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National Public Finance Guarantee Corporation
Purchase, New York 10577
Policy No. NP 1404500
National Public Finance Guarantee Corporation (the "Insurer"), in consideration of the payment of the premium and subject to the
terms of this policy, hereby unconditionally and irrevocably guarantees to any owner, as hereinafter defined, of the following
described obligations, the full and complete payment required to be made by or on behalf of the Issuer to The Bank of New York
Mellon Trust Company, NA., San Francisco, California or its successor (the "Paying Agent") of an amount equal to (i) the principal
of (either at the stated maturity or by any advancement of maturity pursuant to a mandatory sinking fund payment) and interest on, the
Obligations (as that term is defined below) as such payments shall become due but shall not be so paid (except that in the event of any
acceleration of the due date of such principal by reason of mandatory or optional redemption or acceleration resulting from default or
otherwise, other than any advancement of maturity pursuant to a mandatory sinking fund payment, the payments guaranteed hereby
shall be made in such amounts and at such times as such payments of principal would have been due had there not been any such
acceleration); and (ii) the reimbursement of any such payment which is subsequently recovered from any owner pursuant to a final
judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such owner within the
meaning of any applicable bankruptcy law. The amounts referred to in clauses (i) and (ii) of the preceding sentence shall be referred
to herein collectively as the "Insured Amounts." "Obligations" shall mean:
$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)
Upon receipt of telephonic or telegraphic notice, such notice subsequently confirmed in writing by registered or certified mail, or upon
receipt of written notice by registered or certified mail, by the Insurer from the Paying Agent or any owner of an Obligation the
payment of an Insured Amount for which is then due, that such required payment has not been made, the Insurer on the due date of
such payment or within one business day after receipt of notice of such nonpayment, whichever is later, will make a deposit of funds,
in an account with U.S. Bank Trust National Association, in New York, New York, or its successor, sufficient for the payment of any
such Insured Amounts which are then due. Upon presentment and surrender of such Obligations or presentment of such other proof of
ownership of the Obligations, together with any appropriate instruments of assignment to evidence the assignment of the Insured
Amounts due on the obligations as are paid by the Insurer, and appropriate instruments to effect the appointment of the Insurer as
agent for such owners of the Obligations in any legal proceeding related to payment of Insured Amounts on the Obligations, such
instruments being in a form satisfactory to U.S. Bank Trust National Association, U.S. Bank Trust National Association shall disburse
to such owners, or the Paying Agent payment of the Insured Amounts due on such Obligations, less any amount held by the Paying
Agent for the payment of such Insured Amounts and legally available therefor. This policy does not insure against loss of any
prepayment premium which may at any time be payable with respect to any Obligation.
As used herein, the term "owner" shall mean the registered owner of any Obligation as indicated in the books maintained by the
Paying Agent, the Issuer, or any designee of the Issuer for such purpose. The term owner shall not include the Issuer or any party
whose agreement with the Issuer constitutes the underlying security for the Obligations.
Any service of process on the Insurer may be made to the Insurer at its offices located at 1 Manhattanville Road, Suite 301, Purchase,
New York 10577 and such service of process shall be valid and binding.
This policy is non-cancellable for any reason. The premium on this policy is not refundable for any reason including the payment
prior to maturity of the Obligations.
IN WITNESS WHEREOF, the Insurer has caused this policy to be executed in facsimile on its behalf by its duly authorized officers,
this 3' day of November, 2016.
National Public Finance
Guarantee Corporatpn
11,4,4 , /- -
Pfid nt
/J
Attest: Secretary
STD-NATL-1
3/14
L..J
F N P P N P N C F C C) Ni MrMP N I F IR C N N I P
November, 3, 2016
The Bank of New York Mellon Trust Company, N.A.
San Francisco, California
$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)
Ladies and Gentlemen:
In connection with the above-described obligations (the 'Obligations") of which you are acting
as paying agent (the "Paying Agent"), please be advised that the payment to you of principal of
and interest on the Obligations has been guaranteed by a policy of financial guaranty insurance
(the "Policy") issued by National Public Finance Guarantee Corporation (the "Insurer"). U.S.
