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EXPEnIENCE COMMITMENT ETflENOTH
A 0-11 119 :41 .
Application No.: 2016-001234-001
Initial Sale Date: March 1, 2016
Program Type: Negotiated DP
RE: $7,500,000 incremental surety bond amount increase to Policy No. NP1401690
relating to $10,530,206.58 Debt Service Reserve Fund for Alaska Municipal
Bond Bank, General Obligation and Refunding Bonds issued and secured
pursuant to the 2005 General Obligation Bond Resolution and any other debt
issued on a parity therewith (the "Obligations")
This commitment to issue an endorsement to an existing debt service reserve
surety bond (the "Commitment") dated October 19, 2016 constitutes an agreement
between Alaska Municipal Bond Bank (the "Issuer") and National Public Finance
Guarantee Corporation ("National"), a stock insurance company incorporated under the
laws of the State of New York.
Based on an approved application dated October 4, 2016, National agrees, upon
satisfaction of the conditions herein, to issue an endorsement to the existing debt
service reserve surety bond bearing the policy number NP1401690 (the
"Endorsement"), that increases its stated amount to $18,030,206.58. The issuance of
the Endorsement shall be subject to the following terms and conditions:
I Payment by the Issuer, or by the Trustee on behalf of the Issuer, on the
date of issuance of the Endorsement, of a nonrefundable premium in an amount of
$150,000 [2.0% (premium rate) of $7,500,000 (incremental surety bond amount)].
2. There shall have been no material adverse change in the Obligations or the
Resolution, Bond Ordinance, Trust Indenture or other official document authorizing the
issuance of the Obligations or in the final official statement or other similar document,
including the financial statements included therein.
3. There shall have been no material adverse change in any information
submitted to the Insurer as a part of the Application or subsequently submitted to be a
part of the Application to the Insurer.
4. This Commitment may be signed in counterpart by the parties hereto,
5. The total amount of the Debt Service Reserve Fund Requirement to be
satisfied by surety policies shall not exceed the total amount of cash available in the
Debt Service Reserve Fund to satisfy the Debt Service Reserve Fund Requirement,
6. The amount available under the Surety Bond shall reduce in accordance
with the terms thereof.
This Commitment may be signed in counterpart by the parties hereto
Dated this 19 th day of October, 2016.
NatioryJna9ntee Corporation Gua a
By.
.......... ..
Secretary
ITA ME
MAN