FY2016-07 Authorizing General Obligation School Refunding Bond for $5,970,000 to Refund Certain Principal1
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Introduced by:
Borough Manager
Requested by:
Finance Director
Drafted by:
Bond Counsel
Introduced on:
08/20/2015
Adopted on:
08/20/2015
KODIAK ISLAND BOROUGH
RESOLUTION NO. FY2016-07
A RESOLUTION OF THE KODIAK ISLAND BOROUGH ASSEMBLY
AUTHORIZING THE BOROUGH TO ISSUE A GENERAL OBLIGATION
SCHOOL REFUNDING BOND IN THE PRINCIPAL AMOUNT NOT TO
EXCEED $52970,000 TO REFUND CERTAIN PRINCIPAL
INSTALLMENTS OF AN OUTSTANDING GENERAL OBLIGATION
SCHOOL BOND OF THE BOROUGH AND TO PAY COSTS OF
ISSUING THE BOND, FIXING CERTAIN DETAILS OF SUCH BOND,
AUTHORIZING ITS SALE, AND PROVIDING FOR RELATED
MATTERS
WHEREAS, pursuant to Ordinance No. FY2007-05 of the Kodiak Island Borough, Alaska (the
"Borough"), adopted August 17, 2006, approved by a majority of the qualified voters voting on the
proposition at the regular Borough election held on October 3, 2006, and Resolution No. FY2008-
12, adopted December 6, 2007 (the "Bond Resolution"), the Borough issued its General
Obligation School Bond, 2008 Series A (the "2008 Bond") in the original principal amount of
$8,000,000, of which $5,970,000 is now outstanding; and
WHEREAS, under AS 29.47.300) if the Borough has outstanding general obligation bonds and
the Assembly determines it would be financially advantageous to refund those bonds, the
Borough may provide by resolution for the issuance of general obligation refunding bonds, and
under AS 29.47.320, no election is required to authorize the issuance and sale of refunding
bonds; and
WHEREAS, under AS 29.47.340, refunding bonds may be exchanged for the bonds being
refunded; and
WHEREAS, the Borough sold the 2008 Bond to the Alaska Municipal Bond Bank Authority (the
"Bond Bank"), as authorized by the Bond Resolution, on the terms and conditions set forth in the
Bond Resolution and in the loan agreement between the Borough and the Bond Bank dated as of
April 1, 2008 (the "2008 Loan Agreement"); and
WHEREAS, the Bond Bank issued its General Obligation Bonds, 2008 Series One (the "2008
Bond Bank Bonds"), among other purposes to provide funds to purchase the 2008 Bond, as
provided in the 2008 Loan Agreement; and
WHEREAS, the Bond Bank has expressed its intent to issue refunding bonds (the "Bond Bank
Refunding Bonds") for the purpose of refunding a portion of the 2008 Bond Bank Bonds and
achieving a debt service savings; and
WHEREAS, Section 6 of the 2008 Loan Agreement provides that payments of principal of and
interest on the 2008 Bond may be adjusted to reduce debt service on the 2008 Bond if the Bond
Bank is able to achieve debt service savings by refunding the 2008 Bond Bank Bonds; and
WHEREAS, the Bond Bank has offered to enter into an Amendatory Loan Agreement (the
"Amendatory Loan Agreement") to effect a reduction in debt service on all or a portion of the
principal installments of the 2008 Bond payable on or after April 1, 2019 (the "Refundable
Principal Installments"); and
Kodiak Island Borough, Alaska Resolution No. FY2016-07
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WHEREAS, the Assembly wishes to effect a reduction in debt service on all or a portion of the
Refundable principal Installments by entering into the Amendatory Loan Agreement, issuing the
Bond (and a replacement 2008 Bond) in exchange for the 2008 Bond and participating in the
refunding of a portion of the 2008 Bond Bank Bonds; and
WHEREAS, the Assembly finds that it is necessary and appropriate to delegate to each of the
Borough Manager and Borough Finance Director authority to determine the maturity amounts,
interest rates, and other details of the bonds, and to determine other matters that are not provided
for in this Resolution;
NOW, THEREFORE, BE IT RESOLVED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH THAT:
Section 1: Definitions. In addition to terms which are defined in the recitals above, the
following terms shall have the following meanings in this Resolution:
(a) "Assembly" means the Assembly of the Kodiak Island Borough, as the
general legislative authority of the Kodiak Island Borough, as the same shall be
duly and regularly constituted from time to time.
