14 Bond Summary Statistics .............................15 Bond Debt Service ...............................16 Summary of Refunding Results ..........................17 Savings ....................................18 Summary of Bonds Refunded ...........................19 Escrow Requirements ..............................20 Escrow Descriptions ...............................21 Escrow Cost ..................................22 Escrow Cash Flow ...............................23 Escrow Sufficiency ...............................24 Unrefunded Bond Debt Service ..........................25 Refund 2007-2 (Non-AMT) Sources and Uses of Funds ............................26 Bond Pricing ..................................27 Bond Summary Statistics .............................28 Bond Debt Service ...............................29 Summary of Refunding Results ..........................30 Savings....................................31 Summary of Bonds Refunded ...........................32 Escrow Requirements ..............................33 Escrow Descriptions ...............................34 Escrow Cost ..................................35 Escrow Cash Flow ...............................36 Escrow Sufficiency ...............................37 Unrefunded Bond Debt Service ..........................38 Refund 2007-3 (Non-AMT) Sources and Uses of Funds ............................39 Bond Pricing ..................................40 Bond Summary Statistics .............................41 Bond Debt Service ...............................42 Summary of Refunding Results ..........................43 Savings Summary of Bonds Refunded ...........................45 Escrow Requirements ..............................46 Escrow Descriptions ...............................47 Escrow Cost ..................................48 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets TABLE OF CONTENTS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Report Page Refund 2007-3 (Non-AMT) Escrow Cash Flow ...............................49 Escrow Sufficiency ...............................50 Unrefunded Bond Debt Service ..........................51 Refund 2007-5 (Non-AMT) Sources and Uses of Funds ............................52 Bond Pricing Bond Summary Statistics .............................54 Bond Debt Service ...............................55 Summary of Refunding Results ..........................56 Savings....................................57 Summary of Bonds Refunded ...........................58 Escrow Requirements ..............................59 Escrow Descriptions ...............................60 Escrow Cost ..................................61 Escrow Cash Flow ...............................62 Escrow Sufficiency ...............................63 Refund 2008-1 (Non-AMT) Sources and Uses of Funds ............................64 Bond Pricing ..................................65 Bond Summary Statistics .............................66 Bond Debt Service ...............................67 Summary of Refunding Results ..........................68 Savings....................................69 Summary of Bonds Refunded ...........................70 Escrow Requirements ..............................71 Escrow Descriptions ...............................72 Escrow Cost ..................................73 Escrow Cash Flow ...............................74 Escrow Sufficiency ...............................75 Unrefunded Bond Debt Service ..........................76 Refund 2008-2 (Non-AMT) Sources and Uses of Funds ............................77 Bond Pricing ..................................78 Bond Summary Statistics .............................79 Bond Debt Service ...............................80 Summary of Refunding Results ..........................81 Savings....................................82 Summary of Bonds Refunded ...........................83 Escrow Requirements ..............................84 Escrow Descriptions ...............................85 Escrow Cost ..................................86 Escrow Cash Flow ...............................87 Escrow Sufficiency ...............................88 Unrefunded Bond Debt Service ..........................89 Refund 2009-1 (Non-AMT) Sources and Uses of Funds ............................90 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets TABLE OF CONTENTS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Report Page Refund 2009-1 (Non-AMT) Bond Pricing ..................................91 Bond Summary Statistics .............................92 Bond Debt Service ...............................93 Summary of Refunding Results ..........................94 Savings ....................................95 Summary of Bonds Refunded ...........................96 Escrow Requirements ..............................97 Escrow Descriptions ...............................98 Escrow Cost ..................................99 Escrow Cash Flow ...............................100 Escrow Sufficiency ...............................101 Refund CBJ 2006B (Non-AMT) Sources and Uses of Funds ............................102 Bond Pricing ..................................103 Bond Summary Statistics .............................104 Bond Debt Service ...............................105 Summary of Refunding Results ..........................106 Savings ....................................107 Summary of Bonds Refunded ...........................108 Escrow Requirements ..............................109 Escrow Descriptions ...............................110 Escrow Cost ..................................111 Escrow Cash Flow ...............................112 Escrow Sufficiency ...............................113 New Money (Non-AMT) Sources and Uses of Funds ............................114 Bond Pricing ..................................115 Bond Summary Statistics .............................116 Bond Debt Service ...............................117 Refund 2006-2 (AMT) Sources and Uses of Funds ............................118 Bond Pricing ..................................119 Bond Summary Statistics .............................120 Bond Debt Service ...............................121 Summary of Refunding Results ..........................122 Savings ....................................123 Summary of Bonds Refunded ...........................124 Escrow Requirements ..............................125 Escrow Descriptions ...............................126 Escrow Cost ..................................127 Escrow Cash Flow ...............................128 Escrow Sufficiency ...............................129 Unrefunded Bond Debt Service ..........................130 New Money (AMT) Sources and Uses of Funds ............................131 Bond Pricing ..................................132 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets TABLE OF CONTENTS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Report Page New Money (AMT) Bond Summary Statistics .............................133 Bond Debt Service ...............................134 Bond Bank Surety (Non-AMT) Sources and Uses of Funds ............................135 Bond Summary Statistics .............................136 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 1 SOURCES AND USES OF FUNDS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Dote 11/0312016 Delivery Dr/a 11/03/2016 Refund CBJ Refund 2007-I Refund 2007-2 Refund 2007-3 Rat/sod 2007-5 Rot/md 2003-1 Refund 2008-2 ReBurd 2009-1 2000B fussy Money Refund 2000-2 Sources: (Non-AMT) (Non-AMT) (Non-AMT) (Non-AMT) (Non-AMT) (Non-AMT) (Nrn.AMT) (N.-AMT) (3ton-AMT) (At/IT) Bond Proceeds: ParAoonuot 0.81000000 19815,000.00 2,000,000,00 5,165,000.00 19,685,000.00 2,875,000.00 975,000.00 17,570,000.00 2,635,000.00 27,635,000,00 l'Oetyremionu/OID 086,411.10 3,263,156.30 327,897.35 256,212.70 2,579,331.45 464,554.70 54,978.30 1,266,115.25 381,918.80 3,865,982.25 10,396,411.10 23,078,156.30 2,327,897.30 5,421,212.70 22,264,311.45 3,339,554.70 929,978.16 19,84 1,1 15.25 3,016,918.80 31,500.982.25 Other Somers of Funds: Prior BorrosreeReserve Food 102,183.64 435,601.55 73,173.40 394,321.32 Prior Borrower Bond Proonrda 272,409,00 Bond Book CDI Itemization 49,868.67 7,476.76 Samoan from Bond Bark Roneron 1,216,161.21 700,610.83 _____________ _____________ 1,809,734,06 1,216,101.21 700,610.83 102,183.64 433,601.55 272,409.00 73,173.40 49,868,67 7,476.76 2,204,055,58 11,612,572.31 23,778,767.13 2,430,080.99 5,856,834.25 22,536,720.45 3,359,554.70 1,005,151.50 18,856,983.92 3.024,395.56 33,705,037.83 Refund CBS Refund 2007-1 Refund 2007-2 Rethod 2007-3 Rethrd 2007-5 Refund 2008-I Rat/rod 2008-2 Refund 2009-I 2006B Neon Money Rat/red 2006-2 Jars: (Non-AMT) (Non-AMT) (N..-AMT) (Non-A7dT) (Non-AMT) (Non-AMT) (Non-AMT) (N..-AMT) (Non-AMT) (AMT) Frojeol Food Deposits: 1,000,000.00 Project Fond Refunding Oaoroov Deposits: Cost/Deposit 9.21 3.57 1.74 2,45 5.49 1.86 1,51 10.27 1.99 SfOSyrootrnara 11,479,623.00 23,994,216.00 2,398,646,00 5,408,268.00 22,351,385,00 3.316,208,00 931,038.00 18,755,988,00 33,468,510.00 11,479,637.21 23,594,219.57 2,398,647.74 5,408,290.45 22,351,390,49 3,316,209,86 931,039.53 18,755,998,27 33,468,511.99 Other Fund Deposits: BoonorerRrarrve Fond 398,050,02 63,533.26 Cost oflss000re: AI4BB Coats 1,786.32 3,608.14 364.18 9.10,50 3,084.47 523.51 159.33 3,200.25 479.81 5,032.09 Misonl(oneons Fniuttr8, ste. 3,539.74 2,706.10 273.14 705.38 2,688.35 392.63 119,50 2,400,19 559.86 3,774.07 S&P Rs6ng 1,786.32 3,608.14 364.18 940.50 3,984.47 523.51 159.33 3,206,25 479.81 5,032.09 FitcIrSot/eg 4,019.21 8,118.32 819.41 2,116.13 8,065,06 1,177,90 358,49 7,200.57 1,079.57 11.322,21 A1u1BB PA 3,049.04 6,158.70 621,62 1,605.33 6,118.29 893,58 271,96 5.462,49 818.99 23.499,15 AMBB BC 0,855.04 32,025.23 3,232.42 8,347,74 31,815.13 4,646.61 1,414,19 28,404,92 4,208.72 15,608.35 VrniflootiooAgrst 604.78 1,221.58 123.30 318.42 1,213.57 177.24 53.94 1,093.49 1.703,68 Boar000rn Costs of Issoorrue 34,400.00 46,400.00 37,700,00 10,089.35 44,000,00 4,000,00 1,810.85 25,500,00 4,900.00 52,000.00 Bond Insonarre 2,381,88 2,738,41 352,75 3.961,68 82,840.45 103,846,21 23,498,25 28,045,03 303,807.75 12,334.98 4,700,34 76,452.36 11,976.76 122.133,32 Delivery Date Oxpennes: Uodrrnritrr'rDiorrnot 22,420.98 61,194.08 6,357.97 18,184.22 63,907.40 8,799.18 3,026.22 44,612.39 7,686,23 93,300.14 Sonatypotioy 6,698.69 13,530.32 1,369.68 3,526.89 13,441.75 1,963.17 097.49 12,000.96 1,299,9 38.870,35 29.119,67 74,725.10 7,923.65 21,711.11 76,949.15 10,762.35 3,623.73 96,613.35 9,485,52 112,170.49 Other Urns ofyuards: Additiorol200000dO 20,974.98 5.976,25 411.35 717.64 4,573,06 247,51 256.69 1,920.14 2,933.28 2,222.03 11,612,572.31 23,778,767.13 2,430,080.99 5,856,834.25 22,536,720.45 3,339,934.70 1,003,151.50 18,890,983.92 3,024,395.56 33,705,037.83 Oct 18, 2016 4:09 pin Prepared by RBC Capital Markets Page 2 SOURCES AND USES OF FUNDS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Bond Book New Money Surety Soororn (AMT) (Non-AMT) Total Bond F000eede: Par thm000t 1.769,000,00 109.835.000.00 Net Fonmiono/OID 252,887.30 3,299,425.30 2017,887.30 123,154,425.30 Other Sooroes of Fooden 1,005 28 .11 Felon Bosnoover Remove Food Prior Bomnoroer Bond Prooredo 272,489.00 Bond Bank COI Itemization 4,117,47 61,462.90 Release front Bond BmokResnrvn 75,000,00 3,801,506,10 4,117.47 75,000.00 9,140,658.11 2,022,004.77 75.000,00 128,275,083.41 Bond Bnnk Nntv Money Sorely Uenn (AMT) (Non-AMT) Total Projeot Food Deposits: FOojeot Fond 2,000,000.00 5,000,000.00 Refunding Bo00000 Deponiter Crekt)epoeit 38,09 SLOS F000hznns 121,703,907,00 121,703.945.09 Ottoer Food Deposits- B.- Reserve Food 461,581.28 Coal oflsroonne: Ay4BB Costs 321.40 20,000.00 Miooetlmoeoos Printing, 010, 241,04 15,000.00 S&P Rating 321,40 20,000,00 Fitok0nfoog 723.13 45,000.00 ,°,tolBB FA 1,500.89 50,000.00 AMBB BC 1,009,69 146,810,00 Vnd0o,e6on Agent 6,500,00 Borrower Costs of Inoomoon 5,700.00 266,700,00 Bond l000nnnoe 265.28 9,700.00 10,082.75 579,718.00 Delivery Dote Eopenses: ltndnrrteitee'r Dis0000t 6,033.70 334,923.07 SonetyPotioy 1,205.21 75,000.00 150,000.90 7,238.97 75,000.00 484,923.07 Other Uses ofFondn: Additional Frooreds 4,683.09 44,915.97 2,022,004.77 75,000,00 128,275,089.41 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 3 BOND PRICING Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results --October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/61/2016 460,000 2.000% 0.900% 100.084 386.40 1.250 12101/2017 7,150,000 2.000% 1.080% 100.982 70,213.00 1.250 12101/2018 9,110,000 4.000% 1.300% 105.516 502,507.60 1.250 12/01/2019 8,220,000 4.000% 1.440% 107.679 631,213.80 2.500 12/01/2020 9,105,000 4.000% 1.570% 109.561 870,529.05 2.500 12/0112021 8,230,000 4.000% 1.690% 111.194 921,266.20 2.500 12/01/2022 4,490,000 5.000% 1.820% 118.216 817,898.40 2.500 12/01/2023 4,885,000 5.000% 2.040% 119.414 948,373.90 2.500 12/01/2024 4,450,000 5.000% 2.220% 120.452 910,114.00 2.500 12/01/2025 4,735,000 5.000% 2.380% 121.274 1,007,323.90 3.000 12/01/2026 5,005,000 5.000% 2.510% 122.048 1,103,502.40 3.000 12/01/2027 4,855,000 5.000% 2.750% 121.358 1,036,930.90 3.000 70,695,000 0,820,259.55 2016-3 social Bonds (Non-AMT) (Unin) (Call): 12/01/2028 2,755,000 5.000% 2.760% 119,587 C 3.049% 12/01/2026 100.000 539,621.85 3.000 2016-3 Serial Bonds (Non-AMT) (Insured): 12/01/2029 675,000 3.000% 3.130% 98.612 -9.369.00 3.000 12/01/2030 700,000 3.125% 3.250% 98.595 -9,835.00 3.000 12/01/2031 720,000 3.125% 3.320% 97.699 -16,567.20 3.000 2,095,000 -35,771,20 2016-3 2033 Term Bond (Non-AM'!') (Insured): 12/01/2032 750,000 3.250% 3.440% 97.559 -18,307.50 3.500 12/01/2033 3.250% _2,000 3.440% 97.559 -19,161.85 3.500 1,535,600 -37,469.35 2016-3 2037 Term Bond (Non-AMT) (Insured): 12/01/2034 795,000 3,375% 3,590% 96.830 -25,137,90 3,500 12/01/2035 825,000 3.375% 3.590% 96,838 -26,086.50 3.500 12/01/2036 860,000 3.375% 3.590% 96,838 -27,193.20 3.500 12/01/2037 875,000 3.375% 3.590% 96.838 -27,667,50 3.500 3,355,000 -106,085.10 2016-4 Serial Bonds (AMT) (Uninsured): 12/01/2016 610,000 2.000% 0.990% 100,077 469,70 1.250 12/01/2017 950,000 3.000% 1,230% 101.888 17,936.00 1.250 12/51/2018 990,000 5.000% 1.420% 107.303 72,299.70 1,250 12/01/2019 1,045,000 5,000% 1,640% 110,043 104,949.35 2.500 12/01/2020 1,090,000 5.000% 1.820% 112.441 135,606.90 2.500 12/01/2021 1,145,000 5,000% 1,980% 114.519 166,242.55 2.500 12/01/2022 1,205,000 5.000% 2.140% 116,216 195,402.80 2.500 12/01/2023 1,260,000 5.000% 2.360% 117.115 215,623.80 2.500 12/01/2024 1,325,000 5.000% 2.520% 118,021 238,778.25 2.500 12/01/2025 1,390,000 5,000% 2.680% 118.582 258,289.80 3.000 12/01/2026 1,460,000 5.000% 2,810% 119,102 278,889,20 3,000 12/01/2027 1,535,000 5,000% 2,950% 117,756 C 3,094% 12/01/2026 100.000 272,554,60 3.000 12/01/2028 1,615,000 5,000% 3,080% 116.523 C 3,327% 12/01/2026 100.000 266,846,45 3,000 12/01/2029 1,690,000 5.000% 3.160% 115,772 C 3.488% 12/01/2026 100.000 266,546.80 3,000 12/01/2030 1,780,000 5,000% 3,250% 114,934 C 3.635% 12/01/2026 100.000 265,825.20 3.000 12/01/2031 1,865,000 5,000% 3,320% 114.287 C 3.751% 12/01/2026 100.000 266,452.55 3.000 12/01/2032 1,960,600 5,000% 3,380% 113.736 C 3,846% 12/01/2026 100,000 269,225.60 3.500 12/01/2033 2,055,000 5.000% 3.440% 113,188 C 3.932% 12/01/2026 100,000 271,013,40 3.500 24,970,000 3,562,952,65 2016-4 Serial Bonds (AMT) (Insured): 12/01/2034 2,165,660 5.000% 3.490% 112.734 C 4.003% 12/01/2026 100.000 275,691.10 3.500 12/01/2035 2,265,000 5,000% 3.530% 112.372 C 4,062% 12/01/2026 100.000 280,225.80 3.500 4,430,000 555,916.90 109,835,000 13,299,425.30 Doled Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 109,835,000.00 Premium 13,299,425.30 Production 123,134,425.30 112.108549% Underwriter's Discount -334,923.07 -0.304933% Purchase Price 122,799,502.23 111.803617% Accrued Interest Net Proceeds 122,799,502.23 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 4 Bond Component BOND SUMMARY STATISTICS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2037 Arbitrage Yield 2.598457% True Interest Cost (TIC) 2.820806% Net Interest Cost (NIC) 3.081514% All-In TIC 2.911975% Average Coupon 4.586166% Average Life (years) 7.845 Weighted Average Maturity (years) 7.922 Duration of Issue (years) 6.642 Par Amount 109,835,000.00 Bond Proceeds 123,134,425.30 Total Interest 39,515,678.96 Net Interest 26,551,176.73 Total Debt Service 149,350,678.96 Maximum Annual Debt Service 14,458,143.76 Average Annual Debt Service 7,085,693.78 Par Average Average Value Price Coupon Life PVoflbp change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 70,695,000.00 112.476 4.611% 5.317 37,866.10 2016-4 Serial Bonds (AMT) (Uninsured) 24,970,000.00 114.269 4.991% 9.983 18,674,30 2016-3 Serial Bonds (Non-AMT) (Unin) (Call) 2,755,000.00 119.587 5.000% 12,078 2,672.35 2016-3 Serial Bonds (Non-AMT) (Insured) 2,095,000.00 98.293 3.088% 14.099 2,334.70 2016-3 2033 Term Bond (Non-AMT) (Insured) 1,535,000.00 97.559 3.250% 16.589 1,934.10 2016-4 Serial Bonds (AMT) (Insured) 4,430,000.00 112.549 5.000% 18.589 4,008.65 2016-3 2037 Term Bond (Non-AMT) (Insured) 3,355,000.00 96.838 3.375% 19.619 4,831.20 109,835,000.00 7.845 72,321.40 All-In Arbitrage TIC TIC Yield Par Value 109,835,000.00 109,835,000.00 109,835,000,00 + Accrued Interest + Premium (Discount) 13,299,425.30 13,299,425.30 13,299,425,30 - Underwriters Discount -334,923.07 -334,923,07 - Cost of Issuance Expense -579,718.00 - Other Amounts -150,000.00 -150,000,00 Target Value 122,799,502.23 122,069,784.23 122,984,425.30 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 2,820806% 2.911975% 2.598457% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 5 BOND DEBT SERVICE BREAKDOWN Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Period Ending Refund 2007-1 (Non-AMT) Refund 2007-2 (Non-AMT) Refund 2007-3 (Non-AIVIT) Refund 2007-5 (Non-AMT) Refund 2008-1 (Non-AMT) Refund 2008-2 (Non-AMT) Refund 2009-1 (Non-AMT) Refund CBJ 2006B (Non-AMT) Now Money (Non-AMT) Refund 2006-2 (AMT) New Money (AMI) Bond Bank Sorely (Non-AMT) Total 06/30/2017 324,162.22 807,870 53,762.22 112,702.77 501,828.90 121,163.33 19,546,95 368,795.56 66,848.89 8,381,328.89 50,353,33 3,808,363.06 06/30/2018 3,063,150.00 1,666,500 93,050.00 333,662.50 873,500.00 131,700.00 63,531.26 3,840,950.00 328,550.00 2.214,925.00 141,325.00 12,750,843.76 06/30/2019 3,063,800.00 1,712,000 254,750.00 329,462.50 2,127,750.00 357,100.00 62,631.26 3,861,500.00 331,900.00 2,213,250.00 144,000.00 14,458,143.76 06/30/2020 1,818,300.00 0,727,400 253,050.00 333,662.50 2,130,250.00 357,700.00 61,431.26 3,849,800.00 332,700.00 2,215.500.00 145,875.00 13,225,668.76 13,755,793.76 06/30/2021 1,809,700.00 2,343,500 251,150.00 332,562.50 2,130,550.00 357,900.00 60,231.26 3,784,100.00 333,100.00 2,210,375.00 142,625.00 12,533,218.76 06/30/2022 318,900.00 2,359,700 253,950.00 336,162.50 2,133,550.00 357,700.00 59,031.26 4,029,000.00 333,100.00 2,207,875.00 144,250.00 06/30/2023 81,375.00 2.617,625 250,500.00 333,612.50 2,131.450.00 355,750.00 62,556.26 331,375.00 2,207,750.00 145,625.00 8,517,618.76 8,671,618.76 06/30/2024 83,000.00 2,767,500 255,625.00 334,862.50 2,833,450.00 356,875.00 60,806.26 332,750.00 2,204,875.00 141,875,00 06/30/2025 79,500.00 2,119,750 250,250.00 330,737.50 2,131,450.00 357,250.00 59,056.26 328,500.00 2,204,125.00 143,000.00 8,003,618.76 06/30/2026 80,875,00 2,167,375 249,500.00 331,237.50 2,135,200.00 356,875.00 62,181.26 328,625.00 2,200,375.00 143,875.00 8,056,118.76 8,081,368.76 06/30/2027 82,000.00 2,193,625 253,125.00 331,237.50 2,134,450.00 355,750.00 60,181.26 328,000.00 2,198,500.00 144,500.00 7,684,993.76 06/30/2028 2,209,000 251,125.00 325,862.50 2,134,075.00 358,750.00 63,056.26 2,198,250.00 144,875.00 06/30/2029 2,208.875 334,862.50 447,075.00 60,806.26 2,199,375.00 845,000.00 5,395.993.76 06/30/2030 389,687.50 448,850.00 54,081.26 2,191,875.00 144,875.00 3,229.368.76 00/30/2031 390,496.88 448,281.25 57,778.13 2,195,500.00 144,500.00 3,236,556.26 06/30/2032 390,809.39 447,187.50 56,371.88 2,190.000.00 143,875.00 3,228,243.77 06/30/2033 390,606.27 450,468.75 59,856.26 2,190,250.00 143,000.00 3,234.181.28 06/30/2034 394,800.02 453,037.50 63,150.01 2,186,000.00 141,875.00 3,238,862.53 06/30/2035 388,453.14 449,950.00 56,412.51 2,187,000.00 145,375.00 3,227,190.65 06/30/2036 391,556.26 446,281.25 59,640.63 2,178,125.00 143,500.00 3,219,103.14 06/30/2037 389,237.51 452,106.25 62,700.00 904,043.76 889,765.63 06/30/2038 391,496.88 447,425.00 50,843.75 10,804,762.22 26,900,720 2,669,837.22 7,617,771.62 27,188,166.40 3,824,513.33 1,275.881.50 19,734,145.56 3,375,448.09 43,175,253.89 2,784,178.33 0 149,350,678.96 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 6 BOND MATURITY TABLE Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Refund CM Maturity Rnfitnd 2007-I Refund 2007-2 Refund 2007-3 Refund 2007-5 Refund 2008-1 Refund 2008-2 Refund 20094 2006B Nato Money Refund 2000-2 N- Money Date (N-AMT) (N..-AMT) (N-AMT) (Non-AMT) (Non-AMT) (N..-AMT) (Non-AMT) (N-AMT) (Non-AMT) (AMT) (AMT) Total 30,900 285000 45,000 610,000 1,070,000 1 2/01/2016 2/0112017 2,755000 770,070 140,000 5,000 30,000 3,235,000 210,000 895,006 55,000 8,100,000 2/01/2018 2,840,000 840,020 165,000 /40,000 1,285,000 230,000 30,000 3,355,000 225,000 930,000 60,000 10,100,000 l2/Ot/20t9 1,685,000 890,020 170,000 100,000 1,340000 240,000 30,000 3,480,000 239,000 980,000 65,000 9,265,000 12/01/2020 1,745,000 1,555,000 175,000 155,000 1,395,000 250,000 30,000 3,555,000 245,000 1,025,000 65,000 10,195,000 12/01/2021 295,000 1,635,000 185,000 65,000 1,455,000 260,000 30,000 3,950,000 255,000 1,075,000 70,000 9,375,000 t2/Ot/2R22 65,000 1,975,000 190,000 170,000 1,520,000 270,000 35,000 265,000 1,130,000 75,000 5,695,000 12/01/2023 70,000 2,239,000 205,000 180,000 1,600,000 285,000 35,000 280,000 1,185,000 75,000 6,145.000 12 01/2024 70,000 /680,000 2/0,000 185,000 1,680,0(0 300,000 35,000 290,000 1,245,000 80,000 5,775,000 12/01/2025 75,000 1,815,000 220,000 195,000 1,770,000 315,000 40,000 305,000 1,305,000 85,000 6,125,000 2/01/2026 80,000 1,935,020 235,000 205,000 1,860,000 330,000 40,000 320,000 1,370,000 90,000 6,465,000 12/01/2027 2,050,000 245,000 210,000 /955,000 350,000 45,000 1,440,000 95,000 6,390,000 /2/51/2028 2,155,020 230,000 325,000 45,000 1,515,000 100,000 4,370,000 /2/01/2029 295,000 340,000 40,000 1,585,000 105,000 2,365,000 12/01/2030 305,000 350,000 45,000 1,670,000 1/0,000 2,480,000 2/01/2031 315,000 360,000 45,000 1,750,000 115,000 2,5(N,000 2/01/2532 325,000 375,000 50,000 1,640,000 120,000 2,710,000 /2/01/2033 340,000 390,000 55,000 1,930,000 25,000 2,840,000 12/0112034 345,000 400,000 50,000 2,030,000 35,000 2,960,000 2/01/2035 360,000 410,060 55,000 2,125,000 40,000 3,090,000 12/01/2036 370,000 430,000 60,000 860,000 12/01/2037 385,000 440,000 50,000 875,000 9,8/0,000 19,815,000 2,000,000 5,165,000 19,085,000 2,875,000 875,000 /7,575,000 2,635,000 27,635,000 1,765,000 /09,835,000 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 7 SUMMARY OF REFUNDING RESULTS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Refund 2007-1 Refund 2007-2 Refund 2007-3 Refund 2007-5 Refund 2008-1 Refund 2008-2 (N--AMT) (Nun-AMT) (Non-AMT) (Non -AMT) (Non-AMT) (Non-AMT) Dated Date 11/03/2016 11/0312016 11/03/2016 11/03/2016 11/03/2016 11/03/2016 Delivery Date 11/03/2016 11/03/2016 11/03/2016 11/03/2016 11/03/2016 11/03/2016 Arbitrage Yield 2598457% 2.598457% 2.598457% 2.598457% 2.598457% 2.598457% Escrow Yield 0,606795% 0.606795% 0.606795% 0.606795% 0.606795% 0,606795% Value of Negative Arbitrage 23,885.27 49,091.21 39,119.23 88,273.49 570,159.33 92,278.78 Bond Par Amount 9,810,000.00 19.815,000.00 2,000,000.00 5,165,000.00 19,685,000.00 2,875,000.00 True Interest Cost 1.599823% 2.399199% 2.264622% 3.204480% 2.649253% 2.266135% Net Interest Cost 1.681193% 2.659176% 2.504201% 3.2715661/. 2.852267% 2.505925% Average Coupon 3.882302% 4,851533% 4.818780% 3.623176% 4.291053% 4.818981% Average Life 2.612 7.371 6.950 13.107 8.883 6.853 Pat amountofrefundedbonds 11,230,000.00 23,075,000.00 2,295,000.00 5,190,000.00 21,090.000.00 3,060,000.00 Average coupon of refunded bonds 4,304893% 4.433238% 5.000000% 4.694408% 4.891889% 4.845995% Average life of refunded bonds 2.855 7.514 6.732 13.087 8.902 7.457 PV of prior debt 2,699,662.92 3,653,428.56 Net PV Savings 794,315.70 3,176,224.23 276,151.25 581,712.41 2,277,690.40 322,920.55 Percentage savings of refunded bonds 7.073159% 13.764785% 12.032734% 11.208332% 10.799860% 10.552959% Percentage savings of refunding bonds 8.097000% 16.029393% 13.807563% 11.262583% 11.570690% 11.232019% Refund 2009-1 (Non-AMI) Refund CBJ 2006B (Non-AMT) Refund 2006-2 (AMT) Total 11/03/2016 11/03/2016 11/03/2016 11/03/2016 11/03/2016 11/03/2016 11/03/2016 11/03/2016 2.598457% 2.598457% 2.598457% 2.598457% 0.606795% 0.606795% 0.606795% 0.606795% 28,949.81 39,055.66 69,627.00 1,000,439.78 875,000.00 17,575,000.00 27,635,000.00 105,435.000.00 3.138710% 1.604041% 3.457353% 2,819433% 3.229916% 1.682717% 3.781118% 3.078172% 3.710816% 3.874857% 4.993344% 4.573301% 12.346 3.171 11.262 7.830 850,000.00 18,560,000.00 32,610,000.00 117,960,000.00 5.700791% 4.162023% 3.096322% 4.826977% 12.734 2.926 11.997 8.102 1,075,713.66 20,035,499.83 139,376.32 1,191,048.44 6,082.490.71 14,841.930.01 16.397214% 6,417287% 18.652225% 12.582172% 15.928722% 6.776947% 22.010098% 14.076853% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 8 SUMMARY OF BONDS REFUNDED Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series l,6rtonity Interest Par Coil Call Bond Data Rate Aw000t Data Prior GO 2006-2 (AMT) (City of Knlahikon), 062AK, 2021TC 12(01/2017 5.500% 975,000,00 12/05/2016 100.000 12/01/2018 5.000% 1,025,000.00 12/05/2016 100.000 /2/01/2019 5.500% 1,085,000.00 12/05/2016 100.000 12/01/2020 5.00054 1,140,000,00 12/05/2016 100.0061 12(01(2021 5.500% 1,205,000,00 12/05/2016 100.000 2026TC 12/01/2022 5.500% 1,270,000.00 2/05/2016 100,000 12/01/2023 5.500% 1,340,000.00 12/05/2016 100.000 12/01/2024 5,500% 1,415,000.05 12/05/2016 100.000 12/01/2025 5.500% 1,495,000.00 12/05(2016 100.000 2101/2026 5,500114 1,575,000.00 12/05/2016 100.000 2031T 12/01/2027 5.000% 1,660,000.00 12/05/2016 100.0(0 12/01(2028 5.000% 1,745,000.00 12/05/2016 100.000 12,1)1/2029 5.000% 1,850,000.00 12/05/2016 100.000 12/01/2036 5,00006 1,925,000.00 12/05(2016 100.000 12/01/2031 5.0021/n 2,020,000.00 12/05/2016 100.000 2035TC 12/01/2032 5,0050's 2.120.000,00 12(05/2016 160,000 12/01(2033 5.000% 2,225,000.00 12105/2016 100,000 12/01/2034 5.000% 2,340,000.00 12/05(2016 100.000 12/01(2035 5.000% 2455,000.00 12/05(2016 100.000 30,145,000.00 GO 2006-2 (AMT) (Portd Bank Re-), 062AR, 2035TC 12(01/2035 5.0O/0/s 1,765,000,00 12(05(2016 100,006 GO 2007-1 (Norttoto'eatArctic Borough), 071N\V, SERIAL 12/01(2017 5,000% 600,000.00 12/05(2016 100.000 2/01(2017 4,125% 475,000,00 12(05(2016 100.000 12101/2018 4,125% 480,000,00 12/05/2016 100.000 12/01/2018 5,000% 645,000,00 12(05(2016 100,000 12/01/2019 4,050% 1.175,000,00 12/05/2016 100,000 12/01/2020 4,125% 1,220.000.00 12/05(2010 100,000 4,595,000,00 0020(7.1(City of Poternboog- NOW Moany), 071PN, SERIAL 12/01(2017 5,000% 35,000.00 12/05/2016 100,000 12/01/2017 4,125% 25,000.00 12/05/2010 100.000 12/01/2018 4.125% 30,000.00 12/05/2016 100,000 12/01/2011 5,000% 35,000.00 12/05(2016 100.000 12/01/2019 4.0000/. 60,000,00 12/05/2016 100.000 4,125% 70,000.00 12/05/2016 1(0.000 1 2(01/2020 2/01/2021 4,250% 70,000.00 12(05/2016 100.000 TERM 12(01/2022 4.375% 75,000,00 12(05/2016 100,000 2/01/2023 4.375% 60,000,00 12/05/2016 100.000 12(01/2024 4,375% 00,000,00 12/05(2016 100,000 12(01/2025 4.375% 85,000,00 12(05(2016 00,000 12/01/2026 4.375% 90,000.00 12/05/2016 (00,0(6 740,000,00 GO 2007-1 (City of Pnlnosboag -Rnfondiog), 07_I PR, SERIAL 12/01/2017 5.000% 65,000.00 12/05/2016 100,0(0 12101/2017 4.125% 55,000.00 12/05/2016 100.000 12/01/2018 4,125% 55,000.00 12/05(2016 100.000 12/01/2018 S,00/0/s 75.000,00 12/05/2016 100,000 12/01/0019 44.000%135,000.00 12/05/2016 00.000 12/010020 4.125% 145,000.00 12/05/2016 100,000 550,000.00 /002007-I (B006 BnokRnnrnon - 2007-1), 07IRN, SERIAL 12/01(2021 4.250% 120,000.00 12/050016 100,000 TERM 12(01/2026 4.375% 170,000,00 12/050016 100.000 200,000.00 GO 2007-I (Bond Bank Rnaeroe - Rnfuod), 07IRR, SERIAL 12/01/2018 4,125% 160,000,00 12/05(2016 100,000 12(01/2018 0.000% 230,000,00 12/05(2016 100.000 12/01/2020 4.125% 490,000,00 12/05/2016 00.000 900,000,00 SO 2007-I (City of Sntoard), 07_ISE: SERIAL 12/01/2017 S.000% 105,000,00 12(05/2016 100,000 12/01/2017 4.125% 95,000.00 12/05/2016 100,000 12/01/2018 4,125% 90,000.00 12(05(2016 100,000 12(01(2018 5,000% 115,000.00 12/05(2016 100,000 12/01(2019 4,000% 215,000,00 2/05(2016 100,000 12/01(2020 4,125% 220,000,00 (2/05/2016 100.000 12/01(2021 4.250%235,000.00 2(05/2016 100,000 1,075,000,00 002007-I (City and Borough of Suite). 07_1ot, SERIAL 12/01(2017 5.000% 420,000.00 12/05(2016 100,000 12/01(2017 4,125% 375,000.00 12/05/2016 100,000 12(01(2018 4,125% 300,000.00 12/05/2016 100,006 12/01/2018 5.000% 460,000,00 12105/2016 100,000 1,625,000,00 002007-I(City of Nown), 07_1 N: SERIAL 12/0(/2017 5,000% 60,000,00 12/05(2016 (00,000 12(01/2017 4.125% 75,0(0,00 12(05/2016 (00,000 12/01/2018 4.129% 65,000.00 /2(05/2016 00,000 12/01/2018 5,000% 100,000.00 12/050016 100,000 12/01/2019 4,000% 170,000,00 12/050016 100,0(0 12/01/2020 4.125% 175,000.00 12/05/2016 00.0(0 065.000,00 002(07-I (City ofWonulln), 07_I_SO, SERIAL 12/01(2017 5.000% 210,0(0.00 12(05 (2016 00.000 12/01/2017 4,125% 185,000.00 12/(5(2016 100.0061 12(01(2018 4,125% 180,009.00 12105/2016 100.000 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 9 SUMMARY OF BONDS REFUNDED Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results --October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Motonity Interest For Coil Coil Bond Dote Rote Aouoout Dole Poke 002007-I (City of Wanilta), 07 1,W: SERIAL 12/01/2018 5,0001K 235000.00 12/05/2016 100.000 810,000.00 002007-2 (Alert/eon Rant Borough), 07_2_A SERIAL 12/01/2017 4.000% 925.00000 2/05/2016 100.000 12/01/2018 5.000% 1,015/000.00 12/05/2016 00.000 12/01/2019 1. 085,000.00 12/05/2016 /00,000 12/0t12020 5.000% 5.000% t,t50,000.00 l2/05/20t6 100,000 1 2/0i/2021 4.000% l,2t5,000,00 12105/20t6 100.000 2/01/2022 4,000% 1535000,06 12/05/20t6 100.000 2/01/2023 4,500°,', 1,755,000,00 12/05/2016 100,000 12/01/2024 4,125% 1910000,00 12/05/2016 100,000 TERM 12/01/2025 4.500% 2,040,000,00 12/05/2016 00.000 12/01)2026 4.500% 2,100,000.00 12/03/2016 100,000 TERM2 12/01/2027 4,500°,', 2,275,000.00 12/05/2010 100,000 12/01/2028 4.500% 2,300,000,00 12/05/2016 100.000 19,445,000.00 GO 2007-2 (Kenai Pro/coda Borough), 072K SERIAL 12/01/2017 4.000% /5,000,00 12/05/2016 100.000 12/01/2018 5.000% 15,000,00 12/05/2016 100,000 /2/01/2019 5,000% 20,000,00 /2/05/2016 /00,000 12/01/2020 0,000% 680,000.00 12/05/2016 100.000 12/01/2021 4,000% 710,000,00 12/05/2016 100.000 12/01/2022 4,000% 735,000,00 12/05/2016 /00,000 12/0//2023 4.500% 770,000,00 12/05/2016 /00,000 2,945 .000,00 002007.2 (Bond Book Rraerve(, 07 2-R.: TERS082 12/01/2028 4.500% 680,000,00 12/05/2016 100.000 002007-3 (City of Satlnei(, 07300 TERM22 09/01/2016 0,000% 1 85,000.00 09/01/2017 100.000 09/01/2019 0,000% 190,000,00 09/01/2017 100.000 09/01/2020 5,000% 200,000,00 09/01/2017 100.000 09/0112021 5,000% 210,000.00 09/01/2017 100.0 /0 09/01/2022 5.0001°,', 220.000,00 09/01/2017 100,000 TER/r127 09/01/2023 5,000% 235,000,00 09/01/2017 100.000 09/01/2024 5,0001/. 245,000.00 09/01/2017 100.000 09/01/2025 5,000°,', 255,000.00 09/01/2017 100,000 09/01/2026 0,000% 270.000,00 09/01/2017 /00.000 09/01/2027 5,000% 285,000.00 09/01/2017 100,000 2,295,000.00 2007 Series fire (City fKodiak . Harbor), 07552) SERIAL 09/01/2017 0,000% 50,000.00 09/01/2018 0.000% 50,000.00 09/01/2017 /00.000 09/0l/2019 4,000% 55,000,00 09/01/2017 /00,000 09/01/2020 4,125% 55,000.00 09/01/2017 100.000 09/0i/2021 4,250% 00,000.00 09/01/2017 100.000 09/01/2022 4,300% 00,000,00 09/01/2017 100.000 09/0//2023 4.400% 65,000.00 09/01/2017 100,060 09/01/2024 4,500°,', 65,000.00 09/0//2017 100.000 09/01/2025 4,500% 70,000,00 09/01/2017 00.000 09/01/2026 4,500% 70.000,00 09/01/2017 100.000 09/0/12027 4,025% 75,000.00 09/01/2017 /00.000 09/01/2028 4.625% 80.000,00 09/0//2017 100.000 09/01/2029 4,025% 85.000,00 09/01/2017 100,000 09/01/2030 4.750% 90,000,60 09/0112017 100.000 09/01/2031 4.750% 95,000,00 09/01/2017 /00.000 09/01/2032 4.750°,', 1/0,000,00 09/01/2017 /00.000 TE1OM37 09/01/2033 4.750°,', 105.000,00 09/01/2017 100.000 09/01/2034 4,750% i05,000.00 09/91/2017 100.000 09/01/2033 4,750% 113,000.00 09/01/2017 /00,000 09/01/2030 4.750% 120,000,00 09/01/2017 100.000 09/01/2037 4.750% 120,000.00 09/01/2017 100.000 1,700,000.00 2007 Sari,, Five (City of Kodiak - Lift), 07_5_RE SERIAL 09/01/2017 6,000% 80.000,20 09/0i/20l8 6,000°,', 85,000,00 09/01/2017 100,000 09/0//2019 4,000% 90,000,00 09/01/2017 100.000 09/01/2020 4 20% 95,000.00 09/0/92017 100.000 09/01/2021 4,200% 100,000.00 09/0//2017 100,000 09/01/2022 4.300% 105,000,00 09/01/2017 100,000 09/01/2023 4,400% 1/0,000.00 09/01/2017 /00,000 09/01/2024 4,900% 00,000.00 09/01/2017 100.000 09/01/2025 4,900% 120,000,00 09/0/12017 100.000 09/01/2026 4.500% 125,000,00 09/01/2017 100.000 09/01/2027 4,623% /30,000,00 09/01/2017 100.000 09/01/2028 4,625% 135,000,00 09/01/2017 /00.000 09/01/2029 4,623% 200,000.00 09/01/2017 100.000 09101/2030 4.750% 210,000.00 09/01/2017 100.000 09/01/2031 4.750% 220,000.00 09/01/2017 100.000 09/01/2032 4.750% 230,000,00 09/01/2017 00.000 TERJrI37 09/01/2033 4.750% 245.000,00 09/01/2017 100.000 09/0/12034 4,750% 259,000.09 09/01/2017 100.000 09/0l/2035 4,750% 263,000.00 09/01/2017 /00.000 09/01/2036 4,750% 290.000,00 09/0/12017 100.000 09/01/2037 4.750% 295,000.00 09/01/2017 100.000 3,490,000.00 002009-I (Kodiak lalood Borough), 08_iKB SER 04/01/2017 4.000% 370,000.00 04/01/2018 4,000°!, 380,000.00 04/01/2019 4,00090 400,000.00 04/01/2018 /00,000 0/001/2020 4.250%415,000.00 04/01/2018 00,000 04/01/2021 4.200% 430,000.00 04/01/2018 100.000 04/01/2022 4.375% 450,000.00 04/01 /2018 090.000 04/01/2023 4.500% 470,000.00 04101/2018 090.000 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 10 SUMMARY OF BONDS REFUNDED Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Maturity Bond Data Interest Rota Par Aaa000t 0011 Data Call Prior 002008-1 (Kodiak Island Boroogh), 08_tKB SER 04101/2024 4.700'/a 490,000.00 04/01/2019 100.000 04/01/2025 4800% 51500000 04/0112018 100090 04/01/2026 4.900% 540000,00 04/01/2018 100,600 04/01/2027 5.000% 565,000,00 04/01/2018 100,000 04/01/2028 5.000% 595000.00 04/01/2018 100.000 5,620,000.00 GO 2008-I (City of/Cod/ok), 08_1KC SE/C 04/01/2019 4.000% 195,000.00 04/01/2018 100.000 04/0152020 4.25/0% 205,000.00 04/01/2018 100.000 04/01/2021 4 250% 2I5,050.00 04/51/2018 100.000 04/0//2022 4.375% 220,000.00 04/01/2018 00.000 04/01/2023 4.50/0/, 250,000.00 04/01/2018 100.000 04/01/2024 4,700% 240,000.00 04/01/2018 100.000 04/01/2025 4.800% 255,000.00 04/01/2018 100,090 04/01/2026 4.900% 265.000,00 04/01/2018 100.000 04/01/2027 5.000% 280,000.00 04/01/2018 /00.000 04/01/2028 5.000% 295,000.00 04/01/2018 100.000 04/01/2029 5,000% 305,000.00 04/01/2019 105.000 TERM33 04/01/2030 5,100% 320,000.00 04/01/20/8 100,000 04/01/203/ 5.100% 340,000,00 04/01/2018 100,000 04/01/2032 5/0050 353,000.00 04/01/2018 100.090 04/0/52033 5/00% 375,000.00 01/01/2018 100,000 T00M38 04/01/2034 5,200% 395,000.00 04/0//2018 100.000 04/01/2035 5.200% 415,000.00 04/01/2018 00.000 04/01/2036 5.200% 435,000.00 04/01/2019 /00.000 04/01/2031 5,200% 460,000.00 04/01/2019 100.050 04/01/2038 5.200% 480,000.00 04/01/2018 100.000 6,280.000.00 002008-1(City of Dilliogham), 08_1_D SE/C 34/01/2019 4,000% 750,000.00 04/01/2018 100.000 04/01/2020 4,250% 780,000.00 04/01/2018 /00.000 04/01/2021 4.250% 815,000.00 04/01/2018 100.000 04/01/2022 4.375% 950,500.00 04/01/2018 100,000 04/01/2023 4.500% 890,505.00 04/01/2018 105.000 04/01/2024 4.70011. 925,000.00 04/01/2018 /05.500 04/01/2025 4.800% 970,000.00 04/01/2018 100,000 04/01/2026 4.900% 1,020,000.00 04/01/2018 100.000 04/01/2027 5.000% 1,070.000.00 04/01/2018 100.000 04/01/2028 5.000% 1.120,000.00 54/01/2018 100.000 9,190,000.05 002008-2 (Municipality of Skagnay), 08_2SK SE/C 00/01/2019 4.4005, 245,000,00 00/01/2018 00,000 00/0152020 4.500% 260.000,00 06/03/2018 100,000 06/01/2021 4.600% 270000.00 06/01/2018 100.000 06/01/2002 4.7009',285,000.00 06/01/2018 100.000 06/01/2023 4.730% 295,000.00 06/01/2018 100.000 00/Ot/2024 4.800% 3/0,000.00 00/01/2018 100.000 06/01/2025 4.850% 325,000.00 06/0I/20t9 /00.000 00/01/2026 4,900% 340,000.00 06/SI/20t0 100.000 TORM28 06/0152027 5.000% 355,000,00 06/01/2018 /00,000 06/0112028 5.000% 375,000.00 06/51/2018 100,000 3,000,000.00 002009-1 (City ofKodiak). 09110 SE/C 09/0I/20t7 5.000% 25,000.00 05/02/2019 5.000% 25,000.00 05/01/2019 5,000% 25,000.00 09/01/2018 100,000 09/0 2 020 5.000% 25,000.00 09/01/2019 100,000 09/01/202/ 5.005% 30,000,00 09/01/2018 /00,000 09/01/2022 5.00/0/, 30,000.00 05/01/2018 /00,000 09/01/2023 5.25/0/, 30,000.00 09/01/2018 tSO.000 09/01/2024 5,2505, 30,000.00 09/0//2018 100.000 09/St/2025 5,375% 35,000,00 09/Ot/2St8 100.000 09/01/2020 3,500% 35,000,00 09/01/2018 100.000 09/01/2027 3.500% 40,000,00 05/01t2008 100,000 09/01/2028 5.500% 40,0 00 ,00 051/0/2018 100,000 09/01/2029 5.625% 40,000.00 09/01/2018 /00.000 TSRM33 09/01/2030 5.7505', 40,000.00 09/01 /201 8 l00.00S 09/0112031 5,750% 45,000.00 09/01/2019 100.000 09/01/2032 5,750% 50,000.00 09/01/2018 100.000 09101/2033 5,750% 05,000.00 09/01/2018 100.000 TERM37 09/01/2034 5,875% 55,000.00 09/01/2018 100.000 09/01/2035 5,875% 60,000.00 09/01/2018 100.000 09/01/2036 5.875% 60,000.00 09/01/2018 100.000 09/01/2037 5,975% 65,000.00 09/01/2018 /00.000 830,000.00 CBO 2006/C Thunder Mowrtaia School Bonda, CB02000 SO/C 09/61/2017 4.00/0% 3,385.000.00 12/05/2016 100,000 09/01/2019 4.100% 3,545,000.00 12/05/2016 00,000 69/01/2019 4.125% 3,680,000.00 12/09/2516 100.000 19/01/2020 4.125% 3,770,000.00 12/05/2515 100.000 09/00/2021 4,230% 4,180,000.00 12/05/2016 100.000 18,560,000,00 117,960,000.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 11 PROOF OF ARBITRAGE YIELD Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results --October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Date Debt Service Total Present Value to 11/03/2016 @ 2.5984566657% 12/01/2016 1,440,066.18 1,440,066.18 1,437,177.42 06/01/2017 2,368,296.88 2,368,296.88 2,333,232.09 12/01/2017 10,468,296.88 10,468,296.88 10,181,029.38 06/01/2018 2,282,546.88 2,282,546.88 2,191,438.21 12/01/2018 12,382,546.88 12,382,546.88 11,735,818.03 06/01/2019 2,075,596.88 2,075,596.88 1,941,959.90 12/01/2019 11,340,596.88 11,340,596.88 10,474,348.63 06/01/2020 1,885,071.88 1,885,071.88 1,718,750.71 12/01/2020 12,080,071.88 12,080,071.88 10,872,974.17 06/01/2021 1,675,721.88 1,675,721.88 1,488,931.24 12/01/2021 11,050,721.88 11,050,721.88 9,692,977.68 06/01/2022 1,482,496.88 1,482,496.88 1,283,672.43 12/01/2022 7,177,496.88 7,177,496.88 6,135,179.90 06/01/2023 1,340,121.88 1,340,121.88 1,130,817.32 12/01/2023 7,485,121.88 7,485,121.88 6,235,063.66 06/01/2024 1,186,496.88 1,186,496.88 975,668.94 12/01/2024 6,961,496.88 6,961,496.88 5,651,091.96 06/01/2025 1,042,121.88 1,042,121.88 835,106.99 12/01/2025 7,167,121.88 7,167,121.88 5,669,728.43 06/01/2026 888,996.88 888,996.88 694,243.09 12/01/2026 27,038,996.88 27,038,996.88 20,844,705,75 06/01/2027 235,246.88 235,246.88 179,028.81 12/01/2027 5,090,246.88 5,090,246.88 3,824,122.23 06/01/2028 113,871.88 113,871.88 84,450.70 12/01/2028 113,871.88 113,871.88 83,367.57 06/01/2029 113,871.88 113,871.88 82,298.33 12/01/2029 788,871.88 788,871.88 562,826.90 06/01/2030 103,746.88 103,746.88 73,069.69 12/01/2030 803,746.88 803,746.88 558,824.45 06/01/2031 92,809.38 92,809.38 63,700.35 12/01/2031 812,809.38 812,809.38 550,722.13 06/01/2032 81,559.39 81,559.39 54,552.12 12/01/2032 831,559.39 831,559.39 549,066.34 06/01/2033 69,371.89 69,371.89 45,217.75 12/01/2033 854,371.89 854,371.89 549,751.25 06/01/2034 56,615.64 56,615.64 35,962.47 12/01/2034 851,615.64 851,615.64 534,011.52 06/01/2035 43,200.01 43,200.01 26,741.44 12/01/2035 868,200.01 868,200.01 530,535.58 06/01/2036 29,278.13 29,278.13 17,661.68 12/01/2036 889,278.13 889,278.13 529,565.96 06/01/2037 14,765.63 14,765.63 8,680.17 12/01/2037 889,765.63 889,765.63 516,351.93 144,568,678.96 144,568,678.96 122,984,425.30 Proceeds Summary Delivery date 11/03/2016 Par Value 109,835,000.00 Premium (Discount) 13,299,425.30 Arbitrage expenses -150,000.00 Target for yield calculation 122,984,425.30 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 12 PROOF OF ARBITRAGE YIELD Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Assumed Call/Computation Dates for Premium Bonds Bond Maturity Call Call Yield To Component Date Rate Yield Date Price Call/Maturity IABBOND 12/01/2028 5000% 2.760% 12/01/2026 100.000 2.760507% 3ABOND 12/01/2027 5.000% 2.950% 12/01/2026 100.000 2.950593% 3ABOND 12/01/2028 5.000% 3.080% 12/01/2026 100.000 3.080597% 3ABOND 12/01/2029 5.000% 3.160% 12/01/2026 100.000 3.160588% 3ABOND 12/01/2030 5.000% 3.250% 12/01/2026 100.000 3.250581% 3ABOND 12/01/2031 5.000% 3.320% 12/01/2026 100.000 3.320602% 3ABOND 12/01/2032 5.000% 3.380% 12/01/2026 100.000 3.380608% 3ABOND 12/01/2033 5.000% 3.440% 12/01/2026 100.000 3.440634% 3BBOND 12/01/2034 5.000% 3.490% 12/01/2026 100.000 3.490628% 3BBOND 12/01/2035 5.000% 3.530% 12/01/2026 100.000 3.530664% Rejected Call/Computation Dates for Premium Bonds Bond Maturity Call Call Yield To Component Date Rate Yield Date Price Call/Maturity IABBOND 12/01/2028 5.000% 2,760% 3.048938% 3ABOND 12/01/2027 5.000% 2.950% 3.094261% 3ABOND 12/01/2028 5.000% 3,080% 3.327237% 3ABOND 12/01/2029 5.000% 3.160% 3.487544% 3ABOND 12/01/2030 5.000% 3.250% 3.635026% 3ABOND 12/01/2031 5,000% 3.320% 3.750517% 3ABOND 12/01/2032 5.000% 3,380% 3.846241% 3ABOND 12/01/2033 5.000% 3.440% 3,932130% 3BBOND 12/01/2034 5.000% 3.490% 4.003248% 3BBOND 12/01/2035 5.000% 3.530% 4,061619% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 13 SOURCES AND USES OF FUNDS Refund 2007-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 9,810,000.00 Premium 586,411.10 10,396,411.10 Other Sources of Funds: Release from Bond Bank Reserve 1,216,161.21 11,612,572.31 Uses: Refunding Escrow Deposits: Cash Deposit 9.21 SLGS Purchases 11,479,628.00 11,479,637.21 Cost of Issuance: AMBB Costs 1,786.32 Miscellaneous Printing, etc. 1,339.74 S&P Rating 1,786,32 Fitch Rating 4,019,21 AMBB FA 3,049.04 AMBB BC 15,855,04 Verification Agent 604.78 Borrower Costs of Issuance 54,400.00 82,840.45 Delivery Date Expenses: Underwriter's Discount 22,420.98 Surety Policy 6,698.69 29,119.67 Other Uses of Funds: Additional Proceeds 20,974.98 11,612,572.31 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 14 BOND PRICING Refund 2007-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2016 130,000 2.000% 0.900% 100.084 109.20 1.250 12/01/2017 2,755,000 2.000% 1.080% 100.982 27,054.10 1.250 12/01/2018 2,840,000 4.000% 1.300% 105.516 156,654.40 1.250 12/01/2019 1,685,000 4.000% 1.440% 107.679 129,391.15 2.500 12/01/2020 1,745,000 4.000% 1.570% 109.561 166,839,45 2.500 12/01/2021 295,000 4.000% 1.690% 111.194 33,022.30 2.500 12/01/2022 65,000 5.000% 1.820% 118,216 11,840.40 2.500 12/01/2023 70,000 5.000% 2.040% 119.414 13,589.80 2.500 12/01/2024 70,000 5.000% 2.220% 120,452 14,316.40 2.500 12/01/2025 75,000 5.000% 2.380% 121.274 15,955.50 3.000 12/01/2026 80,000 5.000% 2.510% 122.048 17,638.40 3,000 9,810,000 586,411.10 Dated Date Delivery Date First Coupon Par Amount Premium Production Underwriter's Discount Purchase Price Accrued Interest Net Proceeds 11/03/2016 11/03/2016 12/01/2016 9,810,000.00 586,411,10 10,396,411.10 105.977687% -22,420.98 -0,228552% 10,373,990.12 105.749135% 10,373,990.12 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 15 BOND SUMMARY STATISTICS Refund 2007-I (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2026 Arbitrage Yield 2.598457% True Interest Cost (TIC) 1.599823% Net Interest Cost (NIC) 1.681193% All-In TIC 1.945742% Average Coupon 3.882302% Average Life (years) 2.612 Weighted Average Maturity (years) 2.677 Duration of Issue (years) 2.533 Par Amount 9,810,000.00 Bond Proceeds 10,396,411.10 Total Interest 994,762.22 Net Interest 430,772.10 Total Debt Service 10,804,762.22 Maximum Annual Debt Service 3,063,800.00 Average Annual Debt Service 1,072,137.38 Par Average Average PV of I bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 9,810,000.00 105.978 3.882% 2.612 2,595.10 9,810,000,00 2.612 2,595.10 All-In Arbitrage TIC TIC Yield Par Value 9,810,000.00 9,810,000.00 9,810,000.00 + Accrued Interest + Premium (Discount) 586,411.10 586,411.10 586,411.10 - Underwriters Discount -22,420,98 -22,420.98 - Cost of Issuance Expense -82,840.45 - Other Amounts -6,698.69 -6,698.69 Target Value 10,373,990,12 10,284,450.98 10,389,712.41 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 1.599823% 1.945742% 2.598457% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 16 BOND DEBT SERVICE Refund 2007-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 130,000 2.000% 26,312.22 156,312.22 06/01/2017 167,850.00 167,850.00 12/01/2017 2,755,000 2.000% 167,850.00 2,922,850.00 06/01/2018 140,300.00 140,300.00 12/01/2018 2,840,000 4.000% 140,300.00 2,980,300.00 06/01/2019 83,500.00 83,500.00 12/01/2019 1,685,000 4.000% 83,500,00 1,768,500.00 06/01/2020 49,800.00 49,800,00 12/01/2020 1,745,000 4.000% 49,800.00 1,794,800.00 06/01/2021 14,900.00 14,900.00 12/01/2021 295,000 4,000% 14,900.00 309,900.00 06/01/2022 9,000.00 9,000.00 12/01/2022 65,000 5,000% 9,000.00 74,000.00 06/01/2023 7,375.00 7,375.00 12/01/2023 70,000 5.000% 7,375.00 77,375.00 06/01/2024 5,625.00 5,625.00 12/01/2024 70,000 5.000% 5,625.00 75,625.00 06/01/2025 3,875.00 3,875.00 12/01/2025 75,000 5,000% 3,875.00 78,875.00 06/01/2026 2,000.00 2,000.00 12/01/2026 80,000 5.000% 2,000.00 82,000.00 9,810,000 994,762.22 10,804,762,22 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 17 SUMMARY OF REFUNDING RESULTS Refund 2007-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.606795% Value of Negative Arbitrage 23,885.27 Bond Par Amount 9,810,000.00 True Interest Cost 1.599823% Net Interest Cost 1.681193% Average Coupon 3.882302% Average Life 2,612 Par amount of refunded bonds 11,230,000.00 Average coupon of refunded bonds 4.304893% Average life of refunded bonds 2.855 Net PV Savings 794,315.70 Percentage savings of refunded bonds 7,073159% Percentage savings of refunding bonds 8.097000% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 18 SAVINGS Refund 2007-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Prior Refunding Date Debt Service Debt Service Savings 06/30/2017 493,031.32 324,162,22 168,869.10 06/30/2018 3,228,653.16 3,063,150.00 165,503.16 06/30/2019 3,631,906.26 3,063,800.00 568,106.26 06/30/2020 1,934,337.52 1,818,300.00 116,037.52 06/30/2021 2,411,287.51 1,809,700.00 601,587.51 06/30/2022 459,406.25 318,900.00 140,506.25 06/30/2023 98,734.38 81,375.00 17,359.38 06/30/2024 100,343.76 83,000.00 17,343.76 06/30/2025 96,843.76 79,500.00 17,343.76 06/30/2026 98,234.38 80,875,00 17,359,38 06/30/2027 265,687.50 82,000.00 183,687.50 12,818,465,80 10,804,762.22 2,013,703.58 Savings Summary PV of savings from cash flow 1,989,501,93 Plus: Refunding funds on hand -1,195,186.23 Net PV Savings 794,315.70 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 19 SUMMARY OF BONDS REFUNDED Refund 2007-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Maturity Interest Par Colt Call Bond Date Rate Amount Date Pace GO 2007-1 (Northwest Arctic Borough), 07_tNW: SERIAL 12/01/2017 5.000% 600,000.00 12/05/2016 100.000 12/01/2017 4.125% 475,000.00 12/05/2016 100.000 12/01/2018 4.t25% 480,000.00 12/05/2016 100.000 12/01/2018 5.000% 645,000.00 12/05/2016 100.000 12/01/2019 4.000% 1,175,000.00 12/05/2016 100.000 12/01/2020 4.125% 1,220,000.00 12/05/2016 100.000 4,595,000.00 GO 2007-1 (City of Petersburg - New Money), 07_1PN: SERIAL 12/01/2017 5.000% 35,000.00 82/05/2016 100.000 1 2/01/2017 4.125% 25,000.00 12/05/2016 100.000 12/01/2018 4.125% 30,000.00 12/05/2016 100.000 12/01/2018 5.000% 35,000.00 12/05/2016 100.000 12/01/2019 4.000% 65,000.00 12/05/2016 100.000 12/01/2020 4.125% 70,000.00 12/05/2016 100.000 12/01/2021 4.250% 70,000.00 12/05/2016 100.000 TERM 12/01/2022 4.375% 75,000.00 12/05/2016 100.000 12/01/2023 4.375% 80,000.00 12/05/2016 100.000 12/01/2024 4.375% 80,000.00 82/05/2016 100.000 12/01/2025 4.375% 85,000.00 12/05/2016 100.000 12/01/2026 4.375% 90,000.00 12/05/2016 100.000 740,000.00 002007-1 (City of Petersburg - Refunding), 07_tPR: SERIAL 12/01/2017 5.000% 65,000.00 12/05/2016 100.000 12/01/2017 4.125% 55,000.00 12/05/2016 100.000 12/01/2018 4.125% 55,000.00 12/05/2016 100.000 12/01/2018 5.000% 75,000.00 12/05/2016 100.000 12/01/2019 4.000% 135,000.00 12/05/2016 100.000 12/01/2020 4.125% 145,000.00 12/05/2086 100.000 530,000.00 GO 2007-1 (Bond Bank Reserve - 2007-1), 07_1 RN: SERIAL 12/01/2021 4.250% 120,000.00 12/05/2016 100.000 TERM 82/01/2026 4.375% 170,000.00 12/05/2016 100.000 290,000.00 GO 2007-I (Bond Bank Reserve - Refund), 07_tRR: SERIAL 12/01/2018 4.825% 180,000.00 82/05/2016 100.000 12/01/2018 5.000% 230,000.00 12/05/2016 100.000 82/08/2020 4.125% 490,000.00 12/05/2016 100.000 900,000.00 GO 2007.-1 (City of Seward), 07_I SE: SERIAL 82/01/2087 5,000% 105,000.00 12/05/2016 100.000 12/01/2017 4,125% 95,000.00 12/05/2016 100.000 12/01/2088 4.125% 90,000.00 12/05/2016 100.000 12/01/2018 5.000% 115,000.00 12/05/2016 100.000 82/01/2089 4.000% 285,000.00 12/05/2016 100.000 82/01/2020 4.825% 220,000.00 12/05/2016 100.000 12/01/2021 4.250% 235,000.00 82/05/2016 100.000 8,075,000.00 002007-1 (City and Borough of Silkn), 07_ISI: SERIAL 12/01/2087 5.000% 420,000.00 82/05/2086 100.000 82/01/2087 4.125% 375,000.00 82/05/2016 100.000 82/08/2018 4.825% 350,000.00 12/05/2086 100.000 12/01/2018 5.000% 480,000.00 12/05/2086 800.000 1,625,000.00 002007-1 (City of Nome), 07_1_N: SERIAL 82/08/2017 5.000% 80,000,00 12/05/2016 800.000 12/01/2017 4.125% 75,000.00 12/05/2016 800.000 12/08/2018 4.125% 65,000.00 82/05/2016 800.000 82/01/2018 5.000% 800,000.00 82/05/2016 100.000 12/08/2089 4.000% 170,000.00 12/05/2086 100.000 82/08/2020 4.125% 175,000.00 12/05/2086 100.000 665,000.00 002007-8 (City of Wasilla), 07_1_W: SERIAL 12/01/2017 5.000% 210,000.00 82/05/2016 100.000 82/08/2017 4.125% 185,000.00 12/05/2086 100.000 12/08/2018 4.125% 180,000.00 12/05/2016 100.000 12/08/2018 5.000% 235,000.00 82/05/2086 100.000 810,000.00 18,230,060.