Tab_17Lak I Dh1
THIS LOAN AGREEMENT, dated the 18th day of October, 2016, between the Alaska
Municipal Bond Bank (the "Bank"), a body corporate and politic constituted as an
instrumentality of the State of Alaska (the "State") exercising public and essential governmental
functions, created pursuant to the provisions of Chapter 85, Title 44, Alaska Statutes, as amended
(the "Act"), having its principal place of business at Juneau, Alaska, and the City and Borough of
Juneau, Alaska, a municipal corporation duly organized and existing under and by virtue of the
laws of the State of Alaska (the "City and Borough"):
WITNES SETH:
WHEREAS, pursuant to the Act, the Bank is authorized to make loans of money (the
"Loan" or "Loans") to governmental units; and
WHEREAS, the City and Borough is a "Governmental Unit" as defined in the General
Bond Resolution of the Bank hereinafter mentioned and pursuant to the Act is authorized to
accept a Loan from the Bank to be evidenced by its municipal bonds; and
WHEREAS, the City and Borough desires to borrow money from the Bank in the amount
not to exceed $21,950,000, consisting of not to exceed $3,050,000 to finance a portion of the
costs of certain capital improvements to the City and Borough's transit facilities (the
"City and Borough Transit Project") and (ii) not to exceed $18,900,000 to refund all of the
outstanding City and Borough of Juneau, Alaska General Obligation School Bonds, 2006B (the
"City and Borough Refunding" and together with the City and Borough Transit Project, the "City
and Borough Projects"), and has submitted an application to the Bank for a Loan in the amount
not to exceed $22,000,000 (the "City and Borough Loan") to pay costs of the City and Borough
Projects, and the City and Borough has duly authorized the issuance of (i) its fully registered
General Obligation Bond, 2016 in the aggregate principal amount of $2,635,000 (the "Transit
Municipal Bond") and (ii) its fully registered General Obligation School Refunding Bond, 2016
in the aggregate principal amount of $17,575,000 (the "Refunding Municipal Bond" and together
with the Transit Municipal Bond, the "City and Borough Municipal Bonds" or the "Municipal
Bonds"), which bonds are to be purchased by the Bank as evidence of the City and Borough
Loan in accordance with this Loan Agreement; and
WHEREAS, the application of the City and Borough contains the information requested
by the Bank; and
WHEREAS, to provide for the issuance of bonds of the Bank to obtain from time to time
money with which to make, and/or to refinance, loans, on July 13, 2005, the Board of Directors
of the Bank (the "Board") adopted the General Obligation Bond Resolution (as amended, the
"General Bond Resolution"); and
WHEREAS, the Board approved certain modifications to the General Bond Resolution,
effective on the date when all bonds issued under the terms of the General Bond Resolution,
prior to February 19, 2013, cease to be outstanding; and
AMBB/General Obligation and Refunding Bonds, 2016 Series Three
City and Borough of Juneau Loan Agreement
Page 1
WHEREAS, on September 6, 2016, the Board adopted Series Resolution No. 2016-05
(the "Series Resolution" and together with the General Bond Resolution, the "Bond
Resolution"), authorizing, among other things, the making of the City and Borough Loan to the
City and Borough and the purchase by the Bank of the City and Borough Municipal Bonds.
NOW, THEREFORE, the parties agree:
1. The Bank hereby makes the Loan and the City and Borough accepts the City
and Borough Loan in the aggregate principal amount of $20,210,000. As evidence of the City
and Borough Loan made to the City and Borough and such money borrowed from the Bank by
the City and Borough, the City and Borough hereby agrees to sell to the Bank the City and
Borough Municipal Bonds in the principal amounts, with the principal installment payments, and
bearing interest from their respective dates at the rate or rates per annum, stated in Exhibit A
appended hereto.
2. The City and Borough represents that it has duly adopted or will adopt all
necessary ordinances or resolutions, including (i) Ordinance Serial No. 2012-33(b), enacted by
the Assembly of the City and Borough (the "Assembly") on August 13, 2012, Ordinance Serial
No. 2012-44, enacted by the Assembly on December 17, 2012, and Resolution No. 2773,
adopted by the Assembly on October 17, 2016 (the collectively, the "Transit Project
Authorization"), and (ii) Ordinance Serial No. 2004-35, enacted by the Assembly on August 23,
2004, Ordinance Serial No. 2006-24, enacted by the Assembly on June 26, 2006, Resolution No.
2372, adopted by the Assembly on September 13, 2006, Ordinance Serial No. 2016-3 1, enacted
by the Assembly on September 12, 2016 and Resolution No. 2772, adopted by the Assembly on
October 17, 2016 (collectively, the "Refunding Project Authorization" and together with the
Transit Project Authorization, the "City and Borough Authorizations"), and has taken or will
take all proceedings required by law to enable it to enter into this Loan Agreement and to issue
its City and Borough Municipal Bonds to the Bank and that the City and Borough Municipal
Bonds will constitute general obligation bonds of the City and Borough, secured by the full faith,
credit and resources of the City and Borough, all duly authorized by the City and Borough
Authorizations,
The City and Borough represents that the City and Borough Authorizations are in full
force and effect and have not been amended, supplemented or otherwise modified other than as
certified to the Bank.
3. Subject to any applicable legal limitations, the amounts to be paid by the City
and Borough pursuant to this Loan Agreement representing interest due on its Municipal Bonds
(the "Municipal Bond Interest Payments") shall be computed at the same rate or rates of interest
borne by the corresponding maturities of the bonds sold by the Bank to obtain the money with
which to make the City and Borough Loan and to purchase the Municipal Bonds (the "Loan
Obligation") and shall be paid by the City and Borough at least seven (7) business days before
the interest payment date so as to provide funds sufficient to pay interest as the same becomes
due on the Loan Obligation.
4. The amounts to be paid by the City and Borough pursuant to this Loan
Agreement representing principal due on its Municipal Bond (the "Municipal Bond Principal
AMBB/General Obligation and Refunding Bonds, 2016 Series Three
City and Borough of Juneau Loan Agreement
Page 2
Payments"), shall be paid at least seven (7) business days before the payment date stated in the
applicable Municipal Bond so as to provide funds sufficient to pay the principal of the Loan
Obligation as the same matures based upon the maturity schedule stated in Exhibit A appended
hereto.
