FY2016-19 Outstanding Long-Term Care Center Revenue Bond, Series 20131
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Introduced by:
Finance Director
Requested by:
Finance Director
Drafted by:
Bond Counsel
Introduced on:
11/05/2015
Adopted on:
11 /05/2015
KODIAK ISLAND BOROUGH, ALASKA
RESOLUTION NO. FY2016-19
RELATING TO THE BOROUGH'S OUTSTANDING LONG-TERM CARE CENTER
REVENUE BOND, SERIES 2013 (PROVIDENCE KODIAK ISLAND MEDICAL
CENTER); PROVIDING FOR THE PREPAYMENT OF ALL OR A PORTION OF
SUCH BOND PURSUANT TO AN ESCROW DEPOSIT AGREEMENT BETWEEN
THE BOROUGH AND THE BANK OF NEW YORK MELLON TRUST COMPANY,
N.A.; AUTHORIZING THE EXECUTION OF SUCH ESCROW DEPOSIT
AGREEMENT; AND AUTHORIZING, RATIFYING AND CONFIRMING ACTIONS
TAKEN ON BEHALF OF THE BOROUGH IN CONNECTION THEREWITH
WHEREAS, pursuant to Resolution No. FY2013-13 (the "Bond Resolution") of the Kodiak Island
Borough, Alaska (the "Borough"), the Borough issued its Long -Term Care Center Revenue Bond,
Series 2013 (Providence Kodiak Island Medical Center) (the "Bond"), in the principal amount of
$17,110,000; and
WHEREAS, the Bond is now outstanding in the principal amount of $16,505,000 and matures on
June 1, 2033, with principal installments due on June 1 of each of the years 2016 through 2033,
inclusive; and
WHEREAS, pursuant to the Bond Resolution, the principal installments of the Bond due in each
of the years 2025 through 2030, inclusive, are subject to prepayment in whole or in part at the
option of the Borough on any date on oryafter June 1, 2018; and
WHEREAS, pursuant to the Bond Resolution, the principal installments of the Bond due in the
year 2024 and in each of the years 2031 through 2033, inclusive, are subject to prepayment in
whole or in part at the option of the Borough on any date on or after June 1, 2023; and
WHEREAS, the Borough wishes to defease a portion of the principal installments of the Bond
due in each of the years 2016 through 2033, inclusive (the "Defeased Portion"); and
WHEREAS, prior to the dates on which the principal of and interest on the Defeased Portion are
due, the Borough has determined to cause certain proceeds of the Bond and other money of the
Borough to be invested in certain securities by The Bank of New York Mellon Trust Company,
N.A. (the "Escrow Agent"), pursuant to the provisions of an escrow deposit agreement between
the Borough and the Escrow Agent (the "Escrow Deposit Agreement");
NOW, THEREFORE, BE IT RESOLVED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH THAT:
Section 1: Approval of Escrow Deposit Agreement. The Assembly hereby approves the
Escrow Deposit Agreement in substantially the form attached to this resolution as
Exhibit A. Each of the Borough Manager and the Borough Finance Director is
individually authorized and directed to execute the Escrow Deposit Agreement,
with such changes, not inconsistent with the material terms of this resolution, as
shall be approved by the Borough Manager or the Borough Finance Director, and
approved as to form by the Borough Attorney or bond counsel to the Borough.
Kodiak Island Borough Resolution No. FY2016-19
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Section 2: Authority of Officers. The Mayor, the Borough Manager, the Borough Finance
Director, the Borough Clerk, the Borough Attorney and bond counsel to the
Borough each is authorized and directed to do and perform all things and
determine all matters not determined by this Resolution, including the execution
and delivery of all documents and instruments consistent with the provisions of
this Resolution, and such other certificates and opinions relating thereto and to
the Escrow Deposit Agreement, to the end that the Borough may carry out its
obligations under the Escrow Deposit Agreement and this Resolution.
Section 3: Ratification. Any actions taken by Borough officials, employees, agents,
attorneys and representatives consistent with the provisions of this resolution
before its effective date are hereby ratified, approved and confirmed.
Section 4: Effective Date. This Resolution shall become effective upon passage and
approval.
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS FIFTH DAY OF NOVEMBER, 2015
ATTEST:
Nova M. Javier, MMC, Borough Clerk
KODIAK ISLAND BOROUGH
r
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rol Friend, Borough Mayor
Kodiak Island Borough
Resolution No. FY2016-19
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