Tab_19ri u ii iii iii 'a siw i i u i
THIS AMENDATORY 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 Petersburg Borough, Alaska, a duly constituted home rule borough of the State (the
"Borough"):
WITNESSETH:
WHEREAS, pursuant to the Act, the Bank is authorized to issue bonds and loan money
(the "Loans") to governmental units; and
WHEREAS, the Borough is a "Governmental Unit" as defined in the General Bond
Resolution of the Bank hereinafter mentioned and was authorized to accept a Loan from the
Bank, evidenced by its municipal bond; 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, municipal Loans, the Board of Directors of the
Bank (the "Board") adopted its General Obligation Bond Resolution on July 13, 2005 (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, the Bank made a Loan to the former City of Petersburg, Alaska, a duly
constituted home rule city of the State (the "City of Petersburg"), from proceeds of the Bank's
General Obligation Bonds, 2007 Series One (the "2007 Series One Bonds") in the amount of
$1,205,000, evidenced by a Loan Agreement, dated January 1, 2007 (the "2007 Loan
Agreement"), between the Bank and the City of Petersburg; and
WHEREAS, as security for repayment of the Loan and as provided in the 2007 Loan
Agreement, the City issued its City of Petersburg General Obligation School Bond, 2007 Series
A, dated January 31, 2007 (the "2007 Municipal Bond"), of which the Bank is the registered
owner; and
WHEREAS, the Borough was established following petition and approval of the Local
Boundary Commission for the State and following a vote of the local residents qualified to vote
on the question at an election duly called and held on December 18, 2011; and
WHEREAS, the City was dissolved concurrently with the incorporation of the Borough,
and under Section 19.07 of the Borough Charter bonded indebtedness of the City became the
obligation of Borough Service Area 1, which consists of the area within the boundaries of the
City of Petersburg ("Service Area 1"); and
WHEREAS, the Bank has determined that refunding a portion of the outstanding 2007
Series One Bonds will result in a debt service savings thereon and on the 2007 Municipal Bond;
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 the issuance of its General Obligation and Refunding Bonds, 2016
Series Three (the "Refunding Bonds") in part to refund a portion of the 2007 Series One Bonds;
and
WHEREAS, to effect the proposed refunding and resulting debt service savings on the
2007 Series One Bonds and the 2007 Municipal Bond, and to conform the terms of the 2007
Loan Agreement to the current practices of the Bank, it is necessary to amend the terms of the
2007 Loan Agreement and to provide for the issuance by the Borough to the Bank of the
Borough's General Obligation Refunding Bond, 2016 Series A (the "2016 Municipal Bond" and
together with the 2007 Municipal Bond, the "Municipal Bond") and for the refunding of a
portion of the Borough's 2007 Municipal Bond as provided herein.
NOW, THEREFORE, the parties agree as follows:
1. The Bank will refund a portion of the outstanding 2007 Series One Bonds as
provided in the Series Resolution. The amount of the principal installments of the Borough's
2007 Municipal Bond corresponding to the refunded maturities of the 2007 Series One Bonds,
and the interest payable thereon, shall be adjusted pro rata in accordance with the debt service
payable on the Refunding Bonds as set forth in the 2016 Municipal Bond delivered to the Bank
in exchange for the 2007 Municipal Bond. The 2016 Municipal Bond, together with the
replacement 2007 Municipal Bond delivered in exchange for the original 2007 Municipal Bond,
henceforth shall mature in the principal amounts and bear interest at the rates per annum as stated
on Exhibit A appended hereto.
2. Section 2 of the 2007 Loan Agreement is amended by replacing the current
language with the following:
The Borough represents that all necessary actions or resolutions, including motions
adopted by the City of Petersburg City Council September 7, 1999 and September 15, 1999, and
Resolution # 1808, adopted by the City Council on December 4, 2006 (the "Petersburg 2006
Resolution"), were adopted and are in full force and effect, and that all proceedings required by
law to enable the City of Petersburg, as predecessor in interest to the Borough, to enter into the
2007 Loan Agreement and issue the 2007 Municipal Bond to the Bank have been taken and that
the 2007 Municipal Bond constitutes a valid general obligation bond duly authorized by the
Petersburg 2006 Resolution.
