Loading...
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