Bank Trust National Association, New York, New York, (the "Fiscal Agent ") is acting as the
fiscal agent for the Insurer.
The Policy unconditionally and irrevocably guarantees to any owner or holder of the Obligations
or, if applicable, of the coupons appertaining thereto (the "Owner"), the full and complete
payment required to be made by or on behalf of the issuer of the Obligations (the "Issuer") to the
Paying Agent or its successor of an amount equal to (i) the principal of (either at the stated
maturity or by any advancement of maturity pursuant to a mandatory sinking fund payment) and
interest on, the Obligations as such payments shall become due but shall not be so paid (except
that in the event of any acceleration of the due date of such principal by reason of mandatory or
optional redemption or acceleration resulting from default or otherwise, other than any
advancement of maturity pursuant to a mandatory sinking fund payment, the payments
guaranteed by the Policy shall be made in such amounts and at such times as such payments of
principal- -would have been due had there- not been- any such acceleration);-- and (ii)- the
reimbursement of any such payment which is subsequently recovered from any Owner pursuant
to a final judgment by a court of competent jurisdiction that such payment constitutes an
avoidable preference (a "Preference") to the Owner within the meaning of any applicable
bankruptcy law. The amounts referred to in clauses (i) and (ii) of the preceding sentence are
referred to collectively in this letter as the "Insured Amounts."
The Policy does not insure against loss of any prepayment premium which may at any time be
payable with respect to any Obligations. The Policy does not, under any circumstance, insure
against loss relating to: (i) optional or mandatory redemptions (other than mandatory sinking
fund redemptions); (ii) any payments to be made on an accelerated basis; (iii) payments of the
purchase price of Obligations upon tender by an Owner thereof; or (iv) any Preference relating to
(i) through (iii) above.
/ I
N 'i F
-2-
In the event that the Issuer does not make full and complete payment when due of the principal
of and interest on the Obligations, please immediately notify the Insurer by telephone at (914)
765-3333 and by email at ClaimsManagement(nationalpfg.com. On the due date or within one
business day after receipt of such notice, whichever is later, the Insurer will deposit funds with
the Fiscal Agent sufficient to pay the Obligations (or, if applicable, coupons appertaining
thereto) then due. Upon presentment and surrender of such Obligations (or, if applicable,
coupons) or presentment of such other proof of ownership of Obligations together with any
appropriate instruments of assignment to evidence the assignment of the Insured Amounts due
on the Obligations as are paid by the Insurer, and appropriate instruments to effect the
appointment of the Insurer as agent for the Owners in any legal proceeding related to payment of
Insured Amounts on the Obligations (or, if applicable, coupons), such instruments being in a
form satisfactory to the Fiscal Agent, the Fiscal Agent shall disburse to you payment of the
Insured Amounts due on such Obligations (and, if applicable, coupons), less any amount held by
you for the payment of such Insured Amounts and legally available therefor.
Forms of such instruments of assignment and instruments to effect the appointment of the Insurer
as such agent for the Owners (collectively, the "Claim Documents"), which are currently
acceptable to the Fiscal Agent and the Insurer, are on file with the Fiscal Agent. The Insurer
may, from time to time, file revised forms of Claim Documents with the Fiscal Agent in
substitution for the forms previously filed with the Fiscal Agent, and upon such filing, the
revised forms shall supersede all forms of Claim Documents previously filed with the Fiscal
Agent, except as otherwise directed by the Insurer in writing.
In -the event that- you- shall have prior knowledge of an impending failure by -the Issuer to —make-
payment on the Obligations (or, if applicable, coupons) when due, please immediately notify the
Insurer so that it will be possible to have funds available for you on the due date to make
payments against surrendered Obligations (and, if applicable, coupons).
Your cooperation in this matter will be most appreciated and will make it possible for the
Owners of Obligations guaranteed by the Insurer to be assured of all payments when due.