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 20 ESCROW REQUIREMENTS Refund 2007-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Principal Ending Interest Redeemed Total 12/01/2016 246,515.66 246,515.66 12/05/2016 5,478.12 11,230,000.00 11,235,478.12 251,993.78 11,230,000.00 11,481,993.78 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 21 ESCROW DESCRIPTIONS Refund 20071 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Type of Type of Maturity First lot Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 246,517 SLGS Certificate 12/05/2016 12/05/2016 11,233,111 0.240% 0.240% 11,479,628 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 11,479,628.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 22 ESCROW COST Refund 2007-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 246,517 246,517.00 SLGS 12/05/2016 11,233,111 0.240% 11,233,111.00 11,479,628 11,479,628.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost 11/03/2016 11,479,628 9.21 11,479,637.21 11,479,628 9.21 11,479,637.21 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 23 ESCROW CASH FLOW Refund 2007-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Net Escrow Date Principal Interest Receipts 12/01/2016 246,517.00 246,517.00 12/05/2016 11,233,111.00 2,363.57 11,235,474.57 11,479,628.00 2,363.57 11,481,991.57 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 11,479,628.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 24 ESCROW SUFFICIENCY Refund 2007-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 9.21 9.21 9.21 12/01/2016 246,515.66 246,517.00 1.34 10.55 12/05/2016 11,235,478.12 11,235,474.57 -3.55 7.00 11,481,993.78 11,482,000,78 7.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 25 UNREFUNDED BOND DEBT SERVICE Refund 2007-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Period Debt Ending Principal Coupon Interest Service 12/01/2016 2,750,000 5.000% 68,750 2,818,750 2,750,000 68,750 2,818,750 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 26 SOURCES AND USES OF FUNDS Refund 2007-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 19,815,000,00 Premium 3,263,156.30 23,078,156.30 Other Sources of Funds: Release from Bond Bank Reserve 700,610.83 23,778,767.13 Uses: Refunding Escrow Deposits: Cash Deposit 3.57 23,594,216.00 SLGS Purchases 23,594,219.57 Cost of Issuance: AMBB Costs 3,608.14 Miscellaneous Printing, etc. 2,706.10 S&P Rating 3,608,14 Fitch Rating 8,118.32 AMIBB FA 6,158.70 AIvIBB BC 32,025 .23 Verification Agent 1,221.58 Borrower Costs of Issuance 46,400.00 103,846.21 Delivery Date Expenses: Underwriters Discount 61,194,58 Surety Policy 13,530.52 74,725.10 Other Uses of Funds: Additional Proceeds 5,976.25 23,778,767.13 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 27 BOND PRICING Refund 2007-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2016 285,000 2.000% 0.900% 100.084 239,40 1.250 12/01/2017 770,000 2.000% 1,080% 100.982 7,561,40 1.250 12/01/2018 840,000 4.000% 1.300% 105.516 46,334.40 1.250 12/01/2019 890,000 4.000% 1.440% 107.679 68,343.10 2,500 12/01/2020 1,555,000 4,000% 1.570% 109,561 148,673.55 2.500 12/01/2021 1,635,000 4.000% 1.690% 111.194 183,021,90 2.500 12/01/2022 1,975,000 5.000% 1.820% 118,216 359,766.00 2,500 12/01/2023 2,230,000 5,000% 2.040% 119,414 432,932,20 2,500 12/01/2024 1,680,000 5.000% 2,220% 120.452 343,593,60 2.500 12/01/2025 1,815,000 5,000% 2,380% 121.274 386,123,10 3,000 12/01/2026 1,935,000 5,000% 2,510% 122,048 426,628.80 3.000 12/01/2027 2,050,000 5,000% 2,750% 121.358 437,839.00 3,000 17,660,000 2,841,056,45 2016-3 Serial Bonds (Non-AMT) (Unin) (Call): 12/01/2028 2,155,000 5,000% 2.760% 119,587 C 3,049% 12/01/2026 100,000 422,099,85 3,000 19,815,000 3,263,156,30 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 19,815,000.00 Premium 3,263,156,30 Production 23,078,156,30 116,468112% Underwriter's Discount -61,194,58 -0.308830% Purchase Price 23,016,961,72 116.159282% Accrued Interest Net Proceeds 23,016,961,72 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 28 BOND SUMMARY STATISTICS Refund 2007-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2028 Arbitrage Yield 2.598457% True Interest Cost (TIC) 2.399199% Net Interest Cost (NIC) 2.659176% All-In TIC 2.480117% Average Coupon 4.851533% Average Life (years) 7.371 Weighted Average Maturity (years) 7.526 Duration of Issue (years) 6.400 Par Amount 19,815,000.00 Bond Proceeds 23,078,156,30 Total Interest 7,085,720.00 Net Interest 3,883,758.28 Total Debt Service 26,900,720.00 Maximum Annual Debt Service 2,767,500.00 Average Annual Debt Service 2,227,290.52 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 17,660,000.00 116.088 4.819% 6.796 12,050.90 2016-3 Serial Bonds (Non-AMT) (Unin) (Call) 2,155,000.00 119,587 5,000% 12,078 2,090.35 19,815,000.00 7,371 14,141.25 All-In Arbitrage TIC TIC Yield Par Value 19,815,000.00 19,815,000.00 19,815,000.00 + Accrued Interest + Premium (Discount) 3,263,156.30 3,263,156.30 3,263, 156,30 - Underwriter's Discount -61,194,58 -61,194.58 - Cost of Issuance Expense -103,846.21 - Other Amounts -13,530,52 -13,530.52 Target Value 23,016,961.72 22,899,584.99 23,064,625.78 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 2.399199% 2.480117% 2.598457% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 29 BOND DEBT SERVICE Refund 2007-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 285,000 2.000% 70,770 355,770 06/01/2017 452,100 452,100 12/01/2017 770,000 2.000% 452,100 1,222,100 06/01/2018 444,400 444,400 12/01/2018 840,000 4.000% 444,400 1,284,400 06/01/2019 427,600 427,600 12/01/2019 890,000 4.000% 427,600 1,317,600 06/01/2020 409,800 409,800 12/01/2020 1,555,000 4.000% 409,800 1,964,800 06/01/2021 378,700 378,700 12/01/2021 1,635,000 4.000% 378,700 2,013,700 06/01/2022 346,000 346,000 12/01/2022 1,975,000 5.000% 346,000 2,321,000 06/01/2023 296,625 296,625 12/01/2023 2,230,000 5.000% 296,625 2,526,625 06/01/2024 240,875 240,875 12/01/2024 1,680,000 5.000% 240,875 1,920,875 06/01/2025 198,875 198,875 12/01/2025 1,815,000 5.000% 198,875 2,013,875 06/01/2026 153,500 153,500 12/01/2026 1,935,000 5,000% 153,500 2,088,500 06/01/2027 105,125 105,125 12/01/2027 2,050,000 5.000% 105,125 2,155,125 06/01/2028 53,875 53,875 12/01/2028 2,155,000 5.000% 53,875 2,208,875 19,815,000 7,085,720 26,900,720 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 30 SUMMARY OF REFUNDING RESULTS Refund 2007-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.606795% Value of Negative Arbitrage 49,091.21 Bond Par Amount 19,815,000.00 True Interest Cost 2.399199% Net Interest Cost 2.659176% Average Coupon 4.851533% Average Life 7.371 Par amount of refunded bonds 23,075,000.00 Average coupon of refunded bonds 4.433238% Average life of refunded bonds 7.514 Net PV Savings 3,176,224.23 Percentage savings of refunded bonds 13.764785% Percentage savings of refunding bonds 16.029393% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 31 SAVINGS Refund 2007-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Prior Refunding Date Debt Service Debt Service Savings 06/30/2017 1,025,362.50 807,870.00 217,492.50 06/30/2018 1,946,562.50 1,666,500.00 280,062.50 06/30/2019 1,992,012.50 1,712,000.00 280,012.50 06/30/2020 2,013,637.50 1,727,400.00 286,237.50 06/30/2021 2,665,262.50 2,343,500.00 321,762.50 06/30/2022 2,676,012.50 2,359,700.00 316,312.50 06/30/2023 2,937,112.50 2,617,625.00 319,487.50 06/30/2024 3,089,900.00 2,767,500.00 322,400.00 06/30/2025 2,378,693.75 2,119,750.00 258,943.75 06/30/2026 2,423,400.00 2,167,375.00 256,025.00 06/30/2027 2,448,900.00 2,193,625.00 255,275.00 06/30/2028 2,464,112.50 2,209,000.00 255,112.50 06/30/2029 3,133,962.50 2,208,875.00 925,087.50 31,194,931.25 26,900,720.00 4,294,211.25 Savings Summary PV of savings from cash flow 3,870,858.81 Plus: Refunding funds on hand -694,634.58 Net PV Savings 3,176,224.23 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 32 SUMMARY OF BONDS REFUNDED Refund 2007-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2007-2 (Aleutians East Borough), 07_2_A: SERIAL 12/01/2017 4.000% 925,000.00 12/05/2016 100.000 12/01/2018 5.000% 1,015,000.00 12/05/2016 100.000 12/01/2019 5.000% 1,085,000,00 12/05/2016 100.000 12/01/2020 5.000% 1,150,000.00 12/05/2016 100.000 12/01/2021 4.000% 1,215,000,00 12/05/2016 100.000 12/01/2022 4.000% 1,535,000.00 12/05/2016 100.000 12/01/2023 4.500% 1,755,000.00 12/05/2016 100.000 12/01/2024 4.125% 1,910,000.00 12/05/2016 100,000 TERM 12/01/2025 4.500% 2,040,000.00 12/05/2016 100.000 12/01/2026 4,500% 2,160,000.00 12/05/2016 100.000 TERM2 12/01/2027 4.500% 2,275,000.00 12/05/2016 100,000 12/01/2028 4.500% 2,380,000.00 12/05/2016 100.000 19,445,000.00 GO 2007-2 (Kenai Peninsula Borough), 07_2_K: SERIAL 12/01/2017 4.000% 15,000.00 12/05/2016 100.000 12/01/2018 5.000% 15,000.00 12/05/2016 100.000 12/01/2019 5,000% 20,000.00 12/05/2016 100.000 12/01/2020 5.000% 680,000.00 12/05/2016 100.000 12/01/2021 4.000% 710,000.00 12/05/2016 100.000 12/01/2022 4.000% 735,000,00 12/05/2016 100.000 12/01/2023 4.500% 770,000.00 12/05/2016 100.000 2,945,000.00 GO 2007-2 (Bond Bank Reserve), 07_2_R: TERM2 12/01/2028 4,500% 685,000.00 12/05/2016 100.000 23,075,000.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 33 ESCROW REQUIREMENTS Refund 2007-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Principal Ending Interest Redeemed Total 12/01/2016 512,681.25 512,681.25 12/05/2016 11,392.92 23,075,000.00 23,086,392.92 524,074.17 23,075,000.00 23,599,074.17 Oct 18, 2016 4:09 pro Prepared by RBC Capital Markets Page 34 ESCROW DESCRIPTIONS Refund 2007-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Type of Type of Maturity First Tnt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 512,681 SLGS Certificate 12/05/2016 12/05/2016 23,081,535 0.240% 0.240% 23,594,216 SLGS Summary SLGS Rates File 180CT16 Total Certificates of Indebtedness 23,594,216.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 35 ESCROW COST Refund 2007-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 512,681 512,681,00 SLGS 12/05/2016 23,081,535 0.240% 23,081,535.00 23,594,216 23,594,216.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost 11/03/2016 23,594,216 3.57 23,594,219,57 23,594,216 3.57 23,594,219.57 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 36 ESCROW CASH FLOW Refund 2007-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Net Escrow Date Principal Interest Receipts 12/01/2016 512,681.00 512,681.00 12/05/2016 23,081,535.00 4,856.60 23,086,391.60 23,594,216.00 4,856.60 23,599,072.60 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 23,594,216.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 37 ESCROW SUFFICIENCY Refund 2007-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 3.57 3.57 3.57 12/01/2016 512,681.25 512,681.00 -0.25 3.32 12/05/2016 23,086,392.92 23,086,391.60 -1.32 2.00 23,599,074,17 23,599,076.17 2.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 38 UNREFUNDED BOND DEBT SERVICE Refund 2007-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Period Debt Ending Principal Coupon Interest Service 12/01/2016 95,000 4.000% 1,900 96,900 95,000 1,900 96,900 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 39 SOURCES AND USES OF FUNDS Refund 2007-3 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 2,000,000,00 Premium 327,897.35 2,327,897.35 Other Sources of Funds: Prior Borrower Reserve Fund 102,183.64 2,430,080.99 Uses: Refunding Escrow Deposits: Cash Deposit 1,74 SLGS Purchases 2,398,646.00 2,398,647.74 Cost of Issuance: AIvIBB Costs 364.18 Miscellaneous Printing, etc. 273.14 S&P Rating 364.18 Fitch Rating 819.41 AMBBFA 621.62 AMBB BC 3,232.42 Verification Agent 123.30 Borrower Costs of Issuance 17,700.00 23,498,25 Delivery Date Expenses: Underwriter's Discount 6,157,97 Surety Policy 1,365.68 7,523.65 Other Uses of Funds: Additional Proceeds 411.35 2,430,080.99 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 40 BOND PRICING Refund 2007-3 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2018 165,000 4.000% 1.300% 105.516 9,101.40 1.250 12/01/2019 170,000 4.000% 1.440% 107.679 13,054.30 2.500 12/01/2020 175,000 4.000% 1.570% 109.561 16,731.75 2.500 12/01/2021 185,000 4.000% 1.690% 111.194 20,708.90 2,500 12/01/2022 190,000 5.000% 1.820% 118,216 34,610,40 2.500 12/01/2023 205,000 5.000% 2.040% 119.414 39,798.70 2.500 12/01/2024 210,000 5.000% 2.220% 120.452 42,949.20 2.500 12/01/2025 220,000 5.000% 2.380% 121.274 46,802.80 3.000 12/01/2026 235,000 5.000% 2.510% 122.048 51,812.80 3.000 12/01/2027 245,000 5.000% 2,750% 121.358 52,327.10 3.000 2,000,000 327,897.35 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 2,000,000.00 Premium 327,897.35 Production 2,327,897.35 116.394868% Underwriter's Discount -6,157.97 -0.307899% Purchase Price 2,321,739.38 116.086969% Accrued Interest Net Proceeds 2,321,739.38 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 41 BOND SUMMARY STATISTICS Refund 2007-3 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2027 Arbitrage Yield 2.598457% True Interest Cost (TIC) 2.264622% Net Interest Cost (NIC) 2.504201% All-In TIC 2.443482% Average Coupon 4.818780% Average Life (years) 6.95 0 Weighted Average Maturity (years) 7.087 Duration of Issue (years) 6.099 Par Amount 2,000,000.00 Bond Proceeds 2,327,897.35 Total Interest 669,837,22 Net Interest 348,097.84 Total Debt Service 2,669,837,22 Maximum Annual Debt Service 255,625.00 Average Annual Debt Service 241,008.37 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 2,000,000.00 116.395 4.819% 6.950 1,395.20 2,000,000.00 6.950 1,395.20 All-In Arbitrage TIC TIC Yield Par Value 2,000,000.00 + Accrued Interest + Premium (Discount) 327,897.35 - Underwriter's Discount -6,157.97 - Cost of Issuance Expense - Other Amounts Target Value 2,321,739.38 Target Date 11/03/2016 Yield 2.264622% 2,000,000.00 327,897.35 -6,157.97 -23,498.25 -1,365.68 2,296,875.45 11/03/2016 2.443482% 2,000,000.00 327,897.35 -1,365,68 2,326,531.67 11/03/2016 2,598457% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 42 BOND DEBT SERVICE Refund 2007-3 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 7,237.22 7,237,22 06/01/2017 46,525.00 46,525.00 12/01/2017 46,525.00 46,525.00 06/01/2018 46,525,00 46,525.00 12/01/2018 165,000 4.000% 46,525.00 211,525.00 06/01/2019 43,225.00 43,225,00 12/01/2019 170,000 4.000% 43,225.00 213,225.00 06/01/2020 39,825.00 39,825.00 12/01/2020 175,000 4.000% 39,825,00 214,825.00 06/01/2021 36,325.00 36,325.00 12/01/2021 185,000 4.000% 36,325.00 221,325.00 06/01/2022 32,625.00 32,625.00 12/01/2022 190,000 5.000% 32,625.00 222,625.00 06/01/2023 27,875.00 27,875.00 12/01/2023 205,000 5.000% 27,875.00 232,875,00 06/01/2024 22,750.00 22,750.00 12/01/2024 210,000 5.000% 22,750.00 232,750,00 06/01/2025 17,500,00 17,500.00 12/01/2025 220,000 5.000% 17,500.00 237,500,00 06/01/2026 12,000,00 12,000.00 12/01/2026 235,000 5.000% 12,000.00 247,000.00 06/01/2027 6,125.00 6,125.00 12/01/2027 245,000 5.000% 6,125.00 251,125.00 2,000,000 669,837.22 2,669,837.22 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 43 SUMMARY OF REFUNDING RESULTS Refund 2007-3 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results --October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.606795% Value of Negative Arbitrage 39,119.23 Bond Par Amount 2,000,000.00 True Interest Cost 2.264622% Net Interest Cost 2.504201% Average Coupon 4,818780% Average Life 6.950 Par amount of refunded bonds 2,295,000.00 Average coupon of refunded bonds 5.000000% Average life of refunded bonds 6,732 PV of prior debt to 11/03/2016 @ 2.264622% 2,699,662,92 Net PV Savings 276,151.25 Percentage savings of refunded bonds 12.032734% Percentage savings of refunding bonds 13.807563% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 44 SAVINGS Refund 2007-3 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Present Value Prior Refunding to 11/03/2016 Date Debt Service Debt Service Savings @ 2.2646217% 06/30/2017 57,375.00 53,762.22 3,612.78 3,804.92 06/30/2018 114,750.00 93,050.00 21,700.00 21,689.86 06/30/2019 295,125.00 254,750,00 40,375.00 40,014.44 06/30/2020 290,750.00 253,050.00 37,700,00 36,618.88 06/30/2021 291,000.00 251,150.00 39,850.00 37,781.74 06/30/2022 290,750.00 253,950.00 36,800.00 34,234.52 06/30/2023 290,000.00 250,500.00 39,500.00 35,830.78 06/30/2024 293,625.00 255,625.00 38,000.00 33,778.85 06/30/2025 291,625.00 250,250.00 41,375.00 35,839,44 06/30/2026 289,125,00 249,500.00 39,625,00 33,611,74 06/30/2027 291,000.00 253,125,00 37,875.00 31,485,19 06/30/2028 292,125.00 251,125,00 41,000.00 33,233.19 3,087,250.00 2,669,837.22 417,412.78 377,923.54 Savings Summary PV of savings from cash flow , 377,923,54 Less: Prior funds on hand -102,183,64 Plus: Refunding funds on hand 411.35 Net PV Savings 276,151.25 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 45 SUMMARY OF BONDS REFUNDED Refund 2007-3 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2007-3 (City of Bethel), 07_3_B: TERM22 09/01/2018 5.000% 185,000.00 09/01/2017 100.000 09/01/2019 5.000% 190,000.00 09/01/2017 100.000 09/01/2020 5.000% 200,000.00 09/01/2017 100.000 09/01/2021 5.000% 210,000.00 09/01/2017 100.000 09/01/2022 5,000% 220,000,00 09/01/2017 100.000 TERM27 09/01/2023 5.000% 235,000.00 09/01/2017 100.000 09/01/2024 5.000% 245,000.00 09/01/2017 100.000 09/01/2025 5.000% 255,000,00 09/01/2017 100.000 09/01/2026 5.000% 270,000.00 09/01/2017 100.000 09/01/2027 5.000% 285,000.00 09/01/2017 100.000 2,295,000.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 46 ESCROW REQUIREMENTS Refund 2007-3 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Principal Ending Interest Redeemed Total 03/01/2017 57,375.00 57,375.00 09/01/2017 57,375.00 2,295,000.00 2,352,375.00 114,750.00 2,295,000.00 2,409,750.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 47 ESCROW DESCRIPTIONS Refund 2007-3 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Type of Type of Maturity First mt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 03/01/2017 03/01/2017 57,314 0.330% 0.330% SLGS Certificate 09/01/2017 09/01/2017 2,341,332 0.570% 0.570% 2,398,646 SLGS Summary SLGS Rates File 180CT16 Total Certificates of Indebtedness 2,398,646.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 48 ESCROW COST Refund 2007-3 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Type of Maturity Par Total Security Date Amount Rate Cost SLGS 03/01/2017 57,314 0.330% 57,314.00 SLGS 09/01/2017 2,341,332 0.570% 2,341,332.00 2,398,646 2,398,646.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 2,398,646 1.74 2,398,647.74 0.566868% 2,398,646 1.74 2,398,647.74 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 49 ESCROW CASH FLOW Refund 2007-3 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.6067951% 03/01/2017 57,314.00 61.15 57,375.15 57,261.32 09/01/2017 2,341,332.00 11,042.11 2,352,374.11 2,340,605.76 2,398,646.00 11,103.26 2,409,749.26 2,397,867.08 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 2,398,646.00 Target for yield calculation 2,398,646.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 50 ESCROW SUFFICIENCY Refund 2007-3 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.74 1.74 1.74 03/01/2017 57,375.00 57,375.15 0.15 1.89 09/01/2017 2,352,375.00 2,352,374.11 -0.89 1.00 2,409,750,00 2,409,751.00 1.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 51 UMEFUNDED BOND DEBT SERVICE Refund 2007-3 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Period Debt Ending Principal Coupon Interest Service 03/01/2017 4,375 4,375 09/01/2017 175,000 5.000% 4,375 179,375 175,000 8,750 183,750 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 52 SOURCES AND USES OF FUNDS Refund 2007-5 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 5,165,000.00 Net Premium 256,212.70 5,421,212.70 Other Sources of Funds: Prior Borrower Reserve Fund 435,601.55 5,856,814.25 Uses: Refunding Escrow Deposits: Cash Deposit 2.45 SLGS Purchases 5,408,288.00 5,408,290.45 Other Fund Deposits: Borrower Reserve Fund 398,050.02 Cost of Issuance: Bond Insurance 2,381.88 AMIBB Costs 940.50 Miscellaneous Printing, etc. 705.38 S&P Rating 940.50 Fitch Rating 2,116.13 AIVIBB FA 1,605,33 AMBB BC 8,347.74 Verification Agent 318.42 Borrower Costs of Issuance 10,689.15 28,045.03 Delivery Date Expenses: Underwriters Discount 18,184.22 Surety Policy 3,526.89 21,711.11 Other Uses of Funds: Additional Proceeds 717.64 5,856,814.25 Oct 18, 2016 4:09 pin Prepared by RBC Capital Markets Page 53 BOND PRICING Refund 2007-5 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2017 140,000 2.000% 1.080% 100.982 1,374,80 1.250 12/01/2018 140,000 4.000% 1.300% 105.516 7,722.40 1.250 12/01/2019 150,000 4.000% 1.440% 107.679 11,518.50 2.500 12/01/2020 155,000 4.000% 1.570% 109.561 14,819.55 2.500 12/01/2021 165,000 4.000% 1.690% 111.194 18,470,10 2.500 12/01/2022 170,000 5.000% 1.820% 118.216 30,967.20 2.500 12/01/2023 180,000 5.000% 2.040% 119.414 34,945.20 2.500 12/01/2024 185,000 5,000% 2.220% 120,452 37,836,20 2.500 12/01/2025 195,000 5,000% 2,380% 121.274 41,484,30 3.000 12/01/2026 205,000 5.000% 2.510% 122,048 45,198,40 3.000 12/01/2027 210,000 5.000% 2,750% 121,358 44,851,80 3.000 1,895,000 289188,45 2016-3 Serial Bonds (Non-AMT) (Unin) (Call): 12/01/2028 230,000 5,000% 2,760% 119.587 C 3.049% 12/01/2026 100.000 45,050,10 3.000 2016-3 Serial Bonds (Non-AMT) (Insured): 12/01/2029 295,000 3.000% 3.130% 98,612 -4,094.60 3,000 12/01/2030 305,000 3.125% 1250% 98,595 -4,285,25 3.000 12/01/2031 315,000 3.125% 3,320% 97,699 -7,248,15 3,000 915,000 -15,628,00 2016-3 2033 Term Bond (Non-AMT) (Insured): 12/01/2032 325,000 3.250% 3,440% 97.559 -7,933,25 3,500 12/01/2033 340,000 3.250% 3,440% 97.559 -8,299,40 3,500 665,000 -16,232,65 2016-3 2037 Term Bond (Non-AMT) (Insured): 12/01/2034 345,000 3.375% 3.590% 96.838 -10,908.90 3.500 12/01/2035 360,000 3.375% 3,590% 96,838 -11,383,20 3.500 12/01/2036 370,000 3375% 3,590% 96,838 -11,699,40 3.500 12/01/2037 385,000 3,375% 3,590% 96,838 -12,173.70 3.500 1,460,000 -46,165,20 5,165,000 256,212,70 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 5,165,000.00 Premium 256,212.70 Production 5,421,212.70 104.960556% Underwriter's Discount -18,184.22 -0,352066% Purchase Price 5,403,028,48 104,608489% Accrued Interest Net Proceeds 5,403,028,48 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 54 BOND SUMMARY STATISTICS Refund 2007-5 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2037 Arbitrage Yield 2.598457% True Interest Cost (TIC) 3.204480% Net Interest Cost (NIC) 3.271566% All-In TIC 3.262892% Average Coupon 3.623176% Average Life (years) 13.107 Weighted Average Maturity (years) 12.750 Duration of Issue (years) 10.206 Par Amount 5,165,000.00 Bond Proceeds 5,421,212.70 Total Interest 2,452,771.62 Net Interest 2,214,743.14 Total Debt Service 7,617,771.62 Maximum Annual Debt Service 394,800,02 Average Annual Debt Service 361,412.46 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 1,895,000.00 115.261 4.783% 6.510 1,237,55 2016-3 Serial Bonds (Non-AMT) (Unin) (Call) 230,000.00 119.587 5.000% 12,078 223,10 2016-3 Serial Bonds (Non-AMT) (Insured) 915,000.00 98.292 3.088% 14.100 1,019.70 2016-3 2033 Term Bond (Non-AMT) (Insured) 665,000.00 97.559 3.250% 16,589 837,90 2016-3 2037 Term Bond (Non-AMT) (Insured) 1,460,000.00 96,838 3.375% 19.622 2,102.40 5,165,000.00 13.107 5,420.65 All-In Arbitrage TIC TIC Yield Par Value 5,165,000.00 5,165,000.00 5,165,000.00 + Accrued Interest + Premium (Discount) 256,212.70 256,212.70 256,212.70 - Underwriter's Discount -18,184.22 -18,184,22 - Cost of Issuance Expense -28,045.03 - Other Amounts -3,526.89 -3,526.89 Target Value 5,403,028.48 5,371,456.56 5,417,685.81 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 3.204480% 3,262892% 2,598457% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 55 BOND DEBT SERVICE Refund 20075 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 15,171,52 15,171.52 06/01/2017 97,531.25 97,531,25 12/01/2017 140,000 2.000% 97,531.25 237,531.25 06/01/2018 96,131,25 96,131.25 12/01/2018 140,000 4.000% 96,131.25 236,131,25 06/01/2019 93,331.25 93,331.25 12/01/2019 150,000 4.000% 93,331.25 243,331.25 06/01/2020 90,331.25 90,331,25 12/01/2020 155,000 4.000% 90,331.25 245,331.25 06/01/2021 87,231,25 87,231.25 12/01/2021 165,000 4.000% 87,231.25 252,231.25 06/01/2022 83,931,25 83,931.25 12/01/2022 170,000 5.000% 83,931.25 253,931.25 06/01/2023 79,681.25 79,681.25 12/01/2023 180,000 5.000% 79,681.25 259,681.25 06/01/2024 75,181.25 75,181.25 12/01/2024 185,000 5.000% 75,181.25 260,181.25 06/01/2025 70,556.25 70,556.25 12/01/2025 195,000 5.000% 70,556.25 265,556.25 06/01/2026 65,681.25 65,681.25 12/01/2026 205,000 5.000% 65,681.25 270,681.25 06/01/2027 60,556.25 60,556,25 12/01/2027 210,000 5,000% 60,556.25 270,556.25 06/01/2028 55,306.25 55,306.25 12/01/2028 230,000 5.000% 55,306.25 285,306.25 06/01/2029 49,556.25 49,556,25 12/01/2029 295,000 3.000% 49,556.25 344,556.25 06/01/2030 45,131.25 45,131.25 12/01/2030 305,000 3.125% 45,131,25 350,131.25 06/01/2031 40,365.63 40,365.63 12/01/2031 315,000 3.125% 40,365.63 355,365.63 06/01/2032 35,443.76 35,443,76 12/01/2032 325,000 3,250% 35,443.76 360,443.76 06/01/2033 30,162.51 30,162,51 12/01/2033 340,000 3.250% 30,162.51 370,162.51 06/01/2034 24,637.51 24,637.51 12/01/2034 345,000 3.375% 24,637.51 369,637.51 06/01/2035 18,815.63 18,815.63 12/01/2035 360,000 3.375% 18,815.63 378,815.63 06/01/2036 12,740.63 12,740.63 12/01/2036 370,000 3.375% 12,740.63 382,740.63 06/01/2037 6,496.88 6,496.88 12/01/2037 385,000 3.375% 6,496.88 391,496.88 5,165,000 2,452,771.62 7,617,771.62 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 56 SUMMARY OF REFUNDING RESULTS Refund 2007-5 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0,606795% Value of Negative Arbitrage 88,273.49 Bond Par Amount 5,165,000.00 True Interest Cost 3.204480% Net Interest Cost 3.271566% Average Coupon 3.623176% Average Life 13.107 Par amount of refunded bonds 5,190,000.00 Average coupon of refunded bonds 4.694408% Average life of refunded bonds 13.087 Net PV Savings 581,712.41 Percentage savings of refunded bonds 11.208332% Percentage savings of refunding bonds 11.262583% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 57 SAVINGS Refund 2007-5 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Date Prior Debt Service Refunding Debt Service Savings 06/30/2017 121,675.63 112,702.77 8,972.86 06/30/2018 369,451.26 333,662,50 35,788.76 06/30/2019 366,501.26 329,462.50 37,038.76 06/30/2020 369,551.26 333,662.50 35,888.76 06/30/2021 368,557.51 332,562.50 35,995.01 06/30/2022 372,063,76 336,162.50 35,901.26 06/30/2023 370,116.26 333,612.50 36,503.76 06/30/2024 372,718.76 334,862.50 37,856.26 06/30/2025 369,818.76 330,737.50 39,081.26 06/30/2026 371,493.76 331,237.50 40,256.26 06/30/2027 372,718.76 331,237.50 41,481.26 06/30/2028 368,478,14 325,862.50 42,615.64 06/30/2029 368,765.64 334,862.50 33,903.14 06/30/2030 427,203.13 389,687.50 37,5 15.63 06/30/2031 428,487.50 390,496.88 37,990.62 06/30/2032 428,881.25 390,809.39 38,071,86 06/30/2033 428,562.50 390,606,27 37,956.23 06/30/2034 432,412.50 394,800.02 37,612.48 06/30/2035 425,550.00 388,453.14 37,096,86 06/30/2036 427,975.00 391,556.26 36,418.74 06/30/2037 429,450.00 389,237.51 40,212.49 06/30/2038 429,975.00 391,496.88 38,478.12 8,420,407.64 7,617,771.62 802,636.02 Savings S PV of savings from cash flow 618,546.30 Less: Prior funds on hand -435,601.55 Plus: Refunding funds on hand 398,767.66 Net PV Savings 581,712.41 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 58 SUMMARY OF BONDS REFUNDED Refund 2007-5 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Maturity Interest Par Call Bond Date Rate Amount Date Call Price 2007 Series Five (City of Kodiak - Harbor), 07_5_K1: SERIAL 09/01/2017 6.000% 50,000.00 09/01/2018 6.000% 50,000.00 09/01/2017 100,000 09/01/2019 4.000% 55,000.00 09/01/2017 100.000 09/01/2020 4.125% 55,000.00 09/01/2017 100.000 09/01/2021 4.250% 60,000,00 09/01/2017 100.000 09/01/2022 4.300% 60,000.00 09/01/2017 100.000 09/01/2023 4.400% 65,000.00 09/01/2017 100.000 09/01/2024 4.500% 65,000,00 09/01/2017 100.000 09/01/2025 4.500% 70,000.00 09/01/2017 100.000 09/01/2026 4,500% 75,000.00 09/01/2017 100.000 09/01/2027 4.625% 75,000,00 09/01/2017 100.000 09/01/2028 4.625% 80,000.00 09/01/2017 100.000 09/01/2029 4.625% 85,000,00 09/01/2017 100,000 09/01/2030 4.750% 90,000.00 09/01/2017 100.000 09/01/2031 4.750% 95,000.00 09/01/2017 100,000 09/01/2032 4.750% 100,000.00 09/01/2017 100.000 TERIvI37 09/01/2033 4.750% 105,000.00 09/01/2017 100.000 09/01/2034 4.750% 105,000.00 09/01/2017 100,000 09/01/2035 4,750% 115,000.00 09/01/2017 100.000 09/01/2036 4.750% 120,000,00 09/01/2017 100.000 09/01/2037 4,750% 125,000.00 09/01/2017 100.000 1,700,000,00 2007 Series Five (City of Kodiak - Lift), 07_5_K2: SERIAL 09/01/2017 6.000% 80,000.00 09/01/2018 6.000% 85,000,00 09/01/2017 100.000 09/01/2019 4.000% 90,000.00 09/01/2017 100.000 09/01/2020 4.125% 95,000.00 09/01/2017 100.000 09/01/2021 4.250% 100,000.00 09/01/2017 100.000 09/01/2022 4.300% 105,000.00 09/01/2017 100.000 09/01/2023 4.400% 110,000.00 09/01/2017 100.000 09/01/2024 4.500% 115,000,00 09/01/2017 100.000 09/01/2025 4.500% 120,000.00 09/01/2017 100.000 09/01/2026 4,500% 125,000,00 09/01/2017 100,000 09/01/2027 4.625% 130,000.00 09/01/2017 100,000 09/01/2028 4.625% 135,000.00 09/01/2017 100.000 09/01/2029 4.625% 200,000.00 09/01/2017 100.000 09/01/2030 4.750% 210,000.00 09/01/2017 100.000 09/01/2031 4.750% 220,000,00 09/01/2017 100,000 09/01/2032 4.750% 230,000,00 09/01/2017 100,000 TERM37 09/01/2033 4.750% 245,000.00 09/01/2017 100.000 09/01/2034 4.750% 255,000.00 09/01/2017 100,000 09/01/2035 4.750% 265,000.00 09/01/2017 100.000 09/01/2036 4.750% 280,000.00 09/01/2017 100.000 09/01/2037 4.750% 295,000.00 09/01/2017 100.000 3,490,000.00 5,190,000.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 59 ESCROW REQUIREMENTS Refund 2007-5 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Principal Ending Principal Interest Redeemed Total 03/01/2017 121,675.63 121,675.63 09/01/2017 130,000.00 121,675.63 5,060,000,00 5,311,675.63 130,000.00 243,351.26 5,060,000.00 5,433,351.26 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 60 ESCROW DESCRIPTIONS Refund 2007-5 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Type of Type of Maturity First hit Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 03/01/2017 03/01/2017 121,547 0.330% 0.330% SLGS Certificate 09/01/2017 09/01/2017 5,286,741 0.570% 0.570% 5,408,288 SLGS Summary SLGS Rates File 180CT16 Total Certificates of Indebtedness 5,408,288.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 61 ESCROW COST Refund 2007-5 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Type of Maturity Par Total Security Date Amount Rate Cost SLGS 03/01/2017 121,547 0.330% 121,547.00 SLGS 09/01/2017 5,286,741 0.570% 5,286,741.00 5,408,288 5,408,288.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost 11/03/2016 5,408,288 2.45 5,408,290.45 5,408,288 2.45 5,408,290.45 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 62 ESCROW CASH FLOW Refund 2007-5 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Net Escrow Date Principal Interest Receipts 03/01/2017 121,547.00 129.67 121,676.67 09/01/2017 5,286,741.00 24,933.14 5,311,674.14 5,408,288.00 25,062.81 5,433,350.81 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 5,408,288.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 63 ESCROW SUFFICIENCY Refund 2007-5 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 2.45 2.45 2.45 03/01/2017 121,675.63 121,676.67 1.04 3.49 09/01/2017 5,31 1,675.63 5,311,674.14 -1.49 2.00 5,433,351.26 5,433,353.26 2.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 64 SOURCES AND USES OF FUNDS Refund 2008-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 19,685,000.00 2,579,311.45 Net Premium 22,264,311.45 Other Sources of Funds: Prior Borrower Bond Proceeds 272,409.00 22,536,720.45 Uses: Refunding Escrow Deposits: Cash Deposit 5.49 22,351,385.00 SLGS Purchases 22,351,390.49 Cost of Issuance: Bond Insurance 2,738.41 AIVIBB Costs 3,584.47 Miscellaneous Printing, etc. 2,688.35 S&P Rating 3,584.47 Fitch Rating 8,065.06 AMBB FA 6,118.29 AMBBBC 31,815.13 Verification Agent 1,213.57 Borrower Costs of Issuance 44,000,00 103,807.75 Delivery Date Expenses: Underwriters Discount 63,507.40 Surety Policy 13,441.75 76,949.15 Other Uses of Funds: Additional Proceeds 4,573.06 22,536,720.45 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 65 BOND PRICING Refund 2008-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/0112017 5,000 2.000% 12/01/2018 1,285,000 4.000% 12/01/2019 1,340,000 4.000% 12/01/2020 1,395,000 4.000% 12/01/2021 1,455,000 4.000% 12/01/2022 1,520,000 5.000% 12/01/2023 1,600,000 5.000% 12/01/2024 1,680,000 5.000% 12/01/2025 1,770,000 5.000% 12/01/2026 1,860,000 5.000% 12/01/2027 1,955,000 5.000% 15,865,000 2016-3 Serial Bonds (Non-AMT) (Unin) (Call): 12/01/2028 325,000 5.000% 2016-3 Serial Bonds (Non-AMT) (Insured): 12/01/2029 340,000 3.000% 12/01/2030 350,000 3.125% 12/01/2031 360,000 3,125% 1,050,000 2016-3 2033 Term Bond (Non-AMT) (Insured): 12/01/2032 375,000 3,250% 12/01/2033 390,000 3.250% 765,000 1.080% 100.982 49,10 1.250 1.300% 105.516 70,880.60 1.250 1.440% 107.679 102,898.60 2.500 1.570% 109,561 133,375.95 2.500 1.690% 111.194 162,872.70 2.500 1.820% 118.216 276,883.20 2,500 2.040% 119.414 310,624.00 2.500 2.220% 120.452 343,593.60 2,500 2.380% 121,274 376,549.80 3,000 2.510% 122,048 410,092.80 3.000 2,750% 121,358 417,548.90 3.000 2,605,369.25 2.760% 119.587 C 3,049% 12/01/2026 100,000 63,657.75 3,000 3.130% 98,612 -4,719.20 3,000 3,250% 98.595 -4,917,50 3,000 3,320% 97.699 -8,283,60 3.000 -17,920.30 3.440% 97.559 -9,153.75 3,500 3,440% 97.559 -9,519.90 3,500 -18,673,65 2016-3 2037 Term Bond (Non-AMT) (Insured): 12/01/2034 400,000 3,375% 3.590% 96,838 12/01/2035 410,000 3.375% 3.590% 96.838 12/01/2036 430,000 3.375% 3.590% 96.838 12/01/2037 440,000 3.375% 3,590% 96.838 1,680,000 -12,648.00 3.500 -12,964,20 3.500 -13,596.60 3,500 -13,912,80 3.500 -53,121,60 19,685,000 2,579,311.45 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 19,685,000.00 Premium 2,579,311.45 Production 22,264,311.45 113.102928% Underwriter's Discount -63,507,40 -0.322618% Purchase Price 22,200,804.05 112.780310% Accrued Interest Net Proceeds 22,200,804.05 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 66 BOND SUMMARY STATISTICS Refund 2008-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2037 Arbitrage Yield 2.598457% True Interest Cost (TIC) 2.649253% Net Interest Cost (NIC) 2.852267% All-In TIC 2,721778% Average Coupon 4.291053% Average Life (years) 8.883 Weighted Average Maturity (years) 8.744 Duration of Issue (years) 7.407 Par Amount 19,685,000.00 Bond Proceeds 22,264,311.45 Total Interest 7,503,166.40 Net Interest 4,987,362.35 Total Debt Service 27,188,166.40 Maximum Annual Debt Service 2,135,200.00 Average Annual Debt Service 1,289,897,19 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 15,865,000.00 116,422 4,820% 6.964 11,087.85 2016-3 Serial Bonds (Non-AMT) (Unin) (Call) 325,000,00 119.587 5.000% 12,078 315.25 2016-3 Serial Bonds (Non-AMT) (Insured) 1,050,000.00 98.293 3,087% 14.097 1,170.00 2016-3 2033 Term Bond (Non-AMT) (Insured) 765,000.00 97.559 3.250% 16.588 963.90 2016-3 2037 Term Bond (Non-AMT) (Insured) 1,680,000.00 96.838 3,375% 19.619 2,419.20 19,685,000.00 8.883 15,956.20 All-In Arbitrage TIC TIC Yield Par Value 19,685,000.00 19,685,000.00 19,685,000.00 + Accrued Interest + Premium (Discount) 2,579,311.45 2,579,311.45 2,579,311.45 - Underwriter's Discount -63,507.40 -63,507.40 - Cost of Issuance Expense -103,807,75 - Other Amounts -13,441.75 -13,441.75 Target Value 22,200,804.05 22,083,554.55 22,250,869.70 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 2.649253% 2.721778% 2.598457% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 67 BOND DEBT SERVICE Refund 2008-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 67,553.90 67,553.90 06/01/2017 434,275.00 434,275.00 12/01/2017 5,000 2.000% 434,275.00 439,275.00 06/01/2018 434,225.00 434,225,00 12/01/2018 1,285,000 4.000% 434,225.00 1,719,225.00 06/01/2019 408,525.00 408,525,00 12/01/2019 1,340,000 4.000% 408,525.00 1,748,525.00 06/01/2020 381,725.00 381,725,00 12/01/2020 1,395,000 4,000% 381,725.00 1,776,725.00 06/01/2021 353,825.00 353,825.00 12/01/2021 1,455,000 4.000% 353,825.00 1,808,825.00 06/01/2022 324,725.00 324,725.00 12/01/2022 1,520,000 5.000% 324,725.00 1,844,725.00 06/01/2023 286,725.00 286,725.00 12/01/2023 1,600,000 5.000% 286,725.00 1,886,725,00 06/01/2024 246,725.00 246,725.00 12/01/2024 1,680,000 5.000% 246,725.00 1,926,725.00 06/01/2025 204,725,00 204,725.00 12/01/2025 1,770,000 5.000% 204,725.00 1,974,725.00 06/01/2026 160,475.00 160,475.00 12/01/2026 1,860,000 5.000% 160,475,00 2,020,475.00 06/01/2027 113,975.00 113,975.00 12/01/2027 1,955,000 5.000% 113,975.00 2,068,975.00 06/01/2028 65,100.00 65,100.00 12/01/2028 325,000 5.000% 65,100.00 390,100.00 06/01/2029 56,975.00 56,975.00 12/01/2029 340,000 3.000% 56,975.00 396,975.00 06/01/2030 51,875.00 51,875.00 12/01/2030 350,000 3.125% 51,875.00 401,875,00 06/01/2031 46,406.25 46,406.25 12/01/2031 360,000 3.125% 46,406.25 406,406.25 06/01/2032 40,781.25 40,781,25 12/01/2032 375,000 3.250% 40,781.25 415,781.25 06/01/2033 34,687.50 34,687.50 12/01/2033 390,000 3.250% 34,687.50 424,687.50 06/01/2034 28,350.00 28,350.00 12/01/2034 400,000 3.375% 28,350.00 428,350.00 06/01/2035 21,600.00 21,600.00 12/01/2035 410,000 3.375% 21,600.00 431,600.00 06/01/2036 14,681.25 14,681.25 12/01/2036 430,000 3.375% 14,681.25 444,681.25 06/01/2037 7,425.00 7,425.00 12/01/2037 440,000 3.375% 7,425.00 447,425.00 19,685,000 7,503,166.40 27,188,166.40 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 68 SUMMARY OF REFUNDING RESULTS Refund 2008-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.606795% Value of Negative Arbitrage 570,159,33 Bond Par Amount 19,685,000.00 True Interest Cost 2.649253% Net Interest Cost 2.852267% Average Coupon 4,291053% Average Life 8.883 Par amount of refunded bonds 21,090,000.00 Average coupon of refunded bonds 4.891889% Average life of refunded bonds 8.902 Net PV Savings 2,277,690.40 Percentage savings of refunded bonds 10.799860% Percentage savings of refunding bonds 11.570690% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 69 SAVINGS Refund 2008-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Prior Refunding Date Debt Service Debt Service Savings 06/30/2017 865,070.00 501,828.90 363,241.10 06/30/2018 1,355,340.00 873,500.00 481,840.00 06/30/2019 2,305,140.00 2,127,750.00 177,390.00 06/30/2020 2,306,340.00 2,130,250.00 176,090.00 06/30/2021 2,306,840.00 2,130,550.00 176,290.00 06/30/2022 2,304,790,00 2,133,550,00 171,240.00 06/30/2023 2,308,290.00 2,131,450.00 176,840.00 06/30/2024 2,301,740.00 2,133,450.00 168,290.00 06/30/2025 2,308,955.00 2,131,450.00 177,505.00 06/30/2026 2,310,435.00 2,135,200.00 175,235.00 06/30/2027 2,311,010.00 2,134,450.00 176,560.00 06/30/2028 2,310,260.00 2,134,075.00 176,185.00 06/30/2029 504,760.00 447,075.00 57,685.00 06/30/2030 504,510.00 448,850.00 55,660.00 06/30/2031 508,190.00 448,281.25 59,908.75 06/30/2032 505,850.00 447,187.50 58,662.50 06/30/2033 507,745.00 450,468.75 57,276,25 06/30/2034 508,620.00 453,037.50 55,582.50 06/30/2035 508,080.00 449,950.00 58,130.00 06/30/2036 506,500.00 446,281.25 60,218.75 06/30/2037 508,880.00 452,106.25 56,773.75 06/30/2038 504,960.00 447,425.00 57,535.00 30,362,305.00 27,188,166.40 3,174,138.60 Savings Summary PV of savings from cash flow 2,545,526.34 Less: Prior funds on hand -272,409.00 Plus: Refunding funds on hand 4,573.06 Net PV Savings 2,277,690.40 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 70 SUMMARY OF BONDS REFUNDED Refund 2008-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2008-I (Kodiak Island Borough), 08_IKE: SER 04/01/2017 4.000% 370,000.00 04/01/2018 4.000% 380,000.00 04/01/2019 4.000% 400,000.00 04/01/2018 100.000 04/01/2020 4.250% 415,000.00 04/01/2018 100.000 04/01/2021 4.250% 430,000.00 04/01/2018 100.000 04/01/2022 4.375% 450,000.00 04/01/2018 100.000 04/01/2023 4.500% 470,000.00 04/01/2018 100.000 04/01/2024 4.700% 490,000.00 04/01/2018 100.000 04/01/2025 4.800% 515,000.00 04/01/2018 100.000 04/01/2026 4.900% 540,000.00 04/01/2018 100.000 04/01/2027 5.000% 565,000.00 04/01/2018 100.000 04/01/2028 5.000% 595,000.00 04/01/2018 100.000 5,620,000.00 GO 2008-1 (City of Kodiak), 08IKC SER 04/01/2019 4.000% 195,000.00 04/01/2018 100.000 04/01/2020 4.250% 205,000.00 04/01/2018 100.000 04/01/2021 4.250% 215,000.00 04/01/2018 100.000 04/01/2022 4.375% 220,000.00 04/01/2018 100.000 04/01/2023 4.500% 230,000.00 04/01/2018 100.000 04/01/2024 4.700% 240,000.00 04/01/2018 100.000 04/01/2025 4.800% 255,000,00 04/01/2018 100.000 04/01/2026 4,900% 265,000.00 04/01/2018 100.000 04/01/2027 5.000% 280,000.00 04/01/2018 100.000 04/01/2028 5,000% 295,000.00 04/01/2018 100.000 04/01/2029 5,000% 305,000.00 04/01/2018 100.000 TERM33 04/01/2030 5,100% 320,000.00 04/01/2018 100.000 04/01/2031 5.100% 340,000.00 04/01/2018 100.000 04/01/2032 5.100% 355,000.00 04/01/2018 100.000 04/01/2033 5,100% 375,000.00 04/01/2018 100.000 TERM38 04/01/2034 5.200% 395,000.00 04/01/2018 100.000 04/01/2035 5.200% 415,000.00 04/01/2018 100.000 04/01/2036 5.200% 435,000.00 04/01/2018 100.000 04/01/2037 5.200% 460,000.00 04/01/2018 100.000 04/01/2038 5.200% 480,000.00 04/01/2018 100.000 6,280,000.00 GO 2008-1 (City of Dillingham), 08_1_D SER 04/01/2019 4.000% 750,000.00 04/01/2018 100.000 04/01/2020 4.250% 780,000.00 04/01/2018 100.000 04/01/2021 4.250% 815,000.00 04/01/2018 100.000 04/01/2022 4.375% 850,000.00 04/01/2018 100.000 04/01/2023 4.500% 890,000.00 04/01/2018 100.000 04/01/2024 4.700% 925,000.00 04/01/2018 100.000 04/01/2025 4.800% 970,000.00 04/01/2018 100.000 04/01/2026 4.900% 1,020,000.00 04/01/2018 100.000 04/01/2027 5.000% 1,070,000.00 04/01/2018 100.000 04/01/2028 5.000% 1,120,000.00 04/01/2018 100.000 9,190,000.00 21,090,000.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 71 ESCROW REQUIREMENTS Refund 2008-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Principal Ending Principal Interest Redeemed Total 04/01/2017 370,000.00 495,070.00 865,070.00 10/01/2017 487,670.00 487,670.00 04/01/2018 380,000.00 487,670.00 20,340,000.00 21,207,670.00 750,000.00 1,470,410.00 20,340,000.00 22,560,410.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 72 ESCROW DESCRIPTIONS Refund 2008-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate --------------------------------------------- Results with Detail by Refunded Bond Bank Series Type of Type of Maturity First lot Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 04/01/2017 04/01/2017 804,128 0,380% 0.380% SLGS Certificate 10/01/2017 10/01/2017 412,504 0.600% 0.600% SLGS Note 04/01/2018 04/01/2017 21,134,753 0.690% 0,690% 22,351,385 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 1,216,632.00 Total Notes 21,134,753.00 Total original SLGS 22,351,385.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 73 ESCROW COST Refund 2008-I (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Type of Maturity Par Total Security Date Amount Rate Cost SLGS 04/01/2017 804,128 0.380% 804,128.00 SLGS 10/01/2017 412,504 0.600% 412,504.00 SLGS 04/01/2018 21,134,753 0,690% 21,134,753.00 22,351,385 22,351,385.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost 11/03/2016 22,351,385 5.49 22,351,390.49 22,351,385 5.49 22,351,390.49 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 74 ESCROW CASH FLOW Refund 2008-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Net Escrow Date Principal Interest Receipts 04/01/2017 804,128.00 60,941.45 865,069.45 10/01/2017 412,504.00 75,166.16 487,670.16 04/01/2018 21,134,753.00 72,914.90 21,207,667.90 22,351,385.00 209,022.51 22,560,407.51 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 22,351,385.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 75 ESCROW SUFFICIENCY Refund 20084 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results - October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 5.49 5.49 5.49 04/01/2017 865,070.00 865,069.45 -0.55 4.94 10/01/2017 487,670.00 487,670.16 0.16 5.10 04/01/2018 21,207,670.00 21,207,667.90 -2.10 3.00 22,560,410.00 22,560,413.00 3.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 76 UNREFUNDED BOND DEBT SERVICE Refund 2008-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate --------------------------------------------- Results with Detail by Refunded Bond Bank Series Period Debt Ending Principal Coupon Interest Service 04/01/2017 900,000 4.000% 36,700 936,700 10/01/2017 18,700 18,700 04/01/2018 935,000 4.000% 18,700 953,700 1,835,000 74,100 1,909,100 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 77 SOURCES AND USES OF FUNDS Refund 2008-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 2,875,000.00 Premium 464,554.70 3,339,554.70 Uses: Refunding Escrow Deposits: Cash Deposit 1.86 SLGS Purchases 3,316,208.00 3,316,209.86 Cost of Issuance: AMBB Costs 523.51 Miscellaneous Printing, etc. 392,63 S&P Rating 523.51 Fitch Rating 1,177,90 AMBB FA 893.58 AMBB BC 4,646.61 Verification Agent 177.24 Borrower Costs of Issuance 4,000.00 12,334.98 Delivery Date Expenses: Underwriters Discount 8,799.18 Surety Policy 1,963.17 10,762.35 Other Uses of Funds: Additional Proceeds 247.51 3,339,554,70 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 78 BOND PRICING Refund 2008-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2016 45,000 2,000% 0.900% 100.084 37.80 1.250 12/01/2018 230,000 4.000% 1.300% 105.516 12,686.80 1.250 12/01/2019 240,000 4,000% 1,440% 107.679 18,429.60 2.500 12/01/2020 250,000 4.000% 1.570% 109.561 23,902.50 2.500 12/01/2021 260,000 4.000% 1.690% 111.194 29,104.40 2.500 12/01/2022 270,000 5.000% 1.820% 118.216 49,183.20 2.500 12/01/2023 285,000 5.000% 2.040% 119.414 55,329.90 2.500 12/01/2024 300,000 5.000% 2.220% 120.452 61,356.00 2.500 12/01/2025 315,000 5.000% 2.380% 121.274 67,013.10 3,000 12/01/2026 330,000 5.000% 2.5 10% 122.048 72,758,40 3.000 12/01/2027 350,000 5.000% 2.750% 121.358 74,753.00 3,000 2,875,000 464,554.70 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 2,875,000.00 Premium 464,554.70 Production 3,339,554,70 116.158424% Underwriter's Discount -8,799.18 -0,306058% Purchase Price 3,330,755.52 115.852366% Accrued Interest Net Proceeds 3,330,755,52 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 79 BOND SUMMARY STATISTICS Refund 2008-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2027 Arbitrage Yield 2.598457% True Interest Cost (TIC) 2.266135% Net Interest Cost (NIC) 2.505925% All-In TIC 2.338396% Average Coupon 4.818981% Average Life (years) 6.853 Weighted Average Maturity (years) 7.003 Duration of Issue (years) 6,025 Par Amount 2,875,000.00 Bond Proceeds 3,339,554.70 Total Interest 949,513.33 Net Interest 493,757.81 Total Debt Service 3,824,513,33 Maximum Annual Debt Service 358,750.00 Average Annual Debt Service 345,241.93 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 2,875,00000 116.158 4.819% 6.853 1,977.10 2,875,000.00 6.853 1,977.10 TIC Par Value 2,875,000.00 + Accrued Interest + Premium (Discount) 464,554.70 - Underwriters Discount -8,799.18 - Cost of Issuance Expense - Other Amounts Target Value 3,330,755,52 Target Date 11/03/2016 Yield 2.266135% All-In Arbitrage TIC Yield 2,875,000.00 2,875,000.00 464,554.70 464,554.70 -8,799.18 -12,334.98 -1,963.17 -1,963.17 3,316,457.37 3,337,591.53 11/03/2016 11/03/2016 2.338396% 2.598457% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 80 BOND DEBT SERVICE Refund 2008-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 45,000 2.000% 10,313,33 55,313.33 06/01/2017 65,850.00 65,850.00 12/01/2017 65,850,00 65,850.00 06/01/2018 65,850.00 65,850.00 12/01/2018 230,000 4.000% 65,850.00 295,850.00 06/01/2019 61,250.00 61,250.00 12/01/2019 240,000 4,000% 61,250.00 301,250.00 06/01/2020 56,450.00 56,450.00 12/01/2020 250,000 4,000% 56,450.00 306,450.00 06/01/2021 51,450,00 51,450.00 12/01/2021 260,000 4.000% 51,450.00 311,450.00 06/01/2022 46,250.00 46,250.00 12/01/2022 270,000 5.000% 46,250,00 316,250.00 06/01/2023 39,500.00 39,500.00 12/01/2023 285,000 5.000% 39,500.00 324,500,00 06/01/2024 32,375,00 32,375.00 12/01/2024 300,000 5.000% 32,375.00 332,375.00 06/01/2025 24,875.00 24,875.00 12/01/2025 315,000 5.000% 24,875.00 339,875.00 06/01/2026 17,000.00 17,000.00 12/01/2026 330,000 5.000% 17,000.00 347,000.00 06/01/2027 8,750,00 8,750.00 12/01/2027 350,000 5,000% 8,750.00 358,750.00 2,875,000 949,513.33 3,824,5 13.33 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 81 SUMMARY OF REFUNDING RESULTS Refund 2008-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2,598457% Escrow yield 0,606795% Value of Negative Arbitrage 92,278.78 Bond Par Amount 2,875,000.00 True Interest Cost 2,266135% Net Interest Cost 2.505925% Average Coupon 4.818981% Average Life 6.853 Par amount of refunded bonds 3,060,000.00 Average coupon of refunded bonds 4.845995% Average life of refunded bonds 7.457 PV of prior debt to 11/03/2016 @2.266135% 3,653,428.56 Net PV Savings 322,920.55 Percentage savings of refunded bonds 10.552959% Percentage savings of refunding bonds 11.232019% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 82 SAVINGS Refund 2008-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Present Value Prior Refunding to 11/03/2016 Date Debt Service Debt Service Savings @ 2.2661354% 06/30/2017 146,110.00 121,163.33 24,946.67 24,822,40 06/30/2018 146,110.00 131,700.00 14,410.00 13,985.46 06/30/2019 391,110.00 357,100.00 34,010.00 29,708.77 06/30/2020 395,330.00 357,700.00 37,630.00 32,273.62 06/30/2021 393,630.00 357,900.00 35,730,00 29,727.79 06/30/2022 396,210.00 357,700.00 38,510.00 31,405.03 06/30/2023 392,815.00 355,750.00 37,065.00 29,347.01 06/30/2024 393,802.50 356,875.00 36,927,50 28,431.45 06/30/2025 393,922.50 357,250.00 36,672,50 27,444.73 06/30/2026 393,160,00 356,875,00 36,285.00 26,380.49 06/30/2027 391,500.00 355,750.00 35,750,00 25,233.16 06/30/2028 393,750.00 358,750.00 35,000.00 23,913.12 4,227,450.00 3,824,513.33 402,936.67 322,673.04 Savings Summary PV of savings from cash flow 322,673,04 Plus: Refunding funds on hand 247,51 Net PV Savings 322,920.55 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 83 SUMMARY OF BONDS REFUNDED Refund 2008-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2008-2 (Municipality of Skagway), 08_2SK: SER 06/01/2019 4.400% 245,000.00 06/01/2018 100,000 06/01/2020 4,500% 260,000.00 06/01/2018 100.000 06/01/2021 4.600% 270,000.00 06/01/2018 100.000 06/01/2022 4.700% 285,000.00 06/01/2018 100.000 06/01/2023 4.750% 295,000.00 06/01/2018 100.000 06/01/2024 4.800% 310,000.00 06/01/2018 100.000 06/01/2025 4.850% 325,000.00 06/01/2018 100.000 06/01/2026 4.900% 340,000.00 06/01/2018 100.000 TERM28 06/01/2027 5.000% 355,000.00 06/01/2018 100.000 06/01/2028 5.000% 375,000.00 06/01/2018 100.000 3,060,000.