5. In the event the amounts referred to in Sections 3 and 4 hereof to be paid by the
City and Borough pursuant to this Loan Agreement are not made available at any time specified
herein, the City and Borough agrees that any money payable to it by any department or agency of
the State may be withheld from it and paid over directly to the Trustee acting under the General
Bond Resolution, and this Loan Agreement shall be full warrant, authority and direction to make
such payment upon notice to such department or agency by the Bank, with a copy provided to
the City and Borough, as provided in the Act.
6. In the event all or a portion of the Loan Obligation is refunded and the interest
rates the Bank is required to pay on its refunding bonds in any year are less than the interest rates
payable by the City and Borough on the applicable Municipal Bond for the corresponding year
pursuant to the terms of such applicable Municipal Bond, then both the Municipal Bond Interest
Payments and the Municipal Bond Principal Payments will be adjusted in such a manner that (i)
the interest rate paid by the City and Borough on any principal installment of the applicable
Municipal Bond is equal to the interest rate paid by the Bank on the corresponding principal
installment of the Bank's refunding bonds and (ii) on a present value basis the sum of the
adjusted Municipal Bond Interest Payments and Municipal Bond Principal Payments is equal to
or less than the sum of the Municipal Bond Interest Payments and Municipal Bond Principal
Payments due over the remaining term of the applicable Municipal Bond as previously
established under this Loan Agreement. In the event of such a refunding of the Loan Obligation,
the Bank shall present to the City and Borough for the City and Borough's approval, a revised
schedule of principal installment amounts and interest rates for the applicable Municipal Bond.
If approved by the City and Borough the revised schedule shall be attached hereto as Exhibit A
and incorporated herein in replacement of the previous Exhibit A detailing said principal
installment amounts and interest rates.
7. The City and Borough is obligated to pay to the Bank Fees and Charges. Such
Fees and Charges actually collected from the City and Borough shall be in an amount sufficient,
together with the City and Borough's Allocable Proportion (as defined below) of other money
available therefor under the provisions of the Bond Resolution, and other money available
therefor, including any specific grants made by the United States of America or any agency or
instrumentality thereof or by the State or any agency or instrumentality thereof and amounts
applied therefor from amounts transferred to the Operating Fund pursuant to Section 606 of the
General Bond Resolution:
(a) to pay, as the same become due, the City and Borough's Allocable
Proportion of the Administrative Expenses of the Bank; and
(b) to pay, as the same become due, the City and Borough's Allocable
Proportion of the fees and expenses of the Trustee and paying agent for the Loan Obligations.
AMBB/General Obligation and Refunding Bonds, 2016 Series Three
City and Borough of Juneau Loan Agreement
Page 3
The City and Borough's Allocable Proportion as used herein shall mean the proportionate
amount of the total requirement in respect to which the term is used determined by the ratio that
the principal amount of the City and Borough Municipal Bond outstanding bears to the total of
all Loans then outstanding to all Governmental Units under the General Bond Resolution, as
certified by the Bank. The waiver by the Bank of any fees payable pursuant to this Section 7
shall not constitute a subsequent waiver thereof.
8. The City and Borough is obligated to make the Municipal Bond Principal
Payments scheduled by the Bank. The first such Municipal Bond Principal Payments for the
City and Borough Municipal Bonds are due at least seven (7) business days prior to the date
indicated on Exhibit A, and thereafter on the anniversary thereof each year. The City and
Borough is obligated to make the Municipal Bond Interest Payments scheduled by the Bank on a
semi-annual basis commencing seven (7) business days prior to each date indicated on Exhibit
A, and to pay any Fees and Charges imposed by the Bank within 30 days after receiving the
invoice of the Bank therefor.
9. The Bank shall not sell and the City and Borough shall not redeem prior to
maturity any portion of a City and Borough Municipal Bond in an amount greater than the
related Loan Obligation that is then outstanding and that is then redeemable, and in the event of
any such sale or redemption, the same shall be in an amount not less than the aggregate of (i) the
principal amount of the Municipal Bond (or portion thereof) to be redeemed, (ii) the interest to
accrue on the Municipal Bond (or portion thereof) to be redeemed to the next redemption date
thereof not previously paid, (iii) the premium, if any, payable on such Municipal Bond (or
portion thereof) to be redeemed, and (iv) the cost and expenses of the Bank in effecting the
redemption of the Municipal Bond (or portion thereof) to be redeemed. The City and Borough
shall give the Bank at least 50 days' prior written notice of the City and Borough's intention to
redeem such Municipal Bond.
In the event the Loan Obligation with respect to which the sale or redemption prior to
maturity of such Municipal Bond is being made has been refunded and the refunding bonds of
the Bank issued for the purpose of refunding such Loan Obligation were issued in a principal
amount in excess of or less than the principal amount of the Municipal Bond remaining unpaid at
the date of issuance of such refunding bonds, the amount which the City and Borough shall be
obligated to pay or the Bank shall receive under item (i) above shall be the principal amount of
such refunding bonds outstanding.
In the event all or a portion of the Loan Obligation has been refunded and the interest the
Bank is required to pay on the refunding bonds is less than the interest the Bank was required to
pay on the Loan Obligation, the amount the City and Borough shall be obligated to pay or the
Bank shall receive under item (ii) above shall be the amount of interest to accrue on such
refunding bonds outstanding.
In the event all or a portion of the Loan Obligation has been refunded, the amount of
premium the City and Borough shall be obligated to pay or the Bank shall receive under item
(iii) above, when the refunded Loan Obligation or portion thereof is redeemed, shall be the
premium, if any, on the Loan Obligation to be redeemed.
AMBB/General Obligation and Refunding Bonds, 2016 Series Three
City and Borough of Juneau Loan Agreement
Page 4
Nothing in this Section shall be construed as preventing the City and Borough from
refunding the Municipal Bond or Bonds in exchange for a new Municipal Bond or Bonds in
conjunction with a refunding of all or a portion of the Loan Obligation.
