Tab_18FflJVXf11 lI I aII.1 I
THIS LOAN AGREEMENT, dated the 181h 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 of Ketchikan,
Alaska, a duly constituted home rule city of the State (the "City"):
WITNES SETH:
WHEREAS, pursuant to the Act, the Bank is authorized to make loans of money to
governmental units; and
WHEREAS, the City 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
Loans from the Bank to be evidenced by its municipal bonds; and
WHEREAS, the City desires to borrow money from the Bank in an amount not to exceed
$2,000,000 to finance a portion of the costs of capital improvements to certain of the City's
harbor facilities (the "Harbor Projects") and has submitted an application to the Bank for a Loan
in the amount not to exceed $2,000,000 (the "Harbor Loan") to pay a portion of the costs of the
Harbor Projects; and
WHEREAS, the City has duly authorized the issuance of its fully registered general
obligation bond in the principal amount of $1,765,000 (the "Harbor Bond" or the "Municipal
Bond") as evidence and security for the City's obligation to repay the Harbor Loan; and
WHEREAS, the Loan made pursuant to this Loan Agreement will be made from the
proceeds of the Alaska Municipal Bond Bank General Obligation and Refunding Bonds, 2016
Series Four (AMT); and
WHEREAS, the application of the City 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
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 Harbor Loan to the City and the
purchase by the Bank of the Harbor Bond.
NOW, THEREFORE, the parties agree:
1. The Bank hereby makes the Harbor Loan, and the City hereby accepts the Harbor
Loan, in the principal amount of $1,765,000. As evidence of the Harbor Loan made to the City
and such money borrowed from the Bank by the City, the City hereby agrees to sell to the Bank
the Harbor Bond in the principal amount, with the principal installment payments, and bearing
interest from its date at the rate or rates per annum, stated in Exhibit A appended hereto.
2. The City represents that it has duly adopted or will adopt all necessary ordinances
and resolutions, including Ordinance No. 12-1697, passed by the City Council of the City (the
"City Council") on April 5, 2012, and approved by the required number and proportion of voters
at an election held on June 26, 2012 (the "Harbor Ordinance"), and Resolution No. 16-2635,
adopted by the City Council on September 15, 2016 (the "Harbor Bond 2016 Resolution" and
together with the Harbor Ordinance, the "Harbor Bond Authorization"). The City further
represents to the Bank that the City has taken or will take all other proceedings required by law
to enable it to enter into this Loan Agreement and to issue its Harbor Bond and that the Harbor
Bond will constitute a general obligation bond of the City, secured by the City's pledge of its full
faith, credit and resources, duly authorized by the Harbor Bond Authorization.
The City represents that the Harbor Bond Authorization is in full force and effect and has
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
pursuant to this Loan Agreement representing interest due on its Municipal Bond (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 Harbor Loan and to purchase the Municipal Bond (the "Loan Obligation")
and shall be paid by the City 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 pursuant to this Loan Agreement representing
principal due on its Municipal Bond (the "Municipal Bond Principal 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 pursuant to this Loan Agreement are not made available at any time specified herein, the
City 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, as
provided in the Act.
AMBB - General Obligation Bonds, 2016 Series Four
City of Ketchikan Harbor Loan Agreement Page 2
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 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 on any principal installment of the 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 applicable 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 for the City's
approval, a revised schedule of principal installment amounts and interest rates for the applicable
Municipal Bond. If approved by the City, 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 is obligated to pay to the Bank Fees and Charges. Such Fees and
Charges actually collected from the City shall be in an amount sufficient, together with the City'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's Allocable Proportion of the
Administrative Expenses of the Bank; and
(b) to pay, as the same become due, the City's Allocable Proportion of the
fees and expenses of the Trustee and paying agent for the Loan Obligation.
The City'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's 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 is obligated to make the Municipal Bond Principal Payments scheduled
by the Bank. The first such Municipal Bond Principal Payment for the Harbor Bond is due at
least seven (7) business days prior to each date indicated on Exhibit A, and thereafter on the
anniversary thereof each year. The City 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 the 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.
AMBB - General Obligation Bonds, 2016 Series Four
City of Ketchikan Harbor Loan Agreement Page 3
9. The Bank shall not sell and the City shall not redeem prior to maturity any portion
of its Municipal Bond in an amount greater than the related Loan Obligation that is then
outstanding and that are 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 shall give the Bank at least 50 days' prior written
notice of the City'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 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 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 which
the City 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.
Nothing in this Section shall be construed as preventing the City from refunding the
Municipal Bond in exchange for a new Municipal Bond in conjunction with a refunding of all or
a portion of the Loan Obligation.