The Borough represents that it has duly adopted or will adopt all necessary ordinances or
resolutions, including Resolution # 2016-22, adopted on September 6, 2016 (the "Borough
Refunding Resolution" and together with the Petersburg 2006 Resolution, the "Borough's
Resolution"), and that it has taken or will take all proceedings required by law to enable it to
enter into this Amendatory Loan Agreement and to issue its 2016 Municipal Bond to the Bank
Page 2
and that the 2016 Municipal Bond will constitute a direct and general obligation of the Borough,
secured by the Borough's pledge of its full faith and credit and the Borough's pledge and
covenant to levy and collect taxes upon all taxable property within Service Area 1 without
limitation as to rate or amount, in amounts sufficient, together with other funds legally available
therefor, to pay the principal of and interest on the 2016 Municipal Bond as the same become
due and payable, all duly authorized by the Borough Refunding Resolution.
3. All references in to the "City's Resolution" in the 2007 Loan Agreement shall be
deemed to be references to the "Borough's Resolution."
4. The 2016 Municipal Bond shall be subject to optional prepayment prior to
maturity on and after the same date, and on the same terms as the Refunding Bonds may be
subject to optional redemption as set forth in Exhibit A.
5. Section 14 of the 2007 Loan Agreement is amended to include the following
paragraph:
The Borough represents that the Borough's Resolution is in full force and effect and has
not been amended, supplemented or otherwise modified, other than by the Borough Refunding
Resolution or as previously certified to the Bank.
6. Section 16 of the 2007 Loan Agreement is amended by replacing the current
language with the following:
The 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 Bond Resolution," attached hereto as
Exhibit B.
The Borough further 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 purpose of Securities
and Exchange Commission Rule 15c2-12, adopted under the Securities and Exchange Act of
1934.
7. A new Section 22 is added to the 2007 Loan Agreement, as follows:
The Borough agrees that it shall file, on an annual basis, its audited financial statement
with the Municipal Securities Rulemaking Board not later than two hundred ten (210) days after
the end of each fiscal year of the Borough for so long as either the 2007 Municipal Bond or the
2016 Municipal Bond remains outstanding. The Borough agrees that filings under this Section
22 shall be made in connection with CUSIP Nos. 01 179P, 011798 and 01 179R. Additional or
alternate CUSIP number(s) may be added from time to time by written notice from the Bank to
the Borough. The Borough agrees that if it shall receive from the Bank CUSIP number(s) in
Page 3
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).
8. A new Section 23 is added to the 2007 Loan Agreement, as follows:
The Borough hereby agrees to keep and retain, until the date six years after the retirement
of the 2016 Municipal Bond, or any bond issued to refund the 2016 Municipal Bond, or such
longer period as may be required by the 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 2016 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 Borough agrees that all records required by
the preceding sentence shall be made available to the Bank upon request.
9. A new Section 24 is added to the 2007 Loan Agreement, as follows:
(a) The Borough hereby certifies that all 2007 Municipal Bond proceeds, except for
those proceeds that are accounted for as transferred proceeds in the arbitrage certificate for its
2016 Municipal Bond, have been expended prior to the date hereof.
(b) The Borough hereby certifies that to date all required rebate calculations relating
to the 2007 Municipal Bond have been timely performed and the Borough has remitted any
necessary amount(s) to the Internal Revenue Service.
(c) The Borough hereby certifies that (i) the 2007 Municipal Bond was issued
exclusively for new money purposes; and (ii) the 2007 Municipal Bond has not previously been
used to directly or indirectly advance refund a prior issue of any municipal bonds of the
Borough.
10. A new Section 25 is added to the 2007 Loan Agreement, as follows:
As amended hereby, the 2007 Loan Agreement will remain in full force and effect so
long as either the 2007 Municipal Bond or the 2016 Municipal Bond remains outstanding.
Page 4
IN WITNESS WHEREOF, the parties hereto have executed this Amendatory Loan
Agreement as of the date first set forth above.
Executive Director
PETERSBURG BOROUGH, ALASKA
IM
Its:
Page 5
I a:i :11 :i I
City of Petersburg, Alaska
General Obligation School Bond, 2007 Series A, issued on January 31, 2007 (the "2007
Municipal Bond")
Principal Sum of $55,000
Principal Interest
Principal Payment Date Amount Rate
December 1, 2016 $55,000 5.000%
The remaining principal installment shall be payable on December 1 in the year, and in the
amount set forth above. Interest on the 2007 Municipal Bond shall be payable on December 1,
2016.
Prepayment Provisions: The remaining 2007 Municipal Bond principal installment is not subject
to prepayment prior to maturity.