(b) "Bond" means the "General Obligation School Refunding Bond" of the
Kodiak Island Borough, the issuance and sale of which are authorized herein.
(c) "Bond Bank Bonds" means the series of general obligation bonds issued
by the Bond Bank, all or part of the proceeds of which are used to purchase the
Bond.
(d) "Bond Register" means the registration books maintained by the
Registrar, which include the names and addresses of the Registered Owners of
the Bond or their nominees.
(e) "Borough" means the Kodiak Island Borough, a municipal corporation of
the State of Alaska, organized as a second class borough under Title 29 of the
Alaska Statutes.
(f) "Borough Manager" means the Manager or Administrative Official of the
Borough.
(g) "Code" means the Internal Revenue Code of 1986, as amended from
time to time, together with all regulations applicable thereto.
(h) "Government Obligations" means obligations that are either (i) direct
obligations of the United States of America or (ii) obligations of an agency or
instrumentality of the United States of America the timely payment of the
principal of and interest on which are unconditionally guaranteed by the United
States of America.
(i) "Registered Owner" means the person named as the registered owner of
a Bond in the Bond Register.
0) "Registrar" means the Borough Finance Director, or any successor that
the Borough may appoint by resolution.
(k) "Resolution" means this Resolution No. FY2016- of the Borough.
Kodiak Island Borough, Alaska
Resolution No. FY2016-07
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C
108 Section 2:
Authorization of Bond and Purpose of Issuance. The Assembly hereby
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determines it would be financially advantageous to refund all or a portion of the
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Refundable Principal Installments by issuing the Bond (and a replacement 2008
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Bond) on the terms and conditions provided in this Resolution. For the purpose
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of providing the funds required to refund all or a portion of the Refundable
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Principal Installments and to pay all costs incidental thereto and to the issuance
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of the Bond, the Borough hereby authorizes and determines to issue and sell the
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Bond in the principal amount of not to exceed $5,970,000. The Bond shall be
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designated "Kodiak Island Borough General Obligation School Refunding Bond,"
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with such additional series and year designation as the Borough Manager or the
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Borough Finance Director may fix and determine.
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The Borough Manager and/or the Borough Finance Director are hereby
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authorized to fix and determine which of the Refundable Principal Installments
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are to be refunded by issuing the Bond (and a replacement 2008 Bond) in
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exchange therefor.
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125 Section 3:
Obligation of Bond. The Bond shall be a direct and general obligation of the
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Borough, and the full faith and credit of the Borough are hereby pledged to the
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payment of the principal of and interest on the Bond. The Borough hereby
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irrevocably pledges and covenants that it will levy and collect taxes upon all
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taxable property within the Borough without limitation as to rate or amount, in
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amounts sufficient together with other funds legally available therefor, to pay the
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principal of and interest on the Bond as the same become due and payable.
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133 Section 4:
Designation, Maturities, Interest Rates, and Other Details of Bond. The Bond
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shall be designated "Kodiak Island Borough, Alaska, General Obligation School
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Refunding Bond." Each principal installment of the Bond shall be in the
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denomination of $5,000 or any integral multiple thereof, shall be numbered in the
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manner and with such additional designation as the Registrar deems necessary
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for purposes of identification, and may have endorsed thereon such legends or
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text as may be necessary or appropriate to conform to the rules and regulations
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of any governmental authority or any usage or requirement of law with respect
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thereto.
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The Bond shall bear interest payable semi-annually on the dates and shall
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mature on the r date and each principal installment shall be payable annually in
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the amount and on the dates, all as shall be set forth in the Amendatory Loan
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Agreement. Interest will be computed on the basis of a 360-day year consisting
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of twelve 30-day months.