10. Simultaneously with the delivery of the Municipal Bond to the Bank, the City
shall furnish to the Bank evidence satisfactory to the Bank which shall set forth, among other
things, that the Harbor Bond will constitute a valid and binding general obligation of the City
secured by the full faith, credit and resources of the City.
11. Invoices for payments under this Loan Agreement shall be addressed to the City,
Attention: Finance Director, 334 Front Street, Ketchikan, Alaska 99901, The City 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.
AMBB - General Obligation Bonds, 2016 Series Four
City of Ketchikan Harbor Loan Agreement Page 4
12. The City hereby agrees to keep and retain, until the date six years after the
retirement of the Municipal Bond, or any bond issued to refund the Municipal Bond, or such
longer period as may be required by the City '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 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 Harbor Loan or any portion thereof, and the
delivery of the Municipal Bond 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 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 has violated commitments made by it in the terms of this Loan
Agreement.
(c) The financial position of the City 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 Bonds, 2016 Series Four and receipt of the proceeds thereof.
15. The City agrees that it will provide the Bank with written notice of any default in
covenants under the Harbor Bond Authorization within thirty (30) days after the date thereof.
16. The City 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 for so long as the Municipal Bond remains outstanding. The City further
agrees that filings under this Section 16 shall be made in connection with CUSIP Nos. 01179P,
011798 and 01 179R. Additional or alternate CUSIP number(s) maybe added from time to time
by written notice from the Bank to the City. The City agrees that if it shall receive from the
Bank CUSIP number(s) in addition to those set forth in this Section then it shall make its filings
using both CUSIP numbers herein stated and any additional CUSIP number(s).
17. The City 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 shall make no use or investment of the proceeds of the Municipal Bond that will
cause such Municipal Bond to be an "arbitrage bond" under Section 148 of the Code. So long as
AMBB - General Obligation Bonds, 2016 Series Four
City of Ketchikan Harbor Loan Agreement Page 5
the Municipal Bond is outstanding, the City 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 shall
indemnify and hold harmless the Bank from any obligation of the City to make rebate payments
to the United States under said Section 148 arising from the City's use or investment of the
proceeds of the Municipal Bond.
18. Upon request of the Bank, the City 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 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 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 BondResolution," attached
hereto as Exhibit B.
20. 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.
21. 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 instruments,
and take such other actions as are necessary, to give effect to the terms of this Loan Agreement.
22. 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.
23. In this Loan Agreement, unless otherwise defined herein, all capitalized terms that
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.
24. 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 Bonds, 2016 Series Four
City of Ketchikan Harbor Loan Agreement Page 6
N WITNESS WHEREOF, the parties hereto have executed this Loan Agreement the day
and year first above written.
ALASKA MUNICIPAL
J. !tv(ITCI
Director
CITY OF KECHIKAN,
ALASKA
By:
Finance Director
A!vIBB/General Obligation Bonds, 2016 Series Four
City of Ketchikan Harbor Loan Agreement Page 7
I aiiu I III
$1,765,000
City of Ketchikan, Alaska
General Obligation Bond, 2016 (Harbor Improvements)
(the "Harbor Bond")
Due Principal Interest
(December 1) Amount Rate
2017 $55,000 3.000%
2018 60,000 5.000
2019 65,000 5.000
2020 65,000 5.000
2021 70,000 5.000
2022 75,000 5.000
2023 75,000 5.000
2024 80,000 5.000
2025 85,000 5.000
2026 90,000 5.000
2027 95,000 5.000
2028 100,000 5.000
2029 105,000 5.000
2030 110,000 5.000
2031 115,000 5.000
2032 120,000 5.000
2033 125,000 5.000
2034 135,000 5.000
2035 140,000 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.
Optional Prepayment: The Harbor Bond principal installments due on or after December 1, 2027
are subject to prepayment in whole or in part at the option of the City on any date on or after
December 1, 2026, at a price of 100% of the principal amount thereof to be prepaid, plus accrued
interest to the date of prepayment.