Page A-I
Petersburg Borough, Alaska
General Obligation Refunding Bond, 2016 Series A, issued on November 3, 2016 (the "2016
Municipal Bond")
Principal Sum of $670,000
Principal Payment Date Principal Interest
(December 1) Amount Rate
2016 $5,000 2.000%
2017 55,000 2.000
2018 60,000 4.000
2019 60,000 4.000
2020 65,000 4.000
2021 65,000 4.000
2022 65,000 5.000
2023 70,000 5.000
2024 70,000 5.000
2025 75,000 5.000
2026 80,000 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 2016 Municipal Bond shall be payable on December 1, 2016, and
thereafter on June 1 and December 1 of each year.
Prepayment Provisions: The 2016 Municipal Bond principal installments are not subject to
prepayment prior to maturity.
Page A-2
Page B-i
CITY AND BOROUGH OF SITKA
GENERAL OBLIGATION FINANCIAL SUMMARY
Municipal Financial Position 2011 2012 2013 2014 2015 Average
Property Tax Collections ____________
Borrower's Proper ty Tax Rate per $1,000 $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 Year's Collections $5,753,039 $5,874,918 $8,893,452 $5,842,721 $6,006,776 $5,874,181
Current Collection Rate 99.20% 99.50% 98.92% 99.00% 99.577. 99.24%
Total Year's Collections $5,807,869 $5,909,321 $5,893,452 $5,842,721 $6,006,776 $5,892,028
Total Collection Rate 100.15% 100.08% 98.92% 99.00% 99.57% 99.54%
General Fund
Unreserved Ending Fund Balance I 11,595,475 $, 13,554,673 $ 14,2s5,394 9 15,996,550 6 14,715,675 $ 14,015,799
Expenditures 7 23,260,649 $ 24,075,729 $ 23,691,912 7 23,628,379 $ 30,621,436 $ 25,055,621
Fund Balance/Expenditures 49% 56% 60% 68% 48% 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 10% 10% 10% 10% 10% 10.02%
Overall Municipal Debt Position
$ b8,607,401 $ bS,593,411 $ lUs,145,522 $ 106,940,009 $ 123,21 Revenue Debt- Enterprise Funds
Revenue Debt - Governmental Funds $ 165,750 -T-i56,000 $ 146,250 $ 202,641 $
General Obligation Debt - Governmental Funds $ 36,300,001 $ 32,290,000 $ 31,020,000 $ 28,635,000 $ 25,990,030
General Obligation Debt - Enterprise Funds $ - - $ - $ - $
Total General Obligation Debt $ 36,300,000 $ 32,290,000 $ 31,020,000 $ 28,6351000 $ 25,'lSfl, fl3)
Total Revenue and General Obligation Debt $ 105,273,151 $ 101,039,411 1 $ 137,312,072 1 $ 137,777,641 $ 349,24,40
Govrr,ll 5)0 iDrbt/'i xL5r AxecJ VA— J 3 2, 2.3)15, 2.33'),
'lAD) Reveiruc aiD CO CellO CV. lAOS)., 10.202, 132,2.., 14.012, _______________
General Obligation Debt Per Capita 54,138 $3,607 93,415 $3,152 $2,900
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
I
2015 Annual Growth
Rate
Population 8,773
Taxable Assessed Value $ 985,073,129
Assessed Value Per Capita $ 112,285
Top 10 Tax Payers as a % at Assessed Value 7.64%
8,9521 9,0841 9,084 9,061 -0.25%
$ 990,930,238 $ 1,001,066,784 $ 983,623,000 $ 1,005,471,000 2.22%
$ 110,694 1 $ 110,201 $ 108,281 1 $ 110,967
7.57% 7.57% 7.57% 7.57%
The Oorosgh has not cosepleted its fiscal year 2015 audit as of the date of the preparation of this table.
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
Liabilities and Net Assets
Liabilities
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
INet 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
U 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
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation) 14,789299 14,122,591 13,550,231 13,153,475 20560,565
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 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 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
8,773 8,952 9,084 9,098
9,061
No Harbor No Harbor No payments of
Bonds Bonds P&I 5.16
5.31
Borough has not completed its fiscal year 2015 audit as of the date of the preparation of this table.