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 84 ESCROW REQUIREMENTS Refund 2008-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Principal Ending Interest Redeemed Total 12/01/2016 73,055.00 73,055.00 06/01/2017 73,055.00 73,055.00 12/01/2017 73,055.00 73,055.00 06/01/2018 73,055.00 3,060,000.00 3,133,055.00 292,220.00 3,060,000.00 3,352,220.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 85 ESCROW DESCRIPTIONS Refund 2008-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Type of Type of Maturity First mt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 73,055 SLGS Certificate 06/01/2017 06/01/2017 59,715 0.460% 0,460% SLGS Note 12/01/2017 06/01/2017 61,622 0.630% 0.630% SLGS Note 06/01/2018 06/01/2017 3,121,816 0,720% 0,720% 3,316,208 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 132,770.00 Total Notes 3,183,438.00 Total original SLGS 3,316,208,00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 86 ESCROW COST Refund 2008-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 73,055 73,055.00 SLGS 06/01/2017 59,715 0.460% 59,715.00 SLGS 12/01/2017 61,622 0.630% 61,622,00 SLGS 06/01/2018 3,121,816 0.720% 3,121,816.00 3,316,208 3,316,208.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 3,316,208 1.86 3,316,209.86 0.715535% 3,316,208 1,86 3,316,209.86 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 87 ESCROW CASH FLOW Refund 2008-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0,6067951% 12/01/2016 73,055.00 73,055.00 73,020.58 06/01/2017 59,715.00 13,339.95 73,054.95 72,799.66 12/01/2017 61,622.00 11,432.65 73,054.65 72,579.16 06/01/2018 3,121,816.00 11,238.54 3,133,054.54 3,103,247,17 3,316,208,00 36,011.14 3,352,219,14 3,321,646.57 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 3,316,208,00 Target for yield calculation 3,316,208.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 88 ESCROW SUFFICIENCY Refund 2008-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.86 1.86 1.86 12/01/2016 73,055.00 73,055.00 1.86 06/01/2017 73,055.00 73,054.95 -0.05 1.81 12/01/2017 73,055.00 73,054.65 -0.35 1.46 06/01/2018 3,133,055.00 3,133,054.54 -0.46 1.00 3,352,220.00 3,352,221.00 1.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 89 UNREFUNDED BOND DEBT SERVICE Refund 2008-2 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 ---------------------------------------------Aggregate Results with Detail by Refunded Bond Bank Series Period Ending Principal Coupon Interest Debt Service 12/01/2016 11,662.50 11,662.50 06/01/2017 225,000 4.100% 11,662.50 236,662.50 12/01/2017 7,050.00 7,050.00 06/01/2018 235,000 6.000% 7,050.00 242,050.00 460,000 37,425.00 497,425.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 90 SOURCES AND USES OF FUNDS Refund 2009-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 875,000.00 Net Premium 54,978,10 929,978.10 Other Sources of Funds: Prior Borrower Reserve Fund 73,173.40 1,003,151.50 Uses: Refunding Escrow Deposits: Cash Deposit 1,51 SLGS Purchases 93 1,038,00 931,039.51 Other Fund Deposits: Borrower Reserve Fund 63,531.26 Cost of Issuance: Bond Insurance 352.75 AMBB Costs 159,33 Miscellaneous Printing, etc. 119.50 S&P Rating 159.33 Fitch Rating 358.49 AMBBFA 271.96 AMBB BC 1,414.19 Verification Agent 53.94 Borrower Costs of Issuance 1,810.85 4,700.34 Delivery Date Expenses: Underwriter's Discount 3,026,22 Surety Policy 597.49 3,623.71 Other Uses of Funds: Additional Proceeds 256.68 1,003,151.50 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 91 BOND PRICING Refund 2009-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2017 30,000 2.000% 1.080% 100.982 294.60 1.250 12/01/2018 30,000 4.000% 1.300% 105.516 1,654,80 1.250 12/01/2019 30,000 4.000% 1.440% 107.679 2,303.70 2.500 12/01/2020 30,000 4.000% 1.570% 109.561 2,868.30 2.500 12/01/2021 30,000 4.000% 1.690% 111,194 3,358.20 2.500 12/01/2022 35,000 5.000% 1.820% 118.216 6,375,60 2.500 12/01/2023 35,000 5,000% 2.040% 119.414 6,794.90 2.500 12/01/2024 35,000 5.000% 2.220% 120.452 7,158.20 2.500 12/01/2025 40,000 5.000% 2.380% 121.274 8,509.60 3,000 12/01/2026 40,000 5.000% 2.510% 122,048 8,819.20 3,000 12/01/2027 45,000 5,000% 2.750% 121,358 9,611.10 3,000 380,000 57,748,20 2016-3 Serial Bonds (Non-AMT) (Unin) (Call): 12/01/2028 45,000 5.000% 2,760% 119,587 C 3.049% 12/01/2026 100,000 8,814,15 3,000 2016-3 Serial Bonds (Non-AMT) (Insured): 12/01/2029 40,000 3,000% 3,130% 98,612 -555.20 3,000 12/01/2030 45,000 3.125% 3.250% 98.595 -632,25 3.000 12/01/2031 45,000 1125% 3.320% 97,699 -1,035,45 3.000 130,000 -2,222,90 2016-3 2033 Term Bond (Non-AMT) (Insured): 12/01/2032 50,000 3,250% 3,440% 97.559 -1,220,50 3.500 12/01/2033 55,000 3.250% 3.440% 97.559 -1,342.55 3,500 105,000 -2,563.05 2016-3 2037 Term Bond (Non-AMT) (Insured): 12/01/2034 50,000 3.375% 3.590% 96.838 -1,581.00 3.500 12/01/2035 55,000 3.375% 3.590% 96,838 -1,739.10 3.500 12/01/2036 60,000 3.375% 3.590% 96.838 -1,897.20 3.500 12/01/2037 50,000 3.375% 3,590% 96.838 -1,581.00 3.500 215,000 -6,798,30 875,000 54,978,10 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 875,000,00 Premium 54,978,10 Production 929,978.10 106,283211% Underwriter's Discount -3,026.22 -0.345854% Purchase Price 926,951.88 105,937358% Accrued Interest Net Proceeds 926,951.88 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 92 BOND SUMMARY STATISTICS Refund 2009-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2037 Arbitrage Yield 2.598457% True Interest Cost (TIC) 3.138710% Net Interest Cost (NIC) 3.229916% All-In TIC 3.198886% Average Coupon 3.710816% Average Life (years) 12.346 Weighted Average Maturity (years) 11,999 Duration of Issue (years) 9.687 Par Amount 875,000.00 Bond Proceeds 929,978.10 Total Interest 400,881.50 Net Interest 348,929.62 Total Debt Service 1,275,881.50 Maximum Annual Debt Service 63,531.26 Average Annual Debt Service 60,532.07 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 380,000.00 115.197 4.787% 6.499 247.50 2016-3 Serial Bonds (Non-AMT) (Unin) (Call) 45,000.00 119,587 5.000% 12,078 43.65 2016-3 Serial Bonds (Non-AMT) (Insured) 130,000.00 98.290 3.089% 14.116 145,00 2016-3 2033 Term Bond (Non-AMT) (Insured) 105,000.00 97.559 3.250% 16.602 132.30 2016-3 2037 Term Bond (Non-AMT) (Insured) 215,000.00 96.838 3.375% 19.589 309.60 875,000.00 12.346 878.05 All-In Arbitrage TIC TIC Yield Par Value 875,000.00 875,000.00 875,000.00 + Accrued Interest + Premium (Discount) 54,978.10 54,978.10 54,978.10 - Underwriter's Discount -3,026.22 -3,026.22 - Cost of Issuance Expense -4,700.34 - Other Amounts -597.49 -597.49 Target Value 926,951.88 921,654.05 929,380.61 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 3,138710% 3.198886% 2.598457% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 93 BOND DEBT SERVICE Refund 20094 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 2,631,32 2,631.32 06/01/2017 16,915.63 16,915.63 12/01/2017 30,000 2.000% 16,915.63 46,915.63 06/01/2018 16,615,63 16,615.63 12/01/2018 30,000 4.000% 16,615.63 46,615.63 06/01/2019 16,015,63 16,015.63 12/01/2019 30,000 4.000% 16,015.63 46,015.63 06/01/2020 15,415.63 15,415.63 12/01/2020 30,000 4.000% 15,415.63 45,415.63 06/01/2021 14,815.63 14,815.63 12/01/2021 30,000 4.000% 14,815.63 44,815.63 06/01/2022 14,215,63 14,215.63 12/01/2022 35,000 5.000% 14,215.63 49,215,63 06/01/2023 13,340.63 13,340.63 12/01/2023 35,000 5.000% 13,340.63 48,340.63 06/01/2024 12,465.63 12,465.63 12/01/2024 35,000 5.000% 12,465.63 47,465,63 06/01/2025 11,590.63 11,590.63 12/01/2025 40,000 5.000% 11,590.63 51,590.63 06/01/2026 10,590.63 10,590.63 12/01/2026 40,000 5.000% 10,590,63 50,590.63 06/01/2027 9,590.63 9,590.63 12/01/2027 45,000 5.000% 9,590.63 54,590.63 06/01/2028 8,465.63 8,465.63 12/01/2028 45,000 5.000% 8,465.63 53,465.63 06/01/2029 7,340.63 7,340.63 12/01/2029 40,000 3.000% 7,340,63 47,340.63 06/01/2030 6,740.63 6,740.63 12/01/2030 45,000 3.125% 6,740.63 51,740.63 06/01/2031 6,037.50 6,037,50 12/01/2031 45,000 3.125% 6,037.50 51,037.50 06/01/2032 5,334.38 5,334.38 12/01/2032 50,000 3.250% 5,334.38 55,334.38 06/01/2033 4,521.88 4,521.88 12/01/2033 55,000 3.250% 4,521.88 59,521.88 06/01/2034 3,628.13 3,628.13 12/01/2034 50,000 3.375% 3,628.13 53,628.13 06/01/2035 2,784.38 2,784.38 12/01/2035 55,000 3.375% 2,784.38 57,784.38 06/01/2036 1,856.25 1,856.25 12/01/2036 60,000 3.375% 1,856.25 61,856.25 06/01/2037 843.75 843.75 12/01/2037 50,000 3.375% 843.75 50,843.75 875,000 400,881.50 1,275,881.50 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 94 SUMMARY OF REFUNDING RESULTS Refund 2009-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.606795% Value of Negative Arbitrage 28,949.81 Bond Par Amount 875,000.00 True Interest Cost 3.138710% Net Interest Cost 3.229916% Average Coupon 3.710816% Average Life 12.346 Par amount of refunded bonds 850,000.00 Average coupon of refunded bonds 5,700791% Average life of refunded bonds 12.734 PV of prior debt to 11/03/2016 @3.138710% 1,075,713.66 Net PV Savings 139,376.32 Percentage savings of refunded bonds 16.397214% Percentage savings of refunding bonds 15.928722% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 95 SAVINGS Date Refund 2009-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Present Value Prior Refunding to 11/03/2016 Debt Service Debt Service Savings @ 3.1387100% 06/30/2017 23,606.25 19,546.95 4,059.30 4,127.57 06/30/2018 71,587.50 63,531.26 8,056,24 8,233.60 06/30/2019 70,337.50 62,631.26 7,706.24 7,644.33 06/30/2020 69,087,50 61,431.26 7,656.24 7,356.04 06/30/2021 67,837.50 60,231.26 7,606.24 7,078.25 06/30/2022 71,462.50 59,031.26 12,431.24 11,006.70 06/30/2023 69,962.50 62,556.26 7,406.24 6,499.52 06/30/2024 68,425.00 60,806.26 7,618.74 6,460.04 06/30/2025 66,850.00 59,056.26 7,793.74 6,387,48 06/30/2026 70,121.88 62,181.26 7,940.62 6,320.99 06/30/2027 68,218.76 60,181,26 8,037.50 6,186,75 06/30/2028 71,156.26 63,056,26 8,100.00 6,057.39 06/30/2029 68,956.26 60,806.26 8,150.00 5,893.99 06/30/2030 66,731.26 54,081,26 12,650.00 8,701.72 06/30/2031 69,312.51 57,778.13 11,534.38 7,734.27 06/30/2032 66,725.01 56,371.88 10,353.13 6,751.67 06/30/2033 68,993.76 59,856.26 9,137.50 5,824.56 06/30/2034 70,975.01 63,150.01 7,825.00 4,890.30 06/30/2035 67,778.13 56,412.51 11,365.62 6,749.39 06/30/2036 69,400.00 59,640,63 9,759.37 5,669.96 06/30/2037 70,728.13 62,700.00 8,028.13 4,582.79 06/30/2038 66,909.38 50,843,75 16,065.63 8,604.48 1,475,162.60 1,275,881.50 199,281.10 148,761.78 Savings Summary PV of savings from cash flow 148,761.78 Less: Prior funds on hand -73,173.40 Plus: Refunding funds on hand 63,787,94 Net PV Savings 139,376,32 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 96 SUMMARY OF BONDS REFUNDED Refund 2009-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Bond Maturity Date Interest Rate Par Amount Call Date Call Price GO 2009-1 (City of Kodiak), 09_l _K: SER 09/01/2017 5.000% 25,000.00 09/01/2018 5.000% 25,000.00 09/01/2019 5.000% 25,000.00 09/01/2018 100.000 09/01/2020 5,000% 25,000.00 09/01/2018 100.000 09/01/2021 5.000% 30,000.00 09/01/2018 100.000 09/01/2022 5,000% 30,000.00 09/01/2018 100.000 09/01/2023 5.250% 30,000.00 09/01/2018 100.000 09/01/2024 5.250% 30,000.00 09/01/2018 100.000 09/01/2025 5.375% 35,000.00 09/01/2018 100.000 09/01/2026 5.500% 35,000.00 09/01/2018 100.000 09/01/2027 5.500% 40,000.00 09/01/2018 100.000 09/01/2028 5.500% 40,000.00 09/01/2018 100.000 09/01/2029 5.625% 40,000.00 09/01/2018 100.000 TERM33 09/01/2030 5.750% 45,000,00 09/01/2018 100.000 09/01/2031 5.750% 45,000.00 09/01/2018 100.000 09/01/2032 5.750% 50,000.00 09/01/2018 100.000 09/01/2033 5.750% 55,000.00 09/01/2018 100,000 TERM37 09/01/2034 5.875% 55,000.00 09/01/2018 100.000 09/01/2035 5.875% 60,000,00 09/01/2018 100,000 09/01/2036 5.875% 65,000.00 09/01/2018 100.000 09/01/2037 5.875% 65,000.00 09/01/2018 100.000 850,000.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 97 ESCROW REQUIREMENTS Refund 2009-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Interest Principal Redeemed Total 03/01/2017 23,606.25 23,606.25 09/01/2017 25,000.00 23,606,25 48,606.25 03/01/2018 22,981.25 22,981.25 09/01/2018 25,000.00 22,981.25 800,000.00 847,981,25 50,000.00 93,175.00 800,000.00 943,175.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 98 ESCROW DESCRIPTIONS Refund 2009-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Type of Type of Maturity First Tnt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 03/01/2017 03/01/2017 21,447 0.330% 0.330% SLGS Certificate 09/01/2017 09/01/2017 45,116 0.570% 0.570% SLGS Note 03/01/2018 03/01/2017 19,704 0.680% 0.680% SLGS Note 09/01/2018 03/01/2017 844,771 0.760% 0.760% 931,038 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 66,563.00 Total Notes 864,475.00 Total original SLGS 931,038.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 99 ESCROW COST Refund 2009-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Type of Maturity Par Total Security Date Amount Rate Cost SLGS 03/01/2017 21,447 0.330% 21,447.00 SLGS 09/01/2017 45,116 0.570% 45,116.00 SLGS 03/01/2018 19,704 0.680% 19,704.00 SLGS 09/01/2018 844,771 0.760% 844,771.00 931,038 931,038.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 931,038 1.51 931,039.51 0.751713% 931,038 1.51 931,039.51 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 100 ESCROW CASH FLOW Refund 2009-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.6067951% 03/01/2017 21,447.00 2,159.35 23,606.35 23,559.52 09/01/2017 45,116.00 3,489,89 48,605.89 48,362.73 03/01/2018 19,704.00 3,277.12 22,981.12 22,796.99 09/01/2018 844,771.00 3,210.13 847,981.13 838,642,33 931,038.00 12,136.49 943,174.49 933,361.56 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 931,038.00 Target for yield calculation 931,038.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 101 ESCROW SUFFICIENCY Refund 2009-1 (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.51 1.51 1.51 03/01/2017 23,606.25 23,606.35 0.10 1.61 09/01/2017 48,606.25 48,605.89 -0.36 1.25 03/01/2018 22,981.25 22,981.12 -0.13 1.12 09/01/2018 847,981.25 847,981.13 -0.12 1.00 943,175.00 943,176.00 1.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 102 SOURCES AND USES OF FUNDS Refund CBJ 2006B (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 17,575,000.00 Premium 1,266,115.25 18,841,115.25 Other Sources of Funds: Bond Bank COT Itemization 49,868.67 18,890,983.92 Uses: Refunding Escrow Deposits: Cash Deposit 10.27 SLGS Purchases 18,755,988,00 18,755,998.27 Cost of Issuance: AMBB Costs 3,200.25 Miscellaneous Printing, etc. 2,400.19 S&P Rating 3,200.25 Fitch Rating 7,200.57 AMBB FA 5,462.49 AMBB BC 28,404.92 Verification Agent 1,083.49 Borrower Costs of Issuance 25,500.00 76,452,16 Delivery Date Expenses: Underwriter's Discount 44,612.39 Surety Policy 12,000,96 56,613.35 Other Uses of Funds: Additional Proceeds 1,920,14 18,890,983.92 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 103 BOND PRICING Refund CBJ 2006B (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2017 3,235,000 2.000% 1.080% 100.982 31,767.70 1.250 12/01/2018 3,355,000 4.000% 1.300% 105.516 185,061.80 1.250 12/01/2019 3,480,000 4.000% 1.440% 107,679 267,229.20 2.500 12/01/2020 3,555,000 4.000% 1.570% 109.561 339,893.55 2.500 12/01/2021 3,950,000 4.000% 1,690% 111.194 442,163.00 2.500 17,575,000 1,266,115.25 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 17,575,000.00 Premium 1,266,115.25 Production 18,841,115.25 107.204070% Underwriter's Discount -44,612.39 -0.253840% Purchase Price 18,796,502.86 106.950230% Accrued Interest Net Proceeds 18,796,502.86 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 104 BOND SUMMARY STATISTICS Refund CBJ 2006B (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2021 Arbitrage Yield 2.598457% True Interest Cost (TIC) 1,604041% Net Interest Cost (NIC) 1.682717% All-In TIC 1.761091% Average Coupon 3.874857% Average Life (years) 3.171 Weighted Average Maturity (years) 3.216 Duration of Issue (years) 3.030 Par Amount 17,575,000.00 Bond Proceeds 18,841,115,25 Total Interest 2,159,145.56 Net Interest 93 7,642,70 Total Debt Service 19,734,145.56 Maximum Annual Debt Service 4,029,000.00 Average Annual Debt Service 3,886,374.40 Pas Average Average PV of I bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 17,575,000.00 107.204 3,875% 3.171 5,688.75 17,575,000.00 3.171 5,688.75 All-In Arbitrage TIC TIC Yield Par Value 17,575,000.00 + Accrued Interest + Premium (Discount) 1,266,115.25 - Underwriter's Discount -44,612.39 - Cost of Issuance Expense - Other Amounts Target Value 18,796,502.86 Target Date 11/03/2016 Yield 1,604041% 17,575,000.00 1,266,115.25 -44,612,39 -76,452.16 -12,000.96 18,708,049.74 11/03/2016 1.761091% 17,575,000.00 1,266,115,25 -12,000.96 18,829,114.29 11/03/2016 2.598457% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 105 BOND DEBT SERVICE Refund CBJ 2006B (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 49,645.56 49,645,56 06/01/2017 319,150.00 319,150.00 12/01/2017 3,235,000 2.000% 319,150.00 3,554,150,00 06/01/2018 286,800.00 286,800,00 12/01/2018 3,355,000 4.000% 286,800.00 3,641,800.00 06/01/2019 219,700.00 219,700.00 12/01/2019 3,480,000 4.000% 219,700.00 3,699,700.00 06/01/2020 150,100.00 150,100.00 12/01/2020 3,555,000 4.000% 150,100.00 3,705,100.00 06/01/2021 79,000.00 79,000.00 12/01/2021 3,950,000 4.000% 79,000.00 4,029,000.00 17,575,000 2,159,145.56 19,734,145.56 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 106 SUMMARY OF REFUNDING RESULTS Refund CBJ 2006B (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.606795% Value of Negative Arbitrage 39,055.66 Bond Par Amount 17,575,000.00 True Interest Cost 1.604041% Net Interest Cost 1.682717% Average Coupon 3.874857% Average Life 3.171 Par amount of refunded bonds 18,560,000.00 Average coupon of refunded bonds 4.162023% Average life of refunded bonds 2.926 PV of prior debt to 11/03/2016 @ 1,604041% 20,035,499.83 Net PV Savings 1,191,048,44 Percentage savings of refunded bonds 6.417287% Percentage savings of refunding bonds 6.776947% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 107 SAVINGS Refund CBJ 2006B (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Present Value Prior Refunding to 11/03/2016 Date Debt Service Debt Service Savings @ 1.6040415% 06/30/2017 382,853.75 368,795.56 14,058.19 15,052.65 06/30/2018 4,083,007.50 3,840,950.00 242,057.50 253,755.20 06/30/2019 4,102,635.00 3,861,500.00 241,135.00 248,962.04 06/30/2020 4,089,062.50 3,849,800.00 239,262.50 243,231,78 06/30/2021 4,025,406.25 3,784,100.00 241,306.25 241,104.78 06/30/2022 4,268,825.00 4,029,000.00 239,825,00 236,890.52 20,951,790.00 19,734,145.56 1,217,644.44 1,238,996.97 Savings Summary PV of savings from cash flow 1,238,996.97 Less: Prior funds on hand -49,868.67 Plus: Refunding funds on hand 1,920.14 Net PV Savings 1,191,048.44 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 108 SUMMARY OF BONDS REFUNDED Refund CBJ 2006B (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Maturity Interest Par Call Call Bond Date Rate Amount Date Price CBJ 2006B Thunder Mountain School Bonds, CBJ2006: SER 09/01/2017 4.000% 3,385,000,00 12/05/2016 100,000 09/01/2018 4.100% 3,545,000.00 12/05/2016 100.000 09/01/2019 4.125% 3,680,000.00 12/05/2016 100.000 09/01/2020 4.125% 3,770,000.00 12/05/2016 100.000 09/01/2021 4.250% 4,180,000.00 12/05/2016 100,000 18,560,000.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 109 ESCROW REQUIREMENTS Refund CBJ 2006B (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Principal Ending Interest Redeemed Total 12/05/2016 199,934.74 18,560,000.00 18,759,934.74 199,934.74 18,560,000.00 18,759,934.74 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 110 ESCROW DESCRIPTIONS Refund CBJ 2006B (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Type of Type of Maturity First mt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/05/2016 12/05/2016 18,755,988 0.240% 0.240% 18,755,988 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 18,755,988.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 111 ESCROW COST Refund CBJ 2006B (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/05/2016 18,755,988 0.240% 18,755,988.00 18,755,988 18,755,988.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 18,755,988 10.27 18,755,998.27 0.236828% 18,755,988 10.27 18,755,998.27 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 112 ESCROW CASH FLOW Refund CBJ 2006B (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.6067951% 12/05/2016 18,755,988.00 3,946.47 18,759,934.47 18,749,833.90 18,755,988.00 3,946.47 18,759,934.47 18,749,833.90 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 18,755,988.00 Target for yield calculation 18,755,988.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 113 ESCROW SUFFICIENCY Refund CBJ 2006B (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 10,27 10.27 10.27 12/05/2016 18,759,934.74 18,759,934.47 -0.27 10.00 18,759,934.74 18,759,944,74 10.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 114 SOURCES AND USES OF FUNDS New Money (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 2,635,000.00 Premium 381,918.80 3,016,918.80 Other Sources of Funds: Bond Bank COI Itemization 7,476.76 3,024,395.56 Uses: Project Fund Deposits: Project Fund 3,000,000,00 Cost of Issuance: AMBB Costs 479,81 Miscellaneous Printing, etc. 359.86 S&P Rating 479.81 Fitch Rating 1,079,57 AMBBFA 818.99 AIvIBB BC 4,258.72 Borrower Costs of Issuance 4,500.00 11,976.76 Delivery Date Expenses: Underwriter's Discount 7,686.23 Surety Policy 1,799.29 9,485.52 Other Uses of Funds: Additional Proceeds 2,933.28 3,024,395.56 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 115 BOND PRICING New Money (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2017 215,000 2000% 1.080% 100.982 2,111.30 1.250 12/01/2018 225,000 4.000% 1.300% 105.516 12,411.00 1.250 12/01/2019 235,000 4.000% 1.440% 107.679 18,045.65 2.500 12/01/2020 245,000 4,000% 1.570% 109.561 23,424.45 2.500 12/01/2021 255,000 4.000% 1.690% 111.194 28,544.70 2.500 12/01/2022 265,000 5.000% 1.820% 118.216 48,272.40 2.500 12/01/2023 280,000 5,000% 2.040% 119.414 54,359.20 2.500 12/01/2024 290,000 5.000% 2.220% 120.452 59,310.80 2.500 12/01/2025 305,000 5.000% 2.380% 121.274 64,885.70 3.000 12/01/2026 320,000 5.000% 2.510% 122.048 70,553.60 3.000 2,635,000 381,918.80 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 2,635,000.00 Premium 381,918.80 Production 3,016,918.80 114,494072% Underwriter's Discount -7,686.23 -0.291698% Purchase Price 3,009,232.57 114.202375% Accrued Interest Net Proceeds 3,009,232.57 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 116 BOND SUMMARY STATISTICS New Money (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2026 Arbitrage Yield 2.598457% True Interest Cost (TIC) 2.127699% Net Interest Cost (NIC) 2.340797% All-In TIC 2.214664% Average Coupon 4.732832% Average Life (years) 5.93 7 Weighted Average Maturity (years) 6.108 Duration of Issue (years) 5.337 Par Amount 2,635,000.00 Bond Proceeds 3,016,913,80 Total Interest 740,448.89 Net Interest 366,216.32 Total Debt Service 3,375,448.89 Maximum Annual Debt Service 333,100.00 Average Annual Debt Service 334,939.80 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 2,635,000.00 114.494 4,733% 5.937 1,586.15 2,635,000,00 5.937 1,586.15 All-In Arbitrage TIC TIC Yield Par Value 2,635,000.00 2,635,000.00 2,635,000.00 + Accrued Interest + Premium (Discount) 381,918.80 381,918.80 381,918.80 - Underwriters Discount -7,686.23 -7,686,23 - Cost of Issuance Expense -11,976.76 - Other Amounts -1,799.29 -1,799.29 Target Value 3,009,232.57 2,995,456.52 3,015,119.51 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 2.127699% 2.214664% 2.598457% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 117 BOND DEBT SERVICE New Money (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 8,99889 8,998.89 06/01/2017 57,850.00 57,850.00 12/01/2017 215,000 2.000% 57,850.00 272,850.00 06/01/2018 55,700.00 55,700.00 12/01/2018 225,000 4.000% 55,700.00 280,700.00 06/01/2019 51,200.00 51,200.00 12/01/2019 235,000 4.000% 51,200.00 286,200.00 06/01/2020 46,500.00 46,500.00 12/01/2020 245,000 4.000% 46,500.00 291,500.00 06/01/2021 41,600.00 41,600.00 12/01/2021 255,000 4.000% 41,600.00 296,600.00 06/01/2022 36,500.00 36,500.00 12/01/2022 265,000 5.000% 36,500.00 301,500.00 06/01/2023 29,875.00 29,875.00 12/01/2023 280,000 5.000% 29,875.00 309,875.00 06/01/2024 22,875.00 22,875.00 12/01/2024 290,000 5.000% 22,875,00, 312,875.00 06/01/2025 15,625.00 15,625.00 12/01/2025 305,000 5.000% 15,625,00 320,625.00 06/01/2026 8,000.00 8,000.00 12/01/2026 320,000 5.000% 8,000.00 328,000.00 2,635,000 740,448,89 3,375,448.89 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 118 SOURCES AND USES OF FUNDS Refund 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 27,635,000.00 Premium 3,865,982.25 31,500,982,25 Other Sources of Funds: Prior Borrower Reserve Fund 394,321.52 Release from Bond Bank Reserve 1,809,734.06 2,204,055.58 33,705,037.83 Uses: Refunding Escrow Deposits: 1.99 Cash Deposit 33,468,510.00 SLGS Purchases 33,468,511.99 Cost of Issuance: Bond Insurance 3,961.68 AIVIBB Costs 5,032.09 Miscellaneous Printing, etc. 3,774.07 S&P Rating 5,032.09 Fitch Rating 11,322.21 AMBB FA 23,499,15 AMBB BC 15,808.35 Verification Agent 1,703.68 Borrower Costs of Issuance 52,000.00 122,133.32 Delivery Date Expenses: Underwriter's Discount 93,300.14 Surety Policy 18,870.35 112,170.49 Other Uses of Funds: Additional Proceeds 2,222.03 33,705,037.83 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 119 BOND PRICING Refund 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Takedown 2016-4 Serial Bonds (AMT) (Uninsured): 12/01/2016 610,000 2.000% 0,990% 100.077 469.70 1.250 12/01/2017 895,000 3.000% 1.230% 101,888 16,897,60 1.250 12/01/2018 930,000 5.000% 1.420% 107.303 67,917.90 1,250 12/01/2019 980,000 5.000% 1,640% 110,043 98,421.40 2.500 12/01/2020 1,025,000 5.000% 1.820% 112.441 127,520.25 2.500 12/01/2021 1,075,000 5.000% 1.980% 114.519 156,079.25 2.500 12/01/2022 1,130,000 5.000% 2.140% 116.216 183,240.80 2.500 12/01/2023 1,185,000 5,000% 2.360% 117,113 202,789,05 2.500 12/01/2024 1,245,000 5.000% 2.520% 118.021 224,361.45 2,500 12/01/2025 1,305,000 5,000% 2.680% 118.582 242,495.10 3.000 12/01/2026 1,370,000 5.000% 2.810% 119.102 261,697.40 3.000 12/01/2027 1,440,000 5.000% 2.950% 117.756 C 3.094% 12/01/2026 100.000 255,686.40 3.000 12/01/2028 1,515,000 5,000% 3.080% 116.523 C 3.327% 12/01/2026 100.000 250,323.45 3.000 12/01/2029 1,585,000 5.000% 3.160% 115.772 C 3.488% 12/01/2026 100.000 249,986.20 3.000 12/01/2030 1,670,000 5.000% 3.250% 114.934 C 3.635% 12/01/2026 100.000 249,397.80 3.000 12/01/2031 1,750,000 5.000% 3.320% 114.287 C 3.751% 12/01/2026 100,000 250,022.50 3.000 12/01/2032 1,840,000 5,000% 3,380% 113.736 C 3.846% 12/01/2026 100,000 252,742.40 3,500 12/01/2033 1,930,000 5,000% 3.440% 113,188 C 3,932% 12/01/2026 100.000 254,528.40 3.500 23,480,000 3,344,577,05 2016-4 Serial Bonds (AMT) (Insured): 12/01/2034 2,030,000 5.000% 3,490% 112.734 C 4.003% 12/01/2026 100.000 258,500,20 3.500 12/01/2035 2,125,000 5,000% 3,530% 112,372 C 4.062% 12/01/2026 100,000 262,905,00 3.500 4,155,000 521,405,20 27,635,000 3,865,982.25 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 27,635,000.00 Premium 3,865,982.25 Production 31,500,982,25 113.989442% Underwriter's Discount -93,300.14 -0.337616% Purchase Price 31,407,682.11 113.651826% Accrued Interest Net Proceeds 31,407,682.11 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 120 BOND SUMMARY STATISTICS Refund 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2035 Arbitrage Yield 2,598457% True Interest Cost (TIC) 3.457353% Net Interest Cost (NIC) 3.781118% All-In TIC 3.509733% Average Coupon 4.993344% Average Life (years) 11.262 Weighted Average Maturity (years) 11.323 Duration of Issue (years) 8.748 Par Amount 27,635,000.00 Bond Proceeds 31,500,982.25 Total Interest 15,540,253.89 Net Interest 11,767,571.78 Total Debt Service 43,175,253.89 Maximum Annual Debt Service 2,215,500.00 Average Annual Debt Service 2,263,117.56 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-4 Serial Bonds (AMT) (Uninsured) 23,480,000.00 114.244 4.991% 9.965 17,528.65 2016-4 Serial Bonds (AMT) (Insured) 4,155,000.00 112.549 5.000% 18,589 3,759.80 27,635,000.00 11.262 21,288.45 All-In Arbitrage TIC TIC Yield Par Value 27,635,000.00 27,635,000.00 27,635,000.00 + Accrued Interest + Premium (Discount) 3,865,982.25 3,865,982.25 3,865,982.25 - Underwriter's Discount -93,300,14 -93,300,14 - Cost of Issuance Expense -122,133.32 - Other Amounts -18,870,35 -18,870.35 Target Value 31,407,682.11 31,266,678.44 31,482,111.90 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 3.457353% 3.509733% 2.598457% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 121 BOND DEBT SERVICE Refund 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 610,000 2.000% 104,653.89 714,653.89 06/01/2017 666,675.00 666,675.00 12/01/2017 895,000 3.000% 666,675.00 1,561,675.00 06/01/2018 653,250.00 653,250.00 12/01/2018 930,000 5.000% 653,250.00 1,583,250.00 06/01/2019 630,000.00 630,000.00 12/01/2019 980,000 5.000% 630,000.00 1,610,000,00 06/01/2020 605,500.00 605,500.00 12/01/2020 1,025,000 5.000% 605,500.00 1,630,500.00 06/01/2021 579,875.00 579,875.00 12/01/2021 1,075,000 5.000% 579,875.00 1,654,875.00 06/01/2022 553,000.00 553,000.00 12/01/2022 1,130,000 5.000% 553,000.00 1,683,000,00 06/01/2023 524,750.00 524,750.00 12/01/2023 1,185,000 5,000% 524,750,00 1,709,750.00 06/01/2024 495,125.00 495,125.00 12/01/2024 1,245,000 5.000% 495,125.00 1,740,125.00 06/01/2025 464,000.00 464,000.00 12/01/2025 1,305,000 5.000% 464,000,00 1,769,000.00 06/01/2026 431,375.00 431,375.00 12/01/2026 1,370,000 5.000% 431,375.00 1,801,375.00 06/01/2027 397,125.00 397,125,00 12/01/2027 1,440,000 5,000% 397,125.00 1,837,125.00 06/01/2028 361,125.00 361,125.00 12/01/2028 1,515,000 5.000% 361,125.00 1,876,125.00 06/01/2029 323,250.00 323,250.00 12/01/2029 1,585,000 5,000% 323,250.00 1,908,250.00 06/01/2030 283,625.00 283,625.00 12/01/2030 1,670,000 5,000% 283,625.00 1,953,625.00 06/01/2031 241,875.00 241,875.00 12/01/2031 1,750,000 5.000% 241,875.00 1,991,875.00 06/01/2032 198,125.00 198,125.00 12/01/2032 1,840,000 5.000% 198,125.00 2,038,125.00 06/01/2033 152,125.00 152,125.00 12/01/2033 1,930,000 5.000% 152,125.00 2,082,125,00 06/01/2034 103,875.00 103,875.00 12/01/2034 2,030,000 5.000% 103,875,00 2,133,875.00 06/01/2035 53,125.00 53,125.00 12/01/2035 2,125,000 5.000% 53,125.00 2,178,125.00 27,635,000 15,540,253.89 43,175,253.89 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 122 SUMMARY OF REFUNDING RESULTS Refund 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0,606795% Value of Negative Arbitrage 69,627.00 Bond Par Amount 27,635,000.00 True Interest Cost 3.457353% Net Interest Cost 3.781118% Average Coupon 4.993344% Average Life 11.262 Par amount of refunded bonds 32,610,000.00 Average coupon of refunded bonds 5.096322% Average life of refunded bonds 11.997 Net PV Savings 6,082,490.71 Percentage savings of refunded bonds 18.652225% Percentage savings of refunding bonds 22.010098% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 123 SAVINGS Refund 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Prior Refunding Date Debt Service Debt Service Savings 06/30/2017 1,693,125.00 1,381,328.89 311,796.11 06/30/2018 2,641,312.50 2,214,925.00 426,387.50 06/30/2019 2,636,312,50 2,213,250.00 423,062.50 06/30/2020 2,638,287.50 2,215,500.00 422,787.50 06/30/2021 2,632,100,00 2,210,375.00 421,725.00 06/30/2022 2,632,612.50 2,207,875.00 424,737.50 06/30/2023 2,629,550.00 2,207,750.00 421,800,00 06/30/2024 2,627,775.00 2,204,875.00 422,900.00 06/30/2025 2,627,012.50 2,204,125.00 422,887.50 06/30/2026 2,626,987.50 2,200,375.00 426,612.50 06/30/2027 2,622,562.50 2,198,500.00 424,062,50 06/30/2028 2,622,750.00 2,198,250.00 424,500.00 06/30/2029 2,622,625.00 2,199,375.00 423,250.00 06/30/2030 2,618,250.00 2,191,875.00 426,375.00 06/30/2031 2,619,375.00 2,195,500.00 423,875.00 06/30/2032 2,615,750,00 2,190,000.00 425,750.00 06/30/2033 2,612,250.00 2,190,250.00 422,000.00 06/30/2034 2,608,625.00 2,186,000,00 422,625.00 06/30/2035 2,609,500.00 2,187,000.00 422,500.00 06/30/2036 4,325,500.00 2,178,125.00 2,147,375.00 53,262,262.50 43,175,253.89 10,087,008.61 Savings Summary PV of savings from cash flow 8,284,324.26 Less: Prior funds on hand -394,321,52 Plus: Refunding funds on hand -1,807,512.03 Net PV Savings 6,082,490.71 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 124 Bond SUMMARY OF BONDS REFUNDED Refund 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Maturity Interest Par Call Date Rate Amount Date Call Price GO 2006-2 (AMT) (City of Ketchikan), 06_2AK: 2021TC 12/01/2017 5.500% 975,000.00 12/05/2016 100.000 12/01/2018 5.500% 1,025,000.00 12/05/2016 100,000 12/01/2019 5.500% 1,085,000.00 12/05/2016 100.000 12/01/2020 5.500% 1,140,000.00 12/05/2016 100,000 12/01/2021 5.500% 1,205,000.00 12/05/2016 100.000 2026TC 12/01/2022 5.500% 1,270,000.00 12/05/2016 100,000 12/01/2023 5.500% 1,340,000.00 12/05/2016 100.000 12/01/2024 5.500% 1,415,000.00 12/05/2016 100.000 12/01/2025 5,500% 1,495,000.00 12/05/2016 100.000 12/01/2026 5.500% 1,575,000,00 12/05/2016 100.000 203 IT 12/01/2027 5.000% 1,660,000,00 12/05/2016 100.000 12/01/2028 5,000% 1,745,000.00 12/05/2016 100.000 12/01/2029 5,000% 1,830,000.00 12/05/2016 100.000 12/01/2030 5,000% 1,925,000.00 12/05/2016 100,000 12/01/2031 5.000% 2,020,000.00 12/05/2016 100.000 2035TC 12/01/2032 5.000% 2,120,000.00 12/05/2016 100.000 12/01/2033 5.000% 2,225,000.00 12/05/2016 100,000 12/01/2034 5,000% 2,340,000.00 12/05/2016 100,000 12/01/2035 5.000% 2,455,000.00 12/05/2016 100,000 30,845,000.00 GO 2006-2 (AMT) (Bond Bank Reserve), 062AR: 2035TC 12/01/2035 5,000% 1,765,000.00 12/05/2016 100.000 32,610,000,00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 125 ESCROW REQUIREMENTS Refund 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Principal Ending Interest Redeemed Total 12/01/2016 846,562.50 846,562.50 12/05/2016 18,812.50 32,610,000.00 32,628,812,50 865,375.00 32,610,000.00 33,475,375.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 126 ESCROW DESCRIPTIONS Refund 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Type of Type of Maturity First mt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 846,562 SLGS Certificate 12/05/2016 12/05/2016 32,621,948 0.240% 0.240% 33,468,510 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 33,468,510.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 127 ESCROW COST Refund 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 846,562 846,562.00 SLGS 12/05/2016 32,621,948 0.240% 32,621,948.00 33,468,510 33,468,510.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost 11/03/2016 33,468,510 1.99 33,468,511.99 33,468,510 1.99 33,468,511.99 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 128 ESCROW CASH FLOW Refund 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Net Escrow Date Principal Interest Receipts 12/01/2016 846,562.00 846,562.00 12/05/2016 32,621,948.00 6,864.01 32,628,812.01 33,468,510.00 6,864.01 33,475,374.01 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 33,468,510.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 129 ESCROW SUFFICIENCY Refund 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1,99 1.99 1.99 12/01/2016 846,562.50 846,562.00 -0.50 1.49 12/05/2016 32,628,812.50 32,628,812.01 -0.49 1.00 33,475,375.00 33,475,376.00 1.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 130 UNREFUNDED BOND DEBT SERVICE Refund 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Period Ending Principal Coupon Interest Debt Service 12/01/2016 930,000 4.750% 22,087.50 952,087.50 930,000 22,087.50 952,087.50 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 131 SOURCES AND USES OF FUNDS New Money (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 1,765,000.00 Premium 252,887.30 2,017,887.30 Other Sources of Funds: Bond Bank COI Itemization 4,117.47 2,022,004.77 Uses: Project Fund Deposits: Project Fund 2,000,000.00 Cost of Issuance: Bond Insurance 265.28 AIVIBB Costs 321.40 Miscellaneous Printing, etc. 241.04 S&P Rating 321.40 Fitch Rating 723,13 AMBB FA 1,500.85 AIVIBB BC 1,009.65 Borrower Costs of Issuance 5,700,00 10,082.75 Delivery Date Expenses: Underwriter's Discount 6,033.76 Surety Policy 1,205.21 7,238.97 Other Uses of Funds: Additional Proceeds 4,683.05 2,022,004.77 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 132 BOND PRICING New Money (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Takedown 2016-4 Serial Bonds (AMT) (Uninsured): 12/01/2017 55,000 3.000% 1.230% 101.888 1,038.40 1.250 12/01/2018 60,000 5.000% 1,420% 107.303 4,381,80 1.250 12/01/2019 65,000 5.000% 1.640% 110.043 6,527.95 2.500 12/01/2020 65,000 5.000% 1.820% 112.441 8,086.65 2.500 12/01/2021 70,000 5.000% 1,980% 114.519 10,163.30 2.500 12/01/2022 75,000 5.000% 2.140% 116.216 12,162.00 2.500 12/01/2023 75,000 5.000% 2.360% 117.113 12,834.75 2.500 12/01/2024 80,000 5.000% 2.520% 118.021 14,416.80 2.500 12/01/2025 85,000 5.000% 2.680% 118.582 15,794.70 3.000 12/01/2026 90,000 5,000% 2.810% 119.102 17,191.80 3,000 12/01/2027 95,000 5.000% 2.950% 117.756 C 3.094% 12/01/2026 100.000 16,868.20 3.000 12/01/2028 100,000 5.000% 3.080% 116.523 C 3.327% 12/01/2026 100.000 16,523.00 3.000 12/01/2029 105,000 5.000% 3,160% 115.772 C 3.488% 12/01/2026 100.000 16,560.60 3.000 12/01/2030 110,000 5.000% 3.250% 114.934 C 3.635% 12/01/2026 100.000 16,427,40 3.000 12/01/2031 115,000 5,000% 3,320% 114.287 C 3,751% 12/01/2026 100,000 16,430,05 3.000 12/01/2032 120,000 5.000% 3,380% 113.736 C 3,846% 12/01/2026 100.000 16,483.20 3.500 12/01/2033 125,000 5,000% 3.440% 113.188 C 3.932% 12/01/2026 100.000 16,485.00 3.500 1,490,000 218,375.60 2016-4 Serial Bonds (AMT) (Insured): 12/01/2034 135,000 5.000% 3,490% 112.734 C 4.003% 12/01/2026 100.000 17,190,90 3.500 12/01/2035 140,000 5.000% 3,530% 112.372 C 4.062% 12/01/2026 100.000 17,320,80 3.500 275,000 34,511.70 1,765,000 252,887,30 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 1,765,000.00 Premium 252,887.30 Production 2,017,887,30 114,327892% Underwriters Discount -6,033.76 -0,341856% Purchase Price 2,011,853.54 113,986036% Accrued Interest Net Proceeds 2,011,853,54 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 133 BOND SUMMARY STATISTICS New Money (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2035 Arbitrage Yield 2.598457% True Interest Cost (TIC) 3.460772% Net Interest Cost (NIC) 3.784556% All-In TIC 3.524810% Average Coupon 4,994191% Average Life (years) 11.562 Weighted Average Maturity (years) 11.591 Duration of Issue (years) 8.949 Par Amount 1,765,000.00 Bond Proceeds 2,017,887.30 Total Interest 1,019,178.33 Net Interest 772,324.79 Total Debt Service 2,784,178.33 Maximum Annual Debt Service 145,875.00 Average Annual Debt Service 145,938.29 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-4 Serial Bonds (AMT) (Uninsured) 1,490,000.00 114.656 4.992% 10.266 1,145.65 2016-4 Serial Bonds (AMT) (Insured) 275,000.00 112.550 5,000% 18.587 248.85 1,765,000.00 11.562 1,394.50 TIC Par Value 1,765,000.00 + Accrued Interest + Premium (Discount) 252,887.30 - Underwriter's Discount -6,033.76 - Cost of Issuance Expense - Other Amounts Target Value 2,011,853.54 Target Date 11/03/2016 Yield 3.460772% All-In TIC 1,765,000.00 252,887.30 -6,033.76 -10,082.75 -110521 2,000,565.58 11/03/2016 3.524810% Arbitrage Yield 1,765,000.00 252,887.30 -1,205.21 2,016,682.09 11/03/2016 2.598457% Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 134 BOND DEBT SERVICE New Money (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 6,778.33 6,778.33 06/01/2017 43,575.00 43,575.00 12/01/2017 55,000 3.000% 43,575.00 98,575.00 06/01/2018 42,750.00 42,750.00 12/01/2018 60,000 5.000% 42,750.00 102,750,00 06/01/2019 41,250.00 41,250.00 12/01/2019 65,000 5.000% 41,250,00 106,250.00 06/01/2020 39,625.00 39,625.00 12/01/2020 65,000 5.000% 39,625,00 104,625.00 06/01/2021 38,000.00 38,000.00 12/01/2021 70,000 5.000% 38,000.00 108,000,00 06/01/2022 36,250.00 36,250.00 12/01/2022 75,000 5.000% 36,250.00 111,250,00 06/01/2023 34,375.00 34,375.00 12/01/2023 75,000 5,000% 34,375.00 109,375.00 06/01/2024 32,500.00 32,500.00 12/01/2024 80,000 5,000% 32,500.00 112,500.00 06/01/2025 30,500.00 30,500.00 12/01/2025 85,000 5,000% 30,500.00 115,500.00 06/01/2026 28,375.00 28,375.00 12/01/2026 90,000 5.000% 28,375.00 118,375.00 06/01/2027 26,125,00 26,125.00 12/01/2027 95,000 5.000% 26,125.00 121,125,00 06/01/2028 23,750.00 23,750.00 12/01/2028 100,000 5.000% 23,750.00 123,750,00 06/01/2029 21,250.00 21,250.00 12/01/2029 105,000 5.000% 21,250.00 126,250.00 06/01/2030 18,625,00 18,625,00 12/01/2030 110,000 5,000% 18,625.00 128,625.00 06/01/2031 15,875,00 15,875.00 12/01/2031 115,000 5.000% 15,875.00 130,875.00 06/01/2032 13,000.00 13,000,00 12/01/2032 120,000 5.000% 13,000.00 133,000.00 06/01/2033 10,000.00 10,000.00 12/01/2033 125,000 5.000% 10,000.00 135,000.00 06/01/2034 6,875.00 6,875.00 12/01/2034 135,000 5.000% 6,875.00 141,875,00 06/01/2035 3,500.00 3,500.00 12/01/2035 140,000 5.000% 3,500.00 143,500.00 1,765,000 1,019,178.33 2,784,178.33 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 135 SOURCES AND USES OF FUNDS Bond Bank Surety (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Other Sources of Funds: Release from Bond Bank Reserve 75,000.00 75,000.00 Uses: Other Delivery Date Expenses: Surety Policy 75,000.00 75,000.00 Oct 18, 2016 4:09 pm Prepared by RBC Capital Markets Page 136 BOND SUMMARY STATISTICS Bond Bank Surety (Non-AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results with Detail by Refunded Bond Bank Series Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity Arbitrage Yield 2.598457% True Interest Cost (TIC) Net Interest Cost (NIC) All-In TIC Average Coupon Average Life (years) Weighted Average Maturity (years) Duration of Issue (years) Par Amount Bond Proceeds Total Interest Net Interest Total Debt Service Maximum Annual Debt Service Average Annual Debt Service Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 0.00 0,000 0.00 All-In Arbitrage TIC TIC Yield Par Value + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense - Other Amounts Target Value Target Date Yield -75,000.00 -75,000.00 11/03/2016 11/03/2016 -75,000,00 -75,000.00 11/03/2016 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets TABLE OF CONTENTS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Report Page AIvIBB GO Bonds 2016 Series Three & Four Sources and Uses of Funds ............................1 Bond Pricing ..................................4 Bond Summary Statistics .............................5 Bond Debt Service Breakdown ..........................6 Bond Maturity Table ...............................8 Summary of Refunding Results ..........................10 Summary of Bonds Refunded ...........................12 Proof of Arbitrage Yield .............................15 City of Petersburg-- Refund GO 2007-1 (Harbor) Sources and Uses of Funds ............................17 Bond Pricing ..................................18 Bond Summary Statistics .............................19 Bond Debt Service ...............................20 Summary of Refunding Results ..........................21 Savings....................................22 Summary of Bonds Refunded ...........................23 Escrow Requirements ..............................24 Escrow Descriptions ...............................25 Escrow Cost ...................................26 Escrow Cash Flow ...............................27 Escrow Sufficiency ...............................28 Unrefunded Bond Debt Service ..........................29 City of Petersburg-- Refund GO 2007-1 (School) Sources and Uses of Funds ............................30 Bond Pricing ..................................31 Bond Summary Statistics .............................32 Bond Debt Service ...............................33 Summary of Refunding Results ..........................34 Savings....................................35 Summary of Bonds Refunded ...........................36 Escrow Requirements ..............................37 Escrow Descriptions ...............................38 Escrow Cost ..................................39 Escrow Cash Flow ...............................40 Escrow Sufficiency ...............................41 Unrefunded Bond Debt Service ..........................42 City of Nome --Refund GO 2007-1 Sources and Uses of Funds ............................43 Bond Pricing ..................................44 Bond Summary Statistics .............................45 Bond Debt Service ...............................46 Summary of Refunding Results ..........................47 Savings....................................48 Summary of Bonds Refunded ...........................49 Escrow Requirements ..............................50 Escrow Descriptions ...............................51 Escrow Cost ..................................52 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets TABLE OF CONTENTS Report Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Page City of Nome -- Refund GO 2007-1 Escrow Cash Flow ...............................53 Escrow Sufficiency ...............................54 Unrefunded Bond Debt Service ..........................55 Northwest Arctic Borough -- Refund GO 2007-1 Sources and Uses of Funds ............................56 Bond Pricing ..................................5 7 Bond Summary Statistics .............................58 Bond Debt Service ...............................59 Summary of Refunding Results ..........................60 Savings....................................61 Summary of Bonds Refunded ...........................62 Escrow Requirements ..............................63 Escrow Descriptions ...............................64 Escrow Cost ..................................65 Escrow Cash Flow ...............................66 Escrow Sufficiency ...............................67 Unrefunded Bond Debt Service ..........................68 City of Seward -- Refund GO 2007-1 Sources and Uses of Funds ............................69 Bond Pricing ..................................70 Bond Summary Statistics .............................71 Bond Debt Service ...............................72 Summary of Refunding Results ..........................73 Savings ....................................74 Summary of Bonds Refunded ...........................75 Escrow Requirements ..............................76 Escrow Descriptions ...............................77 Escrow Cost ..................................78 Escrow Cash Flow ...............................79 Escrow Sufficiency ...............................80 Unrefunded Bond Debt Service ..........................81 City of Wasilla --Refund GO 2007-1 Sources and Uses of Funds ............................82 Bond Pricing ..................................83 Bond Summary Statistics .............................84 Bond Debt Service ...............................85 Summary of Refunding Results ..........................86 Savings....................................87 Summary of Bonds Refunded ...........................88 Escrow Requirements ..............................89 Escrow Descriptions ...............................90 Escrow Cost ..................................91 Escrow Cash Flow ................................92 Escrow Sufficiency ...............................93 Unrefunded Bond Debt Service ..........................94 City and Borough of Sitka --Refund GO 2007-1 Sources and Uses of Funds ............................95 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets TABLE OF CONTENTS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Report Page City and Borough of Sitka -- Refund GO 2007-1 Bond Pricing ..................................96 Bond Summary Statistics .............................97 Bond Debt Service ...............................98 Summary of Refunding Results ..........................99 Savings ....................................100 Summary of Bonds Refunded ...........................101 Escrow Requirements ..............................102 Escrow Descriptions ...............................103 Escrow Cost ..................................104 Escrow Cash Flow ...............................105 Escrow Sufficiency ...............................106 Unrefunded Bond Debt Service ..........................107 Aleutians East Borough -- Refund GO 2007-2 Sources and Uses of Funds ............................108 Bond Pricing ..................................109 Bond Summary Statistics .............................110 Bond Debt Service ...............................111 Summary of Refunding Results ..........................112 Savings ....................................113 Summary of Bonds Refunded ...........................114 Escrow Requirements ..............................115 Escrow Descriptions ...............................116 Escrow Cost ..................................117 Escrow Cash Flow ...............................118 Escrow Sufficiency ...............................119 Unrefunded Bond Debt Service ..........................120 Kenai Peninsula Borough --Refund GO 2007-2 Sources and Uses of Funds ............................121 Bond Pricing ..................................122 Bond Summary Statistics .............................123 Bond Debt Service ...............................124 Summary of Refunding Results ..........................125 Savings....................................126 Summary of Bonds Refunded ...........................127 Escrow Requirements ..............................128 Escrow Descriptions ...............................129 Escrow Cost ..................................130 Escrow Cash Flow ...............................131 Escrow Sufficiency ...............................132 Unrefunded