AIVIBB - General Obligation and Refunding Bonds, 2016 Series Four
City of Ketchikan Harbor Loan Agreement Page A-i
MINIMUM
AMBB - General Obligation and Refunding Bonds, 2016 Series Four
City of Ketchikan Loan Agreement Page B-i
OHSUSA:764771250.9
CITY AND BOROUGH OF SITKA
GENERAL OBLIGATION FINANCIAL SUMMARY
Municipal Financial Position 2011 2012 2013 2014 2015 Average
Properly Tax Collections _____
Borrowers Property Tax Rate per $1,000 $6.00 $6.00 $b $6.00 $6.00 $6.00
Municipal Levy $5,799,400 $5,904,617 $5,957,735 $5,901,738 96,032,826 $5,919,263
Current Year's 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% 98.9 99.00% 99.57% 99,24%
Total Year's Collections $5,807,869 $5,909,321 $5,893,4 $5,842,721 $6,006,776 $5,892,028
Total Collection Rate 100.15% 100.08% 98.92% 99.00% 99.57% 99.54%
General Fund
Unreserved Boding Fund Balance $ 11,506,475 9 13,504,073 9 14,2115,3 4 $ 15,996,560 $ 14,720,a75 $ 14,315,799
Expenditures $ 23,260,649 $ 24,075,729 $ 23,691,912$ 23,628,379 $ 30,621,436 $ 25,055,621
Fund Balance/ Expenditures 49% 56% 6 ___________ 68% 48% 56.38%
Total Revenues $ 24,709,916 $ 26,584,728 $ 25,953.8 $ 26,507,173 $ 29,227,140 1 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 10% 10% 1 10% 10% 10.02%
Overall Municipal Debt Position
I' 64,607,461 2, t,6,593,414 2, 036,145,022 2, 136,543,300 2, i25,2111.L22 Revenue Debt Enterprise Funds
Revenue Debt - Governmental Funds $ 165,750 $ 156,000 $ 146,251 $ 202,641 $ 1
General Obligation Debt - Governmental Funds $ 36,300,000 $ 32,290,000. $ 31,020,000 $ 28,635,000 $ 25,990,(H2
General Obligation Debt - Enterprise Funds - - -
Total General Obligation Debt $ 36,300,000 $ 32,290,000 $ 31,020,000 $ 28,635,000 $ 25,555,205
Total Revenue and General Obligation Debt $ 105,273,151 $ 101,039,411 $ 137,312,072 $ 137,777,641 $ 149,35 I.
Gorcc,ect,L 1.111) Dcht/ThxThlc Acscd Sal— 31CC 2,231. 2. I.SC 2.911. 2301.
..... '11cC lir,,,c siC GO Debi/A.V. T iQ.oso iu.2u , ,~l 13.72S 1•tl1i0 125970
General Obligation Debt Per Capita 64,138 $3,507 $3,415 $3,152
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 Ai5flO
ate
COWth
Population 8,773
Taxable Assessed Value $ 985,073,129
Assessed Value Per Capita $ 112,285
Te,p1O Tax Pavemas %ofAaaeaaedVclur'--7.64%
8,9521 9,084 9,084 9,061 425%
$ 990,930,238 $ 1,001,066,784 $ 983,623,000 $ 1,005,471,000 2.22%
$ 110,6941 $ 110,201 $ 108,281 $ 110,967
7.57% ,, - .....
The Borough has not ea,splcted its ftseal year 2011 audit as of the date of the preparation at this labia.
D-1
City and Borough of Sitka
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 SID
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ETS
Plant In-Service (net of depreciation) 14,789,299 14,122591 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
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 1,405,227 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 3164,252 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
Population of City 8,773 8,952 9,084 9,098 9,061
Revenue Bond Coverage No Harbor No Harbor No payments of
Bonds Bonds P&I 5.16 5.31
The 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 2011 2012 2013 2014 2015 Average
erop erty Tax Collections ______________
Borrowers 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 Years Collections $40,329,083 $41,431,682 $43,987,108 $44,818,184 $45,548,172 $43,222,846
Current Collection Rate 98.99% 99.23% 99.40% 99.36% 99.347 99.26%
Total Years Collections $40,728,566 $41,721,795 94,200,111 745,017,746 $45,548,172 $43,443,278
Total Collection Rate 99.97% 99.93% 99.88% 99.80% 99.341T 99.78%
General Fund -
Unassigned Plus Emergency Operating Res (GASB#54) 9 1,729,384 3,484,1b1 8 ,494,734 S 17,283,bb7 S 23,272,312 10,033,252
Expenditures $ 50,540,314 $ 51,283,781 $ 84,553,473 $ 86,380,150 $ 94,808,876 —$-13—,51T319
Fund Balance/ Expenditures 3,427 6.77. 8.86% 20.01% 21,38% 12.09%
Total Revenues $ 66,008,466 7 511,036,584 $ 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 $ 32,072,006 F 26,783,018
Percentage Intergovernmental 22% 31% 35% 42% 33% 32.427
Overall Municipal Debt Position
$ 45,206,341 $ 43,679,682 $ 41,906,01,7 $ 40,093,906 $ 33,436,443 Revenue Debt - Enterprise Funds
Revenue Debt - Governmental Funds $ 3,599,575 $ 2,861,747 —9'--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 Debt $ 148,301,000 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314,000
Total Revenue and General Obligation Debt $ 197,108,916 $ 179,987,429 $ 175,382,524 $ 168,965,994 $ 180,722,763
Goveriemeetal (3(3 t),'bt/O ealli' z\ eeeeet Value 3.72(3 32t1 31(7.3. 2.701:.