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Subject to Section 2 and the remainder of this Section, the dated date, the
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principal installment and interest payment dates, the record dates for interest
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payments, the aggregate principal amount, the amount of each principal
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installment, and the interest rate on each principal installment shall be
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determined at the time of execution of the Amendatory Loan Agreement under
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Section 15, provided that (i) no rate of interest on any principal installment shall
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exceed the rate of interest on the corresponding maturity of the Bond Bank
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Refunding Bonds; and (ii) the net present value of the savings to the Borough
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effected by issuing the Bond (and a replacement 2008 Bond) and refunding the
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Refundable Principal Installments that are refunded shall be at least 3 percent of
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the aggregate principal amount of the Refundable Principal Installments that are
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refunded; and (iii) the Bond shall mature on or before six months after the date
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on which the last Refundable Principal Installment that is refunded is payable.
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Kodiak Island Borough, Alaska Resolution No. FY2016-07
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Section 5: Optional Prepayment. The principal installments of the Bond shall be subject to
prepayment, at the Borough's option, on the dates and at the prices to be set
forth in the Amendatory Loan Agreement. If fewer than all of the principal
installments of the Bond are to be prepaid, the principal installments to be
prepaid shall be determined by the Borough. Notice of any such prepayment
shall be sent by the Borough not less than 50 days prior to the date fixed for
prepayment by first class mail to the Registered Owner at the Registered
Owner's address as it then appears on the Bond Register. Notice of prepayment
having been duly given and the prepayment having been duly effected, interest
on the principal installments to be prepaid shall cease to accrue on the date fixed
for prepayment.
Section 6: Form of Bond. Each Bond shall be in substantially the following form, subject to
the provisions of the Amendatory Loan Agreement and with such variations,
omissions, and insertions as may be required or permitted by this Resolution:
NO.
UNITED STATES OF AMERICA
KODIAK ISLAND BOROUGH, ALASKA
GENERAL OBLIGATION SCHOOL REFUNDING BOND
REGISTERED OWNER: ALASKA MUNICIPAL BOND BANK AUTHORITY
PRINCIPAL AMOUNT:
The Kodiak Island Borough (the "Borough"), a municipal corporation of
the State of Alaska, hereby acknowledges itself to owe and for value received
promises to pay to the Registered Owner identified above, or its registered
assigns, the principal amount identified above in the following installments on
each of the following years, and to pay interest on such installments from the
date hereof, payable on 17 201 , and semiannually thereafter on 1,
and 11 of each year, at the rates per annum as follows:
Maturity Principal Interest
Date Amount Rate
For so long as the Alaska Municipal Bond Bank Authority (the "Bond
Bank") is the Registered Owner, payment of principal and interest shall be made
as provided in the Loan Agreement between the Bond Bank and the Borough, as
amended (the "Amended Loan Agreement"). When and if this Bond is not owned
by the Bond Bank, installments of principal of and interest on this Bond shall be
paid by check or draft mailed by first class mail to the Registered Owner as of the
close of business on the 15th day of the month before each installment payment
date; provided, that the final installment of principal of and interest on this Bond
shall be payable upon presentation and surrender of this Bond by the Registered
Owner at the office of the Registrar. Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months. Both principal of and interest
on this Bond are payable in lawful money of the United States of America which,
on the respective dates of payment thereof, shall be legal tender for the payment
of public and private debts.
Kodiak Island Borough, Alaska
Resolution No. FY2016-07
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This Bond is the General Obligation School Refunding Bond of the
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Kodiak Island Borough, Alaska, and is authorized for the purpose of refunding
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certain principal installments of an outstanding general obligation bond of the
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Borough under Resolution No. FY2016- of the Borough entitled:
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A RESOLUTION OF THE KODIAK ISLAND BOROUGH ASSEMBLY
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AUTHORIZING THE BOROUGH TO ISSUE A GENERAL OBLIGATION
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SCHOOL REFUNDING BOND IN THE PRINCIPAL AMOUNT NOT TO
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EXCEED $529702000 TO REFUND CERTAIN PRINCIPAL
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INSTALLMENTS OF AN OUTSTANDING GENERAL OBLIGATION
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SCHOOL BOND OF THE BOROUGH AND TO PAY COSTS OF
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ISSUING THE BOND, FIXING CERTAIN DETAILS OF SUCH BOND,
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AUTHORIZING ITS SALE, AND PROVIDING FOR RELATED
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MATTERS
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(the "Resolution").