Bond Debt Service ..........................133 City of Bethel --Refund GO 2007-3 Sources and Uses of Funds ............................134 Bond Pricing ..................................135 Bond Summary Statistics .............................136 Bond Debt Service ...............................137 Summary of Refunding Results ..........................138 Savings ....................................139 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets TABLE OF CONTENTS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Report Page City of Bethel -- Refund GO 2007-3 Summary of Bonds Refunded ...........................140 Escrow Requirements ..............................141 Escrow Descriptions ...............................142 Escrow Cost ..................................143 Escrow Cash Flow ...............................144 Escrow Sufficiency ...............................145 Unrefunded Bond Debt Service ..........................146 City of Kodiak -- Refund GO 2007-5 (Harbor) Sources and Uses of Funds ............................147 Bond Pricing ..................................148 Bond Summary Statistics .............................149 Bond Debt Service ...............................150 Summary of Refunding Results ..........................151 Savings....................................152 Summary of Bonds Refunded ...........................153 Escrow Requirements ..............................154 Escrow Descriptions ...............................155 Escrow Cost ..................................156 Escrow Cash Flow ...............................157 Escrow Sufficiency ...............................158 City of Kodiak -- Refund GO 2007-5 (Lift) Sources and Uses of Funds ............................159 Bond Pricing ..................................160 Bond Summary Statistics .............................161 Bond Debt Service ...............................162 Summary of Refunding Results ..........................163 Savings....................................164 Summary of Bonds Refunded ...........................165 Escrow Requirements ..............................166 Escrow Descriptions ...............................167 Escrow Cost ..................................168 Escrow Cash Flow ...............................169 Escrow Sufficiency ...............................170 City of Dillingham --Refund GO 2008-1 Sources and Uses of Funds ............................171 Bond Pricing ..................................172 Bond Summary Statistics .............................173 Bond Debt Service ...............................174 Summary of Refunding Results ..........................175 Savings ....................................176 Summary of Bonds Refunded ...........................177 Escrow Requirements ..............................178 Escrow Descriptions ...............................179 Escrow Cost ..................................180 Escrow Cash Flow ...............................181 Escrow Sufficiency ...............................182 Unrefunded Bond Debt Service ..........................183 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets TABLE OF CONTENTS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Report Page City of Kodiak -- Refund GO 2008-1 Sources and Uses of Funds ............................184 Bond Pricing ..................................185 Bond Summary Statistics .............................186 Bond Debt Service ...............................187 Summary of Refunding Results ..........................188 Savings ....................................189 Summary of Bonds Refunded ...........................190 Escrow Requirements ..............................191 Escrow Descriptions ...............................192 Escrow Cost ..................................193 Escrow Cash Flow ...............................194 Escrow Sufficiency ...............................195 Unrefunded Bond Debt Service ..........................196 Kodiak Island Borough-- Refund GO 2008-1 Sources and Uses of Funds ............................197 Bond Pricing ..................................198 Bond Summary Statistics .............................199 Bond Debt Service ...............................200 Summary of Refunding Results ..........................201 Savings ....................................202 Summary of Bonds Refunded ...........................203 Escrow Requirements ..............................204 Escrow Descriptions ...............................205 Escrow Cost ..................................206 Escrow Cash Flow ...............................207 Escrow Sufficiency ...............................208 Municipality of Skagway --Refund GO 2008-2 Sources and Uses of Funds ............................209 Bond Pricing ..................................210 Bond Summary Statistics .............................211 Bond Debt Service ...............................212 Summary of Refunding Results ..........................213 Savings ....................................214 Summary of Bonds Refunded ...........................215 Escrow Requirements ..............................216 Escrow Descriptions ...............................217 Escrow Cost ..................................218 Escrow Cash Flow ...............................219 Escrow Sufficiency ...............................220 Unrefunded Bond Debt Service ..........................221 City of Kodiak -- Refund GO 2009-1 Sources and Uses of Funds ............................222 Bond Pricing ..................................223 Bond Summary Statistics .............................224 Bond Debt Service ...............................225 Summary of Refunding Results ..........................226 Savings....................................227 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets TABLE OF CONTENTS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Report Page City of Kodiak -- Refund GO 2009-1 Summary of Bonds Refunded ...........................228 Escrow Requirements ..............................229 Escrow Descriptions ...............................230 Escrow Cost ..................................231 Escrow Cash Flow ...............................232 Escrow Sufficiency ...............................233 City and Borough of Juneau -- Refund CBJ 2006B Sources and Uses of Funds ............................234 Bond Pricing ..................................235 Bond Summary Statistics .............................236 Bond Debt Service ...............................237 Summary of Refunding Results ..........................238 Savings....................................239 Summary of Bonds Refunded ...........................240 Escrow Requirements ..............................241 Escrow Descriptions ...............................242 Escrow Cost ..................................243 Escrow Cash Flow ...............................244 Escrow Sufficiency ...............................245 City and Borough of Juneau-- New Money Sources and Uses of Funds ............................246 Bond Pricing ..................................247 Bond Summary Statistics .............................248 Bond Debt Service ...............................249 City of Ketchikan --Refund GO 2006-2 (AMT) Sources and Uses of Funds ............................250 Bond Pricing ..................................251 Bond Summary Statistics .............................252 Bond Debt Service ...............................253 Summary of Refunding Results ..........................254 Savings ....................................255 Summary of Bonds Refunded ...........................256 Escrow Requirements ..............................257 Escrow Descriptions ...............................258 Escrow Cost ..................................259 Escrow Cash Flow ...............................260 Escrow Sufficiency ...............................261 Unrefunded Bond Debt Service ..........................262 City of Kethikan -- New Money Harbor (AMT) Sources and Uses of Funds ............................263 Bond Pricing ..................................264 Bond Summary Statistics .............................265 Bond Debt Service ...............................266 Bond Bank Reserve -- Refund GO 2006-2 (AMT) Sources and Uses of Funds ............................267 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets TABLE OF CONTENTS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Report Page Bond Bank Reserve -- Refund GO 2006-2 (AMT) Bond Summary Statistics .............................268 Summary of Refunding Results ..........................269 Savings....................................270 Summary of Bonds Refunded ...........................271 Escrow Requirements ..............................272 Escrow Descriptions ...............................2 73 Escrow Cost ..................................2 74 Escrow Cash Flow ...............................2 75 Escrow Sufficiency ...............................2 76 Bond Bank Reserve --Refund GO 2007-1 (I) Sources and Uses of Funds ............................277 Bond Summary Statistics .............................278 Summary of Refunding Results ..........................279 Savings ....................................280 Summary of Bonds Refunded ...........................281 Escrow Requirements ..............................282 Escrow Descriptions ...............................283 Escrow Cost ..................................284 Escrow Cash Flow ...............................285 Escrow Sufficiency ...............................286 Unrefunded Bond Debt Service ..........................287 Bond Bank Reserve -- Refund GO 2007-1 (II) Sources and Uses of Funds ............................288 Bond Summary Statistics .............................289 Summary of Refunding Results ..........................29 0 Savings....................................291 Summary of Bonds Refunded ...........................292 Escrow Requirements ..............................293 Escrow Descriptions ...............................294 Escrow Cost ..................................295 Escrow Cash Flow ...............................296 Escrow Sufficiency ...............................297 Bond Bank Reserve -- Refund GO 2007-2 Sources and Uses of Funds ............................298 Bond Summary Statistics .............................299 Summary of Refunding Results ..........................300 Savings ....................................301 Summary of Bonds Refunded ...........................302 Escrow Requirements ..............................303 Escrow Descriptions ...............................304 Escrow Cost ..................................305 Escrow Cash Flow ...............................306 Escrow Sufficiency ...............................307 Bond Bank Surety Sources and Uses of Funds ............................308 Bond Summary Statistics .............................309 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 1 SOURCES AND USES OF FUNDS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11 /03/2016 Delivery Date 11/03/2616 City of City of City and Krnsi Petersburg -- Petersburg -- Northrrest City of Borough of Aleutians Boat Peninsula Refund GO Refund GO City of Home Are/in Borough City of Seward Wssitts -- Silks-- Borough- Borough- City of Bethel 2007-I 2007-I -- RnfurrdGO - Refund GO -- ReSsodGO Refund GO Refund GO Refund 00 Refund GO -- RefoodGO Sources (Harbor)(Sutsoot) 2007-I 2001-I 2007-I 2001-I 2007-I 2007-2 2007-2 2007-3 Bond Proceeds: Parshs0000t 520,000.00 675,000.00 600,000.05 4,470,000,00 1,055,000,00 815,000,06 1,630,000.00 17,155,000.00 2,660,000.00 2000,000.00 Nntyrrmionu/OID 31,717.30 95,292,55 38,753.0S 266,530.10 75,424.25 26,231.30 52,462.60 2872,744,10 390,412.20 327,897.39 551,717,30 765,292.55 688,153.00 4,736,530.10 1,130,424.25 041,231.30 1,682,402.60 20,027,744.10 3,050,412,20 2,327,897.35 Other Sources ofFends: 102,1 83.04 Prior Be- Reserve Fund Prior Bnmownr Bond ycrorede Bond Bunk COI hem/retina Release from Bond Harsh Reserve 102,183.64 551,717.30 165,292.55 688,753.00 4,730,530.10 1,130,424,25 841,231,30 1,682,462.60 20,027,744,10 5,050,412,20 2,430,080,99 City of City of City and Kern Petersburg -- Pete esbnrg-- ytoethoest City ef Soreughef A/rooms Bret Penrruutn Refund GO Refund GO City .17N... Arctic Borough City rfSorserd Werdle -- SiRe -- Borough -- Borough-- City of Bethel 2007-I 2007-1 -- RnfundGO - Refund GO -- ReBcndGD Refund GO Refund GO RefoedGO RrOmdGO -- RrfundGD Dare: (Harbor) (School) 2007-1 2007-I 2007-1 2007-I 20074 2007-2 2001-2 2007-3 t'eo)eetFoed Deposits: Project Pord Refunding BnumrvDeposits: Cash Deposit 1.48 1,06 1,85 1,04 1.01 1.16 1.40 1,46 1.28 1.74 SLGSPorobusrn 541,602.00 756,280,00 679,570,00 4,695,728,00 1,098,435,00 828,897.00 1,662,943.00 19,883,395.00 3,010,211.00 2,398,646,00 541,603.48 156,287,06 079,577.85 4,695,729,04 1,098,436,01 828,898.16 1,662,944,40 19,883,396,46 3,010,212.28 2,398,647,74 Other Freed Deposits: Bo- Rrenesr Fund Cost oflssoarea: A10IBB Corta 94,69 122.00 118,36 0/3,95 192.11 148.40 296.81 5,123.78 484,36 364.18 Misortlareous Printing. etc. 71.02 91,50 88,77 610.46 144.08 111.30 222.61 2,342.83 363.27 273.14 S&P Rating 94.69 122,00 118.36 813.95 192.11 148.40 296.81 3,123.78 484,36 364.18 Pitrtr Rating 213.05 274,50 266.31 1,831.38 432.24 533.91 667.82 7,028.50 1,089.82 819.41 A1u00BFA 161.62 208.24 202.03 1,589.32 327.90 203.31 506.62 5,331.95 826,75 621.62 A14EB BC 840.43 1,082.86 1,050.54 7,224.47 1,705.10 1.317,21 2.634,43 27,726,11 4,299.12 3232.42 YnriSestian Agent 32.06 41.31 40.07 275.57 65.04 50,24 100,49 1,057.09 163.99 123.30 Borrower Costa of Issuance 3,277.31 4,222.69 2,500.00 10,000.00 22,900.00 4,500.00 7,000.00 27,500,00 18,900.00 17,100.00 Bond luonarrer 4,784.87 6,165.10 4,384.44 22,959.10 25,958,58 6,862.77 11,720.59 77,234.54 26.611,67 23.498,25 Delivery Date Bnpnrrsrs: UndrmvritnrsDis000nt 1,201.19 1.942,26 1,554.62 10,704.27 2,672.51 1,432.04 2,804.09 53,220.67 7,913.91 6,157,97 Surety Policy 355.08 457.50 443.85 3,052.31 720,40 556.52 1,113.03 11,714.16 1,816.36 1,365.68 1,606.27 2.399,76 1,998,47 13,750,58 3,392.91 1,988.56 3,977.12 64,934.83 9,190.27 7,523.69 Other Uses of Panda: Additional Proceeds 3.722,68 440.63 2,792.24 4,085.38 2,036.75 3,481.81 3,815.49 2,178,27 3,797.98 411.35 551,717.30 763,292.55 688,153.00 4.736,530,10 1,130,424.25 841,231.30 1,682,462.60 20,027.744.10 3,050,412.20 2,430,080.99 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 2 SOURCES AND USES OF FUNDS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan City and City of Kodiak City of Kodiak lataod Municipality Borough If City and City of -- Rafood GO City .'Kodiak Dillingham - City of Kodiak Borough -- of Skagnony - City of Kodiak Jon000- Borooghof Krtokikno- 2007-5 -BefoodGO Refund GO -- RafitodGO Refund GO Refund GO - Refund GO Refund CBS Jtmmno--Nrro Ra fund GO Sonrorn (Honbon) 2007-5 (Lift) 2008-1 2008-1 20084 2008-2 2009-1 2006B Money 2006-2(AMT) Bond Ftooredt: Pot Ato000t 1,680,001000 3,485,000.00 8,425,000.00 6355000.00 4,905,000.00 2,875,000.00 875,000.00 17,515,000.00 2,635,000,00 27,635,000.00 NntptrntittmlOtD 97097.90 159,114.60 1,383,707.90 389,398.40 806,205.15 464,554.70 54,978.1O 1,266,115.25 381,918,80 3,805.982,25 1,777,097,90 3,644,t t4.80 9,808,707.90 6,744,398.40 5,71 t,205.t5 3.339,554.70 929,918.10 18,841,115.25 3,016,918.80 31,500,982.25 Other Sootoen of Foodo Prior Borrower Reserve Fond 130,536,91 305,064.64 73,173.40 394,321.52 Prior Borrower Bond Pt000ndn 272,409.00 Board Bank COt Itemization 49,868.67 7,476.76 Ratnoan from Bond Bank Rnsnrro 30,536.91 305,064.64 272,409.00 73,173.40 49,868,67 7,476.16 394.321,32 1,907.634.81 3,949,179,44 9,808.107.90 6,144.398.40 5,983,614.15 3,339,554.70 1,903,151,50 16,690,983.92 5,024,395.56 31,895.353.77 City and City of Kodiak City of Kodiak Island Monioip nlity Ooogtrof m City and City of --Refund GO City of Kodiak Dillingham - City of Kodiak Borough --of Okagrooy - City of Kodiak loomu.- Borough of Ketohikan -- 2007-5 Refund GO -- Refund 00 Refund GO Refund GO -- Refund GO Refund CBS Onoeno -Bern Refund GO (Jane' (Harbor) - Bnfmtd (50 2001-5 (Lift) 2000-1 2008-1 2008-1 2008.2 2009.1 2006B Money 2006-2 (AMT) FaOjnot Fond Daponitor 1,000,000,00 Frojeot Food Refoodirg BnrmrvDeposits: CtahOaponil 1.52 1,33 1.56 1,73 1,60 1,86 1.51 10.27 1.93 SLGS FonohonaC 1,771.412.00 3,636,876,00 9.734,427.00 6.682.659.00 5,934,299,00 3,316,206,00 931,038.00 18,755,988.00 31,658,776.00 1,511,413.12 3,636,877,33 9,734,428.96 6,682,660.73 5,934,300.80 3,316,209,86 931,039,51 18.755,998,27 31,658,777.93 Other Fond Deposits: Borrower Reserve Fund 119,555,26 278,493.76 63.551,26 Coat oflatonooe: ASdBB Cong 305.91 634.59 1,534.12 1,137.19 693,16 523.51 159.53 3,200.25 479,61 3.032,09 Mietollaoeoon Priming, nto. 229.44 475.94 5,150.59 667,89 669,87 392,63 119.50 2,400.19 359.66 3,174.07 S&P Baring 305.91 634.59 1,534,12 1,157,19 693.16 523,51 159.33 3,200,20 479.81 5,032,09 Punt Rating 688,31 1,427.82 3,451,77 2,603.68 2,009,63 1,177.90 358,49 7,200,51 1,019.57 11,322.21 AIdBB PA 022.16 1,083,17 2,616,57 1,975.20 1.524,52 893,58 271.96 5,462.49 818,99 23,499.15 AMBBBC 2,155,24 5,632.50 3,616.58 10,271.03 7,927.52 4,646.61 1,414.19 28,404.92 4,258,12 15,808.35 VerifluntionAgent 103,57 214.65 5t9.40 395,78 302,39 177.24 53.94 5,063,49 1,703.68 BoeeonraaCoataoftnaonttOe 3,476,62 7,2t2.33 16,500.00 12,500.00 15,000,00 4,000.00 1,810.85 25,500,00 4,500.00 52,000.00 Bond lootonoto 712,80 1,669.06 2,738.41 352.15 3.965,68 9.060,16 18,964,87 40,925.15 33,662,37 29,220.23 12,534.98 4,700.34 76,402.16 11,976.76 122,133,32 Delivery Data Expenses: Uodemtnitee'aDinoourtt 5,645.70 12,358.52 20,961.13 22.425,16 15,121.11 8,199.18 3,026.22 44.612,39 7,086.23 93,300.34 Sorely Folioy 1,147.18 2,319,71 5,752.95 4.339,46 3,349.34 _1,963.17 597.49 12,000,96 1,799,29 16,870.35 6,992.88 34,118,23 31.754,06 26,764.62 16.470,45 10,762,35 3,623.71 56,013.35 9,485.52 112,110.49 Other Dana ofprmda: Additional Prnteeds 612.39 305.25 1,039,71 1,310.68 1,622.67 247,51 256.68 1,920.14 2,933,28 2,222,03 1,907,634.81 3,949,179.44 9,856,107,90 6,744,396.40 5,983.614.15 3,539,554.70 1,003,151.50 18,890,983.92 3,024,395.56 31,695,303.77 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 3 SOURCES AND USES OF FUNDS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan City of BorcdBook BoodBenk Bond BankBondBonk Kethihest-- Reserve-- Reserve-- Reserve - Reserve-- New Money Refood GO Refund GO Refund GO Refund GO Bond Bunk Some-Nnrhor(AMT) 2006-2(AMT) 2007-1(1) 2007-1(11) 2007-2 Surety 10151 Bond Proceeds: Par thocouot 176500000 109,835,000.00 Net Premium/OlD 252,887.30 13,299,425.30 2,087,887.30 123,134,429,30 Other Sources ofFundo: PeiorBossonne Roneeve Food 1,005,280.1 I Prior B.—Bond Proceeds 272,409.00 Bond Beak COI Ilemio060o 4,117.47 61,462.90 Releose&orsBondBunkReserve 1809,734.06 296,347.02 919,814.19 700,010.83 75,000.00 3,8S1,506.I0 4,117.47 1,809,734.06 290,347.02 919,814.19 700,610.83 75,000.00 5,140,658.11 2,022,004.77 3,809,734,06 296,347,02 919,814.19 700,630.83 75,000.00 128.275,08341 City of BoodBnnk Bond Bank Bond Bank Bond Book Kedoken - Reserve -- Reserve-- Reserve - Reserve -- .1v Money Refund GO Refoud GO Refund GO Refund GO Bond Berth Uses: Hetbor(ASctT) 2000-2(AMT) 2007-1(1) 2007-1(11) 2007-2 Sorely Total Frojrot Fond Deposits: Peojert Fond 2,000,000.00 5,000,000.00 Refunding EsoeoovDeposits: Cosh Deposit 0,00 0,02 0.19 0,83 38,09 SLoSprtootroeee 1,809,734.00 296,347,00 919,814,00 700,610.00 t2I,703907.0.0S 1,809.734.06 290,347,02 919,814.19 700.610,83 121.703,945.09 Other Fund Deposits: 461,581.28 000eoroer Reserve Fund Cost of Isosonre: A30IBB Crusts 321.40 20,000,00 Mitrnitsoe000Pniot'mg, one. 241,04 15,096.00 S&P Rating 323.40 20,000,00 yilolsRating 723.13 49,000.00 AS5IBB PA 1,500.85 50,000.00 AMER BC 1,009.65 146,818,00 Veei8ro600 Agent 6,500.00 Borrower Costs of ls500uoe 5,700.00 266 7 .00 Bond lorcosnoo 269.28 9,700.00 10.082,70 079,718.00 Delivery Date Expenses: Uudnrroeitet's Disnount 6,033.76 334,923,07 Surety Polioy 1,205.21 75,000.00 150,000.0 7,238.97 75,000.00 484,921,07 Other Uses of Foods: Addili000lP0005edr 4,083,05 44,915.97 2,022,004.77 3.809.734.06 296,347.02 919,814.19 700,630.83 75,000.00 128.270,083.41 Page 4 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets BOND PRICING Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non -Call): t2/01/2016 460,000 2000% 0.900% 100.084 386.40 1.250 12/0 1/2017 7,150,000 2.000% 1.080% 100.982 70,213.00 1.250 12/01/2018 9,110,000 4.060% 1 .300% 105.516 502,507.65 1,250 12/01/2019 8,220,000 4.000% 1.440% 107.679 631,213.80 2.500 12/01/2020 9,105,000 4.000% 1.570% 109.561 870,529.05 2.500 12/01/2021 8,230,000 4.000% 1.690% 111.194 921,266.20 2,560 12/01/2022 4,490,000 5.000% 1.820% 118.216 817,898.40 2.500 12/01/2023 4,885,000 5.000% 2.040% 119.414 948,373.90 2.500 12/01/2024 4,450,000 5.000% 2.220% 120.452 910,114.00 2.500 12/01/2025 4,735,000 5.000% 2.380% 121.274 1,007,323.90 3.000 12101/2026 5,005,000 5.000% 2.510% 122.048 1,103,502.40 3.000 12/01/2027 4,855,000 5.000% 2.750% 121.358 1,036,930.90 3.000 70,695,000 8,820,259.55 2016-3 Serial Bonds (Non-AMT) (Unin) (Cult): 12/01/2028 2,755,000 5.000% 2.760% 119.587 C 3.049% 12/01/2026 100.000 539,621.85 3.000 2016-3 Serial Bonds (Non-AMT) (Insured): 12l01/2029 675,000 3.600% 3.130% 98.612 -9,369.00 3.000 12/01/2030 766,000 3,125% 3.250% 98.595 -91 835.00 3.000 1101/2031 720,000 3.125% 3.320% 97,699 -16,567.20 3.000 2,095,000 -35,771.20 2016.3 2033 Term Bond (Non-AMT) (Insured): 12/01/2032 750,000 3.250% 3.440% 97.559 -18,307.50 3.500 12/01/2033 785,000 3.250% 3.440% 97.559 -19,161.85 3.500 1,535,000 -37,469.35 2016-3 2037 Term Bond (Non-AMT) (Insured): 12/01/2034 795,000 3.375% 3.590% 96.838 -25,137.90 3.500 12/01/2035 825,000 3.375% 3.590% 96.838 -26,086.50 3.500 12/01/2036 860,000 3.375% 3.590% 96.838 -27,193.20 3.500 12/01/2037 875.000 3.375% 3.590% 96.838 -27,667.50 3.500 3,355,000 -106,085.10 2016-4 Serial Bonds (AMT) (Uninsured): 12/O1/2016 610,000 2.000% 0.990% 100.077 469.70 1.250 12/01/2017 950,000 3.000% 1.230% 101.888 17,936.00 1.250 12/01/2018 990,000 5.000% 1,420% 107.303 72,299.70 1.250 12/01/2019 1,045,000 5.000% 1.640% 110.043 104,949.35 2.500 12/01/2020 1,090,000 5.000% 1.820% 112.441 135,606.90 2.500 12/01/2021 1,145,000 5.000% 1.980% 114.519 166,242.55 2.500 12/01/2022 1,205,000 5.000% 2.140% 116.216 195,402.88 2.500 12/01/2023 1,260,000 5.000% 2.360% 117.113 215,623.80 2.500 12/01/2024 1,325,000 5.000% 2.520% 118.021 238,778.25 2.500 12/01/2025 1,390,000 5.000% 2.680% 118.582 258,289.80 3.000 12/01/2026 1,460,000 5.000% 2.810% 119.102 278,889,20 3.000 12/01/2027 1,535,000 5.000% 2.950% 117.756 C 3.094% 12/01/2026 100.000 272,554.60 3.000 12/01/2028 1,615,000 5.000% 3.080% 116.523 C 3.327% 12/01/2026 100.000 266,846.45 3.000 12/01/2029 1,690,000 5.000% 3.160% 115.772 C 3,488% 12/01/2026 100.000 266,546.80 3.000 12/01/2030 1,780,000 5.000% 3.250% 114.934 C 3.635% 12/01/2026 100.000 265,825.20 3.000 12/01/2031 1,865,000 5.000% 3.320% 114.287 C 3.751% 12/01/2026 100.000 266,452.55 3.000 12/01/2032 1,960,000 5.000% 3.380% 113.736 C 3.846% 12/01/2026 100.000 269,225,60 3.500 12/01/2033 2,055,000 5.000% 3.440% 113.188 C 3.932% 12/01/2026 100.000 271,013.40 3.500 24,970,000 3,562,952.65 2016-4 Serial Bonds (AMT) (Insured): 12/01/2034 2,165,000 5.000% 3.490% 112.734 C 4.003% 12/01/2026 100.000 275,691,10 3.500 12/01/2035 2,265.000 5.000% 3.530% 112.372 C 4.062% 12/01/2026 100.000 - 280,225,80 3.500 4,430,000 555,916,90 109,835,000 13,299,425,30 Doled Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 109,835,000.00 Premium 13,299,425.30 Production 123,134,425.30 112.108549% Uodrrsvriter's Discount -334,923.07 -0.304933% Purchase Price 122,799,502.23 11 1.803617% Accrued Interest Net Proceeds 122,799,502.23 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 5 BOND SUMMARY STATISTICS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2037 Arbitrage Yield 2,598457% True Interest Cost (TIC) 2.820806% Net Interest Cost (NIC) 3.081514% All-In TIC 2.911975% Average Coupon 4.586166% Average Life (years) 7.845 Weighted Average Maturity (years) 7.922 Duration of Issue (years) 6.642 Par Amount 109,835,000.00 Bond Proceeds 123,134,425.30 Total Interest 39,515,678.96 Net Interest 26,551,176.73 Total Debt Service 149,350,678.96 Maximum Annual Debt Service 14,458,143.76 Average Annual Debt Service 7,085,693.78 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 70,695,000.00 112,476 4.611% 5.317 37,866,10 2016-4 Serial Bonds (AMT) (Uninsured) 24,970,000.00 114.269 4.991% 9.983 18,674.30 2016-3 Serial Bonds (Non-AMT) (Unin) (Call) 2,755,000.00 119.587 5.000% 12.078 2,672.35 2016-3 Serial Bonds (Non-AMT) (Insured) 2,095,000.00 98.293 3.088% 14.099 2,334.70 2016-3 2033 Term Bond (Non-AMT) (Insured) 1,535,000.00 97.559 3.250% 16.589 1,934.10 2016-4 Serial Bonds (AMT) (Insured) 4,430,000.00 112.549 5.000% 18.589 4,008.65 2016-3 2037 Term Bond (Non-AMT) (Insured) 3,355,000.00 96.838 3.375% 19.619 4,831.20 109,835,000.00 7.845 72,321.40 All-In Arbitrage TIC TIC Yield Par Value 109,835,000.00 109,835,000.00 109,835,000.00 + Accrued Interest + Premium (Discount) 13,299,425.30 13,299,425.30 13,299,425.30 - Underwriters Discount -334,923.07 -334,923.07 - Cost of Issuance Expense -579,718.00 - Other Amounts -150,000.00 -150,000.00 Target Value 122,799,502.23 122,069,784.23 122,984,425.30 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 2.820806% 2.911975% 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 6 BOND DEBT SERVICE BREAKDOWN Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan City of City of /°rrrruhoog - Potrtubtarg - NorthooutAntic City ofSroorrd City of Wuaillo City urtdftoroogh Atoo6tnt Rout Kroui Prniouuto City otftrthrl City of Kodiak City of Kodiak City of City of Kodiak Kodiak Island Prriod Rotund GO 2007-1 Rrftntd GO 2007-1 City of Nouar— Boroogh— - Rrfuad 00 - Rofottd GO of Sins. - Borough— Borough - - Rofuod GO - ttoford 00 - Rufond GO Oittioghoro - - ttrfood GO Borough.- Endiog (Harbor) (School) Refund GO 2007-1 Rrfuud 002007-1 2007-1 2007-1 Rrftutd GO 2007-1 Rrftuad 002007-2 Rotund 002007-2 2007-3 2007-5 (Harbor) 2007-5 (Lift) Rrfltud GO 2000-1 2008-1 Rrftutd GO 2008-1 06/30/2017 10.63111 21,82111 23,073.33 159,722,22 22,071.11 28,947.78 57,895,56 718,881.11 88,90089 53,762.22 37,158.33 75,544.44 226,572.06 143,317.78 131,935.56 06/30/2018 137,200,00 83,550,00 171,100.00 1,189,650.00 236,200,00 415,150.00 830,300,00 1,547.150.00 119,350.00 93,050,00 118,762,50 214,900,00 392,150.00 253,000.00 228,350.00 05/30/2019 143,400.00 86,800.00 176,400,00 1,187,700.00 230,200.00 413,100,00 826,200.00 1,592,650,00 119,350,00 254,750.00 112.212,50 217.250,00 1,063,450.00 448,850.00 615.450,00 06/30/2020 138,200.00 84,400,00 174,900.00 1,188,800.00 232,000.00 1,608,050.00 119,350.00 253,050,00 115,112,50 218,550.00 1,060,550.00 430.450,00 619.250.00 06/30/2021 142,800.00 86.900,00 168,300.00 1.183.200.00 228.500,00 1,616,550,00 726,950.00 251,150.00 112,912.50 219di50.00 1,061,550.00 451,650.00 617.350.00 06/30/2022 84,300,00 234,600,00 1.633,050,00 726,650.00 253,930.00 115.612.30 220,550,00 1,066,250,00 447,550.00 619,750,00 0600/2023 81.375,00 1,895,625.00 722.000,00 250.500,00 112,912.50 220,700,00 1,065,500.00 446,950.00 619,006.00 06/30/2024 83,000,00 2,544.875.00 722,625.00 255.625,00 114,787.50 220,073.00 1,064,000.00 449,575.00 619,875.00 06/30/2025 79,500.00 250.250,00 111,537,50 219,200,00 1,060,500.00 451,430.00 619.500,00 06/30/2026 80,875,00 2 ' 119,750.00 2,167,375.00 249,500.00 113,162.30 218,075,00 1 ,064,750.03 447,700.00 622,750.00 06/30/2027 82,000,00 2,193,625,09 253,125,00 114,537.50 216.700,00 1,066.500,00 448,323.00 619,625.00 06/30/2028 2.209,000,00 251,125.00 110.787,50 215,075.00 1.060,875.00 433,075,00 620.125,00 06/30/2029 2,208,875.00 116.787,50 218,075.00 447,075.00 06/30/2030 118,312.50 271.375,00 448,850.00 06/30/2031 113,536.25 274,940,63 448,281.25 06/30/2032 117,065.63 273,143,76 447,187.50 06/30/2033 119,556.26 271,050.01 450,468.75 06/30/2034 116,305.26 278,493.76 453,037.50 06/30/2035 112,993.76 275,459.38 449,950.00 06/30/2036 119,450.01 272.106,25 446,281.25 06/30/2037 115,737.51 273.500,00 452 ' 106.25 06/30/2038 116,940,63 274.556,25 447,425,00 572.231,11 854.521,11 713.77133 4,909,072,22 1,183,571.11 857,197.78 1,714.395.56 23,555,456,11 3,345.263,89 2,669,837,22 2,458,802,14 5.158,969,48 11,252,650.56 0.382.355.28 6,532,960,56 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 7 BOND DEBT SERVICE BREAKDOWN Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan City of Bond Bank Bond Bank Bond Book Bond Book Mnnioiprlity of City of Kodink City nod Borough City nod Borough Krtckikon— City of Krthiknn Rrtorva— Rrsttvr— Rrrroor.- Rosary,— Poriod Skognny - - Rafond GO of Jnntno - of Jnnnnn—Nrw 10,0001002000-2 —NrW Mon,y Rofond GO Rrfknd GO Bofiand GO Rrfond GO Bond Book Ending Rrfnod GO 2008-2 2000-1 RoOtod CB1 2006B Monay (AMT) Harbor (oJotT) 2006-2 (66-IT) 2007-1(1) 2007-1 (II) 2007-2 S—ty Total 121.16333 19.546,95 368795.56 66848.89 1,381.328.89 50,353.33 3.808,363.06 06/30/20 17 06/30/28 131,700.00 63,531.26 3,840,950.00 328,350.00 2,214,925.00 141,325.00 12,750,843.76 06/30/2019 357,100,00 62,631.26 3,861,500.00 331,900.00 2,213,250,00 144,000.00 14408.143.76 06,30/2020 357,70/300 61,431.26 3,849,800.00 332,700.00 5215,360.06 145,87500 13,225.668.76 06/30/2021 357,900.00 60,231.26 3,784,100.00 333,100.00 2,210,375.00 142,825.00 12,755,793.76 06/30/2022 357,700.00 59,031.26 4,029,000.00 333,100.00 2207.875.00 144.250,00 12,533,218.76 06/3012023 355,750.00 62.556,26 331.375,00 2,207,750.00 145,625.00 8.517.618.76 06/30/2024 356,875.00 60,606.26 332,750.00 2,204,875,00 141,875.00 8.671,618.76 06/30/2025 357,250.00 59,036.26 328,500.00 2,204,125.00 143,000.00 8.003.618.76 06,30/2026 356,875.00 62,181.26 328,625.00 2,200,375.00 143,675.00 8.036.118.76 06,30/2027 60,181.26 328,000.00 2,198500.00 144.500,00 8.081.368,76 06/30/2028 355 750.00 358,750.00 63,036.26 2,198,250.00 144.875,00 7,684,993.76 06/30/2029 60,806.26 2,199,375.00 145,000.00 5,395,993.76 06/30/2030 54,081.26 2,191,875,00 144,875.00 3,229,368.76 06/30/2031 57,778.13 2,195.500,00 144,500.00 3,236,556.26 06/30/2032 56,371.88 2,190,000.00 143.875,00 3,228,243.77 06/30/2033 59,856.26 2,190,250.00 143,000.00 3.234.181.28 06/30/2034 63,150.01 2.386,000.00 141,875.00 3,238.862.53 06/30/2035 56.412,51 2.387,000.00 145,375.00 3,227.190.65 06/30/2036 59,640.63 2,178,125.00 143,500.00 3.219.103.14 06/30/2037 02.700,00 904,043.76 06/30/2038 50,843.75 889,763.63 3.824.513.33 1,275,881.50 19,734.145.56 3.375.448,89 43.175.233.89 2.784,178.33 0 0 0 0 0 /45.350.678.06 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 8 BOND MATURITY TABLE Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Muturity Dot, City of Potor,60rg— Refund 00 2007-1 (Harbor) City of Potor,burg.- Refund GO 2007-1 (School) CityofN0000 Refund GO 2007-1 Noothwool Arctic Borough Mood GO 2007-1 (2Oy0050word — Refund GO 2007-1 City of Wusillu— Refund GO 2007.1 Cilymod Borough of Si000— Refund GO 2007-1 ,klroti000hoso Borough— Refund GO 2007-2 Kenai Pooiosulu B0000gh— Refund GO 2007-2 CityofBothol Refund 00 2007-3 CoyofKodiak — PotluodGO 2007-5 (Harbor) CioyofKodiuh — Refund GO 2007-5 (Lift) City of Dillioghuo— Refund GO 2008-1 ('ityofKodiak — Refund GO 2008-1 Kodioklolood Borough— Refund GO 2008-1 Mootoipality of Skugoty— Refund GO 2008-2 City ofKodiok _ Refund GO 2009-1 12/01/2 16 5.000 00,000 70,000 15,000 30,000 265,000 20.000 55,000 85,000 5,000 45.000 30.000 12(01/2017 120.000 55.000 150,000 1,045,000 200,000 395,000 790,000 770,000 165.000 50,000 90,000 680,000 205,000 395.000 230.000 30.000 12/01/2018 130,000 60,000 160,000 1,073,000 200.000 405,000 810,000 640,000 890,000 170.000 55,000 95,000 710,000 215,000 415.000 240,000 30.000 12/01/2019 130.000 60,000 165,000 1,120.000 210,000 935.003 620,000 175,000 55,000 100.000 740,000 225,000 430,000 250.000 30,000 12/01/2020 140,000 65,000 165.000 1,160,000 215,000 990,000 645,000 185,000 60,000 105,000 775,000 230.000 450,000 260.000 30.000 12/01/2021 65,000 230,000 1,305,000 670,000 190,000 60,000 110.000 810,000 240,000 470,000 270.000 35,000 12/01/2022 65,000 1,523,000 705.000 205.000 65.000 115,003 850,000 255.000 495,000 285,000 35,000 12/01/2023 70.000 1,680,000 210,000 65.000 120,000 890,000 270,000 520,000 300,000 35,000 12/01/2024 70,000 1,815,000 220.000 70.000 125,000 940,000 280,000 550.000 315,000 40,000 12/01/2025 75,000 1,935,000 235.000 75.000 130.000 956,000 295.000 579,000 330,060 40.000 12/01/2026 80.000 2,050,000 245.000 75,000 135.000 1,035,000 315.000 605.000 350.000 43,000 12/01/2027 2,155,006 85,000 145.000 325.000 45,000 12/01/2028 90,030 205,000 340,000 40,000 12/01/2029 90,000 215,000 350.000 45,000 12/01/2030 95,000 220,000 360,000 45.000 12/01/2031 100,000 225,000 375.000 50,000 12/01/2032 100.000 240,000 390,000 55,000 12/01/2033 100.000 245,000 400,000 50,000 12/01/2034 110,000 250.000 410.000 55,000 12/01/2035 110.000 260,000 430.000 60,000 12/01/2036 12/01/2037 115,000 270,0000 440,000 50.000 520.000 670,000 650,000 4,470,000 1,055,000 815,000 1,630,000 17,155,000 2,660,000 7,000,000 1,680,000 3,485,000 6,425,000 6,355,000 4,905,000 2,875,000 870,000 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 9 BOND MATURITY TABLE Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Moturioy Dot, City owl Borough of Jun000— Rofotof COO 20060 City and 00000gtoof Ju0000— Now Morxoy2006.2(AMT)Hoobor(A1ofF) City of Kotohi6000— Rofood (10 City of Koth000n— Now M000y Totol 1210112016 610,000 1,070,000 1210112017 3,235,000 215.000 895,000 55,000 8,100,000 12101/2018 3,355,000 225,000 930,006 60,000 10,100,000 12/01/2019 3,480,000 235.000 980.000 65,000 9,265,000 12/01/2020 3.555,000 245,000 1,029,000 65.000 10,195,000 12/01/2021 3,950.000 255,000 1,075.000 70,000 9.375.000 1210112022 265,500 1,130,000 75,000 5,693,000 12/0112023 280,000 1,185.000 75.000 6.149.000 12/01/2024 290,000 1,245,000 80,000 5,775,000 12/01/2025 305,000 1,305,000 85,000 6,125,000 12/01/2026 320,000 1,370,000 90,000 6,465,000 12/01/2027 1,440.000 95.000 6.390,000 12/01/2028 1,515,000 100,000 4.370.000 12/51/2029 1.585,000 105,000 2,365,000 12/01/2030 1,670,000 110,000 2.480,000 1.750,000 115,000 2,585,000 12/01/2031 12/01/2032 1,840,000 120,000 2,710,000 12/01/2033 1,930,000 125,000 2,840,000 12/01/2034 2,030,000 135,000 2.960,000 12/01/2035 2.125,000 140,000 3,090,000 12/01/2036 800,000 12/01/2037 875,000 17,575,000 2,635,000 27,635,000 1,765,000 109,835.000 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 10 SUMMARY OF REFUNDING RESULTS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Dated Date Delivery Date Aabitaege Yield Etceow Yield Value, of Negative Arbiteage Seed Par Aonooat Tree Interest Coat Net Interest Cost Average Coopers Average Life Per eeeouet ef refunded bonds Average teepee of reheaded beads Average life at eetaaded bonds PV of prior debt Net PV Seviags Percentage savings of erfonded bonds Percentage savings tf refunding bonds Aggregate Results by Borrower Loan Pet city of ersborg - City of Peteenbarg- Northwest Arctic City at Sewaed City of Weaille City nerd BoroughAleatiano East Kenat Peeoteela Coy at Bethel City of Kodtsh Coy of Kedteh RefundGO2007-1 RrfondGO2007-1 CityofNoacr - Boecogh- -RefratdGO Refund GO of Sitha- Borough- Boreogh' Refund GO _RefoedGO -P.efimdGO 2007-5 (Lift) (Nether) (School) Retired GO 2007-1 Refond 00 2007-1 2007-1 2007.1 Refund GO 2007-1 Refund GO 2007-2 Refund GO 7007-2 2007-3 2007-5 (Nether) 11/03/2016 11)03/2016 11)03)2016 11/03/2016 11/03/2016 11/03)2016 11/03/2016 11/03/2016 11/03/2016 11/03/2016 11/03/2016 11/03/2016 11/03/2016 01/03/2016 11/03/2016 11/03/2016 11/0312016 11/03)2016 11/03/2016 11/03/2016 11/03/2016 11/03/2016 11/03/2016 11/03/2016 2590457% 2.598457% 2,598457% 2.598457% 2,599497% 2.598457% 2,599437% 2.598457% 2.598457% 2.598457% 2.598457% 2.598457% 0.232434% 0,232412% 0.232422% 0,232473% 0,232445% 0.232143% 0.232144% 0.232301% 0.232380% 0,566868% 0.567011% 0.567008% 1,126.90 1,573.39 1,413.99 9,770.34 2,285,51 1,724.60 3,459.90 41,370.24 6,263,26 39,109.23 28.913,18 59,360.31 520,000.00 670.000,00 650,000.00 4,470.000.00 0,055.000.00 815,000.00 1,630.000,00 17,155,000.00 2,660,000,00 2,000,000.00 1,680,000.00 3,485.000.00 1.524153% 2121979% 1,522500% 1.523828% 1,602002% 1.339738% 1.339738% 2.459195% 1.877075% 1264622% 3.1624099's 3.223928% 1.588171% 2.333459% 1,586038% 1,587557% 1.680266% 1.371702% 1,371703% 2.729697% 2,036903% 2.504201% 3.244589'/s 3.283859% 3.811253% 4.722099% 3.806101% 3.803906% 3.870228% 3.326880% 3.326880% 4.878981% 4,609329% 4,818780% 3.675213% 3.599466% 2.635 5,832 2.578 2.582 3.149 1.556 1.536 7.647 5,589 6.950 12,613 13.349 530,000.00 740,000.00 665,000.00 4,395,000.00 1,075,000.00 810,000.00 1,625,000.00 19,445,000,00 2,945,000.00 2,295,000.00 1,700.000.00 3,490,000.00 4228622% 4342136% 4.234833% 4.231427% 4.235367% 4,610470% 4.616499% 4.439720% 4.340803% 5.000000% 4.686117% 4.698201% 2.653 5.929 2.627 2.031 3.057 1.590 1.589 7.648 3.570 6.732 12.540 13.354 576,69468 843,363.21 723,282.23 4,997,618.30 1,180,939.10 867,243.62 1,739.938,40 22,430,846.15 3,380,661.88 2.699,662.92 1,969,160.54 4,052,414.24 29,951.25 80.433 35 38,876.09 275,077.86 59,824.11 30,926.17 64,155.38 2,464,500.99 342,021.37 276,151.25 187,940.08 394,172.33 5631179% 10,872100% 5.846029% 6.003871% 5.192940% 3.818046% 3,949023% 12.674214% 11.613636% 12.032734% 11.031769% 11.294336% 5,759856% 12.007993% 5.980937% 6.171764% 5.291385% 3,794622% 3.935913% 14.366080% 12.897954% 13.807563% 11.163100% 11.310540% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 11 SUMMARY OF REFUNDING RESULTS Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan City of Diflinglroru - Refund GO 2008-1 City of Kodiak - 6-shred GO 2008-I Kodiak blood Borough- Refund GO 2006-1 Mooioipulityof Skogrnuy - Refoud 002006-2 City of Kodiok - Rofood GO 2009-I City uud Borough of Juuauu Refund CBJ 20068 City of Kttchikuu- hotfoud GO 2006-2 (AMT) Bond Book Reses'ne - Rehmd 002006-2 (AMT) Bond Book Rororor- Rsfirud GO 2007-1 (1) hood Book Rtuosve- Refotnl 002007-1 (II) Bond Bunk Rtsus'ro - Rnfund 002007-2 Totol 11/03/2016 11/03/2016 11/03/2016 11/03/2016 11/03/2016 11/03/2010 11/03/2016 11/03/2016 10/03/2016 11103/2016 11/030016 11/03/2010 11/03/2016 D ed Dote 11/030016 11/03/2016 11/03/2016 11/030016 11/03/2016 11/03/2016 11/03/2016 11/03/2010 11/03/2016 11/03/2016 11/03/2016 2.598457% Deliouty Dote 2.598407% 2598437% 2.598457% 2.598457% 2.598457% 2.598457% 2.598457% 2.598457% 2.598457% 2.398457% 2.598457% 0,606795% ,trubitsoge Yield 0.686316% 0.686090% 0.680224% 0.715535% 0,751713% 0,236828% 0.231556% 0.231755% 0.232447% 0.232403% 0.232249% 1,000,439.78 Eu000w Yield Value ofNsgntivndobituogo 251,163.20 172,176.12 146,820,01 92,278.78 29,949.81 39,055.66 65,861.95 3,765.05 616.60 1,913.84 1,457.71 BoudAmoturt Pae 8,425,000.00 6,355,000.00 4,905,000.00 2,875,000.00 875,000.00 17.575.000.00 27,635,000.00 105.4 35 .000.00 2.819433% Tnroloteeuutost 2.265733% 3.159942% 2.266482% 2,266135% 3.138710% 1.604041% 3.457353% 3.078172% Not Interest Coot 2.505577% 3.244443% 2.506476% 2.505925% 3,229916% 1,682717% 3.781118% 4.573301% Avetoge Coup uru 4.819973% 3.691948% 4.820501% 4.818981% 3,710816% 3.874857% 4.993344% 7,830 AoerugeLife 6,963 12.904 6.970 6.853 12,346 3.171 11.262 9,1 90,000.00 6.280.00000 5,620.000,00 3,060,000,00 850,000.00 18,560,000.00 30,845,000,00 1,763,000,00 290.000,00 900.000,00 685,000.00 117,960.000.00 4.828977% P. 00000nt of refunded bonds bonds 4747755% 5.073285% 4.733479% 4.845995% 5.700791% 4.162023% 5.105393% 5.000000% 4.342206% 4.271720% 4.500000% 12,078 8.102 Aveosge coupon of refunded Averuge life Ofrtfuodedbonds 7.280 13,489 6.429 7.457 12.734 2.926 11,391 19.078 8.009 3.167 10,727,924.77 7,569,597,61 6,448,800.01 3,653,428.56 1,075,713.66 20.035,499.83 36,206,131.37 3.485,875.00 396,143.75 1,038,268.75 1,070,312.50 14,84L930.01 PVof pd. dsbt 946,51771 848,935,05 481,937.64 322,920,55 139,376.32 1.191,048.44 4,406,349,77 1,676.140,94 99,596.73 118,434.36 369,701.67 12,582172% NeIPV Sevingu 10.302693% 13.518074% 8.575403% 10.552959% 16.397214% 6,417287% 14.283459% 94.965492% 34.412666% 13,161618% 53.971047% Peroontogotoviugsufrofiusdedbunds 9.825436% 11.232019% 15,928722% 6.776947% 15.944816% 14.076853% Peroentogosuninguofrufiurdingbonds 11.238192% 13.358537% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 12 SUMMARY OF BONDS REFUNDED Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity kotarast Par Call Call Bond Data Rats Aaroaat Data Prior 002006-2 (AMT) (City of Kalohikaa). 06_2AKI 202ITC 2101/2017 5.500% 975,005.00 12/05/2016 100,000 /2101/2018 5•5555/ 025,000.00 12/05/2016 100.000 12211/2019 5.000% 1 ,085,000,00 12/05/2016 100.000 12/01/2020 5.500% l,140,000.00 12/05/2016 100.000 12101/2021 0.500% 1,205,000.00 12/05/2016 100,000 2026TC 12/01/2022 0.50094 1,270,000,00 12/05/2016 100,000 12101/2023 5.5000's 1,340,000.00 12/05/2016 100.000 12/01/2024 5.5000's 1,415,000.00 12/05/2016 100.500 12/01/2025 5,500% 110.00 1 2/05/2016 100.000 12/01/2026 5,500%'75 0, ,500% :: 415 I.575.050.00 1 2/05/2016 100.500 2031T 12/01/2027 5.000% 1,660,000.00 12/05/2016 100.000 12/01/2028 5.000% l.715,000.00 12/05/2016 100.000 12/01/2029 5.0O/9/ 1,630,000.00 12/05/2016 100.000 12/01/2030 5,000% 1.925.000.00 12/05/2016 105.000 12101/2031 5,000% 2,020,000.00 12/05/2016 100.002 2035TC 12/01/2032 5,000% 2.120,000.00 12/09/2016 150.000 12/01/2033 5,000% 2.22 5,500.00 1 2/05/201 6 100.000 12/01/2034 5.000% 2,340,000,00 12/05/2016 100.000 12/01/2035 5.000% 2,455000.00 12/00/2016 100.000 30,645,000.00 002000-2 (824T) (Bond Bank Raaarva), 06_2AI0t 2035TC 12/01/2035 5.000% 1,765,000.00 12/05/2516 100,000 002007-I (No0toovastAaotio Borough), 07_INWI SERIAL 12/01/2017 5.00/0/a 600.000,00 12/05/201 6 100.000 12/01/2017 4,125% 475,000,00 12/05/2016 100.000 12/01/1018 4,125% 480,000,00 12/05/2016 100,000 12/01/2018 5,000% 645,000,00 12/05/2016 100.000 12/01/2019 4.000% 1,175,000.00 12/00/2016 100,000 12/01/2020 4,125% 1,220,000.00 12/00/2016 100,000 4,595,000.00 002007-1 (City of Pataaakoag - NaovMorory), 07IPNI SERIAL 12/01/2017 5,000% 35,000,00 12/05/2016 100.000 12/01/2017 4.125% 25,000.05 12/05/2016 150.000 12/01/2018 4,125% 30,000.00 12/05/2016 100.000 /2/0I/2018 5.000% 35,000,00 12/05/2000 100.050 12/01/2019 4.000% 65,000.00 12/05/2016 100.000 12/01/2020 4.125% 70,000.00 12/09/2016 100.000 12101/2021 4,250% 70,000.00 12/05/2016 100.000 TERM 12/01/2022 4.375% 75,000.00 I2/05/2016 100.000 12/01/2023 4.375% 60,000.00 12/05/2016 100.000 12/01/2024 4.375% 80.000,00 1 2/05/2016 100.000 12211/2029 4.375% 85,000,00 12/05/2016 00.005 12211/2026 4.375% 90,000.00 12/05/2016 100.000 740,000.00 002007-I (City of Pataatkoag - Rafoadiog), 07_IPR: SERIAL 12/01/2017 5.050% 65,000.00 12/05/2016 100.000 12/01/2017 4,125% 55,000,00 12/05/1016 100.000 12/01/2018 4,125% 00.000,00 12/05/2016 100.000 12/01/2018 5.000% 75,000.00 12/05/2016 100.000 12/01/2019 4.000% 135000,00 12/05/2016 100.000 12/01/2020 4.125% 145,000.00 12/05/2016 100.000 530,000.00 002007-1 (Bond Bank Raaaro, - 2007-1),07 IRN: SERIAL 12/01/2521 4,250% 125,500.00 12/05/1016 100.000 TEEM 12/01/2026 4,37596 175,500.00 12/05/2016 100,000 290,000.00 002007-1 (Eood Brook Rra,ovr - Raforad), 07/RISo SERIAL 12/01/2018 4.125% 100.000,50 12/05/2516 100,000 12/01/2016 5,000% 230.000,00 12/05/2516 00,000 12/01/2020 4.125% 490.000,00 12/05/2016 100.000 900 .00 0.00 002007-1 (City of Orovard), 071SE: SERIAL I2/0I/2017 5.000% I05.050,00 12/05/2016 100.000 12/Sl/2017 4.125% 95.000,00 12/55/2016 100,0(0 4.125% 90,000,00 12/03/2016 100,000 12/01/2S l8 12/01/2018 5,0000'a 115,500.00 12/05/2016 100,000 12101/2019 4.0021/a 215,000.00 12/00/2016 100,000 12/01/2020 4,125% 220,000.00 12/03/2016 /00.000 12/01/2021 4,250% 235000.00 /2/05/2016 100.000 1,075,000,00 002007-I (City tad Boaoogta of Sitka), 071Sf SERIAL 12/01/2017 5.000% 420,000.00 12/05/2016 150.000 12/01/2017 4.125% 375,000.00 12/05/2016 100.055 12/01/2018 4.125% 300,000.00 12/05/2016 100.000 12211/2018 5.000% 400,000,00 12/05/2010 100.000 1,625.000.00 002007-I (City of Noma). 07_I_NI SERIAL 12/01/2017 0.500% 80.000,00 12/05/2016 100.000 12/01/2017 4.125% 75,000,00 12/05/2016 100.000 12/51/2018 4,125% 65,000,00 12/05/2016 100.000 I2/01/2018 5,000% 100,000,00 12/S5/2016 100,000 12/01/2015 4.000% 170,000,00 12/05/2016 100,000 12/01/2020 4.125% 175,000.00 12/05/2016 1 00.000 065,000.00 002007-1 (City of Waailla), 07_I_WI SERIAL 12/01/2017 5.000% 210,050.00 12/00/2016 100.000 12101/2017 4.120% I85,000,00 1 2/05/2016 100.000 12/01 /2018 4,120% I80,000,00 12/05/2016 100.000 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 13 SUMMARY OF BONDS REFUNDED Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results --October 18, 2016 Aggregate --------------------------------------------- Results by Borrower Loan Maturity Interest Per all Call Bond Data Rate Amount Data Paiaa 002007-I (City ofWeeille), 07IW SERIAL 2/01/2018 5000% 235000.00 12/05/2016 100.000 810,000,00 002007-2 (Ateutiaas EnatBoaongla), 072A SERIAL 12/01/2017 4.000% 920,000.00 12/05/2016 100.006 12/01/2018 5.000% 1,015,000.00 12/05/2016 100.000 12/01/2019 5.000% 1,085,000.00 12/05/2016 100.000 12/01/2020 5.000% I,150,000.00 12/05/2016 100.000 12/01/2021 4.00/0/a 1,2/5,000.00 l2/05/2016 100,000 12/01/2022 4.0W1.1.535,000.00 12/00/1016 100.000 12/01/2023 4,500% 1,755,000,00 12/05/2016 100.000 /2/01/2024 4,125% 1,910,000.00 12/05/2016 100,000 TERM 12/01/2025 4,500% 2,040,000.00 12/05/2016 100.000 12/01/2026 4.500% 2,160,000,00 12/05/2016 100,000 TERIvt2 12/01/2027 4.50/0/a 2,275,000,00 12/00/2016 100.000 12/01/2028 4,500% 2,380,000.00 12/09/2016 100,000 19.449,000.00 002007-2 /Kanni Peninsula Borough), 07,2_IC SERIAL 12/01/2017 4.00/0/a 15,000.00 12/05/2016 100.000 12/01/2018 0,000% 15,000.00 12/05/2016 100.000 12/01/2019 5.000% 20,000.00 12/05/2016 100.000 12/01/2029 5.00056 680,000.00 12/05/2016 100.000 12/01/2021 4,000% 710,000.00 12/05/20/0 100.000 12/01/2022 4.000% 735,000.00 /2/05/2016 100.0(5) 12/01/2023 4.500% 770,000,00 12/05/2016 100.000 2,943,000,00 002007-2 (Bond Bank Resnava), 072_IL TERM2 12/01/2028 4.500% 685,000.00 12/05/2016 /00.000 002007-3 (City of Bethel), 07_3_IL T000d22 09/0/62519 5.000% I85,000.00 09/01/2017 100.000 09/Ol/2019 0.000% 190,000.00 09/0/62017 /00.000 09/0I/2020 0.00/0/a 200,000.00 09/01 /2017 100,000 09/0 12021 5.00/0/a 2/0,000,00 09/01/2007 100.000 09/01/2022 5.000%220.000,00 09/01/2017 100,000 T001vI27 09/01/2023 5.000% 235,000.00 09/01/2017 00.000 09/01/2024 5,000% 245,000.00 09/01/2017 100.000 09/01/2025 5.000% 255,000.00 09/01/2017 100.000 09/0t/2026 5.000% 270,000.00 09/01/2017 100.000 09/01/2027 0.000% 285,000.00 09/01/2017 100.000 2,295.000,00 2007 Senire Five (City of Kodiak- Itoebon), 075KP SERIAL 09/01/2017 6,000% 50,000.00 09/01/2018 6,000% 50,000.00 09/01/2017 100.000 09/01/2019 4.000% 55,000,00 09/01/2017 100,000 09/01/1020 4/25% 55,000.00 09/01/2017 100.000 09/01/2021 4.25/F/a 60,000.00 09/01/2017 05.000 09/01/2022 4,300%60,000.00 09/01/2017 100.000 09/00/2021 4.400% 65,000.00 09/01/201 7 100.000 09/01/2024 4.500% 65,000,00 09/01/2017 00.000 09/01/2025 4.500% 70,000,00 09/01/2017 100,000 09/01/2026 4.50/0/s 75,000,00 09/01/2017 /00,000 09/01/2027 4,625% 75,000.00 09/01 /201 7 /00,000 09/01/2028 4.620% 80,000,00 09/01/2017 /00.000 09/01/2029 4.620% 05,000.00 09/01/2017 100.000 09/01/2030 4.750% 90,000.00 09/01/2017 100,000 09/01/2031 4.750% 95,000.00 09/01 /2017 100.000 09/01/2032 4,700% /00,000.00 09/01/2017 100.000 TEttM37 09/01/2033 4,750% 105,000.00 09/01/2017 100,000 09/Ot/2034 4.750% 105,000.00 09/0I/20/7 tOO,000 09/Ot/2035 4.750% tIS,000.00 09/01/2017 100.000 09/0l/2036 4,750% 120,000.00 09/0l/2017 100.000 09/01/2037 4.750% 125,000.00 09/0I/2017 100.000 1,700,000,00 2007 See/es Five (City of Kodiak- Lift), 07_5jCa SERIAL 09/01/2017 0.00/0/a 80,000.00 09/01/2S18 6,000% 85,000,00 09/01/2017 100.000 09/01/2019 4.000% 90,000.00 09/0//2017 100.000 09/71/2020 4.125% 95,000.00 0//01 /2017 100.000 09/0I/2021 4,25/0/a 100,000,00 09/01/2017 100.000 09/01/2022 4.30/0/a /05,000,00 09/01/2017 100,000 09/01/2023 4.400% 11 0,000.00 09/01/20I7 /00.000 09/01/2024 4.500% 115,000,00 09/01/2017 100.000 09/01 /2025 4,500% 120,000.00 09/0I/2017 100.000 09/01/2026 4.500% 125,000.00 09/Ot/2017 100.000 09/01/2027 4.625% 130,000.00 09/01/2017 100.000 09/01/2028 4.629% 135,000,00 09/01/2017 00.000 09/0I/2029 4.620% 200,000.00 09/01/1017 00.000 09/71/2030 4.790% 210,000.00 09/01/2017 100.000 09/0I/2531 4.750% 220,000,00 09/01/2017 100.000 09/01/2032 4.790% 230,000,00 09/01 /2017 100,005 TRRM37 09/01/2033 4.750% 245,000,00 09/01/2017 100,000 09/01/2034 4.75/0/a 255,000,00 09/01/2017 100,000 09/01/2035 4.750% 265,000.00 09/01 /2017 100.000 09/01/2036 4.7SO% 280,000.00 09/01/2017 100.000 09/01/2037 4.75/0/a 295,000.00 09/01/2017 00.000 3,490,000.00 002008-1 (Kodiak lelnad Borough),08IKB SEE 04/01/2017 4.000% 370,000.00 04/01/2018 4,000% 380,000.00 04/01/2019 4,000% 400,000.00 04/01/2018 100.000 04/01/2025 4,250% 415,000,00 04/01/2018 100.000 04/Ot/2021 4,250% 430,000,00 04/01 /2018 00,000 04/0I/2022 4,375% 450,000.00 04/01/2018 /00,000 04/01/2023 4.SO/0/a 470,000.00 04/01/2018 00.000 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 14 SUMMARY OF BONDS REFUNDED Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results - October 18, 2016 Aggregate Results by Borrower Loan Mutmity Tntrreat Pan Cull Bond Data tOol, Amount Data Coil Pain, GO 1008-1 (Kodiak bland Borough), 081K06 SER 04101/2024 4.70034. 490,000.00 04/01/2018 100.000 04/01/2025 4.800% 515000.00 04/01/2018 100.000 04/00/2026 4.900% 540000.00 04/01/2018 300.000 04/01/2027 5.000/4 569000,00 5.000% 04/01/2018 100.000 04/01/2028 59 000.00 04/01/2018 100,000 5,620,000,00 GO 2008-I (City of Kodiak), 081KC SER 04101/2019 4.000% 195,000.00 04/01/2016 100,000 04/01/2020 4.250% 205,000.00 04/01/2018 100.000 04/01/2021 4.250% 215,000.00 04/01/2018 100.000 04/01/2022 4.375% 220,000.00 04/01/20/8 100.000 04/01/2023 4.500% 230,000.00 04/01/2018 100,000 04/0112024 4.700% 240,000.00 04/01/2018 100.000 04/01/2025 4.800% 255,000.00 04/01/2018 100.000 04/01/2020 4,900% 265,000.00 04/01/2018 100.000 04/01/2027 5.000% 280,000.00 04/01/2018 00.000 04/01/2028 5.000% 295,000,00 04/01/2018 00,000 04/01/2029 5.000% 305,000.00 04/1012018 100.000 TE103a833 04/01/2030 5.10011. 