10. Simultaneously with the delivery of the City and Borough Municipal Bonds to
the Bank, the City and Borough shall furnish to the Bank evidence satisfactory to the Bank
which shall set forth, among other things, that the City and Borough Municipal Bonds will
constitute valid and binding general obligations of the City and Borough, secured by the full
faith, credit and resources of the City and Borough.
11. Invoices for payments under this Loan Agreement shall be addressed to the City
and Borough, Attention: Finance Director, 155 S. Seward Street, Juneau, Alaska 99801. The
City and Borough shall give the Bank and the corporate trust office of the Trustee under the
General Bond Resolution at least 30 days' prior written notice of any change in such address.
12. The City and Borough hereby agrees to keep and retain, until the date six years
after the retirement of each Municipal Bond, or any bond issued to refund such Municipal Bond,
or such longer period as may be required by the City and Borough's record retention policies and
procedures, records with respect to the investment, expenditure and use of the proceeds derived
from the sale of its Municipal Bond, including without limitation, records, schedules, bills,
invoices, check registers, cancelled checks and supporting documentation evidencing use of
proceeds, and investments and/or reinvestments of proceeds. The City and Borough agrees that
all records required by the preceding sentence shall be made available to the Bond Bank upon
request.
13. Prior to payment of the amount of the City and Borough Loan or any portion
thereof, and the delivery of the Municipal Bonds to the Bank or its designee, the Bank shall have
the right to cancel all or any part of its obligations hereunder if:
(a) Any representation, warranty or other statement made by the City and
Borough to the Bank in connection with its application to the Bank for a Loan shall be incorrect
or incomplete in any material respect.
(b) The City and Borough has violated commitments made by it in the terms
of this Loan Agreement.
(c) The financial position of the City and Borough has, in the opinion of the
Bank, suffered a materially adverse change between the date of this Loan Agreement and the
scheduled time of delivery of the Municipal Bond to the Bank.
14. The obligation of the Bank under this Loan Agreement is contingent upon
delivery of its General Obligation and Refunding Bonds, 2016 Series Three and receipt of the
proceeds thereof.
15. The City and Borough agrees that it will provide the Bank with written notice of
any default in covenants under the City and Borough Authorizations within thirty (30) days after
the date thereof.
AMBB/General Obligation and Refunding Bonds, 2016 Series Three
City and Borough of Juneau Loan Agreement
Page 5
16. The City and Borough agrees that it shall file its annual financial statements
with the Municipal Securities Rulemaking Board not later than two hundred ten (210) days after
the end of each fiscal year of the City and Borough for so long as either Municipal Bond remains
outstanding. The City and Borough further agrees that filings under this Section 16 shall be
made in connection with CUSIP Nos. 01179P, 011798 and 01179R. Additional or alternate
CUSIP number(s) may be added from time to time by written notice from the Bank to the City
and Borough. The City and Borough agrees that if it shall receive from the Bank CUSIP
number(s) in addition to those set forth in this Section then it shall thereafter make its filings
using both CUSIP numbers herein stated and any additional CUSIP number(s).
17. The City and Borough agrees that it shall not take, or omit to take, any action
lawful and within its power to take, which action or omission would cause interest on the
Municipal Bond to become subject to federal income taxes in addition to federal income taxes to
which interest on such Municipal Bond is subject on the date of original issuance thereof.
The City and Borough shall not permit any of the proceeds of the Municipal Bond, or any
facilities financed with such proceeds, to be used in any manner that would cause the Municipal
Bond to constitute a "private activity bond" within the meaning of Section 141 of the Code.
The City and Borough shall make no use or investment of the proceeds of either
Municipal Bond that will cause such Municipal Bond to be an "arbitrage bond" under Section
148 of the Code. So long as the Municipal Bond is outstanding, the City and Borough, shall
comply with all requirements of Section 148 of the Code and all regulations of the United States
Department of Treasury issued thereunder, to the extent that such requirements are, at the time,
applicable and in effect. The City and Borough shall indemnify and hold harmless the Bank
from any obligation of the City and Borough to make rebate payments to the United States under
said Section 148 arising from the City and Borough's use or investment of the proceeds of the
Municipal Bond.
The City and Borough shall (i) pay any rebate due on the City and Borough of Juneau,
Alaska General Obligation School Bonds, 2006B (the "2006B Bonds") to the Internal Revenue
Service within 60 days after the date the 2006B Bonds are retired; and (b) promptly provide
notice to each of the Bond Bank and Orrick, Herrington & Sutcliffe LLP, bond counsel to the
Bond Bank ("Bond Counsel"), that such rebate payment has been made at each of the addresses
listed below:
(i) the Bond Bank:
Alaska Municipal Bond Bank Authority
Deven Mitchell, Executive Director
P.O. Box 110405
Juneau, AK 99801
AMBB/General Obligation and Refunding Bonds, 2016 Series Three
City and Borough of Juneau Loan Agreement
Page 6
and
(ii) Bond Counsel:
Orrick, Herrington & Sutcliffe LLP
1120 NW Couch St., Suite 200
Portland, OR 97209
Attention: Scott Schickli
The City and Borough shall timely perform all required rebate calculations relating to the
City and Borough Municipal Bonds and the City and Borough shall remit any necessary amounts
arising from the City and Borough Municipal Bonds to the Internal Revenue Service.
18. The City and Borough agrees that it shall execute a continuing disclosure
agreement prepared by the Bank for purposes of Securities and Exchange Commission Rule
15c2-12, adopted under the Securities and Exchange Act of 1934.
19. The City and Borough agrees that if its bonds constitute ten percent (10%) or
more of the outstanding principal of municipal bonds held by the Bank under its General Bond
Resolution it shall provide the Bank for inclusion in future official statements, upon request,
financial information generally of the type included in Appendix D of the Bank's Official
Statement, dated October 18, 2016, under the heading "Summaries of Borrowers Representing
10% or More of Outstanding Principal of Bonds Issued Under the 2005 General Bond
Resolution," attached hereto as Exhibit B.