Very truly yours,
William C. Fallon
President
Pi iational bk flnanc
_±J juaantee
FINANCIAL GUARANTY INSURANCE POLICY
National Public Finance Guarantee Corporation
Purchase, New York 10577
Policy No. NP1404510
National Public Finance Guarantee Corporation (the "Insurer"), in consideration of the payment of the premium and subject to the
terms of this policy, hereby unconditionally and irrevocably guarantees to any owner, as hereinafter defined, of the following
described obligations, the full and complete payment required to be made by or on behalf of the Issuer to The Bank of New York
Mellon Trust Company, N.A., San Francisco, California or its successor (the "Paying Agent") of an amount equal to (i) the principal
of (either at the stated maturity or by any advancement of maturity pursuant to a mandatory sinking fund payment) and interest on, the
Obligations (as that term is defined below) as such payments shall become due but shall not be so paid (except that in the event of any
acceleration of the due date of such principal by reason of mandatory or optional redemption or acceleration resulting from default or
otherwise, other than any advancement of maturity pursuant to a mandatory sinking fund payment, the payments guaranteed hereby
shall be made in such amounts and at such times as such payments of principal would have been due had there not been any such
acceleration); and (ii) the reimbursement of any such payment which is subsequently recovered from any owner pursuant to a final
judgment by a court of competent jurisdiction that such payment constitutes an avoidable preference to such owner within the
meaning of any applicable bankruptcy law. The amounts referred to in clauses (i) and (ii) of the preceding sentence shall be referred
to herein collectively as the "Insured Amounts." "Obligations" shall mean:
$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)
Upon receipt of telephonic or telegraphic notice, such notice subsequently confirmed in writing by registered or certified mail, or upon
receipt of written notice by registered or certified mail, by the Insurer from the Paying Agent or any owner of an Obligation the
payment of an Insured Amount for which is then due, that such required payment has not been made, the Insurer on the due date of
such payment or within one business day after receipt of notice of such nonpayment, whichever is later, will make a deposit of funds,
in an account with U.S. Bank Trust National Association, in New York, New York, or its successor, sufficient for the payment of any
such Insured Amounts which are then due. Upon presentment and surrender of such Obligations or presentment of such other proof of
ownership of the Obligations, together with any appropriate instruments of assignment to evidence the assignment of the Insured
Amounts due on the. Obligations.. as are. paid by. the Insurer, .and appropriate instruments to effect the appointment of the Insurer as
agent for such owners of the Obligations in any legal proceeding related to payment of Insured. Amounts on the Obligations, such
instruments being in a form satisfactory to U.S. Bank Trust National Association, U.S. Bank Trust National Association shall disburse
to such owners, or the Paying Agent payment of the Insured Amounts due on such Obligations, less any amount held by the Paying
Agent for the payment of such Insured Amounts and legally available therefor. This policy does not insure against loss of any
prepayment premium which may at any time be payable with respect to any Obligation. -
As used herein, the term "owner" shall mean the registered owner of any Obligation as indicated in the books maintained by the
Paying Agent, the Issuer, or any designee of the Issuer for such purpose. The term owner shall not include the Issuer or any party
whose agreement with the Issuer constitutes the underlying security for the Obligations.
Any service of process on the Insurer may be made to the Insurer at its offices located at 1 Manhattanville Road, Suite 301, Purchase,
New York 10577 and such service of process shall be valid and binding.
This policy is non-cancellable for any reason. The premium on this policy is not refundable for any reason including the payment
prior to maturity of the Obligations.
IN WITNESS WHEREOF, the Insurer has caused this policy to be executed in facsimile on its behalf by its duly authorized officers,
this 3'' day of November, 2016.
National Public Finance
eCorpo
7-
STD-NATL-1
3/14
Prklent
Attest: Secretary
:XPEINCF C)'..1MIrEt.Jr SfkNf
November, 3, 2016
The Bank of New York Mellon Trust Company, N.A.
San Francisco, California
$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:
In connection with the above-described obligations (the "Obligations") of which you are acting
as paying agent (the "Paying Agent"), please be advised that the payment to you of principal of
and interest on the Obligations has been guaranteed by a policy of financial guaranty insurance
(the "Policy") issued by National Public Finance Guarantee Corporation (the "Insurer"). U.S.