Talat Revenue and GO Delat/A.V. '09-Ga 4020 0100 2.900 403:0
General Obligation Debt Per Capita $4,742 $4,113 $4,023 83,696 $3,492
Total Revenue and 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 31,2/b
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 32,661 33,0011 33,1126 -11.017.
$ 4,071,713,732 $ 4,275,067,217 $ 4,379,714,933 $ 4,484,327,332 2.39%
$ 125,511 $ 130,896 $ 132,598 $ 135,782
13.617. 13,73% 1382% 13.61%
DIM
roil Wail i :.].0 . I
2011 2012 2013 2014 2015
ETS
PlantIn-Service (net of depreciation) $13,827,335 $12,844,129 $11,875,368 $14,325,870 $17,517,553
Construction Work in Progress 29,889,294 33,499,769 42,397,974 40,419,697 50,214,768
Cash 4,728,522 4,660,755 3,466,374 4,030,992 3,975,676
Restricted Assets 10,702,703 11,196,479 10,946,328 10,554,614 9,581,172
Other Assets 764,741 847,869 543,407 679,907 1,718,645
1 Assets 59,912,595 63,049,001 69,229,451 70,011,080 83,007,814
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 9,700,000 9,691595 9,380,434 9,033,637 9,758,734
Other Liabilities 2,110,290 2,140,909 1,401,365 2,050,500 3,105,738
Total Liabilities 11,810,290 11,832,504 10,781,799 11,084,137 12,864,472
NET ASSETS 48,102,305 51,216,497 58,447,652 58,926,943 70,143,342
Operating Revenues 2,854,858 3,154,885 3,173,272 3,508,430 4,202,862
Operation and Maintenance 2,492,110 2,434,329 2,498,178 2,814,717 3,347,050
Administrative and General - - - - -
Depreciation 899,956 986,619 968,761 1,003,707 1,150,701
Operating Income (Loss) (537,208) (266,063) (293,667) (309,994) (294,889)
Non-Operating Revenue (Expense) 46,509 155,306 (214,686) 128,433 501,698
Net Income (Loss) Before Contribution (490,699) (110,757) (508,353) (181,561) 206,809
Capital Contributions 1,690,873 2,549,949 7,392,466 660,852 5,788,674
Net Transfers-In (Out) 3,804,600 675,000 500,000 0 6,224,425
Special item - NPO/OPEB write off
Change in Net Assets 5,004,774 3,114,192 7,384,113 479,291 12,219,908
Population of City 31,275 32,441 32,660 33,064 33,064
Revenue Bond Coverage 1.19 1.79 1.21 1.67 2.60
I,-
CITY AND BOROUGH OF JUNEAU
PORT DEVELOPMENT SPECIAL REVENUE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
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
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 3,117897
- - 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 2,868,633
2,800 5,500 5,500 5,500 5,500
2,555,051 2,628,580 2,819,979 2,859,078 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
RE
City and Borough of Juneau
Conduit Debt
WILDFLOWER COURT (A not for profit organziation)
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
Audited Audited Audited Audited Audited
ASSETS
Plant In-Service 4,909,305 4,620,999 4,734,678 3,771,100 3,082,979
Cash 1,582,128 1,752,043 1,437,085 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 1,444,749 1,786,787 1,261699 1,389,726
Total Assets 9,598,352 9,988,719 9,447,915 8,459,546 7,866,310
LIABILITIES AND NET ASSETS
Bond Debt 13,050,000 11,705,000 11,596,229 10,204,712 8,688,824
Other Liabilities 904,428 2,052,663 1,132,323 996,579 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 (2,741,745) (1,835,347)
Operating Revenues 10,859,195 10,841,324 11,057,791 11447,862 11,445,168
Operating Expenses 9,894,353 9,594,317 9,666,530 9,961,681 9,745,914
Depreciation 832,579 780,765 935,669 1,008,253 841,433
• Operating Income (Loss) 132,263 466,243 455,592 477,928 857,821
Non-Operating Revenue (Expense) 61,553 120,890 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 'Lb 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 25,570,000 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 98,509,146 70,677,149 94,239,669 99,530,173
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 3.63 3.00 7.34 2.50 8.97
Kenai Peninsula Borough - General Fund
Oaiwral Oblrgo0on Financial Summary
Muid 1Po096 2011 2012 2013 .2Q1.._...[ 2035 -I.