20. The City and Borough hereby certifies that:
(a) all proceeds of the 2006B Bonds, except for those proceeds that are accounted
for as transferred proceeds in the arbitrage certificate for its refunding Municipal
Bond, have been expended prior to the date hereof;
(b)(i) the 2006B Bonds were issued exclusively for new money purposes; and (ii)
the 2006B Bonds have not previously been used to directly or indirectly advance
refund a prior issue of any municipal bonds of the City and Borough; and
(c) the City and Borough will take all actions required to correct any outstanding
issues relating to rebate calculations on the 2006B Bonds and that the City and
Borough will remit all required amount(s) to the Internal Revenue Service.
21. If any provision of this Loan Agreement shall for any reason be held to be
invalid or unenforceable, the invalidity or unenforceability of such provision shall not affect any
of the remaining provisions of this Loan Agreement and this Loan Agreement shall be construed
and enforced as if such invalid or unenforceable provision had not been contained herein.
22. This Loan Agreement may be executed in one or more counterparts, any of
which shall be regarded for all purposes as an original and all of which constitute but one and the
same instrument. Each party agrees that it will execute any and all documents or other
AMBB/General Obligation and Refunding Bonds, 2016 Series Three
City and Borough of Juneau Loan Agreement
Page 7
instruments, and take such other actions as are necessary, to give effect to the terms of this Loan
Agreement.
23. No waiver by either party of any term or condition of this Loan Agreement shall
be deemed or construed as a waiver of any other term or condition hereof, nor shall a waiver of
any breach of this Loan Agreement be deemed to constitute a waiver of any subsequent breach,
whether of the same or of a different section, subsection, paragraph, clause, phrase or other
provision of this Loan Agreement.
24. In this Loan Agreement, unless otherwise defined herein, all capitalized terms
which are defined in Article I of the General Bond Resolution shall have the same meanings,
respectively, as such terms are given in Article I of the General Bond Resolution.
25. This Loan Agreement shall remain in full force and effects so long as either the
Transit Municipal Bond or the Refunding Municipal Bond remains outstanding.
26. This Loan Agreement merges and supersedes all prior negotiations,
representations and agreements between the parties hereto relating to the subject matter hereof
and constitutes the entire agreement between the parties hereto in respect thereof.
AMBB/General Obligation and Refunding Bonds, 2016 Series Three
City and Borough of Juneau Loan Agreement
Page 8
IN WITNESS WHEREOF, the parties hereto have executed this Loan Agreement the day
and year first above written.
ALASKA MUNICIPAL BOND BANK
CITY AND BOROUGH OF JUNEAU,
ALASKA
By:_
(o,ecc
Its: VCLi\t \ecOr
AMBB/General Obligation and Refunding Bonds, 2016 Series Three
City and Borough of Juneau Loan Agreement
Page 8
$2,635,000
City and Borough of Juneau, Alaska
General Obligation Bond, 2016
("Transit Municipal Bond")
Principal Payment Date Principal Interest
(December 1) Amount Rate
2017 $215,000 2.000%
2018 225,000 4.000
2019 235,000 4.000
2020 245,000 4.000
2021 255,000 4.000
2022 265,000 5.000
2023 280,000 5.000
2024 290,000 5.000
2025 305,000 5.000
2026 320,000 5.000
Principal installments shall be payable on December 1 in each of the years, and in the amounts
set forth above. Interest on the Harbor Bond shall be payable on December 1, 2016, and
thereafter on June 1 and December 1 of each year.
Prepayment Provisions: The Transit Municipal Bond principal installments are not subject to
prepayment prior to maturity.
AMBB/General Obligation and Refunding Bonds, 2016 Series Three
City and Borough of Juneau Loan Agreement Page A-i
$17,575,000
City and Borough of Juneau, Alaska
General Obligation School Refunding Bond, 2016
("Refunding Municipal Bond")
Principal Payment Date Principal Interest
(December 1) Amount Rate
2017 $3,235,000 2.000%
2018 3,355,000 4.000
2019 3,480,000 4.000
2020 3,555,000 4.000
2021 3,950,000 4.000
Principal installments shall be payable on December 1 in each of the years, and in the amounts
set forth above. Interest on the Refunding Municipal Bond shall be payable on December 1,
2016, and thereafter on June 1 and December 1 of each year.
Prepayment Provisions: The Refunding Municipal Bond principal installments are not subject to
prepayment prior to maturity.
AMBB/General Obligation and Refunding Bonds, 2016 Series Three
City and Borough of Juneau Loan Agreement Page A-i
I,ik'a.Iu.JgI , I
[Information from Appendix D of the Bond Bank's Official Statement to be inserted.]
AMBB/General Obligation and Refunding Bonds, 2016 Series Three
City and Borough of Juneau Loan Agreement Page B-I
CITY AND BOROUGH OF SITKA
GENERAL OBLIGATION FINANCIAL SUMMARY
Municipal Financial Position 2011 2012 2013 2014 2015 Average
I'roperty Tax Collections
Borrower's Property Tax Rate per $1,000 $6.00 $6.00 $6.00 $6.00 $6.00 $6.00
Municipal Levy $5,799,400 $5,904,617 $5,957,735 $5,901,738 $6,032,826 $5,919,263
Current Yearn Collections $5,753,039 $5,874,918 $5,893,452 $5,842,721 $6,006,776 $5,874,181
Current Collection Rate 99.20% 99.50% 98.92% 99.00% 99.57% 99.24%
Total Yearn Collections $5,807,869 $5,909,321 $5,893,452 $5,842,721 $6,006,776 $5,892,028
Total Collection Rate 100.15% 100.00% 98.92% 99.00% 99.574 99.547.