Bank Trust National Association, New York, New York, (the "Fiscal Agent ") is acting as the
fiscal agent for the Insurer.
The Policy unconditionally and irrevocably guarantees to any owner or holder of the Obligations
or, if applicable, of the coupons appertaining thereto (the "Owner"), the full and complete
payment required to be made by or on behalf of the issuer of the Obligations (the "Issuer") to the
Paying Agent or its successor of an amount equal to (i) the principal of (either at the stated
maturity or by any advancement of maturity pursuant to a mandatory sinking fund payment) and
interest on, the Obligations as such payments shall become due but shall not be so paid (except
that in the event of any acceleration of the due date of such principal by reason of mandatory or
optional, redemption or acceleration resulting from default or otherwise, other than any
advancement of maturity pursuant to a mandatory sinking fund payment, the payments
guaranteed by the Policy shall be made in such amounts and at such times as such payments of
principal-would have been due had there not been any such acceleration)- and (ii) the
reimbursement of any such payment which is subsequently recovered from any Owner pursuant
to a final judgment by a court of competent jurisdiction that such payment constitutes an
avoidable preference (a "Preference") to the Owner within the meaning of any applicable
bankruptcy law. The amounts referred to in clauses (i) and (ii) of the preceding sentence are
referred to collectively in this letter as the "Insured Amounts."
The Policy does not insure against loss of any prepayment premium which may at any time be
payable with respect to any Obligations. The Policy does not, under any circumstance, insure
against loss relating to: (i) optional or mandatory redemptions (other than mandatory sinking
fund redemptions); (ii) any payments to be made on an accelerated basis; (iii) payments of the
purchase price of Obligations upon tender by an Owner thereof, or (iv) any Preference relating to
(i) through (iii) above.
.. . .I 'T -H1
L±T
N N N C N
0 IN
N I i-I N N N I 1-I
-2-
In the event that the Issuer does not make full and complete payment when due of the principal
of and interest on the Obligations, please immediately notify the Insurer by telephone at (914)
765-3333 and by email at ClaimsManagementnationalpfg.com. On the due date or within one
business day after receipt of such notice, whichever is later, the Insurer will deposit funds with
the Fiscal Agent sufficient to pay the Obligations (or, if applicable, coupons appertaining
thereto) then due. Upon presentment and surrender of such Obligations (or, if applicable,
coupons) or presentment of such other proof of ownership of Obligations together with any
appropriate instruments of assignment to evidence the assignment of the Insured Amounts due
on the Obligations as are paid by the Insurer, and appropriate instruments to effect the
appointment of the Insurer as agent for the Owners in any legal proceeding related to payment of
Insured Amounts on the Obligations (or, if applicable, coupons), such instruments being in a
form satisfactory to the Fiscal Agent, the Fiscal Agent shall disburse to you payment of the
Insured Amounts due on such Obligations (and, if applicable, coupons), less any amount held by
you for the payment of such Insured Amounts and legally available therefor.
Forms of such instruments of assignment and instruments to effect the appointment of the Insurer
as such agent for the Owners (collectively, the "Claim Documents"), which are currently
acceptable to the Fiscal Agent and the Insurer, are on file with the Fiscal Agent. The Insurer
may, from time to time, file revised forms of Claim Documents with the Fiscal Agent in
substitution for the forms previously filed with the Fiscal Agent, and upon such filing, the
revised forms shall supersede all forms of Claim Documents previously filed with the Fiscal
Agent, except as otherwise directed by the Insurer in writing.
In the event that you shall have prior knowledge of an impending failure by the Issuer to make
payment on the Obligations (or, if applicable, coupons) when due, please immediately notify the
Insurer so that it will be possible to have funds available for you on the due date to make
payments against surrendered Obligations (and, if applicable, coupons).
Your cooperation in this matter will be most appreciated and will make it possible for the
Owners of Obligations guaranteed by the Insurer to be assured of all payments when due.
Very truly yours,
William C. Fallon
President