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