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05CONTINUING DISCLOSURE CERTIFICATE The Kodiak Island Borough Alaska the Borough executes and delivers this Continuing Disclosure Certificate the Disclosure Certificate in connection with the issuance of $96210000 Alaska Municipal BondBank General Obligation Bonds 2015 Series Three the Bonds TheBonds are being issuedunder the General Bond Resolution oftheIssuerentitled Resolution Creating And Establishing An Issue Of BondsOfThe Alaska Municipal Bond Bank Providing For The Issuance FromTime To Time Of 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 132005 as amended the General Bond Resolution and the SeriesResolution No 2015- 045 adopted on August 11 2015 the Series Resolution and together withthe General Bond Resolution the Resolutions The Borough covenants and agrees as follows Section Purpose of theDisclosure Certificate The Borough is executing and delivering this Disclosure Certificate for thebenefitof the Beneficial Owners of the Bonds and to assist the Participating Underwriter in complying withSecurities and Exchange Commission SEC Rule 15c2-12b5 The Borough is currently an Obligated Person withinthe meaning of the Rule Section Definitions In additiontothedefinitions set forth in the Resolutions which apply to any capitalized term used in this Disclosure Certificate unlessotherwisedefined in this Section the followingcapitalized terms shall have the following meanings Annual Report means any Annual Reportprovidedby the Borough pursuant to and as described in Section of this Disclosure Certificate Borough means the Kodiak Island Borough Alaska Fiscal Year means the fiscal year ofthe Borough currently the 12-month period ending June 30 as such fiscal year may be changed fromtime to time as required by Statelaw and the Boroughs ordinances Issuer means the Alaska Municipal Bond Bank MSRB means the Municipal Securities Rulemaking Board Participating Underwriter means the original underwriter ofthe Bonds required to comply with theRule in connection withthe offering ofthe Bonds Rule means Rule 15c2-12b5 adoptedby theSecurities and Exchange Commission underthe Securities Exchange Act of 1934 as amended from time to time Section Provisionof Annual Reports and Financial Statements Commencing with its Fiscal Year ending June 30 2016 and for so long as the Borough has outstanding withtheIssuer an amount of bonds equal to or greater than ten percent10%of all bonds outstanding under the General Bond Resolution as of the last day of the fiscal year oftheIssuer currently June 30 the Borough will provide tothe 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 TheAnnual Report shallcontainor incorporate by reference the following annual financialinformation and operating data annual financial statements for the Borough prepared in accordance with generally accepted accounting principlesapplicable to governmental entities as such principles may be changed from time to time and ii financialinformation generally of the type included in Appendix of the Official Statement relating to the Bonds Any or all of theseitems may be incorporated by specific reference to documents availableto the public on theinternet website of MSRB or filed withthe Securities and Exchange Commission The Borough shall clearlyidentify each such other document so incorporated by reference TheAnnual Report may be submittedas single document or as separate documents comprising package provided that audited financial statements of the Borough may be submitted separately from the remainder ofthe Annual Report If not provided as part ofthe Annual Report then promptly upon their public release theaudited financial statements ofthe Borough for each Fiscal Year prepared in accordance with generally accepted accounting principlesapplicable to governmental entities as such principles may be changed from time to time Section Filing Requirements The Borough agrees any filing required under the terms of this Certificate shall be withthe MSRB in format prescribed by the Rule and that such filing shall be made in connection with CUSIP Nos 01179P 011798 and 01 179R Additional or alternate CUSIP numbers may be added fromtime to time by writtennotice from the Issuer to the Borough and the Borough agrees that if it shall receive from theIssuer CUSIP numbers in addition to those set forth in this Section it shall make its filings using both the CUSIP numbers hereinstated and theadditional CUSIP numbers if any SectionNotice ofFailureto Provide Information The Borough shall provide in timely manner to the MSRB noticeof any failure to satisfy the requirements of Section of this Disclosure Certificate SectionTermination of Reporting Obligation The Boroughs obligations under this Disclosure Certificateshall terminate upon the legal defeasance prior AMBB/General Obligation Bonds 2015 Series Three Continuing Disclosure Certificate Kodiak Island Borough Page I\Docs\37421742\Cont Disc KIB.Docx redemption or payment infull of its loan obligation withtheIssuer and asotherwise 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 The amendment is made in connection with change in circumstances that arises from change in legal requirements change in law or change in the identity nature orstatusof the Borough This Disclosure Certificate as amended would have complied withthe requirements of the Rule as ofthe date hereof after taking into account anyamendmentsorinterpretationsoftheRuleaswellasanychangesincircumstances The Borough obtains an opinion of nationally recognized bond counsel to the effect thatthe amendment will not adversely affect the Issuers compliance with the Rule or its continuing disclosure undertaking and The Borough notifies and provides the Issuer and the MSRB withthe copies of the opinions and amendments Any such amendment may be adopted without the consent of any Beneficial Owner of any ofthe Bonds notwithstanding any other provision of this Disclosure Certificate or the Resolutions 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 financialinformation being provided Section Default In theevent of failure of the Borough to comply with any provision of this Disclosure Certificate any Beneficial Owner may takesuch 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 failure to comply with any provision of this Disclosure Certificateshall be deemed an Event ofDefault undertheResolutions or the Bonds and the sole 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 Beneficiaries ThisDisclosure Certificateshallinure solely to the benefit of the Borough the Issuer the Trustee the Participating underwriter and the Beneficial Owners fromtime to time ofthe Bonds and shall create no rights in any other person or entity AMBB/General Obligation Bonds 2015 SeriesThree Continuing Disclosure Certificate Kodiak Island Borough PageI\Docs\37421 742\Cont Disc KIB.Docx Section 10 Filing Alternative Any filing required under the terms of this Disclosure Certificate may be made solely by transmitting such filing to theElectronic Municipal Market Access as provided at http//www.emma.msrb.org or in such other manner as may be permitted from time to time by the Securities Exchange Commission Section 11 Prior Compliance The Borough isin compliance inall material respects with its prior undertakingspursuant to the Rule if any DATED this 16th day of September 2015 KODIAKISLAND BOROUGH ALASKA By_______________ KARLETONSHORT Finance Director AMBB/General Obligation Bonds 2015 Series Three Continuing Disclosure Certificate Kodiak Island Borough Page I\Docs\37421742\Cont Disc KIB.Docx