Population of City
Revenue Bond Coverage
D-3
CITY AND BOROUGH OF JUNEAU
FINANCIAL SUMMARY
General Governmental Fund
Municipal Financial Position 2011 2012 2013 2014 2015 Average
Property 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% 99.34% 99.26%
Total Year's Collections $40,728,566 $41,721,795 $44,200,111 $45,017,746 $45,548,172 $43,443,278
Total Collection Rate 97% 99,93% 99.88% 99.80% 99.34% 99.78%
General Fund _ ___________ _________
Unassigned Plus Emergency Operating Res (GASB#54) I 3,484,161 8 7,494,734 4 17,285,667 5
$51,283,781$84,553,473
526222,312
99
P14,313,000
$86,380,150 $94,808,876 973,513,319
Fund Balance/Expenditures 6.79% 8.86% 20.01% 21.38%12.09%
Total Revenues $50,036,584 $ 80,155,584
Intergovernmental
$88,778,005 $97,936,255 $98,018,608
Revenues
Percentage Intergovernmental
$ 15,464,700
31%
$ 30,635,700
35%
$ 41,429,692
427
$ 32,072,000
33%
$ 26,783,018
32.42%
Overall Municipal Debt Position
$ 45,208,341 4 431679,682 S 41,90o,0o7 9 40,090,908 $ 38,436,443 Revenue Debt - Enterprise Funds
Revenue Debt - Governmental Funds $ 3,599,575 $ 2,861,747 $ 2,-0-91—,47--$-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 $ 131,385,001, $ 122,068,000 $ 115,314,000
Revenue and General Obliga ti on Debt
-
Total $ 197,108,916 $ 179,987,429 $ 175,382.524 $ 168,965,994 5 180,722,763
Gov'rnmnitd GO IObt/ThxahIe \eed Value 3.72i 339Y 307G 2.791 2.57
ToOl Revenue and GO Uebl/A.V. 4.942W 4,422w
General Obligation Debt Per Capita $4,742 64,113 $4,023 $3,b9 $3,492
Total Revenue and CO Debt Per Capita $6,302 $5,546 $5,370 -------$7116 $7472
General Economic and Demographic Data 2011 2012 1 2013 2014 2015 Annual
Population 31,273
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,U3U 33,026 -0.01%
$ 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
13.61% 13,73% 13.82% 1161%
CITY AND BOROUGH OF JUNEAU
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation) $13,827,335 $12,844,129 $11,875,368 $14,325,870 $17517553
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
Total 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 9,691,595 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
D-5
CITY AND BOROUGH OF JUNEAU
PORT DEVELOPMENT SPECIAL REVENUE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation)
Construction Work in Progress
Cash 4,428,233 (208,085) (252,013) 71,012 2,709,760
Restricted Assets - - -
Other Assets 314,814 269,712 484,639 294,257 408,137
Total Assets 4743,047 61,627 232,626 365,269 3,117,897
LIABILITIES AND NET ASSETS
Revenue Bonds Payable - - - - -
Other Liabilities - - 151,020 349,585 642,980
Total Liabilities - - 151,020 349,585 642,980
NET ASSETS 4,743,047 61,627 81,606 15,684 2,474,917
Operating Revenues 2,557,851 2,634,080 2,825,479 2,864,578 2,868,633
Operation and Maintenance 2,800 5,500 5,500 5,500 5,500
Administrative and General - - - - =
Depreciation - - - -
Operating Income (Loss) 2,555,051 2,628,580 2,819,979 2,859,078 2,863,133
Non-Operating Revenue (Expense) - - - - -
Net Income (Loss) Before Contribution 2,555,051 2,628,580 2,819,979 2,859,078 2,863,133
Capital Contributions - - - - -
Net Transfers-In (Out) (1,500,000) (7,310,000) (2,800,000) (2,925,000) (403,900)
Change in Net Assets 1,055,051 (4,681,420) 19,979 (65,922) 2,459,233
Population of City 31,275 32,441 32,660 33,064 33,064
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 4,734,878 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 1,267,699 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 21052,663 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 11,447,862 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 60,984 48,577
Change in Net Assets 193,816 587,132 488,305 538,892 906,398
Revenue Bond Coverage 133 1.32 1.12 'Lb 118
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
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 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 3.63 300 7.34 2.50 8.97
W.
