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