General Fund
Unreserved Ending Fund Balance $ 11,508,475 a 1.,584,873 1 $ lx,L65,art'e
T
-
5 a,xxn,unu I s 14,/cub/u i s 14,uau,y85
Expenditures $ 23,260,649 $ 24,075,729 $ 23,691,912 $ 23,628,379 $ 30,621,436 1 $ 25,055,621
Fund Balance/Expenditures 49% 56% 60% 68% 48%1 56.38% Total Revenues $ 24,709,916 $ 26,584,728 $ 25,953,885 $ 26,507,173 $ 29,227,140 $ 26,596,568
Intergovernmental Revenues $ 2,380,298 $ 2,659,323 $ 2,693,860 $ 2,771,990 $ 2,807,749 $ 2,662,644
Percentage Intergovernmental 1017. 10% 10% 10% 10-/.l 10.02%
Os' railMunt tpal Debt Position -
3 68,807,401 1 $ 68,593,411 1 $ 106,145,822 $ 108,940,000 $ 123215,00u t - Revenue DebEnterprise Funds
RevenueDebt - GovernnientalFunds $ 165,750 $ 156,000 $ 146,250 $ 202,641 $ 189,409 General Obliga tion Debt - Governmental Funds $ 36,300,000 $ 32,290,000 $ 31,020,000 $ 28,635,000 $ 25,990,000
General Obligation Debt - Enterprise Funds $ - - - - $ -
Total General Obligation Debt $ 36,300,000 $ 32,290,000 $ 31,020,000 $ 28,635,000 $ 25,990,000
Total Revenue and General Obligation Debt $ 105,273,151 $ 101,039,411 $ 137,312,072 $, 137,777,641 $ 149,394,40
777
Governme (-,C) Debt/] 1/7 I \ I I F3 3.10% )
Total IicIc,ruc ,cd (ID i7cbt/AV, •ii4)i DEl, 17.72% 14)117 •11h
General Obligation Debt Per Lapita 64,138 $3,607 $3,415 $3,152 $2,86)
Total Revenue and GO Debt Per Capita $12,000 $11,287 $15,116 $15,167 $16,488
General Economic and Demographic Data 2011 2012 2013 2014 2015 Annual Growth
Population ,773
Taxable Assessed Value $ 985,073,129
Assessed Value Per Capita I $ 112,285
Top 10 Tax Payers as a %of Assessed Value
- 7.64%
8,952 9,084 9,084 9,061 -0.25%
$ 990,930,238 $ 1,001,068,784 $ 983,623,000 $ 1,005,471,000 2.22%
$ 110,694 j$ 110,201 I $ 108,281 $ 110,967 - -
7.577. 7.57% 7.57% 7.57%
The Borough hs sareotspleted its fiscal year 2015 audit as at the date of the prepaeatiee of this table.
D-1
Electric Enterprise Fund
Financial Summary
2011 2012 2013 2014 2015
Assets
Cash 24,320,421 31,450,650 28,803,187 13,505,669 4,447,481
Restricted Assets 6,871,164 3,595,875 21,197,459 18,121,955 21,733,477
Other Assets 5,010,167 7,266,275 13,897,615 11,777,153 7,988,506
Construction in Progress 11,646,987 18,086,724 58,930,539 137,885,040 12,535,308
Utility Plant in Service 63,103,150 61,775,003 59,900,343 59,508,277 217,550,674
Total Assets 110,951,889 122,174,527 182,729,143 240,798,094 264,255,446
and Net Assets
Other Liabilities 1,722,772 2,477,182 6,355,564 13,017,817 3,355,323
Revenue Bonds Payable 48,700,000 47,570,000 79,485,000 105,100,000 119,510,000
Deferred loss/premium on bonds 1,471,509 (1,711,547) 5,943,338 6,742,293 6,347,870
Revenue Note(s) Payable 8,800,188 8,535,498 7,973,608 7,973,608 10,050,744
Total Liabilities 60,694,469 56,871,133 99,757,510 132,833,718 139,263,936
Assets 50,257,420 65,303,394 82,971,633 107,964,376 124,991,510
Operating Revenues 11,401,523 11,611,319 12,077,554 14,240,772 17,118,321
Operating Expenses
Administrative and General 1,739,698 2,003,768 1,975,492 2,860,066 2,406,734
Operation and Maintenance 5,257,342 5,914,895 5,152,028 4,964,074 7,443,239
Depreciation 1,987,558 1,971,739 1,986,195 1,841,712 1,814,707
Operating Income 2,416,925 1,720,917 2,963,839 4,574,920 5,453,641
Nonoperating revenue (expense)
Investment Income 490,986 459,107 314,600 196,399 313,069
Interest Expense (1,725,198) (2,848,639) (1,678,238) (426,419) (316,203)
Other 625,748 572,946 812,866 463,877
Net Income before
contributions and transfers 1,182,713 (42,867) 2,173,147 5,157,766 5,914,384
Capital contributions 4,039,237 5,266,050 17,169,455 19,455,106 9,986,217
Extraordinary Item:
Net Pension Obligation Relief 119,824 139,806 325,771 379,871 1,126,533
Transfer In (Out) net - - (998,128) - -
Change In Net Assets 5,341,774 5,362,989 18,670,245 24,992,743 17,027,134
Population of City and
Borough 8,773 8,952 9,084 9,098 9,061
# of electric customers 5,282 5,309 5,403 5,490 5,683
KwH Sold 111,795,344 111,048,623 111,155,330 111,155,330 105,293,250
Revenue Bond Debt Service 3,477,959 3,467,567 4,529,240 5,045,158 7,158,839
Revenue Bond Coverage (> 1.25) 1.41 1.43 1.27 1.34 1.27
Note: $2,500,000 transferred into Rate Stabilization Fund in FY2015
$2,006,696 transferred out of Rate Stabilization Fund in FY2015
Total of rate Stabilization Fund as of June 30, 2015 -$3,001,304
The Borough has not completed its fiscal year 2015 audit as of the date of the preparation of this table.