cenaI pcni000la Borough - Gtnc'aI Fund
GnrI Obligation FnncaI Summary
M,mth,Ifl1Position I 2011 2012 2013 ._jQj,,_. 2008 •.,,,,,,,
pex4,TxCo11U
Bw&PopTxRat 6'erSI,000 5430 54.50 5430 5450 54.50 5130
1k09'4111 529,038.274 5*419,493 530,523,497 531.750,392 531.655,014 530,717.334
C,mndYt,'s C4%dions 529,63041'J 539,946,804 530,552,036 531332,596 531142,023 $30286,934
CuntCc106d1onRt. 95,53% 98.45% 98.571. 9565% 98.29% 9830'
Tot0Yi Uti.- 539,047,44S 530451,500 530,795,503 531,645,479 531,332,596 S50449726
Tow Cd9on Rots 99.96% 89.94% 88321. 99.74% 9S,89' 99653
'3,1 Vrn,d
Tot4 Ending Fund 0a1,,ce
env1End06V4rndB,iu
2 211 Th3,5
5 21,434,05s
5 23,666,583
$ 21,268,520
5 231318,913
5 16,296,148
$ 24,831,372
5 15,896,6S6
$ 24,138,434
5 16,244,679 $1S,232,01S
_
T1 R'
$ 72,163.558
36'
5 70,799,393
571307,545
30%
$ 71,185,637
$ 72,422,878 573,376,301 $ 75,437,617
22% 22% 21%
6 74.385,493 5 74,945,074 5 78.764,253
$73,555,376
25%
573,974,670
8 8,333,531 5 9,249,464 5 10,592,637 $ 9,486455 $ 13304.834 510,550,074
Fe ta &t 14% - 14' 50 17% 14%
')e;l1 Mrnkip1 Debi Position ._,
$ - $ - 5 5 5
Tct1 130b8 S S . $ - S 5.
Frnu4, lk,rnl 5 33,910300 5 30.230,000 5 26320300 S 45,053,000 8 41,520,000
O9h834 130b0 E96pu F,d, S 5 . 5 . $ 5
To1G,n1ObtirnD28* 5 33,910,000 $ 30,230,000 5 26,520,000 5 43,055,006' S 41,520,800
T6IR,u,,tO04i960oDàbt 5 53,910,500 5 30,334080 $ 36,530680 $ 43,891300 8 41000800
Go't1 073 3dV413e 6.23% 8,40% 0.63 023'.
123,] —d (,0 E%bt, A0'.&.,,vl 0,46% OAU% 033% 0.60%
:0Ob0)6o306'tPe Coj% 1312 5031 0403 _______ 5792 5733
Total I'e,m,dGO130,tPr(Za01a $812 5536 5473 5793 5732
GnMI Fx.t u%k aM D togu4,hk D.I. 2011 2012 1
2013 2014 2015
POPuldtiOg 53,400 56,369 56,736 36,562 57,547 050'.
As~aed Value S 6,193,531,500 3 6,653241.006' 5 6,716,810,506 $ 6,960,196,806 5 6,933,443,000 .041'.
AdVPC,th S 113,007 5 517,673 S 115,333 S 122,405 16 1211 309
1373'l 1435% 5045', 1730% 17.60 %
(any)' mo,t rec,nkvear -
(1) 0613k 2611 ,,,02113 ad}'m,d 5th,,,, is 73t5an,,,i4,tothe
6-ty of On aonntatSilJlS101, 06944,0373006044337 50}'nllah14r
mn,fl,t,,, ,n9'30S. loanm,an00 aaund byoal0tnthd
Central Peninsula General Hospital
FINANCIAL SUMMARY
ZQil 2012 2013 2014 20
ASSETS
Capital Assets (net of depreciation) $67,842,931 $64853893 $69,429,959 $71,387,990 $93,151,047
Cash 21700,302 27,803,487 35197,813 35,508443 37,638411
Cash held for Plant Replacement 10,097,241 11,421,461 11,322,729 16,447,887 18,838950
Restricted Assets 3,584,121 633,493 500,000 4,693,402 5,069037
Unspent bond proceeds 31,275,450 18,468,485
Other Assets 19,105,718 29,383,574 29,863006 32,652,905 38,942,891
Total Assets 122,330.313 134,095.908 146,313.507 191966.077 212.108.821
LIABILITIES AND NETASSETS
Revenue Bonds Payable - - - 32,490,000 33,890,000
GO Bonds Payable 35,990,000 32255,000 30,130,000 27,905,000 25,670000
Other Liabilities 10,965,610 18,041,771 18,176,258 20,336,761 24,137535
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 101,279,075 116,849,605 123,951,269 126,713,712 144,009,565
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 8066,688 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) (1,105595) (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 1321 2,423 17,169,710
Capital Contributions 212,945 52,843 2,004,970 14,644 7,260
Change In Net Position 5,558,381 8833.863 14,208,112 13227,067 17,176,970
D-1O
LOAN AGREEMENT
AGREEMENT, dated as of the 1st day of January 2007, 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 Petersburg, Alaska, a duly constituted home rule city of the State (the
"City"):
W I T N E S S E T H:
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 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 desires to borrow money from the Bank in the amount of not
to exceed $2,500,000 and has submitted an application to the Bank for a Loan in the
amount of not to exceed $2,500,000, and the City has duly authorized the issuance of its
fully registered bond in the aggregate principal amount of $1,205,000 (the "Municipal
Bond'), which bond is to be purchased by the Bank as evidence of the Loan in accordance
with this Agreement; 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 in order to obtain from
time to time money with which to make Loans, the Bank has adopted the General
Obligation Bond Resolution on July 13, 2005 (the "General Bond Resolution"), and Series
Resolution No. 2006-03, adopted on November 30, 2006 (together with the General Bond
Resolution, the "Bond Resolution"), authorizing the making of such Loan to the City and
the purchase of the Municipal Bond.
