Tab_12November 3, 2016
Alaska Municipal Bond Bank
333 Willoughby Avenue
Juneau, Alaska 99811
RBC Capital Markets
Two Embarcadero Center, Suite 1200
San Francisco, California 94111
$6,985,000
Alaska Municipal Bond Bank
General Obligation and Refunding Bonds, 2016 Series Three
(Insured Maturities due December 1, 2029 through December 1, 2037)
$4,430,000
Alaska Municipal Bond Bank
General Obligation and Refunding Bonds, 2016 Series Four (AMT)
(Insured Maturities due December 1, 2034 through December 1, 2035)
Ladies and Gentlemen:
I am General Counsel of National Public Finance Guarantee Corporation, a New York
corporation (the "Corporation"), and have acted as counsel to the Corporation in connection with
the issuance of Financial Guaranty Insurance Policy Nos. NP1404500 and NP1404510 (the
"Policies") relating to $6,985,000 Alaska Municipal Bond Bank, General Obligation and
Refunding Bonds, 2016 Series Three (Insured Maturities due December 1, 2029 through
December 1, 2037) and $4,430,000 Alaska Municipal Bond Bank, General Obligation and
Refunding Bonds, 2016 Series Four (AMT) (Insured Maturities due December 1, 2034 through
December 1, 2035) (the "Bonds").
In so acting, I have examined a copy of the Policies and such other relevant documents as I have
deemed necessary.
Based upon the foregoing, I am of the following opinion:
1. The Corporation is a financial guaranty insurance company, duly incorporated and validly
existing under the laws of the State of New York and is licensed and authorized to issue the
Policies under the laws of the State of New York and the State of Alaska.
2. The Policies have been duly executed and are valid and binding obligations of the
Corporation enforceable in accordance with their terms except that the enforcement of the
Policies may be limited by laws relating to bankruptcy, insolvency, reorganization,
moratorium, receivership and other similar laws affecting creditors' rights generally and by
general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law).
3. The Policies are not required to be registered under the Securities Act of 1933, as amended.
Very truly yours,
Daniel E. McManus, Jr.
General Counsel