D-2
CITY AND BOROUGH OF SITKA
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
fl 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation) 14789,299 14,122,591 13,550,231 13,153,475 20,560,565
Land 90,000 90,000 90,000 90,000 90,000
Construction Work in Progress 20,229 57,838 665,476 7,824,365 939,917
Cash 3,733,467 4,735,101 6,599,187 6,616,954 7,595,507
Restricted Assets - - 3,615,663 589,166 317,566
Other Assets 1,342,572 1,339,389 1,216,385 1,524,898 1,036,361
Total Assets 19,975,567 20,344,919 25,736,942 29,798,858 30,539,916
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 0 0 4,569,486 3,840,000 3,705,000
Other Liabilities 1,405,227 1,156,003 1,144,138 1,689,033 1,592,094
Total Liabilities 12 405,227 1,156,003 5,713,624 5,529,033 5,297,094
NET ASSETS 18,570,340 19,188,916 20,023,318 24,269,825 25,242,822
Operating Revenues 2,854,858 3,154,885 3,096,419 3,164,252 3,365,977
Operation and Maintenance 2,492,110 2,434,329 1,708,210 2,454,599 2,194,755
Administrative and General - - - -
Depreciation 899,956 986,619 668,511 666,074 669,102
Operating Income (Loss) (537,208) (266,063) 719,698 43,579 502,120
Non-Operating Revenue (Expense) 46,509 155,306 156,844 776,434 375,830
Net Income (Loss) Before Contribution (490,699) (110,757) 876,542 820,013 877,949
Capital Contributions 1,690,873 2,549,949 0 3,458,599 122,108
Net Transfers-In (Out) 3,804,600 675,000 (42,141) (32,105) (27,060)
Special item - NPO/OPEB write off
Change in Net Assets 5,004,774 3,114,192 834,401 4,246,507 972,997
ilation of City 8,773 8,952 9,084 9,098 9,061
niue Bond Coverage No Harbor No Harbor No payments of
Bonds Bonds P&l 5.16 5.31
Borough has not completed its fiscal year 2015 audit as of the date of the preparation of this table.
----
D-3
CITY AND BOROUGH OF JUNEAU
FINANCIAL SUMMARY
General Governmental Fund
Municipal Financial Position 21111 2012 2013 2014 2015 Average
Property Tax Collections
Borrower's Property Tax Rate per $1,000 $10.51 $10.55 $10.55 $10.66 $10.76 $10.61
Municipal Levy $40,739,944 $41,751,673 $44,252,019 $45,108,992 $45,852,292 $43,540,984
Current Year's Collections $40,329,083 $41,431,682 $43,987,108 $44,818,184 $45,548,172 443,222,84
Current Collection Rate 98.99% 99.237 99.40% 99.36% 99.34% 99.21,
Total Year's Collections ---T40—,72-8,5-9'6---71—,72-1,-79-5---F44, 200,111 $45,017,746 $45,548,172 443,443,27
Total Collection Rate 99.97% 99.93% 99.887. 99.807 99.34% 99.78
General Fund
Unassigned Plus Emergency Operating Res (CASB#54) II2i305 6 3,4o,1us a a7,.css,OE7 u,.uz,jIz a as,u,z5
Expenditures $ 50,540,314 $ 51,283,781 $ 84,553,473 $ 86,380,150 $ 94,808,876 $ 73,513,31
Fund Balance/ Expenditures 3,42% 6.79% 8.86% 20.01% 21.38% 12.09
Total Revenues T--(76-, 008,466 $ 50,036,584 $ 88,778,005 $ 97,936,255 $ 98,018,608 $ 80,155,584
Intergovernmental Revenues $ 14,313,000 $ 15,464,700 $ 30,635,700 $ 41,429,692 $ 32,072,000 $ 26,783,018
Percentage Intergovernmental 22% 31% 35% 42% 33% 32.42%
Overall Municipal Debt Position
a u5,,j41 I9 43,,.,,.,,b6L 1S -,1,9U6,,.,/ 1 38,4ao,s'sa Revenue Debt - Enterprise Funds
RevenueDebt - GovernmentalFunds $ 3,599,575 $ 2,861,747 $ 2,091,457 $ 6,807,086
-
-
$ 26,972,320
General Obligation Debt - Governmental Funds $ 148,301,000 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314,000
General Obligation Debt - Enterprise Funds - $ - - - -
Total General Obligation Uebt $ 148,301,000 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314010
Total Revenue and General Obligation Debt --$---1-97,-108,916 $179 987 429 7-71-7-5,787,324 $ 168,965,991 $ 180 722 1
ov ris u 0I 101) [Is As 1\ I U
42)51 %evsnue an, CO I)uIst/A.V. 4.94% 4.12%
(3eneral obligation Debt Per Capita $4,742 84,113 $4,023 63,696 $3,192 Total Revenue end GO Debt Per Capita $6,302 $5,548 $5,370 $5,116 $5,472
General Economic and Demographic Data 2011 2012 2013 2014 2015 Annual Population 31,275
Taxable Assessed Value $ 3,989,344,944
Assessed Value Per Capita $ 127,557
Top 10 Tax Payers as a % of Assessed Value 13.78%
32,441 32,660 33,030 33,026 -0.01%
$ 4,071,713,732 $ 4,275,067,217 $ 4,379,714,933 1 $ 4,484,327,332 1 2.39%
$ 125,511 $ 130,896 $ 132,598 $ 135,782
13.61% 13.73%
-
-
13.82% 13,61%1
'4
4,202862
3,347,050
1150,701
501,698
206,809
5,788,674
6,224,425
12,219,908
CITY AND BOROUGH OF JUN
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014
ETS
Plant In-Service (net of depreciation) $13,827,335 $12,844,129 $11,875,368 $14,325,870
Construction Work in Progress 29,889,294 33,499,769 42,397,974 40,419,697
Cash 4,728,522 4,660,755 3,466,374 4,030,992
Restricted Assets 10,702,703 11,196,479 10,946,328 10,554,614