NOW, THEREFORE, the parties agree:
1. The Bank hereby makes the Loan and the City accepts the Loan in the
principal amount of $1,205,000. As evidence of the Loan made to the City and such
money borrowed from the Bank by the City, the City hereby sells to the Bank the Municipal
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. For
purposes of this Loan Agreement, the interest on the Municipal Bond will be computed
without regard to the provision in Section 7 hereof. As set forth in Section 3 and 4 hereof,
the City shalt make funds available to the Trustee acting under the General Bond
Resolution for the payment of principal and interest at least seven business days prior to
each respective principal and interest payment date.
2. The City represents that it has duly adopted or will adopt all necessary
ordinances or resolutions, including Resolution No. 1808 passed by the City Council on
2006 (the "City's Resolution), and has taken or will take all proceedings
required by law to enable it to enter into this Loan Agreement and issue its Municipal Bond
to the Bank and that the Municipal Bond will constitute a valid general obligation bond duly
authorized by the City's Resolution.
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") shalt be computed at the same rate or rates of
interest borne by the corresponding maturities of the bonds sold by the Bank in order to
obtain the money with which to make the Loan and to purchase the Municipal Bond (the
"Loan Obligations") and, shall be paid by the City to the Bank's Trustee acting under the
General Bond Resolution at least seven 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 by the City to the Bank's Trustee acting under the General Bond Resolution
at least seven business days before each maturity date (notwithstanding the dates of
payment as stated in the Municipal Bond) so as to provide funds sufficient to pay the
principal of the Loan Obligations 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.
6. In the event Loan Obligations have been 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 Municipal Bond for the corresponding year pursuant to the terms
of the 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
AMB/General Obligation Bonds, 2007 Series One
Loan Agreement - Petersburg
k\Do074217041Loan Aroor'fl - Per$burgd Page 2
by the Municipality on any principal installment of the Municipal Bond is equal to the
interest rate paid by the Bank on the corresponding principal installment of 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 Municipal Bond as previously established under this Loan
Agreement. In the event of such a refunding of Loan Obligations, the Bank shall present
to the City for the City's approval, a revised schedule of principal installment amounts and
interest rates for the 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 Obligations,
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 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.
During any period where the City's Allocable Proportion of the fees and expenses
of the Trustee and paying agent for the Loan Obligations is reduced in consideration of the
City so making funds available, the City shall make funds available to the Trustee for each
Municipal Bond Interest Payment and Municipal Bond Principal Payment at least seven
business days before the respective principal or interest payment date.
8. The City is obligated to make the Municipal Bond Principal Payments
scheduled by the Bank. The first such Municipal Bond Principal Payment is due seven
business days before the date indicated on Exhibit "A" appended hereto, and thereafter
AMB!GeneraI Oblig ation Bonds, 2007 Series One
Loan Agreement - Petersburg
I:\Dos\7421704Lorn A5rcenwrfl . Page 3
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
business days before the date indicated on Exhibit "A" appended hereto, and to pay any
Fees and Charges imposed by the Bank within 30 days of receiving the invoice of the Bank
therefor.
9. The Bank shall not sell and the City shall not redeem prior to maturity any
portion of the Municipal Bond in an amount greater than the Loan Obligations which are
then outstanding and which 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 applicable premium, if any, payable on the
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' notice of intention to redeem its
Municipal Bond.
In the event the Loan Obligations with respect to which the sale or redemption prior
to maturity of such Municipal Bond is being made have been refunded and the refunding
bonds of the Bank issued for the purpose of refunding such Loan Obligations 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 the Loan Obligations have 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 Obligations, the amount which 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 the Loan Obligations have 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 Obligations are to be redeemed, shall be the applicable premium, if any,
on the Loan Obligations 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
the Loan Obligations.
AMBB(General Obligation Bonds, 2007 Series One
Loan Agreement. Petersburg
\0osO742170410an Agfoomilt . PeerburCwp Page 4
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 Municipal Bond will constitute a valid general obligation of the City.