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Installments of principal of this Bond maturing on and after 1,
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20 , shall be subject to prepayment on and after 11 20 , at the option of
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the Borough (subject to any applicable provisions of the Amended Loan
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Agreement), in such principal amounts and from such maturities as the Borough
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may determine, and by lot within a maturity, at a redemption price equal to the
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principal amount to be prepaid, plus accrued interest to the date of prepayment.
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This Bond is transferable as provided in the Bond Resolution, (i) only
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upon the Bond Register of the Borough, and (ii) upon surrender of this Bond
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together with a written instrument of transfer duly executed by the Registered
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Owner or the duly authorized attorney of the Registered Owner, and thereupon a
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new fully registered Bond in the same aggregate principal amount and maturity
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shall be issued to the transferee in exchange therefor as provided in the Bond
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Resolution and upon the payment of charges, if any, as therein prescribed. The
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Borough may treat and consider the person in whose name this Bond is
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registered as the absolute owner hereof for the purpose of receiving payment of,
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or on account of, the principal or redemption price, if any, hereof and interest due
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hereon and for all other purposes whatsoever.
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This Bond is a general obligation of the Kodiak Island Borough, and the
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full faith and credit of the Borough are pledged for the payment of the principal of
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and interest on this Bond as the same shall become due.
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IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts or
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things required by the constitution or statutes of the State of Alaska to exist, to
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have happened or to have been performed precedent to or in the issuance of this
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Bond exist, have happened and have been performed, and that this Bond,
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together with all other indebtedness of the Borough, is within every debt and
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other limit prescribed by such constitution or statutes.
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IN WITNESS WHEREOF, THE KODIAK ISLAND BOROUGH, ALASKA,
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has caused this Bond to be signed in its name and on its behalf by the manual or
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facsimile signature of its Mayor and its corporate seal (or a facsimile thereof) to
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be impressed or otherwise reproduced hereon and attested by the manual or
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facsimile signature of its Clerk, all as of the day of , 2015.
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Kodiak Island Borough, Alaska Resolution No. FY2016-07
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KODIAK ISLAND BOROUGH
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/specimen/
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Borough Mayor
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ATTEST:
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/specimen/
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Borough Clerk
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282 Section 7:
Execution. The Bond shall be executed in the name of the Borough by the
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manual or facsimile signature of the Mayor, and its corporate seal (or a facsimile
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thereof) shall be impressed or otherwise reproduced thereon and attested by the
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manual or facsimile signature of the Borough Clerk. The execution of a Bond on
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behalf of the Borough by persons who at the time of the execution are duly
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authorized to hold the proper offices shall be valid and sufficient for all purposes,
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although any such person shall have ceased to hold office at the time of delivery
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of the Bond or shall not have held office on the date of the Bond.
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291 Section 8:
Payment of Principal Installments and Interest. The Bond shall be payable in
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lawful money of the United States of America which at the time of payment is
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legal tender for the payment of public and private debts. For so long as the Bond
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Bank is the Registered Owner of the Bond, payment of principal installments of
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and interest on the Bond shall be made as provided in the Loan Agreement, as
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amended by the Amendatory Loan Agreement. When and if the Bond Bank is
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not the Registered Owner of the Bond, installments of principal of and interest on
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the Bond shall be paid by check mailed by first class mail to the Registered
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Owner as of the record date for the installment payment at the address
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appearing on the Bond Register; provided, that the final installment of principal
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and interest on the Bond shall be payable upon presentation and surrender of the
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Bond by the Registered Owner at the office of the Registrar.