Other Assets 764,741 847,869 543,407 679,907
59,912,595 70,011,080 63,049,001 69,229,451
9,700,000 9,691,595 9,380,434 9,033,637
2,110,290 2,140,909 1,401,365 2,050,500
11,810,290 11,832,504 10,781,799 11,084,137
48,102,305 51,216,497 58,447,652 58,926,943
2,854,858 3,154,885 3,173,272 3,508,430
2,492,110 2,434,329 2,498,178 2,814,717
899,956 986,619 968,761 1,003,707
(537,208) (266,063) (293,667) (309,994)
46,509 155,306 (214,686) 128,433
(490,699) (110,757) (508,353) (181,561)
1,690,873 2,549949 7,392,466 660,852
3,804,600 675,000 500,000 0
5,004,774 3,114,192 7,384,113 479,291
Total Assets
LIABILITIES AND NET ASSETS
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Operating Revenues
Operation and Maintenance
Administrative and General
Depreciation
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Capital Contributions
Net Transfers-In (Out)
Special item - NPO/OPEB write off
Change in Net Assets
2015
$17,517,553
50,214,768
3,975,676
9,581,172
1,718,645
83,007,814 I
9,758,734
3,105,738
ion of City
e Bond C
31,275 32,441 32,660 33,064
1.19 1.79 1.21 1.67 3M
D-5
CITY AND BOROUGH OF JUNEAU
PORT DEVELOPMENT SPECIAL REVENUE FUND
FINANCIAL SUMMARY
2011
2012 2013 2014 20 15
Plant In-Service (net of depreciation)
Construction Work in Progress
Cash
Restricted Assets
Other Assets
Total Assets
LIABILITIES AND NET ASSETS
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Operating Revenues
Operation and Maintenance
Administrative and General
Depreciation
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Capital Contributions
Net Transfers-In (Out)
Change in Net Assets
Population of
4,428,233 (208,085) (252,013) 71,012 2,709,760
314,814 269,712 484,639 294,257 408,137
4,743,047 61,627 232,626 365,269 3,117,897
- - 151,020 349,585 642,980
- - 151,020 349,585 642,980
4,743,047 61,627 81,606 15,684 2,474,917
2,557,851 2,634,080 2,825,479 2,864,578 2868,633
2,800 5,500 5,500 5,500 5,500
2,628,580 2,859,078 2,555,051 2,819,979 2,863,133
2,555,051 2,628,580 2,819,979 2,859,078 2,863,133
(1,500,000) (7,310,000) (2,800,000) (2,925,000) (403,900
1,055,051 (4,681,420) 19,979 (65,922) 2,459,233
31,275 32,441 32,660 33,064 33,064
MR
City and Borough of Juneau
Conduit Debt
WILDFLOWER COURT (A not for profit organziaflon)
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
Audited Audited Audited Audited Audited
ASSETS
Plant In-Service 4909 305 4620 999 4,734,678 3771100 3,082,979
Cash 1,582 128 1,752,043 1437085 1,970,693 1,956,157
Restricted Assets 1,707,402, 2,170,928 1,489,365 1,450,054 1,437,448
Other Assets 1,399,517 1,444,746 1,786,787 1,267,699 1,389,726
TotalAssets 9,598,352 9,988,719 9,447,915 8,459,546 7,866,310
LIABILITIES AND NET AS SETS
Bond Debt 13,050,000 11,705,000 11,596,229 10,204,712 8,688,824
Other Liabilities 904,428 2,052,663 1132323 996,579 1,012,833
Total Liabilities 13,954,428 13,757,663 12,728,552 11,201,291 9,701,657
NET ASSETS (DEFICIT) (4,356,076) (3,768,944) 3,280,637 (2741 745) (1,835,347)
Operating Revenues 10,859,195 10,841 324 11,057,791 11,447862 11445,168
Operating Expenses 9,894,353 9,594,317 9,666,530 9,961,681 9,745,914
Depreciation 832,579 780,765 935,689 1,008,253 841,433
Operating income (Loss) 132,263 466,243 455,592 477,928 857,821
Non-Operating Revenue (Expense) 51,553 120,890 32,713 60,964 48,577
Change in Net Assets 193,816 587,132 488,305 538,892 906,398
Revenue Bond Coverage 133 132 1.12 tlO 1-18
In 2013 and 2014, Wildflower Court fell short of the required debt service coverage ratio of 1.15 times.
Pursuant to the loan agreement between the City and Borough of Juneau and Wildflower Court,
Wildflower Court worked with the City and Borough to identify measures to return the facility to
compliance with the required debt service coverage ratio in 2015.
D-7
CITY AND BOROUGH OF JUNEAU
BARTLETT REGIONAL HOSPITAL
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation) $72,772,410 $74,566,327 $74,002,798 $69,208,456 $63,710,212
Construction Work in Progress 6,866,781 6,202,224 2,826,314 228,425 3,647,565
Cash 14,990,308 17,386,169 26,113,833 38,596,921 44,834,531
Restricted Assets 10,160,114 6,549,498 5,490,768 5,327,673 5,327,519
Other Assets 23,011,263 23,462,113 25,230,206 20,528,164 23,810,042
Total Assets 127,800,876 128,166,331 133,663,919 133,889,639 141,329,869
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 25570,000 24,926,795 25,304,679 24,346,618 24,346,618
Other Liabilities 11,391,053 8,999,867 8,829,067 11,033,875 46,306,102
Total Liabilities 36,961,053 33,926,662 34,133,746 35,380,493 70,652,720
NET ASSETS 90,839,823 94,239,669 99,530,173 98,509,146 70,677,149