320,000.00 04/0112018 100.000 04/Ob/2031 5,300% 340,000.00 04/01/2018 100.000 04/01/2032 5,10090 355,000,00 04/0112018 100.000 04/01/2033 5.100% 375,000.00 04101/2018 100.000 TEI0M38 04/01/2034 5.260% 395,000,00 04/0112016 100.000 04/0112035 5.200% 415,000.00 04/01/2016 100.000 04/01/2036 5,200% 435,000.00 04/01/2018 100.000 04/03/2037 5.200% 460,000.00 04/0b/20/8 00.000 04/01/2038 5,200% 480,000.00 04/01/2018 100,000 6,280,000.00 002000-i (City of Ditiinghraro), 08100 SEE 04/01/2019 4,000% 750,000.00 04101/2018 /00.000 04/01/2020 4,250% 780,000.00 04/01/2018 /00.000 04/01/2021 4.250% 815,000,00 04/01/2018 100,000 04/01/2022 4.375% 850,000.00 04/01/2016 100,000 04/01/2023 4.000% 890,000.00 04/01/2018 100.000 04/01/2024 4,700% 920,000.00 04/01/2018 100.000 04/01/2023 4.800% 970,000.00 04/0/12018 100,000 04/01/2026 4.900%1,020,000.00 04/01/2018 100,000 04/0112027 5.000% 1,070,000.09 04/01/2018 100.000 04/01/2028 5,000% 1,120,000.60 04/01/2018 100.030 9,190,000.00 002008-2 (Monioipaiitp of Skoguny), 06_2SK 3010 06/01/2019 4.400% 243,000.00 06/01/2018 100.000 06/01/2020 4.00011. 260,000.00 06/01/2018 100.000 06/01/2021 4.600% 270,000.00 06/01/2018 100.000 06/01/2022 4.700% 285,000.00 00/01/2018 100.000 06/01/2023 4.700% 295,000.00 00/01/2018 100,000 06/01/2024 4.800% 310,000.00 06/0112019 100,000 06/01/2025 4.650% 329,000.00 06/01/2018 100,000 00/01/2026 4.900% 340,000.00 06/01/2018 /00.000 TER-M28 00/01/2027 5,000% 355,000.00 06/01/2018 100.000 06/01/2028 5.000% 370,000.00 00/01/2018 100.000 3.060,000.00 002009-1 (City of Kodiak), 09_I_3D SER 09/01/2017 5.000% 25,000.00 09/01/2018 5.000% 25,000.00 09/01/2019 5.000% 25,000.00 09/01/2018 100,000 09/01/2020 5.000% 25,000.00 09/01/2018 100.000 09/0112021 5.000% 30,000.00 09/01/2018 00.000 09/01/2022 5.000% 30,000.00 09/01/2018 100.000 09/01/2023 5,250% 30,000.00 09/01/2018 100.000 09/01/2024 5,2509/0 30,000.00 09/01/2018 100,000 09/01/2025 5,375% 35,000.00 09/01/2018 100.000 09/01/2026 5.500% 35,000.00 09/0112019 100.000 09/01/2027 5.500% 40,000.00 09/01/2016 100.000 09/01/2028 3.900% 40,000.00 09/01/20t8 100.000 09/01/2029 5.620% 40,000.00 09/01/2018 100.000 75110433 09/01/2030 5.750% 45,000,00 69/01/2018 100000 09/0i/2031 5.750% 45,000,00 09/01/2018 00.000 09/03/2032 5.750% 50,000,00 09/01/2016 100.000 09/01)2033 5.750% 55,000,00 09/0112018 100.000 T010M37 09/0112034 5,975% 55.000,00 09/01/2018 100.000 09/Ot/2035 5,875% 60,000.00 09/01/2018 100.000 09/01/2036 5,875% 05,000.00 09/01/2018 100.000 09/01/2057 5,075% 65,000,00 09/01/2019 100.000 850,000,00 C87 2006B TtmodrrMouotuiva Sohool Bonds, CB020010 006 09/01/2017 4.000% 3,385,000.00 12/05/2016 300,000 09/01/2018 4.100% 3,549,000.00 12/05/2016 100,000 09/01/2019 4.125% 3,680,000.00 12/05/2016 100.000 09/01/2020 4.125% 3,770,000.00 t2105/2016 00.000 09/01/2021 4,200% 4,090.000.00 12/05/2016 100.000 19,560,000.00 117,960,060.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 15 PROOF OF ARBITRAGE YIELD Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results - October 18, 2016 Aggregate Results by Borrower Loan Present Value to 11/03/2016 Date Debt Service Total @ 2.5984566657% 12/01/2016 1,440,066.18 1,440,066.18 1,437,177.42 06/01/2017 2,368,296.88 2,368,296.88 2,333,232.09 12/01/2017 10,468,296.88 10,468,296.88 10,181,029.38 06/01/2018 2,282,546.88 2,282,546.88 2,191,438.21 12/01/2018 12,382,546.88 12,382,546.88 11,735,818.03 06101/2019 2,075,596.88 2,075,596.88 1,941,959.90 12/01/2019 11,340,596.88 11,340,596.88 10,474,348.63 06/01/2020 1,885,071.88 1,885,071.88 1,718,750,71 12/01/2020 12,080,071.88 12,080,071.88 10,872,974.17 06/01/2021 1,675,721.88 1,675,721.88 1,488,931.24 12/01/2021 11,050,721.88 11,050,721.88 9,692,977.68 06/01/2022 1,482,496.88 1,482,496.88 1,283,672.43 12/01/2022 7,177,496.88 7,177,496.88 6,135,179.90 06/01/2023 1,340,121.88 1,340,121.88 1,130,817.32 12/01/2023 7,485,121.88 7,485,121.88 6,235,063.66 06/01/2024 1,186,496.88 1,186,496.88 975,668.94 12/01/2024 6,961,496.88 6,961,496.88 5,651,091.96 06/01/2025 1,042,121.88 1,042,121.88 835,106.99 12/01/2025 7,167,121.88 7,167,121.88 5,669,728.43 06/01/2026 888,996.88 888,996.88 694,243.09 12/01/2026 27,038,996.88 27,038,996.88 20,844,705.75 06/01/2027 235,246.88 235,246.88 179,028.81 12/01/2027 5,090,246.88 5,090,246.88 3,824,122.23 06/01/2028 113,871.88 113,871.88 84,450.70 12/01/2028 113,871.88 113,871.88 83,367,57 06/01/2029 113,871.88 113,871.88 82,298.33 12/01/2029 788,871.88 788,871.88 562,826.90 06/01/2030 103,746.88 103,746.88 73,069.69 12/01/2030 803,746.88 803,746.88 558,824.45 06/01/2031 92,809.38 92,809.38 63,700.35 12/01/2031 812,809.38 812,809.38 550,722.13 06/01/2032 81,559.39 81,559.39 54,552.12 12/01/2032 831,559.39 831,559.39 549,066.34 06/01/2033 69,371.89 69,371.89 45,217.75 12/01/2033 854,371.89 854,371.89 549,751.25 06/01/2034 56,615.64 56,615.64 35,962.47 12/01/2034 851,615.64 851,615.64 534,011.52 06/01/2035 43,200.01 43,200.01 26,741.44 12/01/2035 868,200.01 868,200.01 530,535.58 06/01/2036 29,278.13 29,278.13 17,661.68 12/01/2036 889,278.13 889,278.13 529,565.96 06/01/2037 14,765.63 14,765.63 8,680.17 12/01/2037 889,765.63 889,765.63 516,351.93 144,568,678.96 144,568,678.96 122,984,425.30 Proceeds Summary Delivery date 11/03/2016 Par Value 109,835,000.00 Premium (Discount) 13,299,425.30 Arbitrage expenses -150,000.00 Target for yield calculation 122,984,425.30 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 16 PROOF OF ARBITRAGE YIELD Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Assumed Call/Computation Dates for Premium Bonds Bond Maturity Call Call Yield To Component Date Rate Yield Date Price Call/Maturity 1ABBOND 12/01/2028 5.000% 2.760% 12/01/2026 100.000 2.760507% 3ABOND 12/01/2027 5.000% 2.950% 12/01/2026 100.000 2.950593% 3ABOND 12/01/2028 5.000% 3.080% 12/01/2026 100.000 3.080597% 3ABOND 12/01/2029 5.000% 3,160% 12/01/2026 100.000 3.160588% 3ABOND 12/01/2030 5.000% 3.250% 12/01/2026 100.000 3,250581% 3ABOND 12/01/2031 5.000% 3.320% 12/01/2026 100.000 3.320602% 3ABOND 12/01/2032 5.000% 3,380% 12/01/2026 100.000 3.380608% 3ABOND 12/01/2033 5.000% 3,440% 12/01/2026 100.000 3,440634% 3BBOND 12/01/2034 5.000% 3.490% 12/01/2026 100.000 3.490628% 3BBOND 12/01/2035 5.000% 3.530% 12/01/2026 100,000 3.530664% Rejected Call/Computation Dates for Premium Bonds Bond Maturity Call Call Yield To Component Date Rate Yield Date Price Call/Maturity 1ABBOND 12/01/2028 5.000% 2.760% 3.048938% 3ABOND 12/01/2027 5.000% 2.950% 3.094261% 3ABOND 12/01/2028 5.000% 3.080% 3.327237% 3ABOND 12/01/2029 5.000% 3.160% 3.487544% 3ABOND 12/01/2030 5.000% 3.250% 3.635026% 3ABOND 12/01/2031 5.000% 3.320% 3.750517% 3ABOND 12/01/2032 5.000% 3.380% 3.846241% 3ABOND 12/01/2033 5.000% 3.440% 3.932130% 3BBOND 12/01/2034 5.000% 3,490% 4.003248% 3BBOND 12/01/2035 5,000% 3.530% 4,061619% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 17 SOURCES AND USES OF FUNDS City of Petersburg -- Refund GO 2007-1 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 520,000,00 Premium 31,717.30 55 1,7 17,30 Uses: Refunding Escrow Deposits: Cash Deposit 1.48 SLGS Purchases 541,602.00 541,603.48 Cost of Issuance: AMBB Costs 94.69 Miscellaneous Printing, etc. 71.02 S&P Rating 94.69 Fitch Rating 213.05 AMBBFA 161.62 AMBB BC 840.43 Verification Agent 32.06 Borrower Costs of Issuance 3,277.31 4,784.87 Delivery Date Expenses: Underwriters Discount 1,251.19 Surety Policy 355.08 1,606.27 Other Uses of Funds: Additional Proceeds 3,722.68 551,717.30 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 18 BOND PRICING City of Petersburg -- Refund GO 2007-1 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2017 120,000 2.000% 1.080% 100.982 1,178.40 1.250 12/01/2018 130,000 4.000% 1.300% 105.516 7,170.80 1.250 12/01/2019 130,000 4,000% 1.440% 107.679 9,982,70 2.500 12/01/2020 140,000 4.000% 1.570% 109.561 13,385.40 2.500 520,000 31,717.30 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 520,000.00 Premium 31,717.30 Production 551,717.30 106.099481% Underwriter's Discount -1,251.19 -0.240613% Purchase Price 550,466.11 105.858867% Accrued Interest Net Proceeds 550,466.11 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 19 BOND SUMMARY STATISTICS City of Petersburg -- Refund GO 2007-1 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2020 Arbitrage Yield 2.598457% True Interest Cost (TIC) 1.524153% Net Interest Cost (MC) 1.588171% All-In TIC 1.896401% Average Coupon 3,811253% Average Life (years) 2.635 Weighted Average Maturity (years) 2.668 Duration of Issue (years) 2.544 Par Amount 520,000.00 Bond Proceeds 551,717.30 Total Interest 52,231.11 Net Interest 21,765.00 Total Debt Service 572,231.11 Maximum Annual Debt Service 143,400.00 Average Annual Debt Service 140,329.16 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 520,000.00 106.099 3.811% 2.635 139.70 520,000.00 2.635 139.70 TIC Par Value 520,000.00 + Accrued Interest + Premium (Discount) 31,717.30 - Underwriter's Discount -1,251.19 - Cost of Issuance Expense - Other Amounts Target Value 550,466.11 Target Date 11/03/2016 Yield 1.524153% All-In TIC Arbitrage Yield 520,000.00 520,000.00 31,717,30 31,717.30 -1,251,19 -4,784.87 -355.08 -355.08 545,326,16 551,362.22 11/03/2016 11/03/2016 1,896401% 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 20 BOND DEBT SERVICE City of Petersburg -- Refund GO 2007-1 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 1,431,11 1,431.11 06/01/2017 9,200.00 9,200,00 12/01/2017 120,000 2.000% 9,200,00 129,200.00 06/01/2018 8,000.00 8,000.00 12/01/2018 130,000 4.000% 8,000.00 138,000,00 06/01/2019 5,400.00 5,400.00 12/01/2019 130,000 4.000% 5,400.00 135,400.00 06/01/2020 2,800.00 2,800,00 12/01/2020 140,000 4.000% 2,800,00 142,800.00 520,000 52,231.11 572,231.11 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 21 SUMMARY OF REFUNDING RESULTS City of Petersburg -- Refund GO 2007-1 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results - October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0,232434% Value of Negative Arbitrage 1,126.90 Bond Par Amount 520,000,00 True Interest Cost 1.524153% Net Interest Cost 1.588171% Average Coupon 3.811253% Average Life 2.635 Par amount of refunded bonds 530,000.00 Average coupon of refunded bonds 4.228622% Average life of refunded bonds 2.653 PV of prior debt to 11/03/2016 @ 1.524153% 576,694.68 Net PV Savings 29,951.25 Percentage savings of refunded bonds 5.651179% Percentage savings of refunding bonds 5.759856% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 22 SAVINGS City of Petersburg-- Refund GO 2007-1 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Prior Refunding Present Value Debt Debt to 11/03/2016 Date Service Service Savings @ 1.5241533% 06/30/2017 22,918,76 10,631.11 12,287.65 12,256.08 06/30/2018 140,159.38 137,200.00 2,959.38 2,906.14 06/30/2019 144,390,63 143,400.00 990,63 957.74 06/30/2020 143,681.26 13 8,200.00 5,481.26 5,229.63 06/30/2021 147,990.63 142,800.00 5,190,63 4,878.99 599,140.66 572,231.11 26,909.55 26,228.57 Savings Summary PV of savings from cash flow 26,228.57 Plus: Refunding funds on hand 3,722.68 Net PV Savings 29,951.25 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 23 SUMMARY OF BONDS REFUNDED City of Petersburg -- Refund GO 2007-1 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2007-1 (City of Petersburg - Refunding), 07_1PR: SERIAL 12/01/2017 5,000% 65,000.00 12/05/2016 100.000 12/01/2017 4.125% 55,000.00 12/05/2016 100,000 12/01/2018 4.125% 55,000.00 12/05/2016 100.000 12/01/2018 5,000% 75,000.00 12/05/2016 100.000 12/01/2019 4.000% 135,000.00 12/05/2016 100.000 12/01/2020 4.125% 145,000.00 12/05/2016 100.000 530,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 24 ESCROW REQUIREMENTS City of Petersburg - Refund GO 2007-1 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results --October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 12/01/2016 11,459.38 11,459.38 12/05/2016 254.65 530,000.00 530,254,65 11,714.03 530,000,00 541,714.03 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 25 ESCROW DESCRIPTIONS City of Petersburg -- Refund GO 2007-1 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Type of Maturity First mt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3,2016: SLGS Certificate 12/01/2016 12/01/2016 11,459 SLGS Certificate 12/05/2016 12/05/2016 530,143 0.240% 0.240% 541,602 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 541,602.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 26 ESCROW COST City of Petersburg -- Refund GO 2007-1 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 11,459 11,459.00 SLGS 12/05/2016 530,143 0.240% 530,143.00 541,602 541,602.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 541,602 1,48 541,603,48 0.232434% 541,602 1.48 541,603.48 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 27 ESCROW CASH FLOW City of Petersburg - Refund GO 2007-1 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.2324338% 12/01/2016 11,459.00 11,459,00 11,456.93 12/05/2016 530,143.00 111.55 530,254.55 530,145.07 541,602.00 111.55 541,713.55 541,602.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 541,602.00 Target for yield calculation 541,602.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 28 ESCROW SUFFICIENCY City of Petersburg -- Refund GO 2007-1 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.48 1.48 1.48 12/01/2016 11,459.38 11,459.00 -0.38 1.10 12/05/2016 530,254.65 530,254.55 -0.10 1.00 541,714.03 541,715.03 1.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 29 IThREFUNDED BOND DEBT SERVICE City of Petersburg -- Refund GO 2007-1 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Period Debt Ending Principal Coupon Interest Service 12/01/2016 120,000 5.000% 3,000 123,000 120,000 3,000 123,000 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 30 SOURCES AND USES OF FUNDS City of Petersburg -- Refund GO 2007-1 (School) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 670,000.00 Premium 95,292.55 765,292.55 Uses: Refunding Escrow Deposits: Cash Deposit 1.06 SLGS Purchases 756,286.00 756,287.06 Cost of Issuance: AMBB Costs 122.00 Miscellaneous Printing, etc. 91.50 S&P Rating 122,00 Fitch Rating 274.50 AMBB FA 208.24 AMBB BC 1,082.86 Verification Agent 41.31 Borrower Costs of Issuance 4,222.69 6,165.10 Delivery Date Expenses: Underwriter's Discount 1,942.26 Surety Policy 457.50 2,399.76 Other Uses of Funds: Additional Proceeds 440.63 765,292.55 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 31 BOND PRICING City of Petersburg -- Refund GO 2007-1 (School) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2016 5,000 2.000% 0.900% 100.084 4.20 1.250 12/01/2017 55,000 2.000% 1.080% 100.982 540.10 1.250 12/01/2018 60,000 4.000% 1.300% 105.516 3,309.60 1.250 12/01/2019 60,000 4.000% 1.440% 107.679 4,607.40 2.500 12/01/2020 65,000 4.000% 1.570% 109.561 6,214.65 2,500 12/01/2021 65,000 4.000% 1.690% 111.194 7,276.10 2.500 12/01/2022 65,000 5.000% 1.820% 118.216 11,840.40 2.500 12/01/2023 70,000 5.000% 2.040% 119.414 13,589.80 2.500 12/01/2024 70,000 5.000% 2,220% 120.452 14,316.40 2.500 12/01/2025 75,000 5.000% 2.380% 121.274 15,955,50 3.000 12/01/2026 80,000 5.000% 2.510% 122.048 17,638.40 3.000 670,000 95,292.55 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 670,000,00 Premium 95,292.55 Production 765,292.55 114.222769% Underwriter's Discount -1,942,26 -0,289890% Purchase Price 763,350,29 113.932879% Accrued Interest Net Proceeds 763,350.29 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 32 BOND SUMMARY STATISTICS City of Petersburg -- Refund GO 2007-1 (School) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2026 Arbitrage Yield 2.598457% True Interest Cost (TIC) 2.121979% Net Interest Cost (NIC) 2.333459% All-In TIC 2.289850% Average Coupon 4.722699% Average Life (years) 5.832 Weighted Average Maturity (years) 6.007 Duration of Issue (years) 5.255 Par Amount 670,000.00 Bond Proceeds 765,292.55 Total Interest 184,521.11 Net Interest 91,170.82 Total Debt Service 854,521.11 Maximum Annual Debt Service 86,900.00 Average Annual Debt Service 84,792.61 Par Average Average PV of I bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 670,000.00 114.223 4.723% 5.832 396.10 670,000.00 5.832 396.10 Par Value 670,000.00 + Accrued Interest + Premium (Discount) 95,292.55 - Underwriter's Discount -1,942.26 - Cost of Issuance Expense - Other Amounts Target Value 763,350.29 Target Date 11/03/2016 Yield 2.121979% All-In TIC 670,000.00 95,292.55 -1,942.26 -6,165.10 -457.50 756,727.69 11/03/2016 2.289850% Arbitrage Yield 670,000.00 95,292.55 -457.50 764,835.05 11/03/2016 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 33 BOND DEBT SERVICE City of Petersburg -- Refund GO 2007-1 (School) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 5,000 2.000% 2,271.11 7,271.11 06/01/2017 14,550.00 14,550.00 12/01/2017 55,000 2.000% 14,550.00 69,550.00 06/01/2018 14,000.00 14,000.00 12/01/2018 60,000 4.000% 14,000.00 74,000,00 06/01/2019 12,800.00 12,800.00 12/01/2019 60,000 4.000% 12,800.00 72,800.00 06/01/2020 11,600,00 11,600.00 12/01/2020 65,000 4.000% 11,600.00 76,600.00 06/01/2021 10,300.00 10,300.00 12/01/2021 65,000 4,000% 10,300.00 75,300.00 06/01/2022 9,000.00 9,000.00 12/01/2022 65,000 5.000% 9,000.00 74,000.00 06/01/2023 7,375.00 7,375.00 12/01/2023 70,000 5.000% 7,375.00 77,375.00 06/01/2024 5,625.00 5,625.00 12/01/2024 70,000 5.000% 5,625.00 75,625.00 06/01/2025 3,875.00 3,875.00 12/01/2025 75,000 5,000% 3,875.00 78,875.00 06/01/2026 2,000.00 2,000.00 12/01/2026 80,000 5.000% 2,000.00 82,000.00 670,000 184,521.11 854,521.11 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 34 SUMMARY OF REFUNDING RESULTS City of Petersburg -- Refund GO 2007-1 (School) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0,232412% Value of Negative Arbitrage 1,573.59 Bond Par Amount 670,000.00 True Interest Cost 2.121979% Net Interest Cost 2.333459% Average Coupon 4.722699% Average Life 5.832 Par amount of refunded bonds 740,000.00 Average coupon of refunded bonds 4.342156% Average life of refunded bonds 5.929 PV of prior debt to 11/03/2016 @ 2.121979% 843,363.21 Net PV Savings 80,453 .55 Percentage savings of refunded bonds 10.872101% Percentage savings of refunding bonds 12.007993% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 35 SAVINGS City of Petersburg -- Refund GO 2007-1 (School) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Prior Refunding Present Value Debt Debt to 11/03/2016 Date Service Service Savings @ 2.1219794% 06/30/2017 32,168.76 21,821.11 10,347.65 10,314.59 06/30/2018 90,778.13 83,550.00 7,228.13 7,058.43 06/30/2019 92,893.75 86,800.00 6,093.75 5,828.25 06/30/2020 90,100.00 84,400.00 5,700,00 5,338.52 06/30/2021 92,356,25 86,900.00 5,456.25 5,004.75 06/30/2022 89,425.00 84,300.00 5,125,00 4,604.40 06/30/2023 91,296.88 81,375.00 9,921,88 8,727.70 06/30/2024 92,906.26 83,000.00 9,906.26 8,531.96 06/30/2025 89,406.26 79,500.00 9,906.26 8,353,75 06/30/2026 90,796.88 80,875.00 9,921.88 8,192.03 06/30/2027 91,968.75 82,000.00 9,968.75 8,058,55 944,096.92 854,521.11 89,575.81 80,012.92 Savings Summary PV of savings from cash flow 80,012,92 Plus: Refunding funds on hand 440.63 Net PV Savings 80,453.55 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 36 SUMMARY OF BONDS REFUNDED City of Petersburg - Refund GO 2007-1 (School) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2007-1 (City of Petersburg - New Money), 07_IPN: SERIAL 12/01/2017 5.000% 35,000.00 12/05/2016 100.000 12/01/2017 4.125% 25,000.00 12/05/2016 100,000 12/01/2018 4.125% 30,000.00 12/05/2016 100.000 12/01/2018 5.000% 35,000.00 12/05/2016 100.000 12/01/2019 4.000% 65,000.00 12/05/2016 100.000 12/01/2020 4.125% 70,000.00 12/05/2016 100.000 12/01/2021 4.250% 70,000.00 12/05/2016 100.000 TERM 12/01/2022 4,375% 75,000.00 12/05/2016 100.000 12/01/2023 4.375% 80,000.00 12/05/2016 100.000 12/01/2024 4.375% 80,000.00 12/05/2016 100.000 12/01/2025 4.375% 85,000.00 12/05/2016 100.000 12/01/2026 4.375% 90,000.00 12/05/2016 100.000 740,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 37 ESCROW REQUIREMENTS City of Petersburg -- Refund GO 2007-1 (School) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 12/01/2016 16,084.38 16,084.38 12/05/2016 357.43 740,000.00 740,357.43 16,441.81 740,000.00 756,441.81 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 38 ESCROW DESCRIPTIONS City of Petersburg -- Refund GO 2007-1 (School) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Type of Maturity First Tnt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 16,085 SLGS Certificate 12/05/2016 12/05/2016 740,201 0.240% 0.240% 756,286 SLGS Summary SLGS Rates File 180CT16 Total Certificates of Indebtedness 756,286.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 39 ESCROW COST City of Petersburg -- Refund GO 2007-1 (School) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 16,085 16,085.00 SLGS 12/05/2016 740,201 0,240% 740,201.00 756,286 756,286.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 756,286 1.06 756,287.06 0.232412% 756,286 1.06 756,287.06 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 40 ESCROW CASH FLOW City of Petersburg -- Refund GO 2007-1 (School) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results --October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.2324117% 12/01/2016 16,085.00 16,085.00 16,082.09 12/05/2016 740,201.00 155.75 740,356.75 740,203.91 756,286.00 155.75 756,441.75 756,286.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 756,286.00 Target for yield calculation 756,286.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 41 ESCROW SUFFICIENCY City of Petersburg -- Refund GO 2007-1 (School) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.06 1.06 1.06 12/01/2016 16,084.38 16,085.00 0.62 1.68 12/05/2016 740,357.43 740,356.75 -0.68 1,00 756,441.81 756,442.81 1.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 42 UNREFUNDED BOND DEBT SERVICE City of Petersburg -- Refund GO 2007-1 (School) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Period Debt Ending Principal Coupon Interest Service 12/01/2016 55,000 5.000% 1,375 56,375 55,000 1,375 56,375 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 43 SOURCES AND USES OF FUNDS City of Nome -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 650,000,00 Premium 38,753.00 688,753.00 Uses: Refunding Escrow Deposits: Cash Deposit 1.85 SLGS Purchases 679,576.00 679,577.85 Cost of Issuance: AMBB Costs 118.36 Miscellaneous Printing, etc. 88.77 S&P Rating 118.36 Fitch Rating 266.31 AMBB FA 202.03 AIvIBB BC 1,050.54 Verification Agent 40.07 Borrower Costs of Issuance 2,500.00 4,384.44 Delivery Date Expenses: 1,554.62 Underwriter's Discount Surety Policy 443.85 1,998.47 Other Uses of Funds: Additional Proceeds 2,792.24 688,753.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 44 BOND PRICING City of Nome -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Bond Component Date Amount Rate Yield Price Premium (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2016 10,000 2.000% 0.900% 100.084 8.40 1.250 12/01/2017 150,000 2.000% 1.080% 100.982 1,473.00 1.250 12/01/2018 160,000 4.000% 1.300% 105.516 8,825.60 1.250 12/01/2019 165,000 4.000% 1.440% 107.679 12,670.35 2.500 12/01/2020 165,000 4.000% 1.570% 109.561 15,775.65 2.500 650,000 38,753.00 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 650,000.00 Premium 38,753.00 Production 688,753.00 105.962000% Underwriter's Discount -1,554.62 -0.239172% Purchase Price 687,198.38 105.722828% Accrued Interest Net Proceeds 687,198.38 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 45 BOND SUMMARY STATISTICS City of Nome -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2020 Arbitrage Yield 2.598457% True Interest Cost (TIC) 1.522501% Net Interest Cost (NIC) 1.586038% All-In TIC 1.808079% Average Coupon 3,806101% Average Life (years) 2.578 Weighted Average Maturity (years) 2.612 Duration of Issue (years) 2.491 Par Amount 650,000.00 Bond Proceeds 688,753.00 Total Interest 63,773.33 Net Interest 26,574.95 Total Debt Service 713,773.33 Maximum Annual Debt Service 176,400,00 Average Annual Debt Service 175,039.78 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 650,000.00 105.962 3,806% 2.578 170.70 650,000,00 2.578 170,70 All-In Arbitrage TIC TIC Yield Par Value 650,000.00 650,000.00 650,000.00 + Accrued Interest + Premium (Discount) 38,753.00 38,753,00 38,753.00 - Underwriter's Discount -1,554.62 -1,554,62 - Cost of Issuance Expense -4,384.44 - Other Amounts -443,85 -443.85 Target Value 687,198.38 682,370,09 688,309.15 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 1.522501% 1.808079% 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 46 BOND DEBT SERVICE City of Nome -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 10,000 2.000% 1,773,33 11,773.33 06/01/2017 11,300.00 11,300,00 12/01/2017 150,000 2.000% 11,300.00 161,300.00 06/01/2018 9,800.00 9,800.00 12/01/2018 160,000 4.000% 9,800.00 169,800,00 06/01/2019 6,600.00 6,600.00 12/01/2019 165,000 4.000% 6,600.00 171,600.00 06/01/2020 3,300.00 3,300,00 12/01/2020 165,000 4.000% 3,300,00 168,300.00 650,000 63,773.33 713,773,33 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 47 SUMMARY OF REFUNDING RESULTS City of Nome -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.232422% Value of Negative Arbitrage 1,413.99 Bond Par Amount 650,000.00 True Interest Cost 1,522501% Net Interest Cost 1.586038% Average Coupon 3.806101% Average Life 2.578 Par amount of refunded bonds 665,000.00 Average coupon of refunded bonds 4.234833% Average life of refunded bonds 2.627 PV of prior debt to 11/03/2016 @ 1.522501% 723,282.23 Net PV Savings 38,876.09 Percentage savings of refunded bonds 5.846029% Percentage savings of refunding bonds 5.980937% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 48 SAVINGS City of Nome -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Prior Refunding Present Value Debt Debt to 11/03/2016 Date Service Service Savings @ 1.5225008% 06/30/2017 28,793.76 23,073.33 5,720.43 5,690.32 06/30/2018 180,246.88 171,100.00 9,146.88 8,990.77 06/30/2019 182,859.38 176,400.00 6,459.38 6,255.99 06/30/2020 180,618,76 174,900.00 5,718.76 5,455.70 06/30/2021 178,609.38 168,300,00 10,309.38 9,691.07 751,128.16 713,773.33 37,354.83 36,083.85 Savings Summary PV of savings from cash flow 36,083,85 Plus: Refunding funds on hand 2,792.24 Net PV Savings 38,876.09 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 49 SUMMARY OF BONDS REFUNDED City of Nome -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2007-1 (City of Nome), 07_1 N: SERIAL 12/01/2017 5.000% 80,000,00 12/05/2016 100.000 12/01/2017 4.125% 75,000.00 12/05/2016 100,000 12/01/2018 4,125% 65,000.00 12/05/2016 100.000 12/01/2018 5.000% 100,000.00 12/05/2016 100.000 12/01/2019 4.000% 170,000.00 12/05/2016 100.000 12/01/2020 4.125% 175,000.00 12/05/2016 100.000 665,000,00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 50 ESCROW REQUIREMENTS City of Nome - Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 12/01/2016 14,396.88 14,396.88 12/05/2016 319.93 665,000,00 665,319.93 14,716.81 665,000.00 679,716.81 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 51 ESCROW DESCRIPTIONS City of Nome -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Type of Maturity First hit Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 14,397 SLGS Certificate 12/05/2016 12/05/2016 665,179 0.240% 0.240% 679,576 SLGS Summary SLGS Rates File 180CT16 Total Certificates of Indebtedness 679,576.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 52 ESCROW COST City of Nome -- Refund (30 20074 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 14,397 14,397.00 SLGS 12/05/2016 665,179 0.240% 665,179.00 679,576 679,576.00 Purchase Cost of Date Securities Cash Deposit Total Escrow Cost Yield 11/03/2016 679,576 1.85 679,577.85 0.232422% 679,576 1.85 679,577.85 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 53 ESCROW CASH FLOW City of Nome -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.2324220% 12/01/2016 14,397.00 14,397.00 14,394.40 12/05/2016 665,179.00 139.96 665,318.96 665,181.60 679,576.00 139.96 679,715.96 679,576.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 679,576.00 Target for yield calculation 679,576,00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 54 ESCROW SUFFICIENCY City of Nome -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1,85 1.85 1,85 12/01/2016 14,396.88 14,397.00 0.12 1,97 12/05/2016 665,319.93 665,318.96 -0.97 1.00 679,716.81 679,717.81 1.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 55 IJNREF1JNDED BOND DEBT SERVICE City of Nome -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Period Debt Ending Principal Coupon Interest Service 12/01/2016 145,000 5.000% 3,625 148,625 145,000 3,625 148,625 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 56 SOURCES AND USES OF FUNDS Northwest Arctic Borough -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 4,470,000.00 Premium 266,530.10 4,736,530,10 Uses: Refunding Escrow Deposits: Cash Deposit 1.04 SLGS Purchases 4,695,728.00 4,695,729.04 Cost of Issuance: AIVIBB Costs 813.95 Miscellaneous Printing, etc. 610.46 S&P Rating 813.95 Fitch Rating 1,831.38 AMBB FA 1,389.32 AMBB BC 7,224,47 Verification Agent 275.57 Borrower Costs of Issuance 10,000.00 22,959.10 Delivery Date Expenses: Underwriter's Discount 10,704.27 Surety Policy 3,052.31 13,756.58 Other Uses of Funds: Additional Proceeds 4,085,38 4,736,530.10 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 57 BOND PRICING Northwest Arctic Borough -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2016 70,000 2.000% 0.900% 100.084 58.80 1.250 12/01/2017 1,045,000 2.000% 1.080% 100.982 10,261.90 1.250 12/01/2018 1,075,000 4,000% 1,300% 105.516 59,297.00 1.250 12/01/2019 1,120,000 4.000% 1.440% 107,679 86,004,80 2.500 12/01/2020 1,160,000 4.000% 1,570% 109.561 110,907.60 2.500 4,470,000 266,530.10 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 4,470,000.00 Premium 266,530.10 Production 4,736,530.10 105.962642% Underwriter's Discount -10,704.27 -0.239469% Purchase Price 4,725,825.83 105.723173% Accrued Interest Net Proceeds 4,725,825.83 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 58 BOND SUMMARY STATISTICS Northwest Arctic Borough -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2020 Arbitrage Yield 2.598457% True Interest Cost (TIC) 1.523828% Net Interest Cost (NIC) 1.587557% All-In TIC 1.746922% Average Coupon 3.803906% Average Life (years) 2.582 Weighted Average Maturity (years) 2.617 Duration of Issue (years) 2.496 Par Amount 4,470,000.00 Bond Proceeds 4,736,530.10 Total Interest 439,072.22 Net Interest 183,246.39 Total Debt Service 4,909,072.22 Maximum Annual Debt Service 1,189,650.00 Average Annual Debt Service 1,203,859.67 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 4,470,000.00 105.963 3.804% 2.582 1,175.85 4,470,000.00 2.582 1,175.85 TIC Par Value 4,470,000.00 + Accrued Interest + Premium (Discount) 266,530.10 - Underwriters Discount -10,704.27 - Cost of Issuance Expense - Other Amounts Target Value 4,725,825.83 Target Date 11/03/2016 Yield 1.523828% All-In TIC Arbitrage Yield 4,470,000,00 4,470,000,00 266,530.10 266,530.10 -10,704.27 -22,959.10 -3,052.31 -3,052.31 4,699,814.42 4,733,477.79 11/03/2016 11/03/2016 1.746922% 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 59 BOND DEBT SERVICE Northwest Arctic Borough -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 70,000 2.000% 12,172.22 82,172.22 06/01/2017 77,550.00 77,550,00 12/01/2017 1,045,000 2.000% 77,550.00 1,122,550.00 06/01/2018 67,100,00 67,100.00 12/01/2018 1,075,000 4.000% 67,100.00 1,142,100,00 06/01/2019 45,600.00 45,600.00 12/01/2019 1,120,000 4.000% 45,600.00 1,165,600.00 06/01/2020 23,200.00 23,200.00 12/01/2020 1,160,000 4.000% 23,200.00 1,183,200.00 4,470,000 439,072.22 4,909,072.22 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 60 SUMMARY OF REFUNDING RESULTS Northwest Arctic Borough -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.232423% Value of Negative Arbitrage 9,770.34 Bond Par Amount 4,470,000.00 True Interest Cost 1.523828% Net Interest Cost 1.587557% Average Coupon 3.803906% Average Life 2.582 Par amount of refunded bonds 4,595,000.00 Average coupon of refunded bonds 4.231427% Average life of refunded bonds 2.631 PV of prior debt to 11/03/2016 @ 1.523828% 4,997,618.31 Net PV Savings 275,877.86 Percentage savings of refunded bonds 6.003871% Percentage savings of refunding bonds 6.171764% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 61 SAVINGS Northwest Arctic Borough -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Prior Refunding to 11/03/2016 Date Debt Service Debt Service Savings @ 1.5238277% 06/30/2017 198,968.76 159,722.22 39,246.54 39,034.57 06/30/2018 1,249,171.88 1,189,650.00 59,521.88 58,499.51 06/30/2019 1,248,350.00 1,187,700.00 60,650.00 58,744.41 06/30/2020 1,248,825.00 1,188,800.00 60,025.00 57,270.84 06/30/2021 1,245,162.50 1,183,200.00 61,962.50 58,243.16 5,190,478.14 4,909,072.22 281,405.92 271,792.48 Savings Summary PV of savings from cash flow 271,792.48 Plus: Refunding funds on hand 4,085.38 Net PV Savings 275,877.86 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 62 SUMMARY OF BONDS REFUNDED Northwest Arctic Borough-- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2007-1 (Northwest Arctic Borough), 071MW: SERIAL 12/01/2017 5.000% 600,000.00 12/05/2016 100.000 12/01/2017 4.125% 475,000.00 12/05/2016 100.000 12/01/2018 4.125% 480,000.00 12/05/2016 100.000 12/01/2018 5.000% 645,000.00 12/05/2016 100.000 12/01/2019 4.000% 1,175,000.00 12/05/2016 100.000 12/01/2020 4.125% 1,220,000.00 12/05/2016 100.000 4,595,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 63 ESCROW REQUIREMENTS Northwest Arctic Borough -- Refund 00 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 12/01/2016 99,484.38 99,484.38 12/05/2016 2,210.76 4,595,000.00 4,597,210.76 101,695.14 4,595,000.00 4,696,695.14 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 64 ESCROW DESCRIPTIONS Northwest Arctic Borough-- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Type of Maturity First mt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 99,485 SLGS Certificate 12/05/2016 12/05/2016 4,596,243 0.240% 0.240% 4,695,728 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 4,695,728.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 65 ESCROW COST Northwest Arctic Borough-- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 99,485 99,485.00 SLGS 12/05/2016 4,596,243 0.240% 4,596,243.00 4,695,728 4,695,728.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 4,695,728 1.04 4,695,729.04 0.232423% 4,695,728 1.04 4,695,729.04 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 66 ESCROW CASH FLOW Northwest Arctic Borough -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.2324234% 12/01/2016 99,485.00 99,485.00 99,467.03 12/05/2016 4,596,243.00 967.10 4,597,210.10 4,596,260.97 4,695,728.00 967.10 4,696,695.10 4,695,728,00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 4,695,728.00 Target for yield calculation 4,695,728.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 67 ESCROW SUFFICIENCY Northwest Arctic Borough -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.04 1.04 1.04 12/01/2016 99,484.38 99,485.00 0.62 1.66 12/05/2016 4,597,210.76 4,597,210.10 -0.66 1.00 4,696,695.14 4,696,696.14 1.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 68 UMEFUMIED BOND DEBT SERVICE Northwest Arctic Borough Refund GO 2007-I Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Period Debt Ending Principal Coupon Interest Service 12/01/2016 1,035,000 5.000% 25,875 1,060,875 1,035,000 25,875 1,060,875 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 69 SOURCES AND USES OF FUNDS City of Seward-- Refund (10 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -_ October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 1,055,000.00 Premium 75,424.25 1,130,424.25 Uses: Refunding Escrow Deposits: Cash Deposit 1.01 SLGS Purchases 1,098,435.00 1,098,436.01 Cost of Issuance: ATvIBB Costs 192.11 Miscellaneous Printing, etc. 144.08 S&P Rating 192.11 Fitch Rating 432.24 AIvIBB FA 327.90 AIvIBB BC 1,705.10 Verification Agent 65.04 Borrower Costs of Issuance 22,900.00 25,958.58 Delivery Date Expenses: Underwriter's Discount 2,672.51 Surety Policy 720.40 3,392,91 Other Uses of Funds: Additional Proceeds 2,636.75 1,130,424.25 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 70 BOND PRICING City of Seward-- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2017 200,000 2.000% 1.080% 100.982 1,964.00 1.250 12/01/2018 200,000 4,000% 1.300% 105.516 11,032.00 1.250 12/01/2019 210,000 4.000% 1.440% 107.679 16,125.90 2,500 12/01/2020 215,000 4,000% 1.570% 109.561 20,556,15 2.500 12/01/2021 230,000 4.000% 1.690% 111.194 25,746.20 2.500 1,055,000 75,424.25 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 1,055,000.00 Premium 75,424.25 Production 1,130,424.25 107.149218% Underwriter's Discount -2,672.51 -0.253318% Purchase Price 1,127,751.74 106.895900% Accrued Interest Net Proceeds 1,127,751.74 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 71 BOND SUMMARY STATISTICS City of Seward --Refund GO 2007-I Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2021 Arbitrage Yield 2.598457% True Interest Cost (TIC) 1,602002% Net Interest Cost (NIC) 1.680266% All-In TIC 2,407269% Average Coupon 3.870228% Average Life (years) 3.149 Weighted Average Maturity (years) 3.195 Duration of Issue (years) 3.011 Par Amount 1,055,000.00 Bond Proceeds 1,130,424.25 Total Interest 128,571.11 Net Interest 55,819.37 Total Debt Service 1,183,571.11 Maximum Annual Debt Service 236,200.00 Average Annual Debt Service 233,088.40 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 1,055,000.00 107.149 3.870% 3.149 339.10 1,055,000,00 3,149 339.10 All-In Arbitrage TIC TIC Yield Par Value 1,055,000.00 + Accrued Interest + Premium (Discount) 75,424,25 - Underwriter's Discount -2,672,51 - Cost of Issuance Expense - Other Amounts Target Value 1,127,751,74 Target Date 11/03/2016 Yield 1.602002% 1,055,000.00 75,424.25 -2,672.51 -25,958,58 -720.40 1,101,072.76 11/03/2016 2.407269% 1,055,000.00 75,424.25 -720.40 1,129,703.85 11/03/2016 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 72 BOND DEBT SERVICE City of Seward-- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 2,971.11 2,971.11 06/01/2017 19,100.00 19,100.00 12/01/2017 200,000 2.000% 19,100.00 219,100.00 06/01/2018 17,100.00 17,100.00 12/01/2018 200,000 4.000% 17,100.00 217,100.00 06/01/2019 13,100.00 13,100.00 12/01/2019 210,000 4.000% 13,100.00 223,100.00 06/01/2020 8,900.00 8,900.00 12/01/2020 215,000 4.000% 8,900.00 223,900.00 06/01/2021 4,600.00 4,600.00 12/01/2021 230,000 4.000% 4,600.00 234,600.00 1,055,000 128,571.11 1,183,571.11 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 73 SUMMARY OF REFUNDING RESULTS City of Seward-- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.232445% Value of Negative Arbitrage 2,285.51 Bond Par Amount 1,055,000.00 True Interest Cost 1.602002% Net Interest Cost 1.680266% Average Coupon 3,870228% Average Life 3.149 Par amount of refunded bonds 1,075,000.00 Average coupon of refunded bonds 4,235367% Average life of refunded bonds 3,157 PV of prior debt to 11/03/2016 @ 1.602002% 1,180,939.10 Net PV Savings 55,824.11 Percentage savings of refunded bonds 5,192940% Percentage savings of refunding bonds 5.291385% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 74 SAVINGS City of Seward-- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Prior Refunding to 11/03/2016 Date Debt Service Debt Service Savings @ 1.6020018% 06/30/2017 46,293.76 22,071.11 24,222,65 24,160.49 06/30/2018 241,709,38 236,200.00 5,509.38 5,404.02 06/30/2019 237,393.75 230,200.00 7,193.75 6,953.54 06/30/2020 238,362.50 232,000.00 6,362.50 6,052.81 06/30/2021 234,525,00 228,500.00 6,025.00 5,642.53 06/30/2022 239,993.75 234,600.00 5,393.75 4,973.97 1,238,278.14 1,183,571.11 54,707,03 53,187.36 Savings Summary PV of savings from cash flow 53,187.36 Plus: Refunding funds on hand 2,636.75 Net PV Savings 55,824.11 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 75 SUMMARY OF BONDS REFUNDED City of Seward-- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Bond Date Interest Rate Par Amount Call Date Call Price GO 2007-1 (City of Seward), 071SE: SERIAL 12/01/2017 5.000% 105,000.00 12/05/2016 100.000 12/01/2017 4.125% 95,000.00 12/05/2016 100.000 12/01/2018 4.125% 90,000,00 12/05/2016 100.000 12/01/2018 5.000% 115,000.00 12/05/2016 100.000 12/01/2019 4.000% 215,000,00 12/05/2016 100.000 12/01/2020 4.125% 220,000.00 12/05/2016 100.000 12/01/2021 4,250% 235,000.00 12/05/2016 100.000 1,075,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 76 ESCROW REQUIREMENTS City of Seward -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 12/01/2016 23,146.88 23,146.88 12/05/2016 514.38 1,075,000.00 1,075,514.38 23,661.26 1,075,000.00 1,098,661.26 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 77 ESCROW DESCRIPTIONS City of Seward-- Refund (30 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Type of Maturity First Tnt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 23,147 SLGS Certificate 12/0 5/2016 12/05/2016 1,075,288 0.240% 0.240% 1,098,435 SLGS Summary SLGS Rates File 180CT16 Total Certificates of Indebtedness 1,098,435.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 78 ESCROW COST City of Seward-- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 23,147 23,147.00 SLGS 12/05/2016 1,075,288 0.240% 1,075,288.00 1,098,435 1,098,435.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 1,098,435 1.01 1,098,436.01 0.232445% 1,098,435 1.01 1,098,436.01 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 79 ESCROW CASH FLOW City of Seward-- Refund (10 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.2324446% 12/01/2016 23,147.00 23,147.00 23,142.82 12/05/2016 1,075,288.00 226.25 1,075,514.25 1,075,292.18 1,098,435.00 226.25 1,098,661.25 1,098,435.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 1,098,435.00 Target for yield calculation 1,098,435,00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 80 ESCROW SUFFICIENCY City of Seward-- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.01 1.01 1.01 12/01/2016 23,146,88 23,147.00 0.12 1.13 12/05/2016 1,075,514.38 1,075,514.25 -0,13 1,00 1,098,661.26 1,098,662.26 1,00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 81 UNREFIJI'IDED BOND DEBT SERVICE City of Seward-- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Period Debt Ending Principal Coupon Interest Service 12/01/2016 190,000 5.000% 4,750 194,750 190,000 4,750 194,750 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 82 SOURCES AND USES OF FUNDS City of Wasilla -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 815,000.00 Premium 26,231.30 841,231.30 Uses: Refunding Escrow Deposits: Cash Deposit 1.16 SLGS Purchases 828,897.00 828,898.16 Cost of Issuance: AMIBB Costs 148.40 Miscellaneous Printing, etc. 111.30 S&P Rating 148.40 Fitch Rating 333.91 AIVIBBFA 253.31 AMIBB BC 1,317.21 Verification Agent 50.24 Borrower Costs of Issuance 4,500.00 6,862.77 Delivery Date Expenses: Underwriter's Discount 1,432.04 Surety Policy 556.52 1,988.56 Other Uses of Funds: Additional Proceeds 3,481.81 841,231.30 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 83 BOND PRICING City of Wasilla -- Refund GO 2007-I Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2016 15,000 2.000% 0.900% 100.084 12.60 1.250 12/01/2017 395,000 2.000% 1.080% 100.982 3,878.90 1,250 12/01/2018 405,000 4.000% 1.300% 105.516 22,339.80 1.250 815,000 26,231.30 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 815,000.00 Premium 26,231.30 Production 841,231.30 103.218564% Underwriter's Discount -1,432.04 -0.175710% Purchase Price 839,799.26 103.042854% Accrued Interest Net Proceeds 839,799.26 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 84 BOND SUMMARY STATISTICS City of Wasilla -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2 016 Last Maturity 12/01/2018 Arbitrage Yield 2.598457% True Interest Cost (TIC) 1.339738% Net Interest Cost (MC) 1.371702% All-In TIC 1.923367% Average Coupon 3,326880% Average Life (years) 1.556 Weighted Average Maturity (years) 1.568 Duration of Issue (years) 1.534 Par Amount 815,000.00 Bond Proceeds 841,231.30 Total Interest 42,197.78 Net Interest 17,398,52 Total Debt Service 857,197.78 Maximum Annual Debt Service 415,150.00 Average Annual Debt Service 412,555.08 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 815,000.00 103.219 3.327% 1.556 124.55 815,000.00 1,556 124.55 All-In Arbitrage TIC TIC Yield Par Value 815,000.00 815,000.00 815,000.00 + Accrued Interest + Premium (Discount) 26,231.30 26,231.30 26,231.30 - Underwriter's Discount -1,432.04 -1,432.04 - Cost of Issuance Expense -6,862.77 Other Amounts -556.52 -556.52 Target Value 839,799.26 832,379.97 840,674.78 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 1.339738% 1,923367% 2,598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 85 BOND DEBT SERVICE City of Wasilla -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 15,000 2.000% 1,897.78 16,897.78 06/01/2017 12,050.00 12,050,00 12/01/2017 395,000 2.000% 12,050.00 407,050.00 06/01/2018 8,100.00 8,100.00 12/01/2018 405,000 4.000% 8,100,00 413,100.00 815,000 42,197.78 857,197.78 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 86 SUMMARY OF REFUNDING RESULTS City of Wasilla -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0,232143% Value of Negative Arbitrage 1,724.60 Bond Par Amount 815,000.00 True Interest Cost 1.339738% Net Interest Cost 1.371702% Average Coupon 3.326880% Average Life 1.556 Par amount of refunded bonds 810,000.00 Average coupon of refunded bonds 4.610470% Average life of refunded bonds 1.590 PV of prior debt to 11/03/2016 @ 1,339738% 867,243.62 Net PV Savings 30,926,17 Percentage savings of refunded bonds 3.818046% Percentage savings of refunding bonds 3.794622% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 87 SAVINGS City of Wasilla -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Prior Refunding Present Value Debt Debt to 11/03/2016 Date Service Service Savings @ 1.3397380% 06/30/2017 37,306.26 28,947.78 8,358,48 8,305.91 06/30/2018 423,240.63 415,150.00 8,090.63 7,965.27 06/30/2019 424,587.50 413,100.00 11,487,50 11,173.17 885,134.39 857,197.78 27,936.61 27,444.36 Savings Summary PV of savings from cash flow 27,444.36 Plus: Refunding funds on hand 3,481.81 Net PV Savings 30,926.17 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 88 SUMMARY OF BONDS REFUNDED City of Wasilla -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2007-1 (City of Wasilla), 071_W: SERIAL 12/01/2017 5.000% 210,000.00 12/05/2016 100.000 12/01/2017 4.125% 185,000.00 12/05/2016 100.000 12/01/2018 4.125% 180,000.00 12/05/2016 100.000 12/01/2018 5.000% 235,000,00 12/05/2016 100.000 810,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 89 ESCROW REQUIREMENTS City of Wasilla -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 12/01/2016 18,653.13 18,653.13 12/05/2016 414,51 810,000.00 810,414.51 19,067.64 810,000.00 829,067.64 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 90 ESCROW DESCRIPTIONS City of Wasilla -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Type of Maturity First Int Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 18,653 SLGS Certificate 12/05/2016 12/05/2016 810,244 0.240% 0.240% 828,897 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 828,897.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 91 ESCROW COST City of Wasilla -- Refund GO 20071 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 18,653 18,653.00 SLGS 12/05/2016 810,244 0.240% 810,244.00 828,897 828,897.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 828,897 1.16 828,898.16 0.232143% 828,897 1.16 828,898,16 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 92 ESCROW CASH FLOW City of Wasilla -- Refund (30 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.2321431% 12/01/2016 18,653.00 18,653.00 18,649.63 12/05/2016 810,244.00 170.48 810,414.48 810,247.37 828,897.00 170.48 829,067.48 828,897.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 828,897.00 Target for yield calculation 828,897.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 93 ESCROW SUFFICIENCY City of Wasilla -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/0/2016 1.16 1.16 1.16 12/01/2016 18,653.13 18,653.00 -0.13 1.03 12/05/2016 810,414.51 810,414.48 -0.03 1.00 829,067.64 829,068.64 1.