8orrowsPrtoTxRobo par5l,006 5130 54.30 5350 540j S4 54.50
Mmudpil Lo $29,028,274 530419,193 530,S23492 SM.75Q,392 531,685,014 S30,747,334
C..mMY61a's C)iorrr 525,636,610 9291046,804 530382,636 531,533J 931.142.0J 530,296,934
9933% 93.45% 9937% 98.j 9S,l. 9550%
T6t,dYi Co11uo.. 529,047,44S S*401,300 530,79S409 531,666i476 I 531,332,396
Tdta1Co1kdu,na R te 99.96% 99.94% 99921. 9924%I 53042721
ToWEndururrd$61moe 5 22,709,314 5 23,469,593 5 23,310,933J$ 24.9S1,37fl5 20.133,64
- 5 21,434,055 5 21,269,520 5 16,296,148 5 25,996636 5 16,344,676 513,2321019
_______Wms
F"dBO~Exv~dt m5
5 72,163,358
30%
5 71,347,$68
30%
$ 71452,478 $ 73,37061 $ 79,437,617
22%j 21%,
$3,533,576
25%
Total Rovarr,eo S 70,79903 $ 71,103,657 S 74.255493 5 74,943,074 S 75,764,253 574,974,670
ltoveramrt$ Rev.m 5 3,535331 5 9,749,491 $ 10392,637 5 9,496,433 9 13554,084 510350,074
Per aIetee9 oW 12% 14'. - - 14%. 13% 17% 14%
Ovrrrall Murrkipal 1363.1 Po)Iio,t
R.eeDeH- F.em'4r S - S . S - $ - S
Total Revernea Debt S S 5 5 5
Gae,1O3.1ta9oa Debt .0 yoonoW Y,.ed )Goeere1 Fool oo21) 5 33,910,000 5 30,230,00C 5 26,820,000 5 49.053900 $ 41,820,060
Obligatian S S - S $ 5
Tob1Ob1ioD,bt 5 33,910380 S 30,230,000 S 26,520,000 5 45,055,000 9 48300,000
Tota1Rere ,dO1$itirnDo3.t S 33,9)9400 530.330,000 $ 36,950380 5 49053)200 9 41,020.000
0.44% (045%
eG013,bt/AoeodVa1oo(mrv) 0,00%,
T.E1)2oro,o,00dGO DebV AN. (rne') 0.46% 040%. 945%
Geoore1QbUabonDe3.tPerCap94 5612 5336 3135 5792
. ToWRroeabtPerCap4la 5612 5536 5173 5792 $732
Genexal Feonoork eel Deotographk Data 2013 2032 2013 2011 2015
Popola0oo 35.406 56.369 56,736 56,062 37,147 0.50t
A.dVak.e S 6,293531,600 5 6,633,241,000 3 6,716,010,000 $ 6.960.196,000 3 6,932,443,009 1 -041.
.0oedVaioePeeCop(ta $ 115407 $ 117.675 5 113,231 $ 132,405 $ 121,305
T97 101%,, Pavo. ofToaI A4Voh... 19 73% 14 35'. 14.15% 17275'. 17.05%.l
0') .*leet V000
(1) 2015 2014 aol 4211 (n ao,,.'ad ('eel O4eeee 0 et
Ce.0oodl- ooaoot,3015035425, 09444,007 aol 06,94 709701 breh'foe
ea to o,eoutZ eaooed b all tonaoted
Central Peninsula General Hospital
FINANCIAL SUMMARY
2011 212 2013 2014 2015
ASSETS
Capital Assets (net of depreciation) $67,842,931 $64853893 $69,429,959 $71,387,990 $93151047
Cash 21700,302 27,803,487 35,197,813 35,508,443 37,638,411
Cash held for Plant Replacement 10,097,241 11421,461 11,322,729 16,447,887 18,838950
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 19,105,718 29,383,574 29,863,006 32,652,905 38,942,891
Total Assets 122,330.313 134,095.908 146,313,507 191,966.077 212.108.821
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 18,041,771 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
NETASSETS 75,374,703 83,799.137 98,007.249 111,234.316 128,411,286
Operating Revenues 101,279,075 116,849,605 123,951,269 126,713,712 144,009,565
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 8,06608 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 5558,381 8,633,863 14,208,112 13,227,067 17.176,970
D-1O