Operating Revenues 90,680,836 95,026,373 84,250,207 80,198,274 90,281,184
Operation and Maintenance 83,883,389 89,411,913 76,967,444 78,820,476 92,676,249
Administrative and General - - - - -
Depreciation 6,552,177 7,145,290 7,001,295 7,086,559 6,815,728
Operating Income (Loss) 245,270 (1,530,830) 281,468 (5,708,761) (9,210,793)
Non-Operating Revenue (Expense) 1,579,634 3,306,366 4,119,820 3,610,234 14,405,416
Net Income (Loss) Before Contribution 1,824,904 1,775,536 4,401,288 (2,098,527) 5,194,623
Capital Contributions 89,002 471,910 134,658 0 0
Net Transfers-In (Out) 1,152,600 1,152,400 1,123,000 1,077,500 1,054,500
Special item - NPO/OPEB write off
Change in Net Assets 3,066,506 3,399,846 5,658,946 (1,021,027) 6,249,123
Population of City 31,275 32,441 32,660 33,064 33,064
Revenue Bond Coverage 363 3.00 7.34 2.50 8.97
D-8
KBnI PenIrrsuIa Borough - Gjiend Fund
Gwnl Obhgaoon Financial Summa ry
%tu,*1?59.d,1Po94on I 3013 2012 2013 2014 2015 Av
FopTxCoI1ecU.,
''1PTxR per 515% 54.50 54.50 54.50 5450 51.50 51.50
11mtidp4 L'v 529,033.274 830,419.493 53.0,821,497 531.730.392 531455,014 530,747.334
Cm' Co159tion 523,630410 529,946,304 53.1)352336 531.332396 3313.42.025 330.226,954
Cm,r,i*CaThrdionRte 9833% 93.41% 9337% 9333% 98.29% 9630%
ToCo11bo,.s 529,017,048 530,101,500 830,798408 531,668,476 531.332,599 520419.726
TOW Co104dfon Rdø 99.96% 99,93% 99321. 9974% 33.89% 9939%
S 2i,),5,53 15 21,o56 IS 20,130,634
Furni
To1 Ending Fund 0aI
Un,evdEndinFdB,1,,,,. 5 21,434,058 S 21260.520 5 16,296.143 5 15,896,636 5 16,244,676 113,232,010
6 72,263333 $ 72,347,063 $ 72.452335 $ 79427,61'i $73,553,576
22% 22%1 21% 25%
Tot4R,0,n,es S 70,299,$93 5 71,105,637 5 74255493 $ 74,915,371 5 7$,76-1,253 573,97070
lnoven.nrunta1 10*s'eouos 5 0,335,331 S 9,749,408 5 10392,037 $ 9,436,455 $ 13,554,004 510.350,074
144 131. 17 1
')v41MwddpIDeblPosition
Rso,,n D36- GovouttwW Funds S - $ - j 5 5 - S
Reut-FieFund, $ . 5 j5 . S . $
Total Rovtuu Debt S . 5 . jS $ . S
Gen10b1i.tttu'Govemtental Fonda (Gunaal j'uenlon%') 5 33,9205% 8 30,2.30,00015 263205% 5 45,0555% S 41,020,060
Cen1Oblia8on Debt. Enteqnloe Fonda 5 5 - .L
TotalGun lOb ,t6001)o1* 5 53,91000 S 30230.000j5 26,030,000 S 45.0535% S 41310.001)
ToIalReve,, ,ut,Ok0,*u1aonDe59 5 33,910,000 5 50,230,000J$ 26320000 S 410555% 1,5 41330060
f
040'-; Govom-toentel CO DobtjAa, d \ o10 (otutl 033 0 1,,
0.00% 0.00% 000% 020'. 0001 .
I t.dR ..,,d00De90/A') (,,,, 03 04 1)40 0.65
-
1)0
GaeralQbteyabunPebtPeyCap.la 5912 3336 14/3 8792 5731
Total Rut'4nae ottd GO Debt ?erCuylta 5612 5336 5673 5792 5732
Genexl &uoornk and Deooteaphk Data 2011 2012 2013 2014 2015 AmtG,enlh
PopuLlt100 33,400 36,369 56,736 56,962 57,147 050%
5 6393,530,000 5 6,633,241,000 5 8,718,010,000 S 31960.198,4200 5 6,032,443,000 .0.11').
.4aend\ePotCupta S 110,407 5 117,675 5 110,331 15 122,405 9 121,309
,jop 20Tantnroaa ufTolalA ue5ot4V41ue. 1523 14-lisi. 181$ 17.02 37"
(anew). too,t eao,ntyeot
3(1012.2014 ,,.i1l13 L'entanved Fond Satan., It lOut I ivaWe to Ito
OtYell6otto nOte a ntettlUISltl, 101330 kId 6O,94t43796to01Ol'(or
onutlanu, dnOuonal ,, to IooettZ tooeud llton,tetod
Central Peninsula General Hospital
FINANCIAL SUMMARY
2Q11 2Qi2
ASSETS
Capital Assets (net of depreciation) $67,842,931 $64853893 $69,429,959 $71,387,990 $93,151,047
Cash 21700,302 27,803,467 35,197,813 35,508443 37,638,411
Cash held for Plant Replacement 10,097,241 11,421,461 11,322,729 16,447,887 18,838,950
Restricted Assets 3,584,121 633,493 500,000 4693,402 5,069,037
Unspent bond proceeds 31,275,450 18,468,485
Other Assets 19105,718 29,383,574 29,863,006 32,652,905 38,942,891
Total Assets 122,330,313 134096.908 146,313,507 191.966.077 212.108.821
LIABILITIES AND NET ASSETS
Revenue Bonds Payable - - - 32,490,000 33,890,000
GO Bonds Payable 35,990,000 32,255.000 30,130,000 27,905.000 25,670,000
Other Liabilities 10,965,610 18,041771 18,176,258 20,336.761 24,137,535
Total Liabilities 46,955,610 50,296,771 48,306,258 80,731,761 83,697,535
NET ASSETS 75,374,703 83,799,137 98,007,249 111,234,316 128,411,286
Operating Revenues 101,279,075 116,849,605 123,951,269 126,713,712 144.009565
Operating Expenses 86,771,449 99,255.770 102,247.165 104,364,018 117,067,440
Depreciation 8,056,595 8,004,562 7,959,305 8,066.688 8,471,959
Operating Income (Loss) 6,451,031 9,589,273 13,744.799 14,283.006 18,470,166
Non-Operating Revenue (Expense) (1,105,595) (808,253) (1,541,657) (1,070,583) (1,300,456)
Net Income (Loss) Before Contribution 5,345,436 8,781.020 12,203.142 13,212,423 17,169,710
Capital Contributions 212.945 52,843 2,004,970 14,644 7,260
Change In Net Position 5,558,381 8,833,863 14,208,112 13227,067 17,176,970
D-1O