11. Invoices for payments under this Loan Agreement shall be addressed to the
City of Petersburg, P.O. Box 329, Petersburg, Alaska 99833, Attention: City Clerk, The
City shall give the Bank and the corporate trust office of the Trustee under the General
Bond Resolution at least 30 days' written notice of any change in such address.
12. Prior to payment of the amount of the 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.
13. The obligation of the Bank under this Loan Agreement is contingent upon
delivery of its General Obligation Bonds, 2007 Series One (the "2007 Series One Bonds")
and receipt of the proceeds thereof.
14. The City agrees that it will provide the Bank with written notice of any default
in covenants under the City's Resolution within 30 days from the date thereof.
15. The City 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 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 shall make no use or investment of the proceeds of the Municipal Bond
which will cause the Municipal Bond to be an "arbitrage bond" subject to taxation by reason
of Section 148 of the Code. So tong as the Municipal Bond is outstanding, the City, with
AMBB/General Obligation Bonds, 2007 Series One
Loan Agreement - Petersburg
Page 5
respect to the proceeds of the Municipal Bond, shall comply with all requirements of said
Section 148 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.
16. The City agrees that if it is one of the Governmental Units that has a ten
percent or greater amount of outstanding bonds held by the Bank under its General Bond
Resolution (i) it shall authorize the execution and delivery of a continuing disclosure
certificate on the date the Municipal Bonds are delivered to the Bank, and (ii) it shall
provide the Bank for inclusion in future official statements, upon request, financial
information generally of the type included in Appendix D to the Official Statement and
attached hereto as Exhibit B.
17. 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.
18. 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.
19. 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.
20. 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.
21, 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.
AMB8/General Obligation Bonds, 2007 Series One
Loan Agreement Petersburg
PoO5bUr5.Wd Page 6
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
the day and year first above written.
ALASKA MUNICIPAL BOND BANK
S E A L]
By: j/fi4- //iYtf11Iii1
DVEN J. MITCHE
Eecutive Director
CITY OF PETERSBURG, ALASKA
By:
-
CUCE ft JONES
City Mana9e
City Clerk
AMBB/General Obligation Bonds, 2007 Series One
Loan Agreement Petersburg
:0ccs\3742704\Lon Arennt. Pe&bur.v.pd Page 7
EXHIBIT "A" TO LOAN AGREEMENT BETWEEN THE
CITY OF PETERSBURG, ALASKA, AND
THE ALASKA MUNICIPAL BOND BANK
City of Petersburg, Alaska
General Obligation Bond, Series 2007
Principal Date Principal Interest
(December i) Amount Rate
2007 $40, 000 4.00%
2008 40,000 400
2009 40,000 4.00
2010 45,000 4.00
2011 45,000 4.00
2012 45,000 4.00
2013 50,000 5.50
2014 20,000 4.00
2014 30,000 3.875
2015 55,000 5.50
2016 55,000 5.00
2017 35,000 5.00
2017 25,000 4.125
2018 30,000 4.125
2018 35,000 5.00
2019 65,000 4.00
2020 70,000 4.125
2021 70,000 4.25
2022 75,000 4.375
2023 80,000 4.375
2024 80,000 4.375
2025 85,000 4.375
2026 90,000 4,375
Principal installments shall be payable on December 1 in each of the years, and in the
amounts set forth above. Interest on the Bond shall be payable on June 1, 2007, and
thereafter on December 1 and June 1 of each year.
Prepayment Provisions: Principal installments due on or after December 1, 2017, are
subject to prepayment by the City, in whole or in part, on any date, on or after December
1, 2016, at a price of 100% of the principal amount thereof to be prepaid plus accrued
interest to the date of prepayment.