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 94 UNREFUNDED BOND DEBT SERVICE City of Wasilla -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Period Debt Ending Principal Coupon Interest Service 12/01/2016 375,000 5.000% 9,375 384,375 375,000 9,375 384,375 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 95 SOURCES AND USES OF FUNDS City and Borough of Sitka -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 1,630,000,00 Premium 52,462,60 1,682,462.60 Uses: Refunding Escrow Deposits: Cash Deposit 1.40 SLGS Purchases 1,662,943.00 1,662,944.40 Cost of Issuance: AMBB Costs 296.81 Miscellaneous Printing, etc. 222.61 S&P Rating 296.81 Fitch Rating 667.82 AMBB FA 506.62 AMBB BC 2,634.43 Verification Agent 100,49 Borrower Costs of Issuance 7,000.00 11,725.59 Delivery Date Expenses: Underwriters Discount 2,864.09 Surety Policy 1,113.03 3,977.12 Other Uses of Funds: Additional Proceeds 3,815.49 1,682,462.60 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 96 BOND PRICING City and Borough of Sitka Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2016 30,000 2.000% 0.900% 100.084 25,20 1.250 12/01/2017 790,000 2.000% 1.080% 100.982 7,757.80 1.250 12/01/2018 810,000 4.000% 1.300% 105.516 44,679.60 1.250 1,630,000 52,462.60 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 1,630,000.00 Premium 52,462.60 Production 1,682,462.60 103.218564% Underwriter's Discount -2,864.09 -0.175711% Purchase Price 1,679,598.51 103.042853% Accrued Interest Net Proceeds 1,679,598.51 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 97 BOND SUMMARY STATISTICS City and Borough of Sitka -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2018 Arbitrage Yield 2.598457% True Interest Cost (TIC) 1.339738% Net Interest Cost (NIC) 1.371703% All-In TIC 1.844265% Average Coupon 3.326880% Average Life (years) 1.556 Weighted Average Maturity (years) 1.568 Duration of Issue (years) 1.534 Par Amount 1,630,000.00 Bond Proceeds 1,682,462.60 Total Interest 84,395.56 Net Interest 34,797.05 Total Debt Service 1,714,395.56 Maximum Annual Debt Service 830,300.00 Average Annual Debt Service 825,110.16 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 1,630,000.00 103.219 3.327% 1,556 249.10 1,630,000.00 1,556 249.10 All-In Arbitrage TIC TIC Yield Par Value 1,630,000.00 1,630,000.00 1,630,000.00 + Accrued Interest + Premium (Discount) 52,462.60 52,462,60 52,462.60 - Underwriter's Discount -2,864.09 -2,864.09 - Cost of Issuance Expense -11,725.59 -OtherAmounts -1,113.03 -1,113.03 Target Value 1,679,598.51 1,666,759,89 1,681,349.57 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 1,339738% 1.844265% 2,598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 98 BOND DEBT SERVICE City and Borough of Sitka -- Refund GO 2007-I Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 30,000 2.000% 3,795.56 33,795.56 06/01/2017 24,100.00 24,100,00 12/01/2017 790,000 2.000% 24,100,00 814,100.00 06/01/2018 16,200.00 16,200.00 12/01/2018 810,000 4.000% 16,200.00 826,200.00 1,630,000 84,395.56 1,714,395.56 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 99 SUMMARY OF REFUNDING RESULTS City and Borough of Sitka -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.232144% Value of Negative Arbitrage 3,459.90 Bond Par Amount 1,630,000.00 True Interest Cost 1.339738% Net Interest Cost 1.371703% Average Coupon 3.326880% Average Life 1.556 Par amount of refunded bonds 1,625,000.00 Average coupon of refunded bonds 4.616499% Average life of refunded bonds 1.589 PV of prior debt to 11/03/2016 @ 1.3 39738% 1,739,938.40 Net PV Savings 64,155,38 Percentage savings of refunded bonds 3.948023% Percentage savings of refunding bonds 3.935913% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 100 SAVINGS City and Borough of Sitka -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Prior Refunding to 11/03/2016 Date Debt Service Debt Service Savings @ 1.3397384% 06/30/2017 74,906.26 57,895.56 17,010.70 16,904,28 06/30/2018 851,671.88 830,300.00 21,371.88 21,046.71 06/30/2019 849,218,75 826,200.00 23,018.75 22,388.90 1,775,796.89 1,714,395.56 61,401.33 60,339.89 Savings Summary PV of savings from cash flow 60,339.89 Plus: Refunding funds on hand 3,815.49 Net PV Savings 64,155.38 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 101 SUMMARY OF BONDS REFUNDED City and Borough of Sitka -- Refund (30 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Interest Bond Date Rate GO 2007-1 (City and Borough of Sitka), 07_I SI: SERIAL 12/01/2017 5.000% 12/01/2017 4.125% 12/01/2018 4.125% 12/01/2018 5.000% Par Call Call Amount Date Price 420,000.00 12/05/2016 100,000 375,000.00 12/05/2016 100.000 350,000.00 12/05/2016 100,000 480,000.00 12/05/2016 100.000 1,625,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 102 ESCROW REQUIREMENTS City and Borough of Sitka -- Refund 00 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 12/01/2016 37,453.13 37,453,13 12/05/2016 832.29 1,625,000,00 1,625,832.29 38,285.42 1,625,000.00 1,663,285,42 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 103 ESCROW DESCRIPTIONS City and Borough of Sitka -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Type of Maturity First mt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 37,453 SLGS Certificate 12/05/2016 12/05/2016 1,625,490 0.240% 0,240% 1,662,943 SLGS Summary SLGS Rates File 180CT16 Total Certificates of Indebtedness 1,662,943.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 104 ESCROW COST City and Borough of Sitka -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 37,453 37,453.00 SLGS 12/05/2016 1,625,490 0.240% 1,625,490.00 1,662,943 1,662,943.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 1,662,943 1.40 1,662,944.40 0.232144% 1,662,943 1.40 1,662,944.40 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 105 ESCROW CASH FLOW City and Borough of Sitka -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.2321443% 12/01/2016 37,453.00 37,453.00 37,446.24 12/05/2016 1,625,490.00 342.02 1,625,832.02 1,625,496.76 1,662,943.00 342.02 1,663,285.02 1,662,943.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 1,662,943.00 Target for yield calculation 1,662,943.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 106 ESCROW SUFFICIENCY City and Borough of Sitka -- Refund GO 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.40 1.40 1.40 12/01/2016 37,453.13 37,453.00 -0.13 1.27 12/05/2016 1,625,832.29 1,625,832.02 -0.27 1.00 1,663,285.42 1,663,286.42 1.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 107 UNREFUNTIED BOND DEBT SERVICE City and Borough of Sitka -- Refund (30 2007-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Period Debt Ending Principal Coupon Interest Service 12/01/2016 755,000 5.000% 18,875 773,875 755,000 18,875 773,875 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 108 SOURCES AND USES OF FUNDS Aleutians East Borough-- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 17,155,000.00 Premium 2,872,744.10 20,027,744.10 Uses: Refunding Escrow Deposits: Cash Deposit 1.46 SLOS Purchases 19,883,395.00 19,883,396.46 Cost of Issuance: AMBB Costs 3,123.78 Miscellaneous Printing, etc. 2,342.83 S&P Rating 3,123.78 Fitch Rating 7,028.50 AIVIBBFA 5,331.95 AIvIBB BC 27,726.11 Verification Agent 1,057.59 Borrower Costs of Issuance 27,500.00 77,234.54 Delivery Date Expenses: Underwriter's Discount 53,220.67 Surety Policy 11,714.16 64,934.83 Other Uses of Funds: Additional Proceeds 2,178.27 20,027,744.10 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 109 BOND PPJCING Aleutians East Borough-- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2016 265,000 2.000% 0.900% 100.084 222.60 1.250 12/01/2017 770,000 2.000% 1.080% 100.982 7,561.40 1.250 12/01/2018 840,000 4.000% 1.300% 105.516 46,334.40 1.250 12/01/2019 890,000 4.000% 1,440% 107.679 68,343.10 2.500 12/01/2020 935,000 4.000% 1,570% 109,561 89,395,35 2.500 12/01/2021 990,000 4.000% 1.690% 111.194 110,820.60 2.500 12/01/2022 1,305,000 5.000% 1,820% 118.216 237,718.80 2.500 12/01/2023 1,525,000 5.000% 2,040% 119,414 296,063.50 2.500 12/01/2024 1,680,000 5.000% 2.220% 120,452 343,593,60 2.500 12/01/2025 1,815,000 5,000% 2,380% 121.274 386,123.10 3.000 12/01/2026 1,935,000 5.000% 2.510% 122,048 426,628,80 3,000 12/01/2027 2,050,000 5,000% 2.750% 121.358 437,839.00 3.000 15,000,000 2,450,644.25 2016-3 Serial Bonds (Non-AMT) (Unin) (Call): 12/01/2028 2,155,000 5.000% 2.760% 119.587 C 3,049% 12/01/2026 100,000 422,099.85 3.000 17,155,000 2,872,744.10 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 17,155,000.00 Premium 2,872,744.10 Production 20,027,744.10 116.745812% Underwriter's Discount -53,220.67 -0.310234% Purchase Price 19,974,523.43 116.435578% Accrued Interest Net Proceeds 19,974,523.43 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 110 Bond Component BOND SUMMARY STATISTICS Aleutians East Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2028 Arbitrage Yield 2.598457% True Interest Cost (TIC) 2.459195% Net Interest Cost (NIC) 2.729697% All-In TIC 2.527767% Average Coupon 4.878981% Average Life (years) 7.647 Weighted Average Maturity (years) 7.814 Duration of Issue (years) 6,594 Par Amount 17,155,000.00 Bond Proceeds 20,027,744.10 Total Interest 6,400,456.11 Net Interest 3,580,932.68 Total Debt Service 23,555,456.11 Maximum Annual Debt Service 2,209,000.00 Average Annual Debt Service 1,950,313.75 Par Average Average Value Price Coupon Life PVofl bp change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 15,000,000.00 116.338 4.849% 7.010 10,518.35 2016-3 Serial Bonds (Non-AMT) (Unin) (Call) 2,155,000.00 119,587 5,000% 12.078 2,090.35 17,155,000.00 7.647 12,608.70 All-In TIC Arbitrage Yield 17,155,000.00 17,155,000.00 2,872,744.10 2,872,744.10 -53,220.67 -77,234.54 -11,714.16 -11,714,16 19,885,574,73 20,016,029.94 11/03/2016 11/03/2016 2.527767% 2.598457% Par Value + Accrued Interest + Premium (Discount) - Underwriters Discount - Cost of Issuance Expense - Other Amounts Target Value Target Date Yield TIC 17,155,000.00 2,872,744.10 -53,220.67 19,974,523.43 11/03/2016 2.459195% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 111 BOND DEBT SERVICE Aleutians East Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 265,000 2.000% 61,456.11 326,456.11 06/01/2017 392,425.00 392,425.00 12/01/2017 770,000 2.000% 392,425.00 1,162,425.00 06/01/2018 384,725.00 384,725.00 12/01/2018 840,000 4.000% 384,725.00 1,224,725.00 06/01/2019 367,925.00 367,925.00 12/01/2019 890,000 4.000% 367,925.00 1,257,925.00 06/01/2020 350,125.00 350,125.00 12/01/2020 935,000 4,000% 350,125,00 1,285,125.00 06/01/2021 331,425,00 331,425.00 12/01/2021 990,000 4.000% 331,425.00 1,321,425.00 06/01/2022 311,625.00 311,625.00 12/01/2022 1,305,000 5.000% 311,625.00 1,616,625.00 06/01/2023 279,000.00 279,000.00 12/01/2023 1,525,000 5.000% 279,000.00 1,804,000.00 06/01/2024 240,875.00 240,875.00 12/01/2024 1,680,000 5.000% 240,875.00 1,920,875.00 06/01/2025 198,875,00 198,875.00 12/01/2025 1,815,000 5.000% 198,875.00 2,013,875.00 06/01/2026 153,500.00 153,500.00 12/01/2026 1,935,000 5.000% 153,500.00 2,088,500.00 06/01/2027 105,125.00 105,125.00 12/01/2027 2,050,000 5.000% 105,125.00 2,155,125.00 06/01/2028 53,875.00 53,875.00 12/01/2028 2,155,000 5.000% 53,875.00 2,208,875.00 17,155,000 6,400,456.11 23,555,456.11 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 112 SUMMARY OF REFUNDING RESULTS Aleutians East Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2,598457% Escrow yield 0,232301% Value of Negative Arbitrage 41,370.24 Bond Par Amount 17,155,000.00 True Interest Cost 2.459195% Net Interest Cost 2.729697% Average Coupon 4.878981% Average Life 7.647 Par amount of refunded bonds 19,445,000.00 Average coupon of refunded bonds 4.439720% Average life of refunded bonds 7.648 PV of prior debt to 11/03/2016 @2.459195% 22,436,846.15 Net PV Savings 2,464,500.99 Percentage savings of refunded bonds 12.674214% Percentage savings of refunding bonds 14.366080% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 113 SAVINGS Aleutians East Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Prior Refunding to 11/03/2016 Date Debt Service Debt Service Savings @ 2.4591950% 06/30/2017 865,737.50 718,881.11 146,856.39 146,087.15 06/30/2018 1,772,237.50 1,547,150.00 225,087.50 218,884,72 06/30/2019 1,818,362.50 1,592,650.00 225,712,50 214,292.65 06/30/2020 1,835,862.50 1,608,050.00 227,812.50 211,171.28 06/30/2021 1,844,987.50 1,616,550.00 228,437.50 206,748.61 06/30/2022 1,856,937.50 1,633,050.00 223,887.50 197,785.86 06/30/2023 2,121,937.50 1,895,625.00 226,312.50 195,080.27 06/30/2024 2,271,750.00 2,044,875.00 226,875.00 190,856.98 06/30/2025 2,347,868.75 2,119,750.00 228,118.75 187,243.53 06/30/2026 2,392,575.00 2,167,375.00 225,200.00 180,389.56 06/30/2027 2,418,075.00 2,193,625.00 224,450.00 175,449.81 06/30/2028 2,433,287.50 2,209,000.00 224,287,50 171,088.92 06/30/2029 2,433,550.00 2,208,875.00 224,675.00 167,243.36 26,413,168.75 23,555,456.11 2,857,712.64 2,462,322.72 Savings Summary PV of savings from cash flow 2,462,322,72 Plus: Refunding funds on hand 2,178.27 Net PV Savings 2,464,500,99 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 114 SUMMARY OF BONDS REFUNDED Aleutians East Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2007-2 (Aleutians East Borough), 072_A: SERIAL 12/01/2017 4.000% 925,000.00 12/05/2016 100.000 12/01/2018 5.000% 1,015,000.00 12/05/2016 100.000 12/01/2019 5.000% 1,085,000.00 12/05/2016 100.000 12/01/2020 5.000% 1,150,000.00 12/05/2016 100.000 12/01/2021 4.000% 1,215,000.00 12/05/2016 100.000 12/01/2022 4.000% 1,535,000.00 12/05/2016 100.000 12/01/2023 4.500% 1,755,000,00 12/05/2016 100.000 12/01/2024 4.125% 1,910,000.00 12/05/2016 100,000 TERM 12/01/2025 4.500% 2,040,000.00 12/05/2016 100.000 12/01/2026 4.500% 2,160,000,00 12/05/2016 100.000 TERIvI2 12/01/2027 4.500% 2,275,000.00 12/05/2016 100.000 12/01/2028 4.500% 2,380,000.00 12/05/2016 100,000 19,445,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 115 ESCROW REQUIREMENTS Aleutians East Borough-- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 12/01/2016 432,868.75 432,868.75 12/05/2016 9,619.31 19,445,000.00 19,454,619.31 442,488.06 19,445,000.00 19,887,488.06 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 116 ESCROW DESCRIPTIONS Aleutians East Borough-- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Type of Maturity First Tnt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 432,869 SLGS Certificate 12/05/2016 12/05/2016 19,450,526 0.240% 0.240% 19,883,395 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 19,883,395.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 117 ESCROW COST Aleutians East Borough Refund (10 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 432,869 432,869.00 SLGS 12/05/2016 19,450,526 0.240% 19,450,526.00 19,883,395 19,883,395.00 Purchase Cost of Date Securities Cash Deposit Total Escrow Cost Yield 11/03/2016 19,883,395 1.46 19,883,396,46 0.232301% 19,883,395 1.46 19,883,396.46 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 118 ESCROW CASH FLOW Aleutians East Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.2323014% 12/01/2016 432,869.00 432,869,00 432,790.84 12/05/2016 19,450,526,00 4,092.60 19,454,618.60 19,450,604.16 19,883,395.00 4,092.60 19,887,487.60 19,883,395.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 19,883,395.00 Target for yield calculation 19,883,395.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 119 ESCROW SUFFICIENCY Aleutians East Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.46 1.46 1.46 12/01/2016 432,868.75 432,869.00 0.25 1.71 12/05/2016 19,454,619.31 19,454,618.60 -0.71 1,00 19,887,488.06 19,887,489.06 1.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 120 UNREFUNDED BOND DEBT SERVICE Aleutians East Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Period Debt Ending Principal Coupon Interest Service 12/01/2016 80,000 4.000% 1,600 81,600 80,000 1,600 81,600 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 121 SOURCES AND USES OF FUNDS Kenai Peninsula Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 2,660,000,00 Premium 390,412.20 3,050,412.20 Uses: Refunding Escrow Deposits: Cash Deposit 1.28 SLGS Purchases 3,010,211.00 3,010,212.28 Cost of Issuance: AMBB Costs 484.36 Miscellaneous Printing, etc. 363.27 S&P Rating 484.36 Fitch Rating 1,089.82 AMBB FA 826.75 AMBB BC 4,299.12 Verification Agent 163,99 Borrower Costs of Issuance 18,900.00 26,611.67 Delivery Date Expenses: Underwriter's Discount 7,973.91 Surety Policy 1,816.36 9,790.27 Other Uses of Funds: Additional Proceeds 3,797.98 3,050,412.20 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 122 BOND PRICING Kenai Peninsula Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2016 20,000 2.000% 0,900% 100.084 16.80 1,250 12/01/2020 620,000 4.000% 1.570% 109.561 59,278.20 2.500 12/01/2021 645,000 4.000% 1.690% 111.194 72,201.30 2,500 12/01/2022 670,000 5.000% 1.820% 118.216 122,047,20 2.500 12/01/2023 705,000 5.000% 2.040% 119.414 136,868.70 2.500 2,660,000 390,412,20 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 2,660,000.00 Premium 390,412.20 Production 3,050,412.20 114.677150% Underwriters Discount -7,973.91 -0,299771% Purchase Price 3,042,438.29 114.377379% Accrued Interest Net Proceeds 3,042,438.29 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 123 Bond Component BOND SUMMARY STATISTICS Kenai Peninsula Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2023 Arbitrage Yield 2.598457% True Interest Cost (TIC) 1.877075% Net Interest Cost (NIC) 2.036913% All-In TIC 2.064812% Average Coupon 4.609329% Average Life (years) 5.5 89 Weighted Average Maturity (years) 5.634 Duration of Issue (years) 5.052 Par Amount 2,660,000.00 Bond Proceeds 3,050,412.20 Total Interest 685,263.89 Net Interest 302,825.60 Total Debt Service 3,345,263.89 Maximum Annual Debt Service 726,950.00 Average Annual Debt Service 472,643.25 Par Average Average Value Price Coupon Life PVoflbp change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 2,660,000.00 114.677 4.609% 5.589 1,532.55 2,660,000.00 5.589 1,532.55 All-In Arbitrage TIC Yield Par Value + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense - Other Amounts Target Value Target Date Yield TIC 2,660,000.00 390,412.20 -7,973,91 3,042,438.29 11/03/2016 1.877075% 2,660,000.00 390,412.20 -7,973.91 -26,611.67 -1,816.36 3,014,010.26 11/03/2016 2.064812% 2,660,000.00 390,412.20 -1,816.36 3,048,595.84 11/03/2016 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 124 BOND DEBT SERVICE Kenai Peninsula Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 20,000 2.000% 9,313.89 29,313.89 06/01/2017 59,675.00 59,675.00 12/01/2017 59,675.00 59,675.00 06/01/2018 59,675.00 59,675.00 12/01/2018 59,675.00 59,675.00 06/01/2019 59,675.00 59,675.00 12/01/2019 59,675.00 59,675.00 06/01/2020 59,675.00 59,675.00 12/01/2020 620,000 4.000% 59,675.00 679,675.00 06/01/2021 47,275.00 47,275.00 12/01/2021 645,000 4.000% 47,275.00 692,275.00 06/01/2022 34,375.00 34,375.00 12/01/2022 670,000 5.000% 34,375.00 704,375,00 06/01/2023 17,625.00 17,625.00 12/01/2023 705,000 5.000% 17,625,00 722,625.00 2,660,000 685,263.89 3,345,263.89 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 125 SUMMARY OF REFUNDING RESULTS Kenai Peninsula Borough -- Refund GO 20072 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0,232380% Value of Negative Arbitrage 6,263.26 Bond Par Amount 2,660,000,00 True Interest Cost 1.877075% Net Interest Cost 2.036913% Average Coupon 4,609329% Average Life 5.589 Par amount of refunded bonds 2,945,000.00 Average coupon of refunded bonds 4.340803% Average life of refunded bonds 5.570 PV of prior debt to 11/03/2016 @ 1.877075% 3,380,661.88 Net PV Savings 342,021,57 Percentage savings of refunded bonds 11.613636% Percentage savings of refunding bonds 12.857954% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 126 SAVINGS Kenai Peninsula Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Prior Refunding to 11/03/2016 Date Debt Service Debt Service Savings @ 1.8770754% 06/30/2017 128,800.00 88,988.89 39,811.11 39,709.43 06/30/2018 143,500.00 119,350.00 24,150.00 23,628.25 06/30/2019 142,825.00 119,350.00 23,475.00 22,544.95 06/30/2020 146,950.00 119,350.00 27,600.00 26,026.53 06/30/2021 789,450.00 726,950.00 62,500,00 57,924.29 06/30/2022 788,250.00 726,650.00 61,600.00 56,044.57 06/30/2023 784,350.00 722,000.00 62,350.00 55,659.68 06/30/2024 787,325.00 722,625.00 64,700.00 56,685.90 3,711,450.00 3,345,263.89 366,186.11 338,223.59 Savings Summary PV of savings from cash flow 338,223,59 Plus: Refunding funds on hand 3,797.98 Net PV Savings 342,021.57 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 127 SUMMARY OF BONDS REFUNDED Kenai Peninsula Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2007-2 (Kenai Peninsula Borough), 07_2_K: SERIAL 12/01/2017 4.000% 15,000,00 12/05/2016 100.000 12/01/2018 5.000% 15,000.00 12/05/2016 100.000 12/01/2019 5.000% 20,000.00 12/05/2016 100.000 12/01/2020 5.000% 680,000.00 12/05/2016 100.000 12/01/2021 4.000% 710,000,00 12/05/2016 100.000 12/01/2022 4.000% 735,000.00 12/05/2016 100.000 12/01/2023 4.500% 770,000.00 12/05/2016 100.000 2,945,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 128 ESCROW REQUIREMENTS Kenai Peninsula Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 12/01/2016 64,400,00 64,400.00 12/05/2016 1,431.11 2,945,000.00 2,946,431.11 65,831.11 2,945,000.00 3,010,831.11 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 129 ESCROW DESCRIPTIONS Kenai Peninsula Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Type of Maturity First mt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 64,400 SLGS Certificate 12/05/2016 12/05/2016 2,945,811 0.240% 0.240% 3,010,211 SLGS Summary SLGS Rates File 180CT16 Total Certificates of Indebtedness 3,010,211.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 130 ESCROW COST Kenai Peninsula Borough-- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 64,400 64,400.00 SLGS 12/05/2016 2,945,811 0.240% 2,945,811.00 3,010,211 3,010,211.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 3,010,211 1.28 3,010,212.28 0.232380% 3,010,211 1.28 3,010,212.28 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 131 ESCROW CASH FLOW Kenai Peninsula Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.2323798% 12/01/2016 64,400.00 64,400.00 64,388.37 12/05/2016 2,945,811.00 619.83 2,946,430.83 2,945,822.63 3,010,211.00 619.83 3,010,830.83 3,010,211.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 3,010,211.00 Target for yield calculation 3,010,211.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 132 ESCROW SUFFICIENCY Kenai Peninsula Borough-- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.28 1.28 1.28 12/01/2016 64,400.00 64,400.00 1.28 12/05/2016 2,946,431.11 2,946,430.83 -0,28 1.00 3,010,831.11 3,010,832.11 1.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 133 UNREFUNDED BOND DEBT SERVICE Kenai Peninsula Borough -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results --October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Period Debt Ending Principal Coupon Interest Service 12/01/2016 15,000 4.000% 300 15,300 15,000 300 15,300 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 134 SOURCES AND USES OF FUNDS City of Bethel -- RefundGO 2007-3 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 2,000,000.00 Premium 327,897.35 2,327,897.35 Other Sources of Funds: Prior Borrower Reserve Fund 102,183,64 2,430,080,99 Uses: Refunding Escrow Deposits: Cash Deposit 1.74 SLGS Purchases 2,398,646.00 2,398,647.74 Cost of Issuance: AIvIBB Costs 364.18 Miscellaneous Printing, etc. 273.14 S&P Rating 364,18 Fitch Rating 819.41 AMBBFA 621.62 AMBB BC 3,232.42 Verification Agent 123.30 Borrower Costs of Issuance 17,700.00 23,498.25 Delivery Date Expenses: Underwriter's Discount 6,157.97 Surety Policy 1,365.68 7,523,65 Other Uses of Funds: Additional Proceeds 411.35 2,430,080.99 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 135 BOND PRICING City of Bethel -- Refund GO 2007-3 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2018 165,000 4.000% 1.300% 105.516 9,101.40 1.250 12/01/2019 170,000 4.000% 1.440% 107.679 13,054.30 2.500 12/01/2020 175,000 4.000% 1.570% 109.561 16,731.75 2.500 12/01/2021 185,000 4.000% 1.690% 111.194 20,708,90 2.500 12/01/2022 190,000 5.000% 1.820% 118,216 34,610.40 2.500 12/01/2023 205,000 5.000% 2.040% 119.414 39,798.70 2.500 12/01/2024 210,000 5.000% 2.220% 120.452 42,94920 2.500 12/01/2025 220,000 5.000% 2.380% 121.274 46,802.80 3.000 12/01/2026 235,000 5.000% 2.510% 122.048 51,812.80 3.000 12/01/2027 245,000 5.000% 2.750% 121,358 52,327.10 3.000 2,000,000 327,89735 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 2,000,000.00 Premium 327,897,35 Production 2,327,897,35 116.394868% Underwriter's Discount -6,157.97 -0,307899% Purchase Price 2,321,739.38 116,086969% Accrued Interest Net Proceeds 2,321,739.38 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 136 BOND SUMMARY STATISTICS City of Bethel -- Refund GO 2007-3 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2027 Arbitrage Yield 2.598457% True Interest Cost (TIC) 2.264622% Net Interest Cost (NIC) 2.504201% All-In TIC 2.443482% Average Coupon 4.818780% Average Life (years) 6.950 Weighted Average Maturity (years) 7.087 Duration of Issue (years) 6.099 Par Amount 21 000,000.00 Bond Proceeds 2,327,897.35 Total Interest 669,837.22 Net Interest 348,097.84 Total Debt Service 2,669,837.22 Maximum Annual Debt Service 255,625.00 Average Annual Debt Service 241,008.37 Par Average Average PV of I bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 2,000,000.00 116.395 4.819% 6.950 1,395.20 2,000,000.00 6.950 1,395.20 All-In Arbitrage TIC TIC Yield Par Value 2,000,000.00 2,000,000,00 2,000,000.00 + Accrued Interest + Premium (Discount) 327,897,35 327,897.35 327,897.35 - Underwriters Discount -6,157.97 -6,157.97 - Cost of Issuance Expense -23,498.25 - Other Amounts -1,365.68 -1,365.68 Target Value 2,321,739.38 2,296,875.45 2,326,531.67 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 2.264622% 2.443482% 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 137 BOND DEBT SERVICE City of Bethel -- Refund GO 2007-3 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 7,237.22 7,237.22 06/01/2017 46,525.00 46,525.00 12/01/2017 46,525.00 46,525,00 06/01/2018 46,525.00 46,525.00 12/01/2018 165,000 4.000% 46,525.00 211,525.00 06/01/2019 43,225.00 43,225.00 12/01/2019 170,000 4.000% 43,225.00 213,225.00 06/01/2020 39,825.00 39,825.00 12/01/2020 175,000 4.000% 39,825.00 214,825.00 06/01/2021 36,325.00 36,325.00 12/01/2021 185,000 4,000% 36,325.00 221,325,00 06/01/2022 32,625.00 32,625.00 12/01/2022 190,000 5.000% 32,625,00 222,625,00 06/01/2023 27,875.00 27,875.00 12/01/2023 205,000 5.000% 27,875.00 232,875,00 06/01/2024 22,750.00 22,750.00 12/01/2024 210,000 5.000% 22,750.00 232,750.00 06/01/2025 17,500.00 17,500.00 12/01/2025 220,000 5,000% 17,500,00 237,500.00 06/01/2026 12,000.00 12,000.00 12/01/2026 235,000 5.000% 12,000.00 247,000.00 06/01/2027 6,125.00 6,125.00 12/01/2027 245,000 5,000% 6,125.00 251,125,00 2,000,000 669,837,22 2,669,837,22 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 138 SUMMARY OF REFUNDING RESULTS City of Bethel -- Refund GO 20073 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.566868% Value of Negative Arbitrage 39,119,23 Bond Par Amount 2,000,000.00 True Interest Cost 2,264622% Net Interest Cost 2.504201% Average Coupon 4.818780% Average Life 6.950 Par amount of refunded bonds 2,295,000.00 Average coupon of refunded bonds 5,000000% Average life of refunded bonds 6.732 PV of prior debt to 11/03/2016 @ 2.264622% 2,699,662.92 Net PV Savings 276,151.25 Percentage savings of refunded bonds 12.032734% Percentage savings of refunding bonds 13,807563% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 139 SAVINGS City of Bethel -- Refund GO 2007-3 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Prior Refunding to 11/03/2016 Date Debt Service Debt Service Savings @ 2.2646217% 06/30/2017 57,375.00 53,762.22 3,612.78 3,804.92 06/30/2018 114,750.00 93,050.00 21,700.00 21,689.86 06/30/2019 295,125.00 254,750.00 40,375.00 40,014.44 06/30/2020 290,750.00 253,050.00 37,700,00 36,618.88 06/30/2021 291,000.00 251,150.00 39,850.00 37,781,74 06/30/2022 290,750.00 253,950.00 36,800.00 34,234.52 06/30/2023 290,000.00 250,500.00 39,500.00 35,830.78 06/30/2024 293,625.00 255,625.00 38,000.00 33,778.85 06/30/2025 291,625,00 250,250.00 41,375.00 35,839.44 06/30/2026 289,125.00 249,500.00 39,625.00 33,611.74 06/30/2027 291,000.00 253,125.00 37,875.00 31,485,19 06/30/2028 292,125.00 251,125,00 41,000.00 33,233.19 3,087,250.00 2,669,837,22 417,412.78 377,923.54 Savings Summary PV of savings from cash flow 377,923.54 Less: Prior funds on hand -102,183.64 Plus: Refunding funds on hand 411.35 Net PV Savings 276,151,25 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 140 SUMMARY OF BONDS REFUNDED City of Bethel -- Refund GO 2007-3 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2007-3 (City of Bethel), 07_3B: TERM22 09/01/2018 5.000% 185,000.00 09/01/2017 100.000 09/01/2019 5.000% 190,000.00 09/01/2017 100.000 09/01/2020 5.000% 200,000.00 09/01/2017 100.000 09/01/2021 5.000% 210,000.00 09/01/2017 100.000 09/01/2022 5.000% 220,000,00 09/01/2017 100.000 TERM27 09/01/2023 5.000% 235,000.00 09/01/2017 100.000 09/01/2024 5.000% 245,000.00 09/01/2017 100.000 09/01/2025 5,000% 255,000.00 09/01/2017 100.000 09/01/2026 5.000% 270,000.00 09/01/2017 100.000 09/01/2027 5.000% 285,000.00 09/01/2017 100.000 2,295,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 141 ESCROW REQUIREMENTS City of Bethel -- Refund GO 2007-3 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 03/01/2017 57,375.00 57,375.00 09/01/2017 57,375.00 2,295,000.00 2,352,375.00 114,750.00 2,295,000.00 2,409,750.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 142 ESCROW DESCRIPTIONS City of Bethel -- Refund GO 2007-3 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Type of Maturity First mt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 03/01/2017 03/01/2017 57,314 0.330% 0.330% SLGS Certificate 09/01/2017 09/01/2017 2,341,332 0.570% 0,570% 2,398,646 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 2,398,646.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 143 ESCROW COST City of Bethel -- Refund GO 2007-3 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 03/01/2017 57,314 0.330% 57,314,00 SLGS 09/01/2017 2,341,332 0.570% 2,341,332,00 2,398,646 2,398,646.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 2,398,646 1.74 2,398,647.74 0.566868% 2,398,646 1.74 2,398,647.74 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 144 ESCROW CASH FLOW City of Bethel -- Refund GO 2007-3 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.5668682% 03/01/2017 57,314.00 61.15 57,375.15 57,268,79 09/01/2017 2,341,332.00 11,042,11 2,352,374.11 2,341,377.21 2,398,646.00 11,103.26 2,409,749.26 2,398,646.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 2,398,646.00 Target for yield calculation 2,398,646.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 145 ESCROW SUFFICIENCY City of Bethel-- Refund GO 2007-3 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.74 1.74 1.74 03/01/2017 57,375.00 57,375.15 0.15 1.89 09/01/2017 2,352,375.00 2,352,374.11 -0.89 1.00 2,409,750.00 2,409,751.00 1.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 146 UNREFUNDED BOND DEBT SERVICE City of Bethel -- Refund GO 2007-3 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Period Debt Ending Principal Coupon Interest Service 03/01/2017 4,375 4,375 09/01/2017 175,000 5.000% 4,375 179,375 175,000 8,750 183,750 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 147 SOURCES AND USES OF FUNDS City of Kodiak-- Refund GO 2007-5 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 1,680,000,00 Net Premium 97,097.90 1,777,097.90 Other Sources of Funds: Prior Borrower Reserve Fund 130,536.91 1,907,634.81 Uses: Refunding Escrow Deposits: Cash Deposit 1.12 SLGS Purchases 1,771,412.00 1,771,413.12 Other Fund Deposits: Borrower Reserve Fund 119,556.26 Cost of Issuance: Bond Insurance 712.80 AIvIBB Costs 305.91 Miscellaneous Printing, etc. 229,44 S&P Rating 305.91 Fitch Rating 688.31 AMBBFA 522.16 AMBB BC 2,715.24 Verification Agent 103.57 Borrower Costs of Issuance 3,476.82 9,060.16 Delivery Date Expenses: Underwriter's Discount 5,845.70 Surety Policy 1,147.18 6,992.88 Other Uses of Funds: Additional Proceeds 612.39 1,907,634.81 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 148 BOND PRICING City of Kodiak -- Refund GO 2007-5 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2017 55,000 2.000% 1.080% 100.982 540.10 1.250 12/01/2018 50,000 4.000% 1.300% 105.516 2,758.00 1.250 12/01/2019 55,000 4.000% 1.440% 107.679 4,223.45 2.500 12/01/2020 55,000 4.000% 1.570% 109.561 5,258,55 2.500 12/01/2021 60,000 4.000% 1.690% 111.194 6,716.40 2.500 12/01/2022 60,000 5.000% 1.820% 118.216 10,929.60 2.500 12/01/2023 65,000 5.000% 2.040% 119.414 12,619.10 2.500 12/01/2024 65,000 5.000% 2.220% 120.452 13,293.80 2.500 12/01/2025 70,000 5.000% 2.380% 121.274 14,891.80 1000 12/01/2026 75,000 5.000% 2.510% 122.048 16,536.00 3.000 12/01/2027 75,000 5.000% 2.750% 121.358 16,018.50 3.000 685,000 103,785.30 2016-3 Serial Bonds (Non-AMT) (Unin) (Call): 12/01/2028 85,000 5.000% 2.760% 119.587 C 3.049% 12/01/2026 100.000 16,648.95 3.000 2016-3 Serial Bonds (Non-AMT) (Insured): 12/01/2029 90,000 3.000% 3.130% 98.612 -1,249.20 3.000 12/01/2030 90,000 3.125% 3.250% 98.595 -1,264.50 3.000 12/01/2031 95,000 3.125% 3.320% 97.699 -2,185.95 3.000 275,000 -4,699.65 2016-3 2033 Term Bond (Non-AMT) (Insured): 12/01/2032 100,000 3.250% 3.440% 97.559 -2,441.00 3.500 12/01/2033 100,000 3.250% 3.440% 97.559 -2,441.00 3.500 200,000 4,882.00 2016-3 2037 Term Bond (Non-AMT) (Insured): 12/01/2034 100,000 3.375% 3.590% 96,838 -3,162.00 3.500 12/01/2035 110,000 3.375% 3.590% 96.838 -3,478.20 3.500 12/01/2036 110,000 3.375% 3.590% 96.838 -3,478.20 3.500 12/01/2037 115,000 3,375% 3.590% 96.838 -3,636.30 3.500 435,000 -13,754.70 1,680,000 97,097.90 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 1,680,000.00 Premium 97,097.90 Production 1,777,097.90 105.779637% Underwriter's Discount -5,845,70 -0.347958% Purchase Price 1,771,252.20 105.431679% Accrued Interest Net Proceeds 1,771,252.20 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 149 BOND SUMMARY STATISTICS City of Kodiak-- Refund GO 2007-5 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2037 Arbitrage Yield 2.598457% True Interest Cost (TIC) 3.162419% Net Interest Cost (NIC) 3.244589% All-In TIC 3.221974% Average Coupon 3.675213% Average Life (years) 12.613 Weighted Average Maturity (years) 12.262 Duration of Issue (years) 9.870 Par Amount 1,680,000.00 Bond Proceeds 1,777,097.90 Total Interest 778,802.14 Net Interest 687,549.94 Total Debt Service 2,458,802.14 Maximum Annual Debt Service 119,556.26 Average Annual Debt Service 116,653.77 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 685,000.00 115.151 4.779% 6.472 444.65 2016-3 Serial Bonds (Non-AMT) (Unin) (Call) 85,000.00 119.587 5.000% 12.078 82.45 2016-3 Serial Bonds (Non-AMT) (Insured) 275,000.00 98.291 3.087% 14.096 306,40 2016-3 2033 Term Bond (Non-AMT) (Insured) 200,000.00 97.559 3.250% 16.578 252.00 2016-3 2037 Term Bond (Non-AMT) (Insured) 435,000.00 96.838 3.375% 19.630 626,40 1,680,000.00 12.613 1,711,90 All-In Arbitrage TIC TIC Yield Par Value 1,680,000.00 1,680,000.00 1,680,000.00 + Accrued Interest + Premium (Discount) 97,097.90 97,097.90 97,097,90 - Underwriter's Discount -5,845.70 -5,845.70 - Cost of Issuance Expense -9,060,16 - Other Amounts -1,147.18 -1,147.18 Target Value 1,771,252.20 1,761,044.86 1,775,950,72 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 3.162419% 3.221974% 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 150 BOND DEBT SERVICE City of Kodiak -- Refund GO 2007-5 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 5,002.08 5,002,08 06/01/2017 32,156.25 32,156.25 12/01/2017 55,000 2.000% 32,156.25 87,156.25 06/01/2018 31,606.25 31,606.25 12/01/2018 50,000 4.000% 31,606.25 81,606.25 06/01/2019 30,606.25 30,606.25 12/01/2019 55,000 4.000% 30,606.25 85,606.25 06/01/2020 29,506.25 29,506.25 12/01/2020 55,000 4.000% 29,506.25 84,506.25 06/01/2021 28,406.25 28,406.25 12/01/2021 60,000 4.000% 28,406.25 88,406.25 06/01/2022 27,206.25 27,206.25 12/01/2022 60,000 5,000% 27,206.25 87,206.25 06/01/2023 25,706.25 25,706.25 12/01/2023 65,000 5.000% 25,706.25 90,706.25 06/01/2024 24,081.25 24,081.25 12/01/2024 65,000 5.000% 24,081.25 89,081.25 06/01/2025 22,456.25 22,456.25 12/01/2025 70,000 5.000% 22,456.25 92,456.25 06/01/2026 20,706.25 20,706.25 12/01/2026 75,000 5.000% 20,706,25 95,706.25 06/01/2027 18,831.25 18,831,25 12/01/2027 75,000 5.000% 18,831.25 93,831.25 06/01/2028 16,956.25 16,956.25 12/01/2028 85,000 5.000% 16,956.25 101,956.25 06/01/2029 14,831.25 14,831.25 12/01/2029 90,000 3.000% 14,831.25 104,831.25 06/01/2030 13,481.25 13,481.25 12/01/2030 90,000 3.125% 13,481.25 103,481.25 06/01/2031 12,075.00 12,075,00 12/01/2031 95,000 3.125% 12,075.00 107,075.00 06/01/2032 10,590.63 10,590.63 12/01/2032 100,000 3.250% 10,590.63 110,590.63 06/01/2033 8,965.63 8,965.63 12/01/2033 100,000 3.250% 8,965.63 108,965.63 06/01/2034 7,340.63 7,340.63 12/01/2034 100,000 3.375% 7,340.63 107,340.63 06/01/2035 5,653.13 5,653.13 12/01/2035 110,000 3.375% 5,653.13 115,653.13 06/01/2036 3,796.88 3,796.88 12/01/2036 110,000 3.375% 3,796.88 113,796.88 06/01/2037 1,940.63 1,940.63 12/01/2037 115,000 3.375% 1,940.63 116,940,63 1,680,000 778,802.14 2,458,802.14 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 151 SUMMARY OF REFUNDING RESULTS City of Kodiak-- Refund GO 2007-5 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.567011% Value of Negative Arbitrage 28,913.18 Bond Par Amount 1,680,000.00 True Interest Cost 3,162419% Net Interest Cost 3.244589% Average Coupon 3.675213% Average Life 12.613 Par amount of refunded bonds 1,700,000.00 Average coupon of refunded bonds 4.686117% Average life of refunded bonds 12.540 PV of prior debt to 11/03/2016 @3.162419% 1,969,160.54 Net PV Savings 187,540.08 Percentage savings of refunded bonds 11.031769% Percentage savings of refunding bonds 11.163100% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 152 SAVINGS Date City of Kodiak -- Refund GO 20075 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Prior Refunding Debt Service Debt Service Savings Present Value to 11/03/2016 @ 3.1624186% 06/30/2017 39,810.63 37,158.33 2,652.30 2,834.86 06/30/2018 128,121.26 118,762.50 9,358.76 9,917.54 06/30/2019 125,121.26 112,212.50 12,908.76 12,922.47 06/30/2020 127,521.26 115,112.50 12,408,76 12,086.61 06/30/2021 125,286.88 112,912.50 12,374.38 11,668.12 06/30/2022 127,877.50 115,612.50 12,265,00 11,232.95 06/30/2023 125,312.50 112,912.50 12,400,00 10,978.27 06/30/2024 127,592.50 114,787.50 12,805.00 10,975.59 06/30/2025 124,700.00 111,537.50 13,162.50 10,894.51 06/30/2026 126,662.50 113,162.50 13,500.00 10,821.55 06/30/2027 128,400.00 114,537.50 13,862.50 10,759.51 06/30/2028 124,978.13 110,787.50 14,190.63 10,638.51 06/30/2029 126,393.76 116,787.50 9,606.26 7,176.41 06/30/2030 127,578.13 118,312.50 9,265.63 6,741.46 06/30/2031 128,475.00 115,556.25 12,918.75 8,893.95 06/30/2032 129,081.25 117,665.63 11,415.62 7,693.30 06/30/2033 129,450.00 119,556.26 9,893.74 6,545,68 06/30/2034 129,581.25 116,306.26 13,274.99 8,330.81 06/30/2035 124,593.75 112,993.76 11,599,99 7,108.60 06/30/2036 129,368.75 119,450.01 9,918.74 5,993.37 06/30/2037 128,787.50 115,737.51 13,049,99 7,481.94 06/30/2038 127,968.75 116,940.63 11,028.12 6,212.35 2,712,662.56 2,458,802.14 253,860.42 197,908,34 Savings Summary PV of savings from cash flow 197,908.34 Less: Prior funds on hand -130,536.91 Plus: Refunding funds on hand 120,168.65 Net PV Savings 187,540.08 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 153 SUMMARY OF BONDS REFUNDED City of Kodiak -- Refund GO 2007-5 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Interest Par Call Bond Date Rate Amount Date Call Price 2007 Series Five (City of Kodiak - Harbor), 07_5K1: SERIAL 09/01/2017 6.000% 50,000.00 09/01/2018 6.000% 50,000.00 09/01/2017 100.000 09/01/2019 4.000% 55,000.00 09/01/2017 100.000 09/01/2020 4.125% 55,000,00 09/01/2017 100.000 09/01/2021 4.250% 60,000.00 09/01/2017 100,000 09/01/2022 4.300% 60,000.00 09/01/2017 100.000 09/01/2023 4.400% 65,000.00 09/01/2017 100.000 09/01/2024 4.500% 65,000.00 09/01/2017 100.000 09/01/2025 4.500% 70,000.00 09/01/2017 100.000 09/01/2026 4.500% 75,000.00 09/01/2017 100.000 09/01/2027 4.625% 75,000.00 09/01/2017 100.000 09/01/2028 4.625% 80,000.00 09/01/2017 100.000 09/01/2029 4.625% 85,000.00 09/01/2017 100.000 09/01/2030 4.750% 90,000.00 09/01/2017 100.000 09/01/2031 4.750% 95,000.00 09/01/2017 100,000 09/01/2032 4,750% 100,000,00 09/01/2017 100.000 TERM37 09/01/2033 4.750% 105,000.00 09/01/2017 100.000 09/01/2034 4.750% 105,000.00 09/01/2017 100,000 09/01/2035 4.750% 115,000,00 09/01/2017 100.000 09/01/2036 4,750% 120,000.00 09/01/2017 100.000 09/01/2037 4,750% 125,000,00 09/01/2017 100.000 1,700,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 154 ESCROW REQUIREMENTS City of Kodiak -- Refund GO 2007-5 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Principal Ending Principal Interest Redeemed Total 03/01/2017 39,810.63 39,810.63 09/01/2017 50,000.00 39,810.63 1,650,000.00 1,739,810.63 50,000.00 79,621.26 1,650,000.00 1,779,621.26 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 155 ESCROW DESCRIPTIONS City of Kodiak-- Refund GO 2007-5 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Type of Maturity First mt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 03/01/2017 03/01/2017 39,769 0.330% 0.330% SLGS Certificate 09/01/2017 09/01/2017 1,731,643 0.570% 0.570% 1,771,412 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 1,771,412.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 156 ESCROW COST City of Kodiak-- Refund GO 2007-5 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 03/01/2017 39,769 0.330% 39,769.00 SLGS 09/01/2017 1,731,643 0.570% 1,731,643.00 1,771,412 1,771,412.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 1,771,412 1.12 1,771,413.12 0,567011% 1,771,412 1,12 1,771,413.12 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 157 ESCROW CASH FLOW City of Kodiak-- Refund GO 2007-5 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.5670110% 03/01/2017 39,769.00 42.43 39,811.43 39,737.61 09/01/2017 1,731,643.00 8,166.71 1,739,809.71 1,731,674.39 1,771,412.00 8,209.14 1,779,621.14 1,771,412.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 1,771,412.00 Target for yield calculation 1,771,412.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 158 ESCROW SUFFICIENCY City of Kodiak-- Refund GO 2007-5 (Harbor) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.12 1.12 1.12 03/01/2017 39,810.63 39,811,43 0.80 1.92 09/01/2017 1,739,810.63 1,739,809.71 -0.92 1,00 1,779,621.26 1,779,622.26 1.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 159 SOURCES AND USES OF FUNDS City of Kodiak -- Refund GO 2007-5 (Lift) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 3,485,000.00 Net Premium 159,114.80 3,644,114.80 Other Sources of Funds: Prior Borrower Reserve Fund 305,064.64 3,949,179.44 Uses: Refunding Escrow Deposits: Cash Deposit 1.33 SLGS Purchases 3,636,876.00 3,636,877,33 Other Fund Deposits: Borrower Reserve Fund 278,493.76 Cost of Issuance: Bond Insurance 1,669.08 AIvIBB Costs 634.59 Miscellaneous Printing, etc. 475.94 S&P Rating 634.59 Fitch Rating 1,427.82 AMBBFA 1,083,17 AMBB BC 5,632.50 Verification Agent 214.85 Borrower Costs of Issuance 7,212.33 18,984.87 Delivery Date Expenses: 12,338.52 Underwriter's Discount 2,379.71 Surety Policy 14,718.23 Other Uses of Funds: Additional Proceeds 105.25 3,949,179.44 -5,492.25 3.500 -5,858.40 3.500 -11,350.65 -7,746.90 3.500 -7,905.00 3.500 -8,221.20 3.500 -8,537.40 3.500 -32,410.50 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 160 BOND PRICING City of Kodiak -- Refund GO 2007-5 (Lift) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Yield to Call Call Premium Bond Component Date Amount Rate -- Yield Price Maturity Date Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Uniss) (Non-Call): 12/01/2017 85,000 2,000% 12/01/2018 90,000 4.000% 12/01/2019 95,000 4.000% 12/01/2020 100,000 4.000% 12/01/2021 105,000 4,000% 12/01/2022 110,000 5.000% 12/01/2023 115,000 5.000% 12/01/2024 120,000 5.000% 12/01/2025 125,000 5.000% 12/01/2026 130,000 5.000% 12/01/2027 135,000 5.000% 1,210,000 2016-3 Serial Bonds (Non-AMT) (Unin) (Call): 12/01/2028 145,000 5.000% 2016-3 Serial Bonds (Non-AMT) (Insured): 12/01/2029 205,000 3.000% 12/01/2030 215,000 3.125% 12/01/2031 220,000 3.125% 640,000 1,080% 100.982 834.70 1.250 1.300% 105.516 4,964.40 1.250 1.440% 107.679 7,295.05 2.500 1.570% 109.561 9,561.00 2.500 1.690% 111.194 11,753.70 2.500 1.820% 118.216 20,037.60 2.500 2.040% 119.414 22,326.10 2.500 2.220% 120.452 24,542.40 2,500 2.380% 121.274 26,592.50 3.000 2.510% 122.048 28,662.40 3.000 2.750% 121.358 28,833.30 3.000 185,403.15 2.760% 119.587 C 3.049% 12/01/2026 100.000 28,401.15 3.000 3.130% 98.612 -2,845.40 3.000 3.250% 98.595 -3,020.75 3.000 3.320% 97.699 -5,062.20 3.000 -10,928.35 2016-3 2033 Term Bond (Non-AMT) (Insured): 12/01/2032 225,000 3.250% 3.440% 97.559 12/01/2033 240,000 3.250% 3.440% 97.559 465,000 2016-3 2037 Term Bond (Non-AMT) (Insured): 12/01/2034 245,000 3.375% 3.590% 96.838 12/01/2035 250,000 3.375% 3.590% 96.838 12/01/2036 260,000 3.375% 3.590% 96.838 12/01/2037 270,000 3.375% 3.590% 96.838 1,025,000 3,485,000 159,114.80 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 3,485,000.00 Premium 159,114.80 Production 3,644,114.80 104,565704% Underwriter's Discount -12,338.52 -0.354046% Purchase Price 3,631,776.28 104.211658% Accrued Interest Net Proceeds 3,631,776.28 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 161 BOND SUMMARY STATISTICS City of Kodiak-- Refund GO 2007-5 (Lift) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2037 Arbitrage Yield 2.598457% True Interest Cost (TIC) 3.223928% Net Interest Cost (NIC) 3.283859% All-In TIC 3.281814% Average Coupon 3.599466% Average Life (years) 13.345 Weighted Average Maturity (years) 12.988 Duration of Issue (years) 10.369 Par Amount 3,485,000,00 Bond Proceeds 3,644,114,80 Total Interest 1,673,969.48 Net Interest 1,527,193.20 Total Debt Service 5,158,969.48 Maximum Annual Debt Service 278,493.76 Average Annual Debt Service 244,758.70 Par Average Average PV of! bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 1,210,000.00 115.323 4.786% 6.532 792.90 2016-3 Serial Bonds (Non-AMT) (Unin) (Call) 145,000,00 119.587 5.000% 12.078 140.65 2016-3 Serial Bonds (Non-AMT) (Insured) 640,000.00 98.292 3.088% 14.101 713.30 2016-3 2033 Term Bond (Non-AMT) (Insured) 465,000.00 97.559 3.250% 16.594 585.90 2016-3 2037 Term Bond (Non-AMT) (Insured) 1,025,000.00 96,838 3.375% 19,619 1,476.00 3,485,000.00 13.345 3,708.75 All-In Arbitrage TIC TIC Yield Par Value 3,485,000.00 3,485,000,00 3,485,000,00 + Accrued Interest + Premium (Discount) 159,114.80 159,114.80 159,114.80 - Underwriter's Discount -12,338.52 -12,338.52 - Cost of Issuance Expense -18,984.87 - Other Amounts -2,379.71 -2,379,71 Target Value 3,631,776.28 3,610,411.70 3,641,735.09 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 3.223928% 3.281814% 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 162 BOND DEBT SERVICE City of Kodiak-- Refund GO 2007-5 (Lift) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 10,169.44 10,169.44 06/01/2017 65,375.00 65,375,00 12/01/2017 85,000 2.000% 65,375.00 150,375.00 06/01/2018 64,525.00 64,525.00 12/01/2018 90,000 4.000% 64,525.00 154,525.00 06/01/2019 62,725.00 62,725.00 12/01/2019 95,000 4.000% 62,725.00 157,725.00 06/01/2020 60,825.00 60,825.00 12/01/2020 100,000 4.000% 60,825.00 160,825.00 06/01/2021 58,825.00 58,825.00 12/01/2021 105,000 4.000% 58,825.00 163,825.00 06/01/2022 56,725.00 56,725.00 12/01/2022 110,000 5.000% 56,725.00 166,725.00 06/01/2023 53,975.00 53,975.00 12/01/2023 115,000 5.000% 53,975.00 168,975.00 06/01/2024 51,100.00 51,100.00 12/01/2024 120,000 5.000% 51,100.00 171,100.00 06/01/2025 48,100.00 48,100.00 12/01/2025 125,000 5.000% 48,100.00 173,100,00 06/01/2026 44,975.00 44,975.00 12/01/2026 130,000 5.000% 44,975.00 174,975.00 06/01/2027 41,725.00 41,725.00 12/01/2027 135,000 5.000% 41,725.00 176,725.00 06/01/2028 38,350.00 38,350.00 12/01/2028 145,000 5.000% 38,350.00 183,350.00 06/01/2029 34,725.00 34,725.00 12/01/2029 205,000 3,000% 34,725.00 239,725.00 06/01/2030 31,650.00 31,650.00 12/01/2030 215,000 3,125% 31,650.00 246,650.00 06/01/2031 28,290.63 28,290.63 12/01/2031 220,000 3.125% 28,290.63 248,290.63 06/01/2032 24,853.13 24,853.13 12/01/2032 225,000 3.250% 24,853.13 249,853.13 06/01/2033 21,196.88 21,196.88 12/01/2033 240,000 3.250% 21,196.88 261,196.88 06/01/2034 17,296.88 17,296.88 12/01/2034 245,000 3.375% 17,296.88 262,296.88 06/01/2035 13,162.50 13,162.50 12/01/2035 250,000 3.375% 13,162.50 263,162.50 06/01/2036 8,943.75 8,943.75 12/01/2036 260,000 3.375% 8,943.75 268,943,75 06/01/2037 4,556.25 4,556.25 12/01/2037 270,000 3.375% 4,556,25 274,556.25 3,485,000 1,673,969.48 5,158,969,48 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 163 SUMMARY OF REFUNDING RESULTS City of Kodiak -- Refund GO 2007-5 (Lift) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.567008% Value of Negative Arbitrage 59,360.31 Bond Par Amount 3,485,000.00 True Interest Cost 3.223928% Net Interest Cost 3.283859% Average Coupon 3.599466% Average Life 13.345 Par amount of refunded bonds 3,490,000.00 Average coupon of refunded bonds 4.698201% Average life of refunded bonds 13,354 PV of prior debt to 11/03/2016 @3.223928% 4,052,414.24 Net PV Savings 394,172.33 Percentage savings of refunded bonds 11.294336% Percentage savings of refunding bonds 11.310540% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 164 SAVINGS Date City of Kodiak -- Refund GO 2007-5 (Lift) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Prior Refunding Debt Service Debt Service Savings Present Value to 11/03/2016 @ 3.2239284% 06/30/2017 81,865,00 75,544.44 6,320.56 6,689.06 06/30/2018 241,330.00 214,900.00 26,430.00 27,167.40 06/30/2019 241,380,00 217,250.00 24,130.00 24,171.95 06/30/2020 242,030.00 218,550.00 23,480.00 22,825.55 06/30/2021 243,270.63 219,650.00 23,620.63 22,238.91 06/30/2022 244,186.26 220,550.00 23,636.26 21,559.02 06/30/2023 244,803.76 220,700.00 24,103.76 21,263.22 06/30/2024 245,126,26 220,075.00 25,051.26 21,346.06 06/30/2025 245,118.76 219,200.00 25,918.76 21,339,31 06/30/2026 244,831.26 218,075.00 26,756.26 21,287.59 06/30/2027 244,318,76 216,700.00 27,618.76 21,234.65 06/30/2028 243,500.01 215,075.00 28,425.01 21,123.53 06/30/2029 242,371.88 218,075.00 24,296.88 17,641.92 06/30/2030 299,625,00 271,375.00 28,250.00 20,007.62 06/30/2031 300,012.50 274,940.63 25,071.87 17,370.73 06/30/2032 299,800.00 273,143.76 26,656.24 17,819.04 06/30/2033 299,112.50 271,050.01 28,062.49 18,113.32 06/30/2034 302,831.25 278,493.76 24,337.49 15,421.18 06/30/2035 300,956.25 275,459.38 25,496.87 15,595,19 06/30/2036 298,606.25 272,106.25 26,500.00 15,657.36 06/30/2037 300,662.50 273,500.00 27,162.50 15,541.13 06/30/2038 302,006,25 274,556.25 27,450.00 15,224.22 5,707,745.08 5,158,969.48 548,775.60 420,637.96 Savings Summary PV of savings from cash flow 420,637.96 Less: Prior funds on hand -305,064.64 Plus: Refunding funds on hand 278,599.01 Net PV Savings 394,172,33 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 165 SUMMARY OF BONDS REFUNDED City of Kodiak -- Refund GO 2007-5 (Lift) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Interest Par Bond Date Rate Amount Call Date Call Price 2007 Series Five (City of Kodiak - Lift), 075K2: SERIAL 09/01/2017 6.000% 80,000.00 09/01/2018 6.000% 85,000,00 09/01/2017 100.000 09/01/2019 4.000% 90,000.00 09/01/2017 100.000 09/01/2020 4.125% 95,000,00 09/01/2017 100.000 09/01/2021 4.250% 100,000.00 09/01/2017 100.000 09/01/2022 4.300% 105,000.00 09/01/2017 100.000 09/01/2023 4.400% 110,000.00 09/01/2017 100,000 09/01/2024 4.500% 115,000.00 09/01/2017 100.000 09/01/2025 4.500% 120,000.00 09/01/2017 100.000 09/01/2026 4.500% 125,000.00 09/01/2017 100.000 09/01/2027 4.625% 130,000.00 09/01/2017 100.000 09/01/2028 4.625% 135,000.00 09/01/2017 100.000 09/01/2029 4.625% 200,000.00 09/01/2017 100.000 09/01/2030 4.750% 210,000.00 09/01/2017 100.000 09/01/2031 4.750% 220,000.00 09/01/2017 100.000 09/01/2032 4.750% 230,000.00 09/01/2017 100.000 TERM37 09/01/2033 4.750% 245,000.00 09/01/2017 100.000 09/01/2034 4.750% 255,000.00 09/01/2017 100.000 09/01/2035 4.750% 265,000.00 09/01/2017 100.000 09/01/2036 4.750% 280,000.00 09/01/2017 100.000 09/01/2037 4.750% 295,000.00 09/01/2017 100.000 3,490,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 166 ESCROW REQUIREMENTS City of Kodiak -- Refund GO 2007-5 (Lift) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Principal Ending Principal Interest Redeemed Total 03/01/2017 81,865.00 81,865.00 09/01/2017 80,000.00 81,865.00 3,410,000.00 3,571,865.00 80,000.00 163,730.00 3,410,000.00 3,653,730.