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i
304 Section 9:
Registration. The Bond shall be issued only in registered form as to both
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principal and interest. The Borough designates the Borough Finance Director as
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Registrar for the Bond. The Registrar shall keep, or cause to be kept, the Bond
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Register at the principal office of the Borough. The Borough covenants that, until
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the Bond has been surrendered and canceled, it will maintain a system for
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recording the ownership of the Bond that complies with the provisions of Section
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149 of the Code. The Borough and the Registrar may treat the person in whose
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name the Bond shall be registered as the absolute owner of such Bond for all
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purposes, whether or not the Bond shall be overdue, and all payments of
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principal of and interest on the Bond made to the Registered Owner thereof or
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upon its order shall be valid and effectual to satisfy and discharge the liability
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upon such Bond to the extent of the sum or sums so paid, and neither the
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Borough nor the Registrar shall be affected by any notice to the contrary.
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318 Section 10:
Transfer and Exchange. The Bond shall be transferred only upon the Bond
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Register. Upon surrender for transfer or exchange of the Bond at the office of
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the Registrar, together with a written instrument of transfer or authorization for
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exchange in form and with guaranty of signature satisfactory to the Registrar,
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duly executed by the Registered Owner or the duly authorized attorney of the
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Registered Owner, the Borough shall execute and deliver a Bond in equal
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aggregate principal amount, subject to such reasonable regulations as the
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Borough may prescribe and upon payment sufficient to reimburse it for any tax,
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fee or other governmental charge required to be paid in connection with such
Kodiak Island Borough, Alaska Resolution No. FY2016-07
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transfer or exchange. If the Bond is surrendered for transfer or exchange it shall
be canceled by the Registrar.
Section 11: Bond Mutilated. Destroyed, Stolen, or Lost. Upon surrender to the Registrar of a
mutilated Bond, the Borough shall execute and deliver a new Bond of like
maturity and principal amount. Upon filing with the Registrar of evidence
satisfactory to the Borough that a Bond has been destroyed, stolen, or lost and of
the ownership thereof, and upon furnishing the Borough with indemnity
satisfactory to it, the Borough shall execute and deliver a new Bond of like
maturity and principal amount. The person requesting the execution and delivery
of a new Bond under this Section shall comply with such other reasonable
regulations as the Borough may prescribe and shall pay such expenses as the
Borough may incur in connection therewith.
Section 12: Tax Covenants. The Borough covenants to comply with any and all applicable
requirements set forth in the Code in effect from time to time to the extent that
such compliance shall be necessary for the exclusion of the interest on the Bond
from gross income for federal income tax purposes. The Borough covenants that
it will make no use of the proceeds of the Bond which will cause the Bond to be
an "arbitrage bond" subject to federal income taxation by reason of Section 148
of the Code. The Borough covenants that it will not take or permit any action that
would cause the Bond to be a "private activity bond" as defined in Section 141 of
the Code.
Section 13: Amendatory and Supplemental Resolutions.
(a) The Assembly from time to time and at any time may adopt a resolution
or resolutions supplemental hereto, which resolution or resolutions thereafter
shall become a part of this Resolution, for any one or more of the following
purposes:
(1) To add to the covenants and agreements of the Borough in this
Resolution, other covenants and agreements thereafter to be observed
or to surrender any right or power herein reserved to or conferred upon
the Borough.
(2) To make such provisions for the purpose of curing any
ambiguities or of curing, correcting or supplementing any defective
provision contained in this Resolution or in regard to matters or questions
arising under this Resolution as the Assembly may deem necessary or
desirable and not inconsistent with this Resolution and which shall not
adversely affect: the interests of the Registered Owner of the Bond.
Any such supplemental resolution may be adopted without the consent of the
Registered Owner of the Bond at any time outstanding, notwithstanding any of
the provisions of subsection (b) of this Section.
(b) With the consent of the Registered Owner, the Assembly may adopt a
resolution or resolutions supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Resolution or of any supplemental resolution.
It shall not be necessary for the consent of the Registered Owner of the Bond
under this subsection to approve the particular form of any proposed
supplemental resolution, but it shall be sufficient if such consent approves the
substance thereof.
