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05CONTINUINGDISCLOSURE CERTIFICATE The Kodiak Island Borough the Borough executes and delivers this Continuing Disclosure Certificate the Disclosure Certificate in connection with the issuance of $61205000 Alaska Municipal BondBank General Obligation Bonds 2014 Series One the Bonds consisting of $47205000 principal amount of General Obligation Bonds 2014A Series One Tax-Exempt and $14000000 principal amount of General Obligation 2014B Series One Taxable The Bonds are being issued under the General Bond Resolution of theIssuer entitled Resolution Creating And Establishing An Issue Of Bonds Of The Alaska Municipal Bond Bank Providing For The Issuance FromTime To TimeOf Said Bonds Providing For The Payment Of Principal Of And Interest On Said Bonds And Providing For The Rights Of The Holders Thereof adopted July 13 2005 as amended August 19 2009 the General Bond Resolution and SeriesResolution No 2014-01 adopted on January 2014 the Series Resolution and together with the General Bond Resolution the Resolutions The Borough on the date hereofissued $22660000 aggregate principal amount of its General Obligation School Bond 2014The Borough covenants and agrees as follows Section Purpose of theDisclosure Certificate The Borough is executing and delivering this Disclosure Certificate for the benefit of the Beneficial Owners of the Bonds and to assist the Participating Underwriter in complying withSecurities and Exchange Commission Rule 15c2-12b5 The Borough is currently an Obligated Person within the meaning of the Rule Section Definitions In additionto the definitions set forth in the Resolutions which apply to any capitalized term used in this Disclosure Certificate unlessotherwise defined in this Section the following capitalized terms shall have the following meanings Annual Report means any Annual Reportprovided by the Borough pursuant to and asdescribed in Section of this Disclosure Certificate Borough means the Kodiak Island Borough Alaska Fiscal Year means the fiscal year of the Borough currently the 12-month period ending June 30 as such fiscal year may be changed fromtime to time as required by State law and the Boroughs ordinances Issuer means the Alaska Municipal Bond Bank MSRB means the Municipal Securities Rulemaking Board Participating Underwriter means any of the original underwriters of the Bonds required to comply with the Rule in connection with the offering of the Bonds Rule means Rule 15c2-12b5 adopted by the Securities and Exchange Commissionunder the Securities Exchange Act of 1934 as amended from time to time Section Provision of Annual Reports and Financial Statements Commencing with its Fiscal Year ending June 30 2014 and for so long as the Borough has outstanding with theIssuer anamount of bonds equal toor greater than ten percent 10%of all bonds outstanding under the General Bond Resolution as of the last day of the fiscal year of theIssuer currently June 30 the Borough will provide to the MSRB in format as prescribed by the Rule the following Not later than 210 days after the end of each Fiscal Year an Annual Report for the Fiscal Year The Annual Report shall contain or incorporate by referencethe following annual information and operating data annual financial statements for the Borough prepared in accordance with generally accepted accounting principles applicable to governmental entities as such principles may be changed from time to time and ii financial information generally of the type included in Appendix of the Official Statement relating to the Bonds Any or all of these items may be incorporated by specific reference to documents availableto the public on the internet website of MSRB or filed with the Securities and Exchange Commission The Borough shall clearlyidentify each such other document so incorporated by reference The Annual Report may be submitted as single document or as separate documents comprising package provided that audited financial statements of the Borough may be submitted separately fromthe remainder of the Annual Report If not provided as part of the Annual Report then promptly upon their public release the audited financial statements of the Borough for each Fiscal Year prepared in accordance with generally accepted accounting principles applicable to governmental entities as such principles may be changed fromtime to time Section Filing Requirements The Borough agrees any filing required under theterms of this Certificate shall be with the MSRB in format prescribed by the Rule and that such filing shall be made in connection with CUSIP Nos 01 179P 011798 and 01 179R Additionaloralternate CUSIP numbers may beadded fromtime to time by written notice from theIssuer to the Borough and the Borough agrees that ifit shall receivefromtheIssuer CUSIP numbers in additionto those set forth in this Section it shall make its filings using both the CUSIP numbers hereinstated and/or the additional CUSIP numbers if any SectionNotice ofFailure to Provide Information The Borough shall provide in timely manner to the MSRB notice of any failure to satisfy the requirements of Section of this Disclosure Certificate AMBB/General Obligation Bonds 2014 Series One Authority Continuing Disclosure Certificate Page I\Docs\37421736\Cont Disc Kodiak Docx Section Termination of Reporting Obligation The Boroughs obligations under this Disclosure Certificate shall terminate upon the legal defeasance prior redemption or payment in full of all of its loan obligation with theIssuer and as otherwise described in Section of this Disclosure Certificate Section Amendment Waiver Notwithstanding any other provision of this Disclosure Certificate the Borough may amend this Disclosure Certificate provided that the amendment meets each of the following conditions Theamendment is made in connection with change in circumstances thatarises from change in legal requirements change in law or change in the identity nature orstatusof the Borough ThisDisclosure Certificate as amended would have complied with the requirements of the Ruleas of the date hereof after taking into account any amendments or interpretations of the Rule as well as any changes in circumstances The Borough obtains an opinion of nationally recognized bond counsel to the effectthat the amendment will not adversely affect theIssuers compliance with the Rule or its continuing disclosure undertaking and The Borough notifies and provides theIssuer and the MSRB with copies of the opinions and amendments Any such amendment may be adopted withoutthe consent of any Beneficial Owner of any of the Bonds notwithstanding any other provision of this Disclosure Certificate or theResolutions The first Annual Report containing amended operating data or financial information pursuant to an amendment of this Disclosure Certificateshall explain in narrative form the reasons for the amendment and its effect on the type of operating data and financial information being provided Section Filing Alternative Any filing required under the terms of this Disclosure Certificate may be made solely by transmitting such filing to the Electronic Municipal Market Access as provided at http//www.emma.msrb.org or in such other manner as may be permitted fromtime to time by the Securities Exchange Commission Section Default In the event of failure of the Borough to comply with any provision of this Disclosure Certificate any Beneficial Owner may take such actions as may be necessary and appropriate including an action to compel specific performance to cause the Borough to comply with its obligations under this Disclosure Certificate No AMBB/General Obligation Bonds 2014 Series One Authority Continuing Disclosure Certificate Page I\Docs\37421736Cont Disc Kodiak.Docx failure to comply with any provision of this Disclosure Certificateshall be deemed an Event of Default under theResolutions or the Bonds and thesole legal remedy under this Disclosure Certificate in the event of any failure of the Borough to comply with this Disclosure Certificate shall bean action to compel specific performance Section 10 Beneficiaries ThisDisclosure Certificateshall inure solely to the benefitof the Borough the Issuer the Trustee the Participating Underwriter and the Beneficial Owners fromtime to time of the Bonds and shall create no rights in any other person or entity Section 11 Prior Compliance The Borough is in compliance with all of its prior undertakings pursuant to the Rule DATED this 20th day of February 2014 KODIAK ISLAND BOROUGH ALASKA By____________ KARLETON SHORT Finance Director AMBB/General Obligation Bonds 2014 Series One Authority Continuing Disclosure Certificate Page IDocs\37421 736\CoritDisc Kodiak.Docx