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 167 ESCROW DESCRIPTIONS City of Kodiak -- Refund GO 2007-5 (Lift) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Type of Maturity First Tnt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 03/01/2017 03/01/2017 81,778 0,330% 0.330% SLGS Certificate 09/01/2017 09/01/2017 3,555,098 0.570% 0.570% 3,636,876 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 3,636,876.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 168 ESCROW COST City of Kodiak-- Refund (10 2007-5 (Lift) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 03/01/2017 81,778 0.330% 81,778.00 SLGS 09/01/2017 3,555,098 0.570% 3,555,098.00 3,636,876 3,636,876.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 3,636,876 1.33 3,636,877,33 0.567008% 3,636,876 1.33 3,636,877.33 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 169 ESCROW CASH FLOW City of Kodiak-- Refund GO 2007-5 (Lift) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.5670075% 03/01/2017 81,778.00 87.24 81,865.24 81,713.45 09/01/2017 3,555,098.00 16,766.43 3,571,864.43 3,555,162.55 3,636,876.00 16,853.67 3,653,729.67 3,636,876.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 3,636,876.00 Target for yield calculation 3,636,876.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 170 ESCROW SUFFICIENCY City of Kodiak -- Refund (30 2007-5 (Lift) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.33 1.33 1.33 03/01/2017 81,865.00 81,865.24 0.24 1.57 09/01/2017 3,571,865.00 3,571,864.43 -0.57 1.00 3,653,730.00 3,653,731.00 1.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 171 SOURCES AND USES OF FUNDS City of Dillingham -- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 8,425,000.00 Premium 1,383,707,90 9,808,707.90 Uses: Refunding Escrow Deposits: Cash Deposit 1.96 SLGS Purchases 9,734,427.00 9,734,428.96 Cost of Issuance: AIVIBB Costs 1,534,12 Miscellaneous Printing, etc. 1,150.59 S&P Rating 1,534.12 Fitch Rating 3,451.77 AMBB FA 2,618.57 AMBB BC 13,616.58 Verification Agent 519.40 Borrower Costs of Issuance 16,500.00 40,925.15 Delivery Date Expenses: Underwriter's Discount 25,961.13 Surety Policy 5,752.95 31,714.08 Other Uses of Funds: Additional Proceeds 1,639.71 9,808,707.90 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 172 BOND PRICING City of Dillingham -- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2018 685,000 4.000% 1.300% 105.516 37,784.60 1.250 12/01/2019 710,000 4.000% 1.440% 107.679 54,520.90 2.500 12/01/2020 740,000 4.000% 1.570% 109.561 70,751.40 2.500 12/01/2021 775,000 4,000% 1.690% 111.194 86,753.50 2.500 12/01/2022 810,000 5.000% 1.820% 118,216 147,549.60 2.500 12/01/2023 850,000 5.000% 2.040% 119.414 165,019.00 2,500 12/01/2024 890,000 5.000% 2.220% 120.452 182,022.80 2.500 12/01/2025 940,000 5.000% 2.380% 121.274 199,975.60 3.000 12/01/2026 990,000 5.000% 2.510% 122.048 218,275.20 3.000 12/01/2027 1,035,000 5.000% 2,750% 121.358 221,055.30 3.000 8,425,000 11 383,707.90 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 8,425,000.00 Premium 1,383,707.90 Production 9,808,707.90 116.423833% Underwriter's Discount -25,961.13 -0.308144% Purchase Price 9,782,746.77 116.115689% Accrued Interest Net Proceeds 9,782,746.77 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 173 BOND SUMMARY STATISTICS City of Dillingham -- Refund 00 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2027 Arbitrage Yield 2.598457% True Interest Cost (TIC) 2.265733% Net Interest Cost (NIC) 2.505577% All-In TIC 2.344984% Average Coupon 4.819973% Average Life (years) 6.963 Weighted Average Maturity (years) 7.100 Duration of Issue (years) 6.108 Par Amount 8,425,000.00 Bond Proceeds 9,808,707.90 Total Interest 2,827,650.56 Net Interest 1,469,903.79 Total Debt Service 11,252,650,56 Maximum Annual Debt Service 1,066,500.00 Average Annual Debt Service 1,015,785.91 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 8,425,000.00 116.424 4.820% 6.963 5,887.95 8,425,000.00 6,963 5,887.95 All-In Arbitrage TIC TIC Yield Par Value 8,425,000,00 8,425,000.00 8,425,000.00 + Accrued Interest + Premium (Discount) 1,383,707,90 1,383,707.90 1,383,707.90 - Underwriter's Discount -25,961,13 -25,961.13 - Cost of Issuance Expense -40,925.15 - Other Amounts -5,752.95 -5,752.95 Target Value 9,782,746.77 9,736,068.67 9,802,954.95 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 2.265733% 2.344984% 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 174 BOND DEBT SERVICE City of Dillingham -- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 30,500.56 30,500.56 06/01/2017 196,075.00 196,075.00 12/01/2017 196,075.00 196,075.00 06/01/2018 196,075.00 196,075.00 12/01/2018 685,000 4.000% 196,075.00 881,075.00 06/01/2019 182,375.00 182,375.00 12/01/2019 710,000 4.000% 182,375.00 892,375.00 06/01/2020 168,175.00 168,175,00 12/01/2020 740,000 4,000% 168,175.00 908,175.00 06/01/2021 153,375.00 153,375.00 12/01/2021 775,000 4,000% 153,375,00 928,375.00 06/01/2022 137,875.00 137,875.00 12/01/2022 810,000 5.000% 137,875.00 947,875.00 06/01/2023 117,625.00 117,625.00 12/01/2023 850,000 5.000% 117,625.00 967,625.00 06/01/2024 96,375.00 96,375.00 12/01/2024 890,000 5.000% 96,375.00 986,375.00 06/01/2025 74,125.00 74,125.00 12/01/2025 940,000 5.000% 74,125.00 1,014,125,00 06/01/2026 50,625.00 50,625.00 12/01/2026 990,000 5.000% 50,625.00 1,040,625.00 06/01/2027 25,875.00 25,875,00 12/01/2027 1,035,000 5.000% 25,875.00 1,060,875.00 8,425,000 2,827,650.56 11,252,650.56 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 175 SUMMARY OF REFUNDING RESULTS City of Dillingham --Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.686316% Value of Negative Arbitrage 251,163.20 Bond Par Amount 8,425,000.00 True Interest Cost 2.265733% Net Interest Cost 2.505577% Average Coupon 4.819973% Average Life 6.963 Par amount of refunded bonds 9,190,000.00 Average coupon of refunded bonds 4.747755% Average life of refunded bonds 7.280 PV of prior debt to 11/03/2016 @ 2.265733% 10,727,924.77 Net PV Savings 946,817.71 Percentage savings of refunded bonds 10.302695% Percentage savings of refunding bonds 11.238192% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 176 SAVINGS City of Dillingham -- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Present Value Prior Refunding to 11/03/2016 Date Debt Service Debt Service Savings @ 2.2657329% 06/30/2017 212,270.00 226,575.56 -14,305,56 -13,673.37 06/30/2018 424,540.00 392,150.00 32,390.00 32,986.00 06/30/2019 1,174,540,00 1,063,450.00 111,090.00 101,850.71 06/30/2020 1,174,540.00 1,060,550.00 113,990.00 101,981.63 06/30/2021 1,176,390.00 1,061,550.00 114,840.00 100,151.20 06/30/2022 1,176,752.50 1,066,250.00 110,502.50 93,720.45 06/30/2023 1,179,565.00 1,065,500.00 114,065.00 94,340.68 06/30/2024 1,174,515.00 1,064,000.00 110,515.00 88,849.51 06/30/2025 1,176,040.00 1,060,500.00 115,540.00 90,637.97 06/30/2026 1,179,480.00 1,064,750.00 114,730.00 87,509.68 06/30/2027 1,179,500.00 1,066,500.00 113,000.00 83,736.57 06/30/2028 1,176,000,00 1,060,875.00 115,125.00 83,086.97 12,404,132.50 11,252,650.56 1,151,481.94 945,178.00 Savings Summary PV of savings from cash flow 945,178.00 Plus: Refunding funds on hand 1,639.71 Net PV Savings 946,817.71 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 177 SUMMARY OF BONDS REFUNDED City of Dillingham -- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2008-1 (City of Dillingham), 08_1_D: SER 04/01/2019 4.000% 750,000.00 04/01/2018 100.000 04/01/2020 4.250% 780,000.00 04/01/2018 100,000 04/01/2021 4.250% 815,000.00 04/01/2018 100.000 04/01/2022 4.375% 850,000.00 04/01/2018 100.000 04/01/2023 4.500% 890,000.00 04/01/2018 100.000 04/01/2024 4.700% 925,000.00 04/01/2018 100.000 04/01/2025 4.800% 970,000.00 04/01/2018 100.000 04/01/2026 4.900% 1,020,000.00 04/01/2018 100.000 04/01/2027 5.000% 1,070,000.00 04/01/2018 100.000 04/01/2028 5.000% 1,120,000.00 04/01/2018 100.000 9,190,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 178 ESCROW REQUIREMENTS City of Dillingham -- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 04/01/2017 212,270.00 212,270.00 10/01/2017 212,270.00 212,270.00 04/01/2018 212,270.00 9,190,000.00 9,402,270,00 636,810.00 9,190,000.00 9,826,810.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 179 ESCROW DESCRIPTIONS City of Dillingham -- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Type of Maturity First Tnt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 04/01/2017 04/01/2017 185,517 0.380% 0.380% SLGS Certificate 10/01/2017 10/01/2017 178,967 0.600% 0.600% SLGS Note 04/01/2018 04/01/2017 9,369,943 0.690% 0.690% 9,734,427 SLGS Summary SLGS Rates File 180CT16 Total Certificates of Indebtedness 364,484,00 Total Notes 9,369,943.00 Total original SLGS 9,734,427.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 180 ESCROW COST City of Dillingham -- Refund (10 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 04/01/2017 185,517 0.380% 185,517.00 SLGS 10/01/2017 178,967 0,600% 178,967.00 SLGS 04/01/2018 9,369,943 0.690% 9,369,943.00 9,734,427 9,734,427.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 9,734,427 1.96 9,734,428.96 0.686316% 9,734,427 1.96 9,734,428,96 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 181 ESCROW CASH FLOW City of Dillingham - Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.6863156% 04/01/2017 185,517.00 26,752.72 212,269.72 211,672.66 10/01/2017 178,967.00 33,303,02 212,270.02 210,949.07 04/01/2018 9,369,943.00 32,326.30 9,402,269.30 9,311,805.26 9,734,427.00 92,3 82.04 9,826,809.04 9,734,427.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 9,734,427.00 Target for yield calculation 9,734,427.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 182 ESCROW SUFFICIENCY City of Dillingham -- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.96 1.96 1.96 04/01/2017 212,270.00 212,269.72 0.28 1.68 10/01/2017 212,270.00 212,270.02 0.02 1.70 04/01/2018 9,402,270.00 9,402,269.30 -0.70 1.00 9,826,810.00 9,826,811.00 1.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 183 IJNREFUNDED BOND DEBT SERVICE City of Dillingham -- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Period Debt Ending Principal Coupon Interest Service 04/01/2017 695,000 4.000% 28,400 723,400 10/01/2017 14,500 14,500 04/01/2018 725,000 4.000% 14,500 739,500 1,420,000 57,400 1,477,400 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 184 SOURCES AND USES OF FUNDS City of Kodiak-- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 6,355,000.00 Net Premium 389,398.40 6,744,398.40 Uses: Refunding Escrow Deposits: 1.73 Cash Deposit 6,682,659.00 SLGS Purchases 6,682,660.73 Cost of Issuance: Bond Insurance 2,738,41 AMBB Costs 1,157.19 Miscellaneous Printing, etc. 867.89 S&P Rating 1,157.19 Fitch Rating 2,603.68 AMBB FA 1,975.20 AIvIIBB BC 10,271.03 Verification Agent 391.78 Borrower Costs of Issuance 12,500.00 33,662.37 Delivery Date Expenses: Underwriters Discount 22,425.16 Surety Policy 4,339.46 26,764,62 Other Uses of Funds: Additional Proceeds 1,310.68 6,744,398.40 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 185 BOND PRICING City of Kodiak -- Refund GO 20081 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price - Maturity Date Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2017 5,000 2000% 12/01/2018 205,000 4.000% 12/01/2019 215,000 4.000% 12/01/2020 225,000 4.000% 12/01/2021 230,000 4,000% 12/01/2022 240,000 5.000% 12/01/2023 255,000 5.000% 12/01/2024 270,000 5,000% 12/01/2025 280,000 5.000% 12/01/2026 295,000 5.000% 12/01/2027 315,000 5.000% 2535,000 2016-3 Serial Bonds (Non-AMT) (Unin) (Call): 12/01/2028 325,000 5,000% 2016-3 Serial Bonds (Non-AMT) (Insured): 12/01/2029 340,000 3,000% 12/01/2030 350,000 3,125% 12/01/2031 360,000 3.125% 1,050,000 2016-3 2033 Term Bond (Non-AMT) (Insured): 12/01/2032 375,000 3,250% 12/01/2033 390,000 3,250% 765,000 1,080% 100.982 49,10 1,250 1,300% 105.516 11,307.80 1,250 1.440% 107,679 16,509,85 2,500 1,570% 109.561 21,512.25 2,500 1,690% 111.194 25,746.20 2.500 1.820% 118.216 43,718.40 2.500 2.040% 119.414 49,505,70 2.500 2,220% 120.452 55,220.40 2.500 2.380% 121,274 59,567.20 3,000 2.510% 122,048 65,041.60 3.000 2.750% 121.358 67,277.70 3.000 415,456.20 2.760% 119,587 C 3.049% 12/01/2026 100,000 63,657,75 3.000 3.130% 98.612 -4,719.20 3.000 3.250% 98.595 -4,917.50 3,000 3.320% 97.699 -8,283.60 3.000 -17,920.30 3.440% 97,559 -9,153,75 3,500 3.440% 97.559 -9,519.90 3.500 -18,673.65 2016-3 2037 Term Bond (Non-AMT) (Insured): 12/01/2034 400,000 3.375% 3.590% 96.838 12/01/2035 410,000 3.375% 3,590% 96,838 12/01/2036 430,000 3.375% 3,590% 96.838 12/0112037 440,000 3.375% 3,590% 96.838 1,680,000 -12,648.00 3,500 -12,964,20 3.500 -13,596,60 3.500 -13,912,80 3.500 -53,121.60 6,355,000 389,398.40 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 6,355,000.00 Premium 389,398.40 Production 6,744,398.40 106.127434% Underwriters Discount -22,425,16 -0,352874% Purchase Price 6,721,973.24 105,774559% Accrued Interest Net Proceeds 6,721,973.24 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 186 BOND SUMMARY STATISTICS City of Kodiak-- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2037 Arbitrage Yield 2.598457% True Interest Cost (TIC) 3.159942% Net Interest Cost (NIC) 3.244443% All-In TIC 3.217156% Average Coupon 3.691948% Average Life (years) 12.904 Weighted Average Maturity (years) 12.523 Duration of Issue (years) 10.077 Par Amount 6,355,000.00 Bond Proceeds 6,744,398.40 Total Interest 3,027,555.28 Net Interest 2,660,582.04 Total Debt Service 9,382,555.28 Maximum Annual Debt Service 453,075.00 Average Annual Debt Service 445,139.68 Bond Component Par Value Price Average Coupon Average Life PV of 1 bp change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 2,535,000.00 116.389 4.819% 6.954 1,768,90 2016-3 Serial Bonds (Non-AMT) (Unin) (Call) 325,000.00 119.587 5.000% 12.078 315.25 2016-3 Serial Bonds (Non-AMT) (Insured) 1,050,000.00 98.293 3.087% 14.097 1,170.00 2016-3 2033 Term Bond (Non-AMT) (Insured) 765,000.00 97.559 3,250% 16.588 963.90 2016-3 2037 Term Bond (Non-AMT) (Insured) 1,680,000.00 96.838 3.375% 19,619 2,419.20 6,355,000.00 12.904 6,637.25 All-In Arbitrage TIC TIC Yield Par Value + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense - Other Amounts Target Value Target Date Yield 6,355,000.00 389,398.40 -22,425.16 6,721,973.24 11/03/2016 3.159942% 6,355,000,00 389,398,40 -22,425.16 -33,662.37 -4,339.46 6,683,971.41 11/03/2016 3.217156% 6,355,000.00 389,398.40 -4,339.46 6,740,058.94 11/03/2016 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 187 BOND DEBT SERVICE City of Kodiak-- Refund (10 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 19,292.78 19,292,78 06/01/2017 124,025.00 124,025.00 12/01/2017 5,000 2.000% 124,025.00 129,025.00 06/01/2018 123,975.00 123,975,00 12/01/2018 205,000 4.000% 123,975,00 328,975.00 06/01/2019 119,875.00 119,875.00 12/01/2019 215,000 4.000% 119,875.00 334,875.00 06/01/2020 115,575.00 115,575.00 12/01/2020 225,000 4.000% 115,575.00 340,575.00 06/01/2021 111,075.00 111,075.00 12/01/2021 230,000 4.000% 111,075.00 341,075.00 06/01/2022 106,475.00 106,475.00 12/01/2022 240,000 5.000% 106,475.00 346,475.00 06/01/2023 100,475.00 100,475.00 12/01/2023 255,000 5.000% 100,475.00 355,475.00 06/01/2024 94,100.00 94,100,00 12/01/2024 270,000 5.000% 94,100.00 364,100.00 06/01/2025 87,350.00 87,350,00 12/01/2025 280,000 5.000% 87,350.00 367,350.00 06/01/2026 80,350.00 80,350.00 12/01/2026 295,000 5.000% 80,350.00 375,350.00 06/01/2027 72,975.00 72,975.00 12/01/2027 315,000 5.000% 72,975.00 387,975.00 06/01/2028 65,100.00 65,100.00 12/01/2028 325,000 5.000% 65,100.00 390,100.00 06/01/2029 56,975.00 56,975.00 12/01/2029 340,000 3,000% 56,975.00 396,975.00 06/01/2030 51,875.00 51,875.00 12/01/2030 350,000 3.125% 51,875.00 401,875.00 06/01/2031 46,406.25 46,406.25 12/01/2031 360,000 3.125% 46,406.25 406,406.25 06/01/2032 40,781,25 40,781.25 12/01/2032 375,000 3.250% 40,781.25 415,781.25 06/01/2033 34,687.50 34,687.50 12/01/2033 390,000 3.250% 34,687.50 424,687,50 06/01/2034 28,350.00 28,350.00 12/01/2034 400,000 3.375% 28,350.00 428,350.00 06/01/2035 21,600.00 21,600,00 12/01/2035 410,000 3.375% 21,600.00 431,600.00 06/01/2036 14,681.25 14,681.25 12/01/2036 430,000 3.375% 14,681,25 444,681.25 06/01/2037 7,425.00 7,425.00 12/01/2037 440,000 3.375% 7,425.00 447,425,00 6,355,000 3,027,555.28 9,382,555.28 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 188 SUMMARY OF REFUNDING RESULTS City of Kodiak-- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.686090% Value of Negative Arbitrage 172,176.12 Bond Par Amount 6,355,000.00 True Interest Cost 3.159942% Net Interest Cost 3.244443% Average Coupon 3.691948% Average Life 12,904 Par amount of refunded bonds 6,280,000.00 Average coupon of refunded bonds 5.073285% Average life of refunded bonds 13.489 PV of prior debt to 11/03/2016 @3.159942% 7,569,597.61 Net PV Savings 848,935.05 Percentage savings of refunded bonds 13.518074% Percentage savings of refunding bonds 13.358537% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 189 SAVINGS City of Kodiak -- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Prior Refunding to 11/03/2016 Date Debt Service Debt Service Savings @ 3,1599419% 06/30/2017 155,320,00 143,317.78 12,002.22 12,286.54 06/30/2018 310,640.00 253,000.00 57,640.00 56,814,65 06/30/2019 505,640.00 448,850.00 56,790.00 52,305.43 06/30/2020 507,840.00 450,450.00 57,390.00 51,098.91 06/30/2021 509,127.50 451,650.00 57,477.50 49,465.38 06/30/2022 504,990.00 447,550.00 57,440,00 47,821.34 06/30/2023 505,365.00 446,950.00 58,415.00 47,008.59 06/30/2024 505,015,00 449,575.00 55,440.00 43,033.35 06/30/2025 508,735.00 451,450.00 57,285.00 42,957.32 06/30/2026 506,495.00 447,700.00 58,795.00 42,631.01 06/30/2027 508,510.00 448,325.00 60,185.00 42,155.67 06/30/2028 509,510.00 453,075.00 56,435.00 38,033.58 06/30/2029 504,760.00 447,075.00 57,685.00 37,583.92 06/30/2030 504,510.00 448,850,00 55,660.00 34,949.95 06/30/2031 508,190.00 448,281.25 59,908.75 36,442.41 06/30/2032 505,850.00 447,187.50 58,662.50 34,416.93 06/30/2033 507,745.00 450,468.75 57,276.25 32,362.58 06/30/2034 508,620.00 453,037.50 55,582.50 30,221.56 06/30/2035 508,080.00 449,950.00 58,130,00 30,586.58 06/30/2036 506,500.00 446,281.25 60,218.75 30,648.07 06/30/2037 508,880.00 452,106.25 56,773.75 27,698,81 06/30/2038 504,960.00 447,425.00 57,535.00 27,101.81 10,605,282.50 9,382,555.28 1,222,727.22 847,624.37 Savings Summary PV of savings from cash flow 847,624,37 Plus: Refunding funds on hand 1,310.68 Net PV Savings 848,935.05 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 190 SUMMARY OF BONDS REFUNDED City of Kodiak -- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2008-1 (City of Kodiak), 08_1KC: SER 04/01/2019 4.000% 195,000,00 04/01/2018 100.000 04/01/2020 4.250% 205,000.00 04/01/2018 100.000 04/01/2021 4.250% 215,000,00 04/01/2018 100,000 04/01/2022 4.375% 220,000.00 04/01/2018 100.000 04/01/2023 4.500% 230,000.00 04/01/2018 100.000 04/01/2024 4.700% 240,000.00 04/01/2018 100.000 04/01/2025 4.800% 255,000.00 04/01/2018 100.000 04/01/2026 4.900% 265,000,00 04/01/2018 100,000 04/01/2027 5.000% 280,000.00 04/01/2018 100.000 04/01/2028 5.000% 295,000.00 04/01/2018 100.000 04/01/2029 5.000% 305,000.00 04/01/2018 100.000 TERM33 04/01/2030 5.100% 320,000.00 04/01/2018 100,000 04/01/2031 5.100% 340,000.00 04/01/2018 100.000 04/01/2032 5.100% 355,000,00 04/01/2018 100.000 04/01/2033 5.100% 375,000.00 04/01/2018 100.000 TERM38 04/01/2034 5.200% 395,000,00 04/01/2018 100,000 04/01/2035 5.200% 415,000.00 04/01/2018 100.000 04/01/2036 5.200% 435,000.00 04/01/2018 100.000 04/01/2037 5.200% 460,000.00 04/01/2018 100.000 04/01/2038 5.200% 480,000,00 04/01/2018 100.000 6,280,000,00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 191 ESCROW REQUIREMENTS City of Kodiak-- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 04/01/2017 155,320,00 155,320,00 10/01/2017 155,320.00 155,320.00 04/01/2018 155,320.00 6,280,000.00 6,435,320.00 465,960.00 6,280,000.00 6,745,960.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 192 ESCROW DESCRIPTIONS City of Kodiak-- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Type of Maturity First mt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 04/01/2017 04/01/2017 136,994 0.380% 0.380% SLGS Certificate 10/01/2017 10/01/2017 132,471 0.600% 0,600% SLGS Note 04/01/2018 04/01/2017 6,413,194 0.690% 0.690% 6,682,659 SLGS Summary SLGS Rates File 180CT16 Total Certificates of Indebtedness 269,465,00 Total Notes 6,413,194.00 Total original SLGS 6,682,659,00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 193 ESCROW COST City of Kodiak-- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 04/0112017 136,994 0.380% 136,994.00 SLGS 10/01/2017 132,471 0.600% 132,471.00 SLGS 04/01/2018 6,413,194 0.690% 6,413,194.00 6,682,659 6,682,659.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 6,682,659 1.73 6,682,660.73 0.686090% 6,682,659 1.73 6,682,660.73 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 194 ESCROW CASH FLOW City of Kodiak-- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.6860904% 04/01/2017 136,994.00 18,326.26 155,320.26 154,883.53 10/01/2017 132,471.00 22,848.49 155,319.49 154,353.26 04/01/2018 6,413,194.00 22,125.52 6,435,319.52 6,373,422,21 6,682,659.00 63,300.27 6,745,959.27 6,682,659.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 6,682,659.00 Target for yield calculation 6,682,659,00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 195 ESCROW SUFFICIENCY City of Kodiak-- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.73 1.73 1.73 04/01/2017 155,320.00 155,320.26 0.26 1.99 10/01/2017 155,320.00 155,319,49 -0.51 1.48 04/01/2018 6,435,320.00 6,435,319.52 -0,48 1.00 6,745,960.00 6,745,961.00 1.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 196 UNREFUNDED BOND DEBT SERVICE City of Kodiak -- Refund (JO 2008-I Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Period Debt Ending Principal Coupon Interest Service 04/01/2017 205,000 4.000% 8,300 213,300 10/01/2017 4,200 4,200 04/01/2018 210,000 4.000% 4,200 214,200 415,000 16,700 431,700 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 197 SOURCES AND USES OF FUNDS Kodiak Island Borough -- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 4,905,000.00 Premium 806,205.15 5,711,205.15 Other Sources of Funds: Prior Borrower Bond Proceeds 272,409.00 5,983,614.15 Uses: Refunding Escrow Deposits: Cash Deposit 1.80 SLGS Purchases 5,934,299.00 5,934,300.80 Cost of Issuance: AMBB Costs 893.16 Miscellaneous Printing, etc. 669.87 S&P Rating 893.16 Fitch Rating 2,009.61 AMBB FA 1,524.52 AMBB BC 7,927.52 Verification Agent 302.39 Borrower Costs of Issuance 15,000.00 29,220.23 Delivery Date Expenses: Underwriter's Discount 15,121.11 Surety Policy 3,349.34 18,470.45 Other Uses of Funds: Additional Proceeds 1,622.67 5,983,614.15 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 198 BOND PRICING Kodiak Island Borough -- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2018 395,000 4.000% 1.300% 105.516 21,788.20 1.250 12/01/2019 415,000 4.000% 1.440% 107.679 31,867.85 2.500 12/01/2020 430,000 4.000% 1.570% 109.561 41,112.30 2.500 12/01/2021 450,000 4,000% 1.690% 111.194 50,37300 2.500 12/01/2022 470,000 5.000% 1.820% 118.216 85,615.20 2.500 12/01/2023 495,000 5,000% 2.040% 119.414 96,099,30 2.500 12/01/2024 520,000 5,000% 2.220% 120.452 106,350.40 2.500 12/01/2025 550,000 5.000% 2.380% 121.274 117,007.00 3.000 12/01/2026 575,000 5.000% 2.510% 122.048 126,776.00 3.000 12/01/2027 605,000 5.000% 2.750% 121.358 129,215.90 3.000 4,905,000 806,205.15 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 4,905,000.00 Premium 806,205.15 Production 5,711,205.15 116,436394% Underwriter's Discount -15,121.11 -0.308280% Purchase Price 5,696,084.04 116,128115% Accrued Interest Net Proceeds 5,696,084.04 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 199 BOND SUMMARY STATISTICS Kodiak Island Borough -- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2027 Arbitrage Yield 2.598457% True Interest Cost (TIC) 2.266482% Net Interest Cost (NIC) 2,506476% All-In TIC 2.361439% Average Coupon 4,820501% Average Life (years) 6.970 Weighted Average Maturity (years) 7.106 Duration of Issue (years) 6.113 Par Amount 4,905,000.00 Bond Proceeds 5,711,205.15 Total Interest 1,647,960.56 Net Interest 856,876.52 Total Debt Service 6,552,960.56 Maximum Annual Debt Service 622,750.00 Average Annual Debt Service 591,541.07 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 4,905,000.00 116.436 4.821% 6.970 3,431.00 4,905,000.00 6.970 3,431.00 All-In Arbitrage TIC TIC Yield Par Value 4,905,000.00 4,905,000.00 4,905,000,00 + Accrued Interest + Premium (Discount) 806,205.15 806,205,15 806,205,15 - Underwriter's Discount -15,121.11 -15,121.11 - Cost of Issuance Expense -29,220.23 - Other Amounts -3,349.34 -3,349.34 Target Value 5,696,084.04 5,663,514.47 5,707,855.81 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 2.266482% 2.361439% 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 200 BOND DEBT SERVICE Kodiak Island Borough -- Refund GO 20084 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 17,760.56 17,760.56 06/01/2017 114,175.00 114,175,00 12/01/2017 114,175.00 114,175.00 06/01/2018 114,175.00 114,175.00 12/01/2018 395,000 4.000% 114,175.00 509,175,00 06/01/2019 106,275.00 106,275.00 12/01/2019 415,000 4.000% 106,275.00 521,275.00 06/01/2020 97,975.00 97,975.00 12/01/2020 430,000 4.000% 97,975.00 527,975.00 06/01/2021 89,375.00 89,375.00 12/01/2021 450,000 4.000% 89,375.00 539,375.00 06/01/2022 80,375.00 80,375.00 12/01/2022 470,000 5.000% 80,375.00 550,375,00 06/01/2023 68,625.00 68,625.00 12/01/2023 495,000 5,000% 68,625.00 563,625.00 06/01/2024 56,250.00 56,250.00 12/01/2024 520,000 5.000% 56,250.00 576,250.00 06/01/2025 43,250.00 43,250.00 12/01/2025 550,000 5.000% 43,250.00 593,250.00 06/01/2026 29,500.00 29,500.00 12/01/2026 575,000 5.000% 29,500.00 604,500.00 06/01/2027 15,125.00 15,125,00 12/01/2027 605,000 5.000% 15,125.00 620,125.00 4,905,000 1,647,960.56 6,552,960.56 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 201 SUMMARY OF REFUNDING RESULTS Kodiak Island Borough-- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.680224% Value of Negative Arbitrage 146,820.01 Bond Par Amount 4,905,000.00 True Interest Cost 2.266482% Net Interest Cost 2.506476% Average Coupon 4.820501% Average Life 6.970 Par amount of refunded bonds 5,620,000.00 Average coupon of refunded bonds 4.733479% Average life of refunded bonds 6.429 PV of prior debt to 11/03/2016 @2.266482% 6,448,808.01 Net PV Savings 481,937.64 Percentage savings of refunded bonds 8,575403% Percentage savings of refunding bonds 9.825436% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 202 SAVINGS Kodiak Island Borough -- Refund GO 20084 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Prior Refunding to 11/03/2016 Date Debt Service Debt Service Savings @ 2.2664825% 06/30/2017 497,480.00 131,935.56 365,544.44 362,464.60 06/30/2018 620,160.00 228,350.00 391,810.00 380,444.28 06/30/2019 624,960,00 615,450.00 9,510.00 6,955.15 06/30/2020 623,960.00 619,250.00 4,710.00 2,158.08 06/30/2021 621,322.50 617,350.00 3,972.50 1,276.87 06/30/2022 623,047.50 619,750.00 3,297.50 453.28 06/30/2023 623,360.00 619,000.00 4,360.00 1,156.28 06/30/2024 622,210,00 619,875.00 2,335.00 -808.21 06/30/2025 624,180.00 619,500,00 4,680.00 922.82 06/30/2026 624,460.00 622,750.00 1,710.00 -1,758.82 06/30/2027 623,000.00 619,625.00 3,375.00 -631.13 06/30/2028 624,750.00 620,125.00 4,625.00 90.75 7,352,890.00 6,552,960.56 799,929.44 752,723.97 Savings Summary PV of savings from cash flow 752,723.97 Less: Prior funds on hand -272,409.00 Plus: Refunding funds on hand 1,622.67 Net PV Savings 481,937.64 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 203 SUMMARY OF BONDS REFUNDED Kodiak Island Borough-- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2008-1 (Kodiak Island Borough), 081KB: SER 04/01/2017 4.000% 370,000.00 04/01/2018 4.000% 380,000,00 04/01/2019 4.000% 400,000.00 04/01/2018 100.000 04/01/2020 4.250% 415,000,00 04/01/2018 100.000 04/01/2021 4,250% 430,000.00 04/01/2018 100.000 04/01/2022 4.375% 450,000.00 04/01/2018 100.000 04/01/2023 4.500% 470,000.00 04/01/2018 100.000 04/01/2024 4.700% 490,000.00 04/01/2018 100.000 04/01/2025 4.800% 515,000.00 04/01/2018 100.000 04/01/2026 4.900% 540,000.00 04/01/2018 100.000 04/01/2027 5.000% 565,000.00 04/01/2018 100.000 04/01/2028 5.000% 595,000.00 04/01/2018 100.000 5,620,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 204 ESCROW REQUIREMENTS Kodiak Island Borough -- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Principal Ending Principal Interest Redeemed Total 04/01/2017 370,000.00 127,480.00 497,480.00 10/01/2017 120,080.00 120,080.00 04/01/2018 380,000.00 120,080.00 4,870,000.00 5,370,080,00 750,000.00 367,640.00 4,870,000,00 5,987,640.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 205 ESCROW DESCRIPTIONS Kodiak Island Borough-- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Type of Maturity First Tnt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate SLGS Certificate SLGS Note 04/01/2017 04/01/2017 481,617 0.380% 0.380% 10/01/2017 10/01/2017 101,066 0,600% 0.600% 04/01/2018 04/01/2017 5,351,616 0.690% 0.690% 5,934,299 SLGS Summary SLGS Rates File 180CT16 Total Certificates of Indebtedness 582,683.00 Total Notes 5,351,616.00 Total original SLGS 5,934,299.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 206 ESCROW COST Kodiak Island Borough -- Refund GO 20084 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 04/01/2017 481,617 0.380% 481,617.00 SLGS 10/01/2017 101,066 0.600% 101,066,00 SLGS 04/01/2018 5,351,616 0,690% 5,351,616.00 5,934,299 5,934,299.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 5,934,299 1.80 5,934,300.80 0.680224% 5,934,299 1.80 5,934,300.80 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 207 ESCROW CASH FLOW Kodiak Island Borough-- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.6802241% 04/01/2017 481,617.00 15,862.47 497,479.47 496,092.58 10/01/2017 101,066.00 19,014.65 120,080.65 119,339.99 04/01/2018 5,351,616.00 18,463.08 5,370,079,08 5,318,866.43 5,934,299.00 53,340,20 5,987,639.20 5,934,299.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 5,934,299.00 Target for yield calculation 5,934,299,00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 208 ESCROW SUFFICIENCY Kodiak Island Borough-- Refund GO 2008-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.80 1.80 1.80 04/01/2017 497,480,00 497,479.47 -0.53 1.27 10/01/2017 120,080.00 120,080.65 0.65 1.92 04/01/2018 5,370,080.00 5,370,079.08 -0.92 1.00 5,987,640.00 5,987,641.00 1,00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 209 SOURCES AND USES OF FUNDS Municipality of Skagway - Refund GO 2008-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 2,875,000.00 Premium 464,554,70 3,339,554.70 Uses: Refunding Escrow Deposits: Cash Deposit 1.86 SLGS Purchases 3,316,208.00 31 316,209.86 Cost of Issuance: AMBB Costs 523.51 Miscellaneous Printing, etc. 392.63 S&P Rating 523.51 Fitch Rating 1,177.90 AMBBFA 893.58 AMIBB BC 4,646.61 Verification Agent 177.24 Borrower Costs of Issuance 4,000.00 12,334.98 Delivery Date Expenses: Underwriter's Discount 8,799.18 Surety Policy 1,963.17 10,762.35 Other Uses of Funds: Additional Proceeds 247.51 3,339,554.70 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 210 BOND PRICING Municipality of Skagway -- Refund GO 2008-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2016 45,000 2.000% 0.900% 100.084 37.80 1.250 12/01/2018 230,000 4.000% 1.300% 105.516 12,686.80 1.250 12/01/2019 240,000 4.000% 1.440% 107.679 18,429.60 2.500 12/01/2020 250,000 4.000% 1.570% 109.561 23,902.50 2.500 12/01/2021 260,000 4.000% 1.690% 111,194 29,104,40 2.500 12/01/2022 270,000 5.000% 1.820% 118.216 49,183.20 2.500 12/01/2023 285,000 5,000% 2.040% 119.414 55,329.90 2.500 12/01/2024 300,000 5.000% 2.220% 120.452 61,356.00 2.500 12/01/2025 315,000 5.000% 2.380% 121.274 67,013.10 3.000 12/01/2026 330,000 5,000% 2.510% 122.048 72,758.40 3.000 12/01/2027 350,000 5.000% 2.750% 121.358 74,753.00 3.000 2,875,000 464,554.70 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 2,875,000.00 Premium 464,554.70 Production 3,339,554.70 116.158424% Underwriter's Discount -8,799.18 -0.306058% Purchase Price 3,330,755.52 115,852366% Accrued Interest Net Proceeds 3,330,755.52 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 211 BOND SUMMARY STATISTICS Municipality of Skagway -- Refund GO 2008-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2027 Arbitrage Yield 2.598457% True Interest Cost (TIC) 2.266135% Net Interest Cost (NIC) 2.505925% All-In TIC 2.338396% Average Coupon 4.818981% Average Life (years) 6.853 Weighted Average Maturity (years) 7.003 Duration of Issue (years) 6.025 Par Amount 2,875,000.00 Bond Proceeds 3,339,554,70 Total Interest 949,513.33 Net Interest 493,757,81 Total Debt Service 3,824,513.33 Maximum Annual Debt Service 358,750.00 Average Annual Debt Service 345,241.93 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 2,875,000.00 116,158 4.819% 6.853 1,977.10 2,875,000.00 6.853 1,977.10 All-In Arbitrage TIC TIC Yield Par Value 2,875,000.00 2,875,000,00 2,875,000,00 + Accrued Interest + Premium (Discount) 464,554.70 464,554.70 464,554.70 - Underwriters Discount -8,799.18 -8,799,18 - Cost of Issuance Expense -12,334.98 - Other Amounts -1,963.17 -1,963.17 Target Value 3,330,755.52 3,316,457.37 3,337,591.53 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 2,266135% 2.338396% 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 212 BOND DEBT SERVICE Municipality of Skagway -- Refund GO 2008-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 45,000 2.000% 10,313.33 55,313.33 06/01/2017 65,850.00 65,850.00 12/01/2017 65,850.00 65,850.00 06/01/2018 65,850.00 65,850.00 12/01/2018 230,000 4.000% 65,850,00 295,850.00 06/01/2019 61,250.00 61,250.00 12/01/2019 240,000 4.000% 61,250.00 301,250.00 06/01/2020 56,450.00 56,450.00 12/01/2020 250,000 4,000% 56,450.00 306,450.00 06/01/2021 51,450.00 51,450.00 12/01/2021 260,000 4.000% 51,450.00 311,450.00 06/01/2022 46,250.00 46,250.00 12/01/2022 270,000 5.000% 46,250.00 316,250.00 06/01/2023 39,500.00 39,500.00 12/01/2023 285,000 5.000% 39,500.00 324,500.00 06/01/2024 32,375.00 32,375.00 12/01/2024 300,000 5.000% 32,375,00 332,375.00 06/01/2025 24,875.00 24,875.00 12/01/2025 315,000 5.000% 24,875,00 339,875.00 06/01/2026 17,000.00 17,000.00 12/01/2026 330,000 5.000% 17,000.00 347,000.00 06/01/2027 8,750.00 8,750.00 12/01/2027 350,000 5.000% 8,750.00 358,750.00 2,875,000 949,513.33 3,824,513.33 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 213 SUMMARY OF REFUNDING RESULTS Municipality of Skagway -- Refund GO 2008-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.715535% Value of Negative Arbitrage 92,278.78 Bond Par Amount 2,875,000.00 True Interest Cost 2.266135% Net Interest Cost 2.505925% Average Coupon 4.818981% Average Life 6.853 Par amount of refunded bonds 3,060,000.00 Average coupon of refunded bonds 4.845995% Average life of refunded bonds 7.457 PV of prior debt to 11/03/2016 @ 2.266135% 3,653,428.56 Net PV Savings 322,920.55 Percentage savings of refunded bonds 10.552959% Percentage savings of refunding bonds 11.232019% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 214 SAVINGS Municipality of Skagway -- Refund GO 20082 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Prior Refunding to 11/03/2016 Date Debt Service Debt Service Savings @ 2.2661354% 06/30/2017 146,110.00 121,163.33 24,946.67 24,822.40 06/30/2018 146,110.00 131,700.00 14,410.00 13,985.46 06/30/2019 391,110.00 357,100,00 34,010.00 29,708.77 06/30/2020 395,330.00 357,700.00 37,630.00 32,273.62 06/30/2021 393,630.00 357,900.00 35,730.00 29,727.79 06/30/2022 396,210.00 357,700.00 38,510.00 31,405.03 06/30/2023 392,815.00 355,750.00 37,065,00 29,347,01 06/30/2024 393,802.50 356,875.00 36,927.50 28,431.45 06/30/2025 393,922.50 357,250.00 36,672.50 27,444.73 06/30/2026 393,160.00 356,875.00 36,285,00 26,380.49 06/30/2027 391,500,00 355,750.00 35,750.00 25,233.16 06/30/2028 393,750.00 358,750.00 35,000.00 23,913,12 4,227,450.00 3,824,513.33 402,936,67 322,673.04 Savings Summary PV of savings from cash flow 322,673.04 Plus: Refunding funds on hand 247.51 Net PV Savings 322,920,55 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 215 SUMMARY OF BONDS REFUNDED Municipality of Skagway -- Refund GO 2008-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2008-2 (Municipality of Skagway), 08_2SK: SER 06/01/2019 4.400% 245,000.00 06/01/2018 100.000 06/01/2020 4.500% 260,000.00 06/01/2018 100.000 06/01/2021 4.600% 270,000.00 06/01/2018 100,000 06/01/2022 4.700% 285,000.00 06/01/2018 100.000 06/01/2023 4.750% 295,000.00 06/01/2018 100.000 06/01/2024 4.800% 310,000.00 06/01/2018 100.000 06/01/2025 4.850% 325,000.00 06/01/2018 100.000 06/01/2026 4.900% 340,000.00 06/01/2018 100.000 TERM28 06/01/2027 5.000% 355,000,00 06/01/2018 100.000 06/01/2028 5.000% 375,000.00 06/01/2018 100.000 3,060,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 216 ESCROW REQUIREMENTS Municipality of Skagway -- Refund GO 2008-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 12/01/2016 73,055,00 73,055.00 06/01/2017 73,055.00 73,055,00 12/01/2017 73,055.00 73,055.00 06/01/2018 73,055,00 3,060,000.00 3,133,055.00 292,220.00 3,060,000.00 3,352,220.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 217 ESCROW DESCRIPTIONS Municipality of Skagway -- Refund GO 2008-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Type of Maturity First Tnt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 73,055 SLGS Certificate 06/01/2017 06/01/2017 59,715 0.460% 0,460% SLGS Note 12/01/2017 06/01/2017 61,622 0.630% 0.630% SLGS Note 06/01/2018 06/01/2017 3,121,816 0.720% 0,720% 3,316,208 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 132,770,00 Total Notes 3,183,438.00 Total original SLGS 3,316,208.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 218 ESCROW COST Municipality of Skagway -- Refund GO 2008-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 73,055 73,055.00 SLGS 06/01/2017 59,715 0.460% 59,715.00 SLGS 12/01/2017 61,622 0.630% 61,622.00 SLGS 06/01/2018 3,121,816 0.720% 3,121,816.00 3,316,208 3,316,208.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 3,316,208 1.86 3,316,209.86 0.715535% 3,316,208 1.86 3,316,209.86 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 219 ESCROW CASH FLOW Municipality of Skagway -- Refund GO 2008-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.7155354% 12/01/2016 73,055.00 73,055.00 73,014,43 06/01/2017 59,715.00 13,339.95 73,054.95 72,754.09 12/01/2017 61,622.00 11,432.65 73,054.65 72,494.43 06/01/2018 3,121,816.00 11,238.54 3,133,054.54 3,097,945.06 3,316,208.00 36,011.14 3,352,219.14 3,316,208.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 3,316,208.00 Target for yield calculation 3,316,208.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 220 ESCROW SUFFICIENCY Municipality of Skagway -- Refund GO 2008-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.86 1.86 1.86 12/01/2016 73,055,00 73,055.00 1.86 06/01/2017 73,055.00 73,054.95 -0.05 1,81 12/01/2017 73,055.00 73,054.65 -0.35 1.46 06/01/2018 3,133,055,00 3,133,054.54 -0.46 1.00 3,352,220.00 3,352,221.00 1.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 221 UINREFUNDED BOND DEBT SERVICE Municipality of Skagway -- Refund 002008-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Period Ending Principal Coupon Interest Debt Service 12/01/2016 11,662.50 11,662.50 06/01/2017 225,000 4.100% 11,662.50 236,662.50 12/01/2017 7,050.00 7,050.00 06/01/2018 235,000 6.000% 7,050.00 242,050.00 460,000 37,425.00 497,425.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 222 SOURCES AND USES OF FUNDS City of Kodiak -- Refund GO 2009-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 875,000,00 Net Premium 54,978.10 929,978.10 Other Sources of Funds: Prior Borrower Reserve Fund 73,173.40 1,003,151.50 Uses: Refunding Escrow Deposits: Cash Deposit 1.51 SLGS Purchases 931,038.00 931,039.51 Other Fund Deposits: Borrower Reserve Fund 63,531.26 Cost of Issuance: Bond Insurance 352.75 AMBB Costs 159.33 Miscellaneous Printing, etc. 119.50 S&P Rating 159.33 Fitch Rating 358.49 AMBB FA 271.96 AMBB BC 1,414.19 Verification Agent 53.94 Borrower Costs of Issuance 1,810.85 4,700.34 Delivery Date Expenses: Underwriter's Discount 3,026.22 Surety Policy 597.49 3,623.71 Other Uses of Funds: Additional Proceeds 256.68 1,003,151.50 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 223 BOND PRICING City of Kodiak-- Refund GO 2009-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2017 30,000 2.000% 1.080% 100.982 294.60 1.250 12/01/2018 30,000 4.000% 1.300% 105.516 1,654.80 1.250 12/01/2019 30,000 4.000% 1.440% 107.679 2,303.70 2.500 12/01/2020 30,000 4.000% 1.570% 109.561 2,868.30 2.500 12/01/2021 30,000 4.000% 1.690% 111.194 3,358,20 2.500 12/01/2022 35,000 5.000% 1.820% 118.216 6,375.60 2.500 12/01/2023 35,000 5.000% 2.040% 119.414 6,794.90 2.500 12/01/2024 35,000 5.000% 2.220% 120.452 7,158.20 2.500 12/01/2025 40,000 5.000% 2.380% 121.274 8,509.60 3.000 12/01/2026 40,000 5.000% 2.510% 122.048 8,819.20 3.000 12/01/2027 45,000 5,000% 2.750% 121.358 9,611.10 3.000 380,000 57,748.20 2016-3 Serial Bonds (Non-AMT) (Unin) (Call): 12/01/2028 45,000 5.000% 2.760% 119.587 C 3.049% 12/01/2026 100.000 8,814.15 3.000 2016-3 Serial Bonds (Non-AMT) (Insured): 12/01/2029 40,000 3.000% 3.130% 98.612 -555.20 3.000 12/01/2030 45,000 3.125% 3.250% 98.595 -632.25 3.000 12/01/2031 45,000 3,125% 3.320% 97.699 -1,035.45 3,000 130,000 -2,222.90 2016-3 2033 Term Bond (Non-AMT) (Insured): 12/01/2032 50,000 3,250% 3,440% 97.559 -1,220.50 3,500 12/01/2033 55,000 3.250% 3.440% 97,559 -1,342.55 3,500 105,000 -2,563.05 2016-3 2037 Term Bond (Non-AMT) (Insured): 12/01/2034 50,000 3.375% 3.590% 96.838 -1,581.00 3.500 12/01/2035 55,000 3.375% 3.590% 96.838 -1,739.10 3.500 12/01/2036 60,000 3.375% 3.590% 96.838 -1,897.20 3,500 12/01/2037 50,000 3.375% 3,590% 96,838 -1,581.00 3,500 215,000 -6,798,30 875,000 54,978.10 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 875,000.00 Premium 54,978.10 Production 929,978.10 106.283211% Underwriter's Discount -3,026.22 -0.345854% Purchase Price 926,951.88 105.937358% Accrued Interest Net Proceeds 926,951.88 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 224 BOND SUMMARY STATISTICS City of Kodiak-- Refund GO 2009-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2037 Arbitrage Yield 2.598457% True Interest Cost (TIC) 3.138710% Net Interest Cost (NIC) 3.229916% All-In TIC 3.198886% Average Coupon 3.710816% Average Life (years) 12.346 Weighted Average Maturity (years) 11.999 Duration of Issue (years) 9.687 Par Amount 875,000.00 Bond Proceeds 929,978,10 Total Interest 400,881.50 Net Interest 348,929.62 Total Debt Service 1,275,881.50 Maximum Annual Debt Service 63,531.26 Average Annual Debt Service 60,532.07 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 380,000.00 115,197 4,787% 6.499 247.50 2016-3 Serial Bonds (Non-AMT) (Unin) (Call) 45,000.00 119.587 5.000% 12.078 43.65 2016-3 Serial Bonds (Non-AMT) (Insured) 130,000.00 98.290 3.089% 14.116 145.00 2016-3 2033 Term Bond (Non-AMT) (Insured) 105,000.00 97.559 3.250% 16.602 132.30 2016-3 2037 Term Bond (Non-AMT) (Insured) 215,000.00 96.838 3.375% 19.589 309.60 875,000.00 12.346 878.05 All-In Arbitrage TIC TIC Yield Par Value 875,000.00 875,000.00 875,000,00 + Accrued Interest + Premium (Discount) 54,978,10 54,978.10 54,978.10 - Underwriters Discount -3,026.22 -3,026.22 - Cost of Issuance Expense -4,700.34 - Other Amounts -597.49 -597.49 Target Value 926,951.88 921,654.05 929,380.61 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 3.138710% 3.198886% 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 225 BOND DEBT SERVICE City of Kodiak -• Refund GO 2009-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 2,631.32 2,631.32 06/01/2017 16,915.63 16,915,63 12/01/2017 30,000 2.000% 16,915.63 46,915.63 06/01/2018 16,615.63 16,615.63 12/01/2018 30,000 4.000% 16,615.63 46,615.63 06/01/2019 16,015.63 16,015.63 12/01/2019 30,000 4.000% 16,015.63 46,015.63 06/01/2020 15,415.63 15,415,63 12/01/2020 30,000 4.000% 15,415.63 45,415.63 06/01/2021 14,815.63 14,815.63 12/01/2021 30,000 4,000% 14,815.63 44,815,63 06/01/2022 14,215,63 14,215.63 12/01/2022 35,000 5.000% 14,215.63 49,215.63 06/01/2023 13,340.63 13,340.63 12/01/2023 35,000 5.000% 13,340.63 48,340,63 06/01/2024 12,465.63 12,465.63 12/01/2024 35,000 5.000% 12,465.63 47,465,63 06/01/2025 11,590.63 11,590.63 12/01/2025 40,000 5,000% 11,590.63 51,590.63 06/01/2026 10,590.63 10,590.63 12/01/2026 40,000 5.000% 10,590.63 50,590.63 06/01/2027 9,590.63 9,590.63 12/01/2027 45,000 5.000% 9,590.63 54,590.63 06/01/2028 8,465.63 8,465.63 12/01/2028 45,000 5.000% 8,465.63 53,465,63 06/01/2029 7,340.63 7,340,63 12/01/2029 40,000 3.000% 7,340.63 47,340.63 06/01/2030 6,740.63 6,740.63 12/01/2030 45,000 3.125% 6,740.63 51,740.63 06/01/2031 6,037.50 6,037.50 12/01/2031 45,000 3.125% 6,037.50 51,037.50 06/01/2032 5,334.38 5,334.38 12/01/2032 50,000 3.250% 5,334.38 55,334.38 06/01/2033 4,521.88 4,521.88 12/01/2033 55,000 3.250% 4,521.88 59,521.88 06/01/2034 3,628.13 3,628.13 12/01/2034 50,000 3.375% 3,628.13 53,628.13 06/01/2035 2,784.38 2,784.38 12/01/2035 55,000 3.375% 2,784.38 57,784.38 06/01/2036 1,856.25 1,856.25 12/01/2036 60,000 3.375% 1,856.25 61,856.25 06/01/2037 843.75 843.75 12/01/2037 50,000 3.375% 843.75 50,843.75 875,000 400,881.50 1,275,881.50 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 226 SUMMARY OF REFUNDING RESULTS City of Kodiak - Refund GO 2009-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.751713% Value of Negative Arbitrage 28,949.81 Bond Par Amount 875,000.00 True Interest Cost 3.138710% Net Interest Cost 3.229916% Average Coupon 3.710816% Average Life 12.346 Par amount of refunded bonds 850,000.00 Average coupon of refunded bonds 5.700791% Average life of refunded bonds 12.734 PV of prior debt to 11/03/2016 @3.138710% 1,075,713.66 Net PV Savings 139,376.32 Percentage savings of refunded bonds 16.397214% Percentage savings of refunding bonds 15.928722% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 227 SAVINGS Date City of Kodiak-- Refund GO 2009-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Prior Refunding Debt Service Debt Service Savings Present Value to 11/03/2016 @ 3.1387100% 06/30/2017 23,606.25 19,546.95 4,059.30 4,127.57 06/30/2018 71,587.50 63,531.26 8,056.24 8,233,60 06/30/2019 70,337.50 62,631.26 7,706,24 7,644.33 06/30/2020 69,087.50 61,431.26 7,656.24 7,356.04 06/30/2021 67,837.50 60,231.26 7,606.24 7,078.25 06/30/2022 71,462.50 59,031.26 12,431.24 11,006.70 06/30/2023 69,962.50 62,556,26 7,406.24 6,499.52 06/30/2024 68,425.00 60,806.26 7,618,74 6,460.04 06/30/2025 66,850.00 59,056.26 7,793.74 6,387.48 06/30/2026 70,121.88 62,181.26 7,940.62 6,320.99 06/30/2027 68,218.76 60,181.26 8,037,50 6,186.75 06/30/2028 71,156.26 63,056.26 8,100.00 6,057.39 06/30/2029 68,956.26 60,806.26 8,150.00 5,893.99 06/30/2030 66,731.26 54,081.26 12,650,00 8,701.72 06/30/2031 69,312.51 57,778.13 11,534.38 7,734.27 06/30/2032 66,725.01 56,371,88 10,353,13 6,751.67 06/30/2033 68,993.76 59,856.26 9,137,50 5,824.56 06/30/2034 70,975.01 63,150.01 7,825.00 4,890.30 06/30/2035 67,778.13 56,412.51 11,365.62 6,749.39 06/30/2036 69,400.00 59,640.63 9,759.37 5,669.96 06/30/2037 70,728.13 62,700.00 8,028.13 4,582.79 06/30/2038 66,909,38 50,843.75 16,065.63 8,604.48 1,475,162.60 1,275,881.50 199,281.10 148,761.78 Savings Summary PV of savings from cash flow 148,761.78 Less: Prior funds on hand -73,173.40 Plus: Refunding funds on hand 63,787.94 Net PV Savings 139,376.32 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 228 SUMMARY OF BONDS REFUNDED City of Kodiak-- Refund GO 2009-1 Alaska Municipal Bond Bank Bond GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Interest Par Date Rate Amount Call Date Call Price GO 2009-1 (City of Kodiak), 09_i_K: SER 09/01/2017 5.000% 25,000.00 09/01/2018 5.000% 25,000.00 09/01/2019 5.000% 25,000.00 09/01/2018 100.000 09/01/2020 5,000% 25,000.00 09/01/2018 100.000 09/01/2021 5.000% 30,000.00 09/01/2018 100.000 09/01/2022 5.000% 30,000.00 09/01/2018 100.000 09/01/2023 5.250% 30,000.00 09/01/2018 100.000 09/01/2024 5.250% 30,000,00 09/01/2018 100.000 09/01/2025 5.375% 35,000.00 09/01/2018 100.000 09/01/2026 5.500% 35,000.00 09/01/2018 100.000 09/01/2027 5.500% 40,000.00 09/01/2018 100.000 09/01/2028 5.500% 40,000.00 09/01/2018 100.000 09/01/2029 5.625% 40,000.00 09/01/2018 100,000 TERM33 09/01/2030 5,750% 45,000.00 09/01/2018 100.000 09/01/2031 5.750% 45,000.00 09/01/2018 100.000 09/01/2032 5.750% 50,000.00 09/01/2018 100.000 09/01/2033 5.750% 55,000.00 09/01/2018 100.000 TERM37 09/01/2034 5.875% 55,000,00 09/01/2018 100.000 09/01/2035 5.875% 60,000.00 09/01/2018 100.000 09/01/2036 5.875% 65,000.00 09/01/2018 100.000 09/01/2037 5,875% 65,000.00 09/01/2018 100.000 850,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 229 ESCROW REQUIREMENTS City of Kodiak - Refund GO 2009-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Interest Principal Redeemed Total 03/01/2017 23,606.25 23,606.25 09/01/2017 25,000.00 23,606.25 48,606.25 03/01/2018 22,981.25 22,981.25 09/01/2018 25,000.00 22,981.25 800,000.00 847,981.25 50,000.00 93,175.00 800,000.00 943,175.