Kodiak Island Borough, Alaska
Resolution No. FY2016-07
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(c) Upon the adoption of any supplemental resolution under this Section,
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this Resolution shall be deemed to be modified and amended in accordance
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therewith, and the respective rights, duties, and obligations under this Resolution
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of the Borough and the Registered Owner shall thereafter be subject in all
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respects to such modification and amendment, and all the terms and conditions
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of the supplemental resolution shall be deemed to be part of the terms and
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conditions of this Resolution for any and all purposes.
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(d) Bonds executed and delivered after the adoption of any supplemental
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resolution under this Section may bear a notation as to any matter provided for in
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such supplemental resolution, and if such supplemental resolution shall so
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provide, a new Bond modified so as to conform, in the opinion of the Borough, to
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any modification of this Resolution contained in any such supplemental resolution
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may be prepared by the Borough and delivered without cost to the Registered
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Owner of the Bond, upon surrender for cancellation of such Bond in an equal
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aggregate principal amount.
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Section 14:
Defeasance. In the event money and/or non -callable Government Obligations
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maturing at such times and bearing interest to be earned thereon in amounts
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sufficient to redeem and retire the Bond in accordance with its terms are set
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aside in a special trust account to effect such redemption or retirement and such
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moneys and the principal of and interest on such Government Obligations are
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irrevocably set aside and pledged for such purpose, then no further payments
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need be made to pay or secure the payment of the principal of and interest on
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the Bond and the Bond shall be deemed not to be outstanding.
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Section 15:
Exchange of the Bond; Amendatory Loan Agreement; Continuing Disclosure
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Certificate. The exchange of the Bond for all the Refundable Principal
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Installments that are refunded (and the issuance of a replacement 2008 Bond),
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as provided in the Amendatory Loan Agreement and this Resolution, is hereby
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authorized and approved. The Amendatory Loan Agreement and the Continuing
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Disclosure Certificate in substantially the form filed with this Resolution are
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hereby approved. The Mayor and the Borough Manager are each hereby
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authorized to execute and deliver the Amendatory Loan Agreement and the
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Continuing Disclosure Certificate in such forms, together with such changes not
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inconsistent herewith as may be approved by the Mayor or the Borough Manager
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(such approval to be conclusively evidenced by such official's execution and
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delivery of such document).
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Section 16:
Authority of Officers. The Mayor, the Borough Manager, the Borough Finance
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Director, and the Borough Clerk each is authorized and directed to do and
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perform all things and determine all matters not determined by this Resolution, to
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the end that the Borough may carry out its obligations under the Bond and this
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Resolution.
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Section 17:
Ongoing Disclosure. The Borough acknowledges that under Rule 15c2-12 of the
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Securities and Exchange Commission (the "Rule") the Borough may now or in
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the future be an "obligated person." In accordance with the Rule, and as the
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Bond Bank may require, the Borough shall undertake to provide certain annual
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financial information and operating data as shall be set forth in the Amendatory
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Loan Agreement.
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Section 18:
Miscellaneous. No recourse shall be had for the payment of the principal of or
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the interest on the Bond or for any claim based thereon or on this Resolution
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against any member of the Assembly or officer of the Borough or any person
Kodiak Island Borough, Alaska Resolution No. FY2016-07
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439 executing the Bond. The Bond is not and shall not be in any way a debt or
440 liability of the State of Alaska or of any political subdivision thereof, except the
441 Borough, and does not and shall not createp or constitute an indebtedness or
442 obligation, either legal, moral, or otherwise, of such state or of any political
443 subdivision thereof, except the Borough.
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445 Section 19: Severability. If any one or more of the provisions of this Resolution shall be
446 declared by any court of competent jurisdiction to be contrary to law, then such
447 provision shall be null and void and shall be deemed separable from the
448 remaining provisions of this Resolution and shall in no way affect the validityof
Bond.
449 the other provisions of this Resolution or of the
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451 Section 20: Effective Date. This Resolution shall become effective upon passage and
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approval.
453
454 ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
455 THIS TWENTIETH DAY OF AUGUST, 2015
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457 KODIAK ISLAND BOROUGH
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461
462 463 Jerrol Friend, Boroughy Mayor
464 ATTEST:
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469 Nova M. Javier, Borough Clk
Kodiak Island Borough, Alaska Resolution No. FY2016-07
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