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 230 ESCROW DESCRIPTIONS City of Kodiak-- Refund GO 2009-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Type of Maturity First Int Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 03/01/2017 03/01/2017 21,447 0.330% 0.330% SLGS Certificate 09/01/2017 09/01/2017 45,116 0.570% 0.570% SLGS Note 03/01/2018 03/01/2017 19,704 0.680% 0.680% SLGS Note 09/01/2018 03/01/2017 844,771 0.760% 0.760% 931,038 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 66,563.00 Total Notes 864,475.00 Total original SLGS 931,038.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 231 ESCROW COST City of Kodiak-- Refund (10 2009-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 03/01/2017 21,447 0.330% 21,447.00 SLGS 09/01/2017 45,116 0.570% 45,116.00 SLGS 03/01/2018 19,704 0.680% 19,704.00 SLGS 09/01/2018 844,771 0.760% 844,771.00 931,038 931,038.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 931,038 1.51 931,039.51 0.751713% 931,038 1.51 931,039.51 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 232 ESCROW CASH FLOW City of Kodiak-- Refund GO 2009-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.7517134% 03/01/2017 21,447.00 2,159.35 23,606.35 23,548.37 09/01/2017 45,116.00 3,489.89 48,605.89 48,304.94 03/01/2018 19,704.00 3,277.12 22,981.12 22,753.31 09/01/2018 844,771.00 3,210.13 847,981.13 836,43 1.38 931,038.00 12,136.49 943,174.49 931,038.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 931,038.00 Target for yield calculation 931,038.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 233 ESCROW SUFFICIENCY City of Kodiak -- Refund GO 2009-1 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1.51 1.51 1.51 03/01/2017 23,606,25 23,606.35 0.10 1.61 09/01/2017 48,606.25 48,605.89 -0.36 1.25 03/01/2018 22,981.25 22,981.12 -0.13 1,12 09/01/2018 847,981.25 847,981,13 -0.12 1.00 943,175.00 943,176,00 1.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 234 SOURCES AND USES OF FUNDS City and Borough of Juneau-- Refund CBJ 2006B Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 17,575,000.00 Premium 1,266,115.25 18,841,115.25 Other Sources of Funds: Bond Bank COI Itemization 49,868.67 18,890,983.92 Uses: Refunding Escrow Deposits: Cash Deposit 10.27 SLGS Purchases 18,755,988.00 18,755,998.27 Cost of Issuance: AMBB Costs 3,200.25 Miscellaneous Printing, etc. 2,400.19 S&P Rating 3,200.25 Fitch Rating 7,200.57 AMBB FA 5,462.49 AIvIB]3 BC 28,404.92 Verification Agent 1,083.49 Borrower Costs of Issuance 25,500.00 76,452.16 Delivery Date Expenses: Underwriter's Discount 44,612.39 Surety Policy 12,000.96 56,613.35 Other Uses of Funds: Additional Proceeds 1,920.14 18,890,983.92 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 235 BOND PRICING City and Borough of Juneau -- Refund CBJ 2006B Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Uriin) (Non-Call): 12/01/2017 3,235,000 2.000% 1.080% 100.982 31,76770 1.250 12/01/2018 3,355,000 4.000% 1.300% 105.516 185,061.80 1.250 12/01/2019 3,480,000 4.000% 1.440% 107.679 267,229.20 2.500 12/01/2020 3,555,000 4.000% 1.570% 109.561 339,893,55 2.500 12/01/2021 3,950,000 4.000% 1.690% 111.194 442,163.00 2.500 17,575,000 1,266,115.25 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 17,575,000.00 Premium 1,266,115.25 Production 18,841,115.25 107.204070% Underwriter's Discount -44,612.39 -0.253840% Purchase Price 18,796,502.86 106.950230% Accrued Interest Net Proceeds 18,796,502.86 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 236 BOND SUMMARY STATISTICS City and Borough of Juneau -- Refund CBJ 2006B Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results - October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2021 Arbitrage Yield 2.598457% True Interest Cost (TIC) 1.604041% Net Interest Cost (NIC) 1.682717% All-In TIC 1.761091% Average Coupon 3.874857% Average Life (years) 3.171 Weighted Average Maturity (years) 3.216 Duration of Issue (years) 3,030 Par Amount 17,575,000.00 Bond Proceeds 18,841,115.25 Total Interest 2,159,145.56 Net Interest 937,642.70 Total Debt Service 19,734,145.56 Maximum Annual Debt Service 4,029,000.00 Average Annual Debt Service 3,886,374.40 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 17,575,000.00 107.204 3.875% 3.171 5,688.75 17,575,000.00 3.171 5,688.75 All-In Arbitrage TIC TIC Yield Par Value 17,575,000.00 17,575,000.00 17,575,000.00 + Accrued Interest + Premium (Discount) 1,266,115.25 1,266,115.25 1,266,115,25 - Underwriter's Discount -44,612.39 -44,612.39 - Cost of Issuance Expense -76,452.16 - Other Amounts -12,000.96 -12,000.96 Target Value 18,796,502.86 18,708,049.74 18,829,114,29 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 1,604041% 1,761091% 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 237 BOND DEBT SERVICE City and Borough of Juneau-- Refund CBJ 2006B Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 49,645.56 49,645.56 06/01/2017 319,150.00 319,150.00 12/01/2017 3,235,000 2,000% 319,150.00 3,554,150.00 06/01/2018 286,800.00 286,800.00 12/01/2018 3,355,000 4.000% 286,800.00 3,641,800.00 06/01/2019 219,700.00 219,700.00 12/01/2019 3,480,000 4.000% 219,700.00 3,699,700.00 06/01/2020 150,100.00 150,100.00 12/01/2020 3,555,000 4.000% 150,100.00 3,705,100.00 06/01/2021 79,000.00 79,000.00 12/01/2021 3,950,000 4.000% 79,000.00 4,029,000.00 17,575,000 2,159,145.56 19,734,145.56 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 238 SUMMARY OF REFUNDING RESULTS City and Borough of Juneau -- Refund CBJ 2006B Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0,236828% Value of Negative Arbitrage 39,055.66 Bond Par Amount 17,575,000,00 True Interest Cost 1.604041% Net Interest Cost 1.682717% Average Coupon 3.874857% Average Life 3.171 Par amount of refunded bonds 18,560,000.00 Average coupon of refunded bonds 4.162023% Average life of refunded bonds 2.926 PV of prior debt to 11/03/2016 @ 1.604041% 20,035,499.83 Net PV Savings 1,191,048.44 Percentage savings of refunded bonds 6.417287% Percentage savings of refunding bonds 6.776947% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 239 SAVINGS City and Borough of Juneau -- Refund CBJ 2006B Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Prior Refunding to 11/03/2016 Date Debt Service Debt Service Savings @ 1.6040415% 06/30/2017 382,853.75 368,795.56 14,058.19 15,052.65 06/30/2018 4,083,007.50 3,840,950.00 242,057.50 253,755.20 06/30/2019 4,102,635.00 3,861,500.00 241,135,00 248,962.04 06/30/2020 4,089,062.50 3,849,800.00 239,262.50 243,231.78 06/30/2021 4,025,406.25 3,784,100.00 241,306.25 241,104.78 06/30/2022 4,268,825.00 4,029,000.00 239,825.00 236,890.52 20,951,790.00 19,734,145.56 1,217,644.44 1,238,996.97 Savings Summary PV of savings from cash flow 1,238,996.97 Less: Prior funds on hand -49,868.67 Plus: Refunding funds on hand 1,920,14 Net PV Savings 1,191,048.44 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 240 SUMMARY OF BONDS REFUNDED City and Borough of Juneau -- Refund CBJ 2006B Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Interest Par Call Call Bond Date Rate Amount Date Price CBJ 2006B Thunder Mountain School Bonds, CBJ2006: SER 09/01/2017 4.000% 3,385,000.00 12/05/2016 100.000 09/01/2018 4,100% 3,545,000.00 12/05/2016 100.000 09/01/2019 4.125% 3,680,000.00 12/05/2016 100.000 09/01/2020 4,125% 3,770,000.00 12/05/2016 100.000 09/01/2021 4.250% 4,180,000.00 12/05/2016 100.000 18,560,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 241 ESCROW REQUIREMENTS City and Borough of Juneau -- Refund CBJ 2006B Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Principal Ending Interest Redeemed Total 12/05/2016 199,934.74 18,560,000.00 18,759,934.74 199,934.74 18,560,000.00 18,759,934.74 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 242 ESCROW DESCRIPTIONS City and Borough of Juneau -- Refund CBJ 2006B Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Type of Maturity First mt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/05/2016 12/05/2016 18,755,988 0.240% 0.240% 18,755,988 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 18,755,988.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 243 ESCROW COST City and Borough of Juneau-- Refund CBJ 2006B Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/05/2016 18,755,988 0.240% 18,755,988.00 18,755,988 18,755,988.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 18,755,988 10.27 18,755,998.27 0.236828% 18,755,988 10.27 18,755,998,27 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 244 ESCROW CASH FLOW City and Borough of Juneau -- Refund CBJ 2006B Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts 02368278% 12/05/2016 18,755,988.00 3,946.47 18,759,934.47 18,755,988,00 18,755,988.00 3,946.47 18,759,934.47 18,755,988.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 18,755,988.00 Target for yield calculation 18,755,988.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 245 ESCROW SUFFICIENCY City and Borough of Juneau-- Refund CBJ 2006B Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 10.27 10.27 10.27 12/05/2016 18,759,934.74 18,759,934.47 -0.27 10.00 18,759,934.74 18,759,944.74 10.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 246 SOURCES AND USES OF FUNDS City and Borough of Juneau-- New Money Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 2,635,000.00 Premium 381,918.80 3,016,918.80 Other Sources of Funds: Bond Bank COT Itemization 7,476.76 3,024,395.56 Uses: Project Fund Deposits: Project Fund 3,000,000.00 Cost of Issuance: AMBB Costs 479.81 Miscellaneous Printing, etc. 359.86 S&P Rating 479.81 Fitch Rating 1,079.57 AMBBFA 818,99 AMBB BC 4,258.72 Borrower Costs of Issuance 4,500.00 11,976.76 Delivery Date Expenses: Underwriter's Discount 7,686.23 Surety Policy 1,799.29 9,485.52 Other Uses of Funds: Additional Proceeds 2,933.28 3,024,395.56 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 247 BOND PRICING City and Borough of Juneau -- New Money Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Premium Bond Component Date Amount Rate Yield Price (-Discount) Takedown 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call): 12/01/2017 215,000 2.000% 1.080% 100.982 2,111.30 1,250 12/01/2018 225,000 4.000% 1.300% 105.516 12,411.00 1.250 12/01/2019 235,000 4.000% 1.440% 107.679 18,045.65 2.500 12/01/2020 245,000 4.000% 1.570% 109.561 23,424.45 2.500 12/01/2021 255,000 4.000% 1.690% 111,194 28,544.70 2.500 12/01/2022 265,000 5,000% 1,820% 118.216 48,272.40 2.500 12/01/2023 280,000 5.000% 2.040% 119.414 54,359.20 2.500 12/01/2024 290,000 5.000% 2.220% 120.452 59,310,80 2.500 12/01/2025 305,000 5.000% 2.380% 121.274 64,885.70 3.000 12/01/2026 320,000 5.000% 2.510% 122.048 70,553.60 3.000 2,635,000 381,918.80 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 2,635,000.00 Premium 381,918.80 Production 3,016,918.80 114.494072% Underwriter's Discount -7,686.23 -0.291698% Purchase Price 3,009,232.57 114.202375% Accrued Interest Net Proceeds 3,009,232.57 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 248 Bond Component BOND SUMMARY STATISTICS City and Borough of Juneau --New Money Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2026 Arbitrage Yield 2.598457% True Interest Cost (TIC) 2.127699% Net Interest Cost (NIC) 2.340797% All-In TIC 2.214664% Average Coupon 4.732832% Average Life (years) 5.937 Weighted Average Maturity (years) 6.108 Duration of Issue (years) 5.337 Par Amount 2,635,000.00 Bond Proceeds 3,016,918.80 Total Interest 740,448.89 Net Interest 366,216.32 Total Debt Service 3,375,448.89 Maximum Annual Debt Service 333,100.00 Average Annual Debt Service 334,939.80 Par Average Average Value Price Coupon Life PVofl bp change 2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call) 2,635,000.00 114.494 4.733% 5.937 1,586.15 2,635,000.00 5.937 1,586.15 All-In Arbitrage TIC TIC Yield Par Value 2,635,000.00 2,635,000.00 2,635,000.00 + Accrued Interest + Premium (Discount) 381,918.80 381,918.80 381,918.80 - Underwriter's Discount -7,686.23 -7,686.23 - Cost of Issuance Expense -11,976.76 - Other Amounts -1,799.29 -1,799.29 Target Value 3,009,232.57 2,995,456,52 3,015,119.51 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 2.127699% 2.214664% 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 249 BOND DEBT SERVICE City and Borough of Juneau -- New Money Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 8,998,89 8,998.89 06/01/2017 57,850.00 57,850.00 12/01/2017 215,000 2,000% 57,850.00 272,850.00 06/01/2018 55,700.00 55,700.00 12/01/2018 225,000 4.000% 55,700.00 280,700.00 06/01/2019 51,200.00 51,200.00 12/01/2019 235,000 4.000% 51,200.00 286,200.00 06/01/2020 46,500.00 46,500.00 12/01/2020 245,000 4.000% 46,500.00 291,500.00 06/01/2021 41,600.00 41,600.00 12/01/2021 255,000 4.000% 41,600.00 296,600.00 06/01/2022 36,500.00 36,500.00 12/01/2022 265,000 5.000% 36,500.00 301,500,00 06/01/2023 29,875.00 29,875.00 12/01/2023 280,000 5.000% 29,875.00 309,875.00 06/01/2024 22,875,00 22,875.00 12/01/2024 290,000 5.000% 22,875.00 312,875,00 06/01/2025 15,625.00 15,625.00 12/01/2025 305,000 5.000% 15,625.00 320,625.00 06/01/2026 8,000,00 8,000.00 12/01/2026 320,000 5.000% 8,000,00 328,000.00 2,635,000 740,448.89 3,375,448.89 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 250 SOURCES AND USES OF FUNDS City of Ketchikan -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 27,635,000.00 Premium 3,865,982.25 31,500,982.25 Other Sources of Funds: Prior Borrower Reserve Fund 394,321.52 31,895,303.77 Uses: Refunding Escrow Deposits: Cash Deposit 1,93 SLGS Purchases 31,658,776.00 31,658,777.93 Cost of Issuance: Bond Insurance 3,961.68 AMBB Costs 5,032.09 Miscellaneous Printing, etc. 3,774.07 S&P Rating 5,032.09 Fitch Rating 11,322.21 AMBB FA 23,499.15 AMBB BC 15,808.35 Verification Agent 1,703.68 Borrower Costs of Issuance 52,000.00 122,133.32 Delivery Date Expenses: Underwriter's Discount 93,300.14 Surety Policy 18,870.35 112,170.49 Other Uses of Funds: Additional Proceeds 2,222.03 31,895,303.77 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 251 BOND PRICING City of Ketchikan -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Takedown 2016-4 Serial Bonds (AMT) (Uninsured): 12/01/2016 610,000 2.000% 0.990% 100.077 469.70 1.250 12/01/2017 895,000 3.000% 1.230% 101.888 16,897,60 1.250 12/01/2018 930,000 5.000% 1.420% 107.303 67,917.90 1.250 12/01/2019 980,000 5.000% 1.640% 110.043 98,421.40 2.500 12/01/2020 1,025,000 5.000% 1.820% 112.441 127,520.25 2.500 12/01/2021 1,075,000 5.000% 1.980% 114.519 156,079.25 2.500 12/01/2022 1,130,000 5.000% 2.140% 116.216 183,240.80 2.500 12/01/2023 1,185,000 5.000% 2.360% 117.113 202,789.05 2.500 12/01/2024 1,245,000 5,000% 2.520% 118.021 224,361.45 2.500 12/01/2025 1,305,000 5,000% 2.680% 118.582 242,495.10 3.000 12/01/2026 1,370,000 5.000% 2,810% 119.102 261,697.40 3,000 12/01/2027 1,440,000 5.000% 2,950% 117.756 C 3,094% 12/01/2026 100.000 255,686.40 3,000 12/01/2028 1,515,000 5,000% 3,080% 116.523 C 3.327% 12/01/2026 100.000 250,323,45 3,000 12/01/2029 1,585,000 5,000% 3,160% 115.772 C 3.488% 12/01/2026 100,000 249,986.20 3,000 12/01/2030 1,670,000 5,000% 3.250% 114.934 C 3,635% 12/01/2026 100,000 249,397.80 3,000 12/01/2031 1,750,000 5,000% 3,320% 114,287 C 3.751% 12/01/2026 100,000 250,022.50 3.000 12/01/2032 1,840,000 5,000% 3380% 113,736 C 3.846% 12/01/2026 100.000 252,742.40 3.500 12/01/2033 1,930,000 5,000% 3.440% 113.188 C 3.932% 12/01/2026 100.000 254,528.40 3.500 23,480,000 3,344,577.05 2016-4 Serial Bonds (AMT) (Insured): 12/01/2034 2,030,000 5,000% 3.490% 112.734 C 4,003% 12/01/2026 100.000 258,500.20 3,500 12/01/2035 2,125,000 5,000% 3,530% 112.372 C 4.062% 12/01/2026 100.000 262,905.00 3.500 4,155,000 521,405.20 27,635,000 3,865,982.25 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 27,635,000.00 Premium 3,865,982.25 Production 31,500,982.25 113.989442% Underwriter's Discount -93,300,14 -0,337616% Purchase Price 31,407,682.11 113.651826% Accrued Interest Net Proceeds 31,407,682.11 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 252 BOND SUMMARY STATISTICS City of Ketchikan -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2035 Arbitrage Yield 2,598457% True Interest Cost (TIC) 3.457353% Net Interest Cost (NIC) 3.781118% All-In TIC 3.509733% Average Coupon 4.993344% Average Life (years) 11.262 Weighted Average Maturity (years) 11.323 Duration of Issue (years) 8.748 Par Amount 27,635,000.00 Bond Proceeds 31,500,982.25 Total Interest 15,540,253.89 Net Interest 11,767,571.78 Total Debt Service 43,175,253.89 Maximum Annual Debt Service 2,215,500.00 Average Annual Debt Service 2,263,117.56 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-4 Serial Bonds (AMT) (Uninsured) 23,480,000.00 114.244 4.991% 9.965 17,528.65 2016-4 Serial Bonds (AMT) (Insured) 4,155,000.00 112.549 5.000% 18.589 3,759.80 27,635,000.00 11.262 21,288.45 All-In Arbitrage TIC TIC Yield Par Value 27,635,000.00 27,635,000.00 27,635,000.00 + Accrued Interest + Premium (Discount) 3,865,982.25 3,865,982.25 3,865,982.25 - Underwriter's Discount -93,300.14 -93,300.14 - Cost of Issuance Expense -122,133.32 - Other Amounts -18,870.35 -18,870,35 Target Value 31,407,682.11 31,266,678.44 31,482,111.90 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 3.457353% 3.509733% 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 253 BOND DEBT SERVICE City of Ketchikan -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 610,000 2.000% 104,653.89 714,653.89 06/01/2017 666,675.00 666,675.00 12/01/2017 895,000 3.000% 666,675.00 1,561,675.00 06/01/2018 653,250.00 653,250.00 12/01/2018 930,000 5.000% 653,250.00 1,583,250,00 06/01/2019 630,000.00 630,000.00 12/01/2019 980,000 5,000% 630,000.00 1,610,000.00 06/01/2020 605,500.00 605,500.00 12/01/2020 1,025,000 5.000% 605,500.00 1,630,500.00 06/01/2021 579,875.00 579,875.00 12/01/2021 1,075,000 5.000% 579,875.00 1,654,875.00 06/01/2022 553,000.00 553,000.00 12/01/2022 1,130,000 5.000% 553,000.00 1,683,000.00 06/01/2023 524,750.00 524,750,00 12/01/2023 1,185,000 5,000% 524,750.00 1,709,750.00 06/01/2024 495,125.00 495,125.00 12/01/2024 1,245,000 5.000% 495,125.00 1,740,125.00 06/01/2025 464,000.00 464,000.00 12/01/2025 1,305,000 5,000% 464,000.00 1,769,000.00 06/01/2026 431,375.00 431,375.00 12/01/2026 1,370,000 5,000% 431,375.00 1,801,375.00 06/01/2027 397,125.00 397,125.00 12/01/2027 1,440,000 5.000% 397,125.00 1,837,125,00 06/01/2028 361,125,00 361,125.00 12/01/2028 1,515,000 5,000% 361,125.00 1,876,125,00 06/01/2029 323,250.00 323,250,00 12/01/2029 1,585,000 5.000% 323,250.00 1,908,250.00 06/01/2030 283,625.00 283,625.00 12/01/2030 1,670,000 5,000% 283,625.00 1,953,625.00 06/01/2031 241,875.00 241,875.00 12/01/2031 1,750,000 5,000% 241,875.00 1,991,875.00 06/01/2032 198,125.00 198,125.00 12/01/2032 1,840,000 5.000% 198,125.00 2,038,125.00 ö6/01/2033 152,125.00 152,125,00 12/01/2033 1,930,000 5.000% 152,125,00 2,082,125.00 06/01/2034 103,875.00 103,875.00 12/01/2034 2,030,000 5.000% 103,875.00 2,133,875.00 06/01/2035 53,125,00 53,125,00 12/01/2035 2,125,000 5,000% 53,125.00 2,178,125,00 27,635,000 15,540,253.89 43,175,253.89 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 254 SUMMARY OF REFUNDING RESULTS City of Ketchikan -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.23 1556% Value of Negative Arbitrage 65,861.95 Bond Par Amount 27,635,000.00 True Interest Cost 3.457353% Net Interest Cost 3.781118% Average Coupon 4.993344% Average Life 11.262 Par amount of refunded bonds 30,845,000,00 Average coupon of refunded bonds 5.105393% Average life of refunded bonds 11.591 PV of prior debt to 11/03/2016 @3457353% 36,206,131.37 Net PV Savings 4,406,349.77 Percentage savings of refunded bonds 14.285459% Percentage savings of refunding bonds 15.944816% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 255 SAVINGS Date City of Ketchikan - Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Prior Refunding Debt Service Debt Service Savings Present Value to 11/03/2016 @ 06/30/2017 1,604,875.00 1,381,328.89 223,546.11 220,650.04 06/30/2018 2,553,062.50 2,214,925.00 338,137,50 323,869.13 06/30/2019 2,548,062.50 2,213,250.00 334,812.50 309,937.34 06/30/2020 2,550,037,50 2,215,500.00 334,537.50 299,327.46 06/30/2021 2,543,850.00 2,210,375.00 333,475.00 288,401.64 06/30/2022 2,544,362.50 2,207,875.00 336,487.50 281,303.96 06/30/2023 2,541,300.00 2,207,750.00 333,550.00 269,531.82 06/30/2024 2,539,525.00 2,204,875.00 334,650.00 261,408.70 06/30/2025 2,538,762.50 2,204,125.00 334,637.50 252,690.79 06/30/2026 2,538,737.50 2,200,375.00 338,362.50 247,010.36 06/30/2027 2,534,312.50 2,198,500.00 335,812.50 236,990.65 06/30/2028 2,534,500.00 2,198,250.00 336,250.00 229,367.92 06/30/2029 2,534,375,00 2,199,375.00 335,000,00 220,877.18 06/30/2030 2,530,000.00 2,191,875.00 338,125.00 215,496.72 06/30/2031 2,531,125.00 2,195,500.00 335,625.00 206,758.93 06/30/2032 2,527,500.00 2,190,000.00 337,500.00 200,978.38 06/30/2033 2,524,000,00 2,190,250.00 333,750.00 192,113.37 06/30/2034 2,520,375.00 2,186,000,00 334,375.00 186,057.52 06/30/2035 2,521,250.00 2,187,000.00 334,250.00 179,791,49 06/30/2036 2,516,375.00 2,178,125.00 338,250.00 175,885.86 49,776,387.50 43,175,253.89 6,601,133.61 4,798,449.26 Savings Summary PV of savings from cash flow 4,798,449,26 Less: Prior funds on hand -394,321.52 Plus: Refunding funds on hand 2,222.03 Net PV Savings 4,406,349.77 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 256 SUMMARY OF BONDS REFUNDED Bond City of Ketchikan -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Interest Par Call Date Rate Amount Date Call Price GO 2006-2 (AMT) (City of Ketchikan), 062AK: 2021TC 12/01/2017 5.500% 975,000.00 12/05/2016 100.000 12/01/2018 5.500% 1,025,000.00 12/05/2016 100.000 12/01/2019 5.500% 1,085,000.00 12/05/2016 100.000 12/01/2020 5.500% 1,140,000,00 12/05/2016 100.000 12/01/2021 5.500% 1,205,000.00 12/05/2016 100.000 2026TC 12/01/2022 5.500% 1,270,000,00 12/05/2016 100.000 12/01/2023 5.500% 1,340,000.00 12/05/2016 100.000 12/01/2024 5.500% 1,415,000.00 12/05/2016 100.000 12/01/2025 5.500% 1,495,000.00 12/05/2016 100.000 12/01/2026 5.500% 1,575,000.00 12/05/2016 100.000 2031T 12/01/2027 5.000% 1,660,000.00 12/05/2016 100.000 12/01/2028 5.000% 1,745,000.00 12/05/2016 100.000 12/01/2029 5.000% 1,830,000.00 12/05/2016 100.000 12/01/2030 5.000% 1,925,000.00 12/05/2016 100,000 12/01/2031 5.000% 2,020,000.00 12/05/2016 100.000 2035TC 12/01/2032 5.000% 2,120,000.00 12/05/2016 100.000 12/01/2033 5.000% 2,225,000.00 12/05/2016 100.000 12/01/2034 5,000% 2,340,000.00 12/05/2016 100.000 12/01/2035 5.000% 2,455,000,00 12/05/2016 100.000 30,845,000,00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 257 ESCROW REQUIREMENTS City of Ketchikan -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 12/01/2016 802,437.50 802,437,50 12/05/2016 17,831.94 30,845,000.00 30,862,831.94 820,269.44 30,845,000.00 31,665,269.44 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 258 ESCROW DESCRIPTIONS City of Ketchikan -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Type of Maturity First Tnt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 802,437 SLGS Certificate 12/05/2016 12/05/2016 30,856,339 0.240% 0.240% 31,658,776 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 31,658,776.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 259 ESCROW COST City of Ketchikan -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 802,437 802,437.00 SLGS 12/05/2016 30,856,339 0.240% 30,856,339.00 31,658,776 31,658,776.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 31,658,776 1.93 31,658,777.93 0.231556% 31,658,776 1,93 31,658,777.93 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 260 ESCROW CASH FLOW City of Ketchikan -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.23 15558% 12/01/2016 802,437.00 802,437.00 802,292.58 12/05/2016 30,856,339.00 6,492,51 30,862,831.51 30,856,483.42 31,658,776,00 6,492.51 31,665,268.51 31,658,776.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 31,658,776.00 Target for yield calculation 31,658,776.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 261 ESCROW SUFFICIENCY City of Ketchikan -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 1,93 1.93 1.93 12/01/2016 802,437.50 802,437,00 -0.50 1.43 12/05/2016 30,862,831.94 30,862,831.51 -0.43 1.00 31,665,269.44 31,665,270.44 1.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 262 UNREFUNDED BOND DEBT SERVICE City of Ketchikan -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Period Ending Principal Coupon Interest Debt Service 12/01/2016 930,000 4.750% 22,087.50 952,087.50 930,000 22,087,50 952,087.50 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 263 SOURCES AND USES OF FUNDS City of Kethikan --New Money Harbor (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Bond Proceeds: Par Amount 1,765,000,00 Premium 252,887.30 2,017,887.30 Other Sources of Funds: Bond Bank COT Itemization 4,117.47 2,022,004.77 Uses: Project Fund Deposits: Project Fund 2,000,000.00 Cost of Issuance: Bond Insurance 265.28 AMBB Costs 321,40 Miscellaneous Printing, etc. 241.04 S&P Rating 321.40 Fitch Rating 723,13 AMBB FA 1,500.85 AMBB BC 1,009.65 Borrower Costs of Issuance 5,700.00 10,082,75 Delivery Date Expenses: Underwriter's Discount 6,033.76 Surety Policy 1,205.21 7,238.97 Other Uses of Funds: Additional Proceeds 4,683,05 2,022,004,77 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 264 BOND PRICING City of Kethikan --New Money Harbor (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Yield to Call Call Premium Bond Component Date Amount Rate Yield Price Maturity Date Price (-Discount) Takedown 2016-4 Serial Bonds (AMT) (Uninsured): 12/01/2017 55,000 3.000% 1.230% 101.888 1,038.40 1.250 12/01/2018 60,000 5.000% 1.420% 107.303 4,381.80 1.250 12/01/2019 65,000 5.000% 1.640% 110.043 6,527.95 2.500 12/01/2020 65,000 5.000% 1.820% 112.441 8,086.65 2.500 12/01/2021 70,000 5.000% 1.980% 114.519 10,163.30 2.500 12/01/2022 75,000 5.000% 2.140% 116.216 12,162.00 2.500 12/01/2023 75,000 5.000% 2.360% 117.113 12,834.75 2.500 12/01/2024 80,000 5.000% 2.520% 118.021 14,416.80 2.500 12/01/2025 85,000 5.000% 2.680% 118.582 15,794.70 3.000 12/01/2026 90,000 5.000% 2.810% 119.102 17,191.80 3.000 12/01/2027 95,000 5.000% 2.950% 117.756 C 3.094% 12/01/2026 100.000 16,868,20 3.000 12/01/2028 100,000 5.000% 3.080% 116.523 C 3.327% 12/01/2026 100.000 16,523.00 3.000 12/01/2029 105,000 5.000% 3.160% 115.772 C 3.488% 12/01/2026 100.000 16,560.60 3.000 12/01/2030 110,000 5.000% 3.250% 114.934 C 3.635% 12/01/2026 100.000 16,427.40 3.000 12/01/2031 115,000 5.000% 3.320% 114.287 C 3.751% 12/01/2026 100.000 16,430.05 3.000 12/01/2032 120,000 5.000% 3.380% 113.736 C 3.846% 12/01/2026 100.000 16,483.20 3.500 12/01/2033 125,000 5.000% 3.440% 113.188 C 3.932% 12/01/2026 100.000 16,485.00 3.500 1,490,000 218,375,60 2016-4 Serial Bonds (AMT) (Insured): 12/01/2034 135,000 5.000% 3.490% 112.734 C 4.003% 12/01/2026 100,000 17,190.90 3,500 12/01/2035 140,000 5.000% 3,530% 112.372 C 4.062% 12/01/2026 100.000 17,320.80 3.500 275,000 - 34,511,70 1,765,000 252,887.30 Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Par Amount 1,765,000,00 Premium 252,887.30 Production 2,017,887.30 114,327892% Underwriter's Discount -6,03176 -0.341856% Purchase Price 2,011,853.54 113.986036% Accrued Interest Net Proceeds 2,011,853.54 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 265 BOND SUMMARY STATISTICS City of Kethikan -- New Money Harbor (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity 12/01/2035 Arbitrage Yield 2.598457% True Interest Cost (TIC) 3.460772% Net Interest Cost (MC) 3.784556% All-In TIC 3.524810% Average Coupon 4.994191% Average Life (years) 11.562 Weighted Average Maturity (years) 11.591 Duration of Issue (years) 8.949 Par Amount 1,765,000,00 Bond Proceeds 2,017,887.30 Total Interest 1,019,178.33 Net Interest 772,324.79 Total Debt Service 2,784,178.33 Maximum Annual Debt Service 145,875.00 Average Annual Debt Service 145,938.29 Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 2016-4 Serial Bonds (AMT) (Uninsured) 1,490,000.00 114,656 4.992% 10.266 1,145.65 2016-4 Serial Bonds (AMT) (Insured) 275,000.00 112.550 5.000% 18.587 248.85 1,765,000.00 11.562 1,394.50 All-In Arbitrage TIC TIC Yield Par Value 1,765,000.00 1,765,000.00 1,765,000.00 + Accrued Interest + Premium (Discount) 252,887.30 252,887.30 252,887.30 - Underwriters Discount -6,033.76 -6,033.76 - Cost of Issuance Expense -10,082.75 - Other Amounts -1,205.21 -1,205.21 Target Value 2,011,853.54 2,000,565.58 2,016,682.09 Target Date 11/03/2016 11/03/2016 11/03/2016 Yield 3.460772% 3.524810% 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 266 BOND DEBT SERVICE City of Kethikan -- New Money Harbor (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Principal Coupon Interest Debt Service 12/01/2016 6,778.33 6,778.33 06/01/2017 43,575.00 43,575.00 12/01/2017 55,000 3.000% 43,575.00 98,575.00 06/01/2018 42,750.00 42,750,00 12/01/2018 60,000 5.000% 42,750.00 102,750.00 06/01/2019 41,250.00 41,250,00 12/01/2019 65,000 5.000% 41,250.00 106,250.00 06/01/2020 39,625.00 39,625.00 12/01/2020 65,000 5.000% 39,625.00 104,625.00 06/01/2021 38,000.00 38,000,00 12/01/2021 70,000 5.000% 38,000.00 108,000.00 06/01/2022 36,250.00 36,250.00 12/01/2022 75,000 5.000% 36,250.00 111,250.00 06/01/2023 34,375.00 34,375.00 12/01/2023 75,000 5.000% 34,375.00 109,375.00 06/01/2024 32,500.00 32,500.00 12/01/2024 80,000 5.000% 32,500.00 112,500.00 06/01/2025 30,500.00 30,500.00 12/01/2025 85,000 5,000% 30,500.00 115,500.00 06/01/2026 28,375.00 28,375,00 12/01/2026 90,000 5.000% 28,375.00 118,375,00 06/01/2027 26,125.00 26,125.00 12/01/2027 95,000 5.000% 26,125,00 121,125.00 06/01/2028 23,750.00 23,750,00 12/01/2028 100,000 5.000% 23,750.00 123,750.00 06/01/2029 21,250.00 21,250.00 12/01/2029 105,000 5,000% 21,250.00 126,250.00 06/01/2030 18,625.00 18,625.00 12/01/2030 110,000 5.000% 18,625.00 128,625.00 06/01/2031 15,875.00 15,875.00 12/01/2031 115,000 5.000% 15,875,00 130,875.00 06/01/2032 13,000.00 13,000.00 12/01/2032 120,000 5.000% 13,000.00 133,000.00 06/01/2033 10,000,00 10,000.00 12/01/2033 125,000 5.000% 10,000.00 135,000.00 06/01/2034 6,875.00 6,875.00 12/01/2034 135,000 5.000% 6,875.00 141,875.00 06/01/2035 3,500.00 3,500.00 12/01/2035 140,000 5.000% 3,500.00 143,500,00 1,765,000 1,019,178.33 2,784,178.33 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 267 SOURCES AND USES OF FUNDS Bond Bank Reserve -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Other Sources of Funds: Release from Bond Bank Reserve 1,809,734.06 1,809,734.06 Uses: Refunding Escrow Deposits: Cash Deposit 0.06 SLGS Purchases 1,809,734.00 1,809,734.06 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 268 BOND SUMMARY STATISTICS Bond Bank Reserve -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results - October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity Arbitrage Yield 2.598457% True Interest Cost (TIC) Net Interest Cost (NIC) All-In TIC Average Coupon Average Life (years) Weighted Average Maturity (years) Duration of Issue (years) Par Amount Bond Proceeds Total Interest Net Interest Total Debt Service Maximum Annual Debt Service Average Annual Debt Service Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 0.00 0.000 0.00 All-In Arbitrage TIC TIC Yield Par Value + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense - Other Amounts Target Value Target Date Yield 11/03/2016 11/03/2016 11/03/2016 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 269 SUMMARY OF REFUNDING RESULTS Bond Bank Reserve -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.231755% Value of Negative Arbitrage 3,765.05 Bond Par Amount Par amount of refunded bonds 1,765,000.00 Average coupon of refunded bonds 5.000000% Average life of refunded bonds 19.078 PV of prior debt to 11/03/2016 3,485,875.00 Net PV Savings 1,676,140.94 Percentage savings of refunded bonds 94.965492% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 270 SAVINGS Bond Bank Reserve -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Prior Refunding to 11/03/2016 Date Debt Service Net Cash Flow Savings @ 0.0000000% 06/30/2017 88,250.00 88,250.00 88,250.00 06/30/2018 88,250.00 88,250.00 88,250.00 06/30/2019 88,250.00 88,250.00 88,250.00 06/30/2020 88,250.00 88,250.00 88,250.00 06/30/2021 88,250.00 88,250.00 88,250.00 06/30/2022 88,250.00 88,250.00 88,250,00 06/30/2023 88,250.00 88,250.00 88,250.00 06/30/2024 88,250.00 88,250.00 88,250.00 06/30/2025 88,250.00 88,250.00 88,250.00 06/30/2026 88,250.00 88,250.00 88,250.00 06/30/2027 88,250.00 88,250.00 88,250.00 06/30/2028 88,250.00 88,250.00 88,250.00 06/30/2029 88,250.00 88,250.00 88,250.00 06/30/2030 88,250.00 88,250.00 88,250.00 06/30/2031 88,250.00 88,250.00 88,250.00 06/30/2032 88,250.00 88,250.00 88,250.00 06/30/2033 88,250,00 88,250.00 88,250.00 06/30/2034 88,250,00 88,250.00 88,250.00 06/30/2035 88,250.00 88,250.00 88,250.00 06/30/2036 1,809,125.00 1,809,125.00 1,809,125.00 3,485,875.00 0.00 3,485,875.00 3,485,875.00 Savings Summary PV of savings from cash flow 3,485,875.00 Plus: Refunding funds on hand -1,809,734.06 Net PV Savings 1,676,140,94 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 271 SUMMARY OF BONDS REFUNDED Bond Bank Reserve Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2006-2 (AMT) (Bond Bank Reserve), 06_2AR: 2035TC 12/01/2035 5.000% 1,765,000.00 12/05/2016 100.000 1,765,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 272 ESCROW REQUIREMENTS Bond Bank Reserve -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 12/01/2016 44,125.00 44,125.00 12/05/2016 980.56 1,765,000.00 1,765,980.56 45,105.56 1,765,000.00 1,810,105.56 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 273 ESCROW DESCRIPTIONS Bond Bank Reserve -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results - October 18, 2016 Aggregate Results by Borrower Loan Type of Type of Maturity First Int Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 44,125 SLGS Certificate 12/05/2016 12/05/2016 1,765,609 0.240% 0.240% 1,809,734 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 1,809,734.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 274 ESCROW COST Bond Bank Reserve -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 44,125 44,125.00 SLGS 12/05/2016 1,765,609 0.240% 1,765,609.00 1,809,734 1,809,734.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 1,809,734 0.06 1,809,734.06 0.231755% 1,809,734 0.06 1,809,734,06 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 275 ESCROW CASH FLOW Bond Bank Reserve -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.2317549% 12/01/2016 44,125.00 44,125.00 44,117.05 12/05/2016 1,765,609.00 371.50 1,765,980.50 1,765,616.95 1,809,734.00 371.50 1,810,105.50 1,809,734.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 1,809,734.00 Target for yield calculation 1,809,734.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 276 ESCROW SUFFICIENCY Bond Bank Reserve -- Refund GO 2006-2 (AMT) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 0.06 0.06 0,06 12/01/2016 44,125.00 44,125.00 0.06 12/05/2016 1,765,980.56 1,765,980.50 -0.06 1,810,105.56 1,810,105.56 0.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 277 SOURCES AND USES OF FUNDS Bond Bank Reserve -- Refund GO 2007-1 (1) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results --October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Other Sources of Funds: Release from Bond Bank Reserve 296,347.02 296,347.02 Uses: Refunding Escrow Deposits: Cash Deposit 0,02 SLGS Purchases 296,347,00 296,347.02 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 278 BOND SUMMARY STATISTICS Bond Bank Reserve -- Refund GO 2007-1 (I) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity Arbitrage Yield 2.598457% True Interest Cost (TIC) Net Interest Cost (NTC) All-In TIC Average Coupon Average Life (years) Weighted Average Maturity (years) Duration of Issue (years) Par Amount Bond Proceeds Total Interest Net Interest Total Debt Service Maximum Annual Debt Service Average Annual Debt Service Par Average Average PV of I bp Bond Component Value Price Coupon Life change 0.00 0.000 0.00 All-In Arbitrage TIC TIC Yield Par Value + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense - Other Amounts Target Value Target Date Yield 11/03/2016 11/03/2016 11/03/2016 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 279 SUMMARY OF REFUNDING RESULTS Bond Bank Reserve -- Refund GO 2007-1 (1) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.232447% Value of Negative Arbitrage 616,60 Bond Par Amount Par amount of refunded bonds 290,000.00 Average coupon of refunded bonds 4.342206% Average life of refunded bonds 8.009 PV of prior debt to 11/03/2016 396,143.75 Net PV Savings 99,796.73 Percentage savings of refunded bonds 34.412666% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 280 SAVINGS Bond Bank Reserve -- Refund GO 2007-1 (I) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Prior Present Value Debt Refunding to 11/03/2016 Date Service Net Cash Flow Savings @ 0.0000000% 06/30/2017 12,537.50 12,537.50 12,537.50 06/30/2018 12,537.50 12,537,50 12,537.50 06/30/2019 12,537.50 12,537.50 12,537.50 06/30/2020 12,537,50 12,537.50 12,537.50 06/30/2021 12,537.50 12,537.50 12,537.50 06/30/2022 129,987.50 129,987.50 129,987.50 06/30/2023 7,437.50 7,437,50 7,437.50 06/30/2024 7,437.50 7,437.50 7,437.50 06/30/2025 7,437.50 7,437.50 7,437.50 06/30/2026 7,437.50 7,437,50 7,437.50 06/30/2027 173,718.75 173,718.75 173,718,75 396,143.75 0.00 396,143.75 396,143.75 Savings Summary PV of savings from cash flow 396,143.75 Plus: Refunding funds on hand -296,347,02 Net PV Savings 99,796.73 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 281 SUMMARY OF BONDS REFUNDED Bond Bank Reserve -- Refund GO 2007-1 (I) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2007-1 (Bond Bank Reserve - 2007-1), 07_1RN: SERIAL 12/01/2021 4.250% 120,000.00 12/05/2016 100.000 TERM 12/01/2026 4.375% 170,000.00 12/05/2016 100.000 290,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 282 ESCROW REQUIREMENTS Bond Bank Reserve -- Refund GO 2007-1 (I) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 12/01/2016 6,268.75 6,268,75 12/05/2016 139.31 290,000.00 290,139.31 6,408.06 290,000.00 296,408.06 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 283 ESCROW DESCRIPTIONS Bond Bank Reserve -- Refund GO 2007-1 (1) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Type of Type of Maturity First mt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 6,269 SLGS Certificate 12/05/2016 12/05/2016 290,078 0.240% 0.240% 296,347 SLGS Summary SLGS Rates File 180CT16 Total Certificates of Indebtedness 296,347,00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 284 ESCROW COST Bond Bank Reserve -- Refund GO 2007-1 (I) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 6,269 6,269,00 SLGS 12/05/2016 290,078 0.240% 290,078.00 296,347 296,347.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 296,347 0.02 296,347.02 0.232447% 296,347 0,02 296,347.02 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 285 ESCROW CASH FLOW Bond Bank Reserve -- Refund GO 2007-1 (I) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.2324469% 12/01/2016 6,269.00 6,269.00 6,267.87 12/05/2016 290,078.00 61,04 290,139.04 290,079.13 296,347.00 61.04 296,408.04 296,347.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 296,347.00 Target for yield calculation 296,347.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 286 ESCROW SUFFICIENCY Bond Bank Reserve -- Refund GO 2007-1 (I) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 0.02 0.02 0.02 12/01/2016 6,268.75 6,269.00 0.25 0.27 12/05/2016 290,139.31 290,139.04 -0.27 296,408,06 296,408,06 0.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 287 U1'IREFUNDED BOND DEBT SERVICE Bond Bank Reserve - Refund GO 2007-1 (I) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Period Debt Ending Principal Coupon Interest Service 12/01/2016 75,000 5.000% 1,875 76,875 75,000 1,875 76,875 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 288 SOURCES AND USES OF FUNDS Bond Bank Reserve -- Refund GO 2007-1 (II) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Other Sources of Funds: Release from Bond Bank Reserve 919,814,19 919,814.19 Uses: Refunding Escrow Deposits: Cash Deposit 0.19 SLGS Purchases 919,814.00 919,814.19 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 289 BOND SUMMARY STATISTICS Bond Bank Reserve -- Refund GO 2007-1 (II) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date Delivery Date First Coupon Last Maturity Arbitrage Yield True Interest Cost (TIC) Net Interest Cost (NEC) All-In TIC Average Coupon Average Life (years) Weighted Average Maturity (years) Duration of Issue (years) Par Amount Bond Proceeds Total Interest Net Interest Total Debt Service Maximum Annual Debt Service Average Annual Debt Service Par Bond Component Value 11/03/2016 11/03/2016 12/01/2016 2.598457% Average Average PV of 1 bp Price Coupon Life change 0.00 0.000 0.00 All-In Arbitrage TIC TIC Yield Par Value + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense - Other Amounts Target Value Target Date Yield 11/03/2016 11/03/2016 11/03/2016 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 290 SUMMARY OF REFUNDING RESULTS Bond Bank Reserve -- Refund GO 2007-1 (II) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.232403% Value of Negative Arbitrage 1,913.84 Bond Par Amount Par amount of refunded bonds 900,000.00 Average coupon of refunded bonds 4.271720% Average life of refunded bonds 3.167 PV of prior debt to 11/03/2016 1,038,268.75 Net PV Savings 118,454.56 Percentage savings of refunded bonds 13.161618% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 291 SAVINGS Bond Bank Reserve --Refund GO 2007-1 (II) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Prior Refunding to 11/03/2016 Date Debt Service Net Cash Flow Savings @ 0.0000000% 06/30/2017 39,137.50 39,137.50 39,137.50 06/30/2018 39,137.50 39,137.50 39,137.50 06/30/2019 439,675.00 439,675.00 439,675.00 06/30/2020 20,212.50 20,212.50 20,212.50 06/30/2021 500,106.25 500,106.25 500,106.25 1,038,268.75 0.00 1,038,268.75 1,038,268.75 Savings Summary PV of savings from cash flow 1,038,268.75 Plus: Refunding funds on hand -919,814,19 Net PV Savings 118,454.56 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 292 SUMMARY OF BONDS REFUNDED Bond Bank Reserve -- Refund GO 2007-1 (II) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Maturity Interest Par Call Call Bond Date Rate Amount Date Price (10 2007-1 (Bond Bank Reserve - Refund), 07_1RR: SERIAL 12/01/2018 4125% 180,000.00 12/05/2016 100.000 12/01/2018 5.000% 230,000.00 12/05/2016 100.000 12/01/2020 4.125% 490,000.00 12/05/2016 100.000 900,000,00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 293 ESCROW REQUIREMENTS Bond Bank Reserve -- Refund GO 2007-1 (II) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 12/01/2016 19,568.75 19,568.75 12/05/2016 434,86 900,000.00 900,434.86 20,003.61 900,000.00 920,003.61 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 294 ESCROW DESCRIPTIONS Bond Bank Reserve -- Refund GO 2007-1 (II) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Type of Maturity First hit Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 19,569 SLGS Certificate 12/05/2016 12/05/2016 900,245 0.240% 0,240% 919,814 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 919,814.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 295 ESCROW COST Bond Bank Reserve -- Refund GO 20071 (II) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 19,569 19,569.00 SLGS 12/05/2016 900,245 0.240% 900,245.00 919,814 919,814.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 919,814 0.19 919,814.19 0.232403% 919,814 0.19 919,814.19 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 296 ESCROW CASH FLOW Bond Bank Reserve --Refund GO 2007-1 (II) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.2324032% 12/01/2016 19,569.00 19,569.00 19,565.47 12/05/2016 900,245.00 189.42 900,434.42 900,248.53 919,814.00 189.42 920,003.42 919,814.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 919,814.00 Target for yield calculation 919,814.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 297 ESCROW SUFFICIENCY Bond Bank Reserve -- Refund GO 20074 (II) Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 019 0.19 0.19 12/01/2016 19,568.75 19,569.00 0.25 0.44 12/05/2016 900,434.86 900,434.42 -0.44 920,003.61 920,003.61 0.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 298 SOURCES AND USES OF FUNDS Bond Bank Reserve -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Other Sources of Funds: Release from Bond Bank Reserve 700,610.83 700,610.83 Uses: Refunding Escrow Deposits: Cash Deposit 0.83 SLGS Purchases 700,610.00 700,610.83 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 299 BOND SUMMARY STATISTICS Bond Bank Reserve -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 First Coupon 12/01/2016 Last Maturity Arbitrage Yield 2.598457% True Interest Cost (TIC) Net Interest Cost (NIC) All-In TIC Average Coupon Average Life (years) Weighted Average Maturity (years) Duration of Issue (years) Par Amount Bond Proceeds Total Interest Net Interest Total Debt Service Maximum Annual Debt Service Average Annual Debt Service Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change 0.00 0.000 0.00 All-In Arbitrage TIC TIC Yield Par Value + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense - Other Amounts Target Value Target Date Yield 11/03/2016 11/03/2016 11/03/2016 2.598457% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 300 SUMMARY OF REFUNDING RESULTS Bond Bank Reserve - Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Arbitrage yield 2.598457% Escrow yield 0.232249% Value of Negative Arbitrage 1,457,71 Bond Par Amount Par amount of refunded bonds 685,000.00 Average coupon of refunded bonds 4.500000% Average life of refunded bonds 12.078 PV of prior debt to 11/03/2016 1,070,312.50 Net PV Savings 369,701.67 Percentage savings of refunded bonds 53.971047% Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 301 SAVINGS Bond Bank Reserve -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Present Value Prior Refunding to 11/03/2016 Date Debt Service Net Cash Flow Savings @ 0.0000000% 06/30/2017 30,825.00 30,825.00 30,825.00 06/30/2018 30,825,00 30,825.00 30,825.00 06/30/2019 30,825.00 30,825.00 30,825.00 06/30/2020 30,825.00 30,825.00 30,825.00 06/30/2021 30,825.00 30,825.00 30,825.00 06/30/2022 30,825.00 30,825.00 30,825.00 06/30/2023 30,825.00 30,825.00 30,825.00 06/30/2024 30,825.00 30,825.00 30,825.00 06/30/2025 30,825,00 30,825,00 30,825,00 06/30/2026 30,825.00 30,825.00 30,825.00 06/30/2027 30,825.00 30,825.00 30,825,00 06/30/2028 30,825.00 30,825.00 30,825,00 06/30/2029 700,412,50 700,412,50 700,412.50 1,070,312,50 0.00 1,070,312.50 1,070,312.50 Savings Summary PV of savings from cash flow 1,070,312.50 Plus: Refunding funds on hand -700,610.83 Net PV Savings 369,701.67 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 302 SUMMARY OF BONDS REFUNDED Bond Bank Reserve -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Maturity Interest Par Call Call Bond Date Rate Amount Date Price GO 2007-2 (Bond Bank Reserve), 07_2_R: TERIvI2 12/01/2028 4.500% 685,000,00 12/05/2016 100.000 685,000,00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 303 ESCROW REQUIREMENTS Bond Bank Reserve -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Period Ending Interest Principal Redeemed Total 12/01/2016 15,412.50 15,412.50 12/05/2016 342.50 685,000.00 685,342.50 15,755.00 685,000.00 700,755.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 304 ESCROW DESCRIPTIONS Bond Bank Reserve -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results --October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Type of Maturity First mt Par Max Security SLGS Date Pmt Date Amount Rate Rate Nov 3, 2016: SLGS Certificate 12/01/2016 12/01/2016 15,412 SLGS Certificate 12/05/2016 12/05/2016 685,198 0.240% 0,240% 700,610 SLGS Summary SLGS Rates File 18OCT16 Total Certificates of Indebtedness 700,610.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 305 ESCROW COST Bond Bank Reserve -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Type of Maturity Par Total Security Date Amount Rate Cost SLGS 12/01/2016 15,412 15,412.00 SLGS 12/05/2016 685,198 0.240% 685,198.00 700,610 700,610.00 Purchase Cost of Cash Total Date Securities Deposit Escrow Cost Yield 11/03/2016 700,610 0.83 700,610.83 0.232249% 700,610 0.83 700,610.83 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 306 ESCROW CASH FLOW Bond Bank Reserve -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 Aggregate Results by Borrower Loan Present Value Net Escrow to 11/03/2016 Date Principal Interest Receipts @ 0.2322491% 12/01/2016 15,412.00 15,412.00 15,409.22 12/05/2016 685,198.00 144.17 685,342.17 685,200,78 700,610.00 144.17 700,754.17 700,610.00 Escrow Cost Summary Purchase date 11/03/2016 Purchase cost of securities 700,610.00 Target for yield calculation 700,610,00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 307 ESCROW SUFFICIENCY Bond Bank Reserve -- Refund GO 2007-2 Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Escrow Net Escrow Excess Excess Date Requirement Receipts Receipts Balance 11/03/2016 0.83 0.83 0.83 12/01/2016 15,412.50 15,412.00 -0.50 0.33 12/05/2016 685,342.50 685,342.17 -0.33 700,755.00 700,755.00 0.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 308 SOURCES AND USES OF FUNDS Bond Bank Surety Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date 11/03/2016 Delivery Date 11/03/2016 Sources: Other Sources of Funds: Release from Bond Bank Reserve 75,000.00 75,000,00 Uses: Other Delivery Date Expenses: Surety Policy 75,000.00 75,000.00 Oct 18, 2016 4:55 pm Prepared by RBC Capital Markets Page 309 BOND SUMMARY STATISTICS Bond Bank Surety Alaska Municipal Bond Bank GO Bonds 2016 Series Three & Four Pricing Results -- October 18, 2016 --------------------------------------------- Aggregate Results by Borrower Loan Dated Date Delivery Date First Coupon Last Maturity Arbitrage Yield True Interest Cost (TIC) Net Interest Cost (MC) All-In TIC Average Coupon Average Life (years) Weighted Average Maturity (years) Duration of Issue (years) Par Amount Bond Proceeds Total Interest Net Interest Total Debt Service Maximum Annual Debt Service Average Annual Debt Service Par Bond Component Value 11/03/2016 11/03/2016 12/01/2016 2,598457% Average Average PV of 1 bp Price Coupon Life change 0.00 0,000 0.00 All-In Arbitrage TIC TIC Yield Par Value + Accrued Interest + Premium (Discount) - Underwriter's Discount - Cost of Issuance Expense - Other Amounts Target Value Target Date Yield -75,000,00 -75,000.00 -75,000.00 -75,000.00 11/03/2016 11/03/2016 11/03/2016 2,598457%