AMBB/General Obligation Bonds, 2007 Series One
Loan Agreement Petersburg . Exhibit A
. Pawisburp~Vd Page A-1
EXHIBIT B
AMBB/General Obligation Bonds, 2007 Serbs One
Loan Agreement I(PB - Exhibit B
Do\7421704\Loan AyoornoflI. Petursbug..pd Page B-1
Operating Revenues
Operation and Maintenance
Administrative and General
Depredation
Payment in Lieu of Taxes
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Contributions
Transfer of Net Assets - Swan
Lake -Lake Tyee Intertie Project
ASSETS
Utility Plan In-Service
Construction Work in Progress
Cash
Restricted Assets
Other Assets
Total Assets
LIABILITIES AND NET ASSETS
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Revenue Bond Coverage
* Water is only provided within the City
Change in Net Assets
Population of Service Area *
Population of City
of Electric Customers
of Telephone Access Lines
# of Water Customers
2005 2004 2003 2002
Audited Audited Audited Audited
$65655049 $66,742,145 $67,621,026 $70,915,742
2,147,195 1,838,196 30,078,405 12,211,495
15,601,381 14,973,617 14,766,191 12,885,250
3,731,971 3,653,916 8,433,752 18,175,772
6,770,815 6,496,443 7,552,144 6,646,446
93,906,411 93,704,317 - 128,451,518 120,834,705
22,475,000 23960,000 26,060,000 27,710,000
3,444,420 2,990,668 7,690,314 16,067,212
25,919,420 26,950,668 33,750,314 43,777,212
67,986,991 66,753,649
-
94,701,204 77,057,493
27,691,757 27,180,231 27,744,410 26,240,240
13,974,313 14,874,171 14,604,369 14,799,604
5,106,907 5,139,468 4,452,846 4,393,991
6,248,245 6,113,112 5,971,682 6,238,429
650,000 650,000 650,000 650,000
1,712,292 403,480 2,065,513 158,216
(736,471) (1,139,856) (1,183,143) (1504,093)
975,821 (736,376) 882,370 (1,345,877)
257,521 1,099,417 16,761341 2,661,328
(28,310,596)
1,233,342 (27,947,55a 17,643,711 1,315,451
13,125 13,093 13,685 13,683
7,685 7,691 8,002 7,845
7,202 7,161 7,178 7,171
9,840 10,131 10,653 11,259
2,928 2,905 2,851 2,847
3.33 2.22 3,02 1.85
CITY OF KETCHIKAN
KETCHIKAN PUBLIC UTILITIES ENTERPRISE FUND
FINANCIAL SUMMARY
EM
CITY OF KETCHIKAN
PORT FINANCIAL SUMMARY
November 30
2006 2005 2004 2003 2002
Unaudited Audited Audited Audited Audited
ASSETS
Cash $5,092,853 $7,066,674 $5,121,067 $2,895,450 $2,163,498
Port Facilities (net) 9,184,461 9,762,409 10072,444 10,282,618 9,737,592
Construction Work in Progress 24,953,293 1,632.135 2,686,197 2,276,353 358,350
Restricted Assets 21,324.432
Other Assets 41,405 47,113 99,752 129,455 95,360
Total Assets 60,606,444 18,508,331 17,979,460 15,583,876 12,354,800
LIABILITIES AND NET ASSETS
General Obligation Bonds Payable 1,685,000 1,880,000 2,065,000 2,245,000 2,415000
Revenue Bonds Payable 38,500,000
Other Liabilities 3,070,898 3,759,032 2,541,005 3,261,400 114,355
Total Liabilities 43,255,898 5,639,032 4,606,005 5,506,400 2,529,355
NET ASSETS 17,350,546 12,869,299 13,373,455 10,077,476 9,825,445
Operating Revenues 6,461,113 7,096,948 5,000,010 1,774,457 1,661,674
Operation and Maintenance 1,055,883 1,945,688 792,954 828,052 595,557
Depreciation 577,948 618,708 632,143 610,454 616,196
\,Payment in Lieu of Taxes/Taxes 93,592 102,100 102,100 102,100 102,100
Operating Income (Loss) 4,733,690 4,430,452 3,472,813 233,851 347,821
Non-Operating Revenue (Expense) (252,443) (68,390) _10j (22824) (100,244)
Net Income (Loss) Before Contribution 4,481,247 4,362,062 3,289,107 211,027 247,577
Contributions 12,251 6,872 41,004 25,000
Extraordinary Item (2,432,884)
Transfers (2,445,585)
Change in Net Assets (504,156) 3,295,979 - 4,481,247 252,031 272,577
Revenue Bond Debt Coverage:
1.25 x Annual Debt Service 5.74 N/A N/A N/A N/A
1.0 x Annual Debt
Service/Reserves Account/Repair
and Replacement Fund/SPH
Lease Payments N/A N/A N/A N/A N/A
Unaudited
# of Ships 35 37 37 37 34
1/ of Calls/Slops 489 562 535 538 503
#01 Water Passengers 838,880 921,429 848,969 770,663 700,993
Reflects statistical information provided by the Ketchikan Visitors Bureau
D-2
CITY OF SEWARD
I,KrAi 4Z11P,AAAPV
Municipal Financial Position 2003 2004 2005 2006 * Average
iroperi' Tax CollHöns
Borrower's Property Tax Rate per $1,000 $3.12 $3.12 $3.12 $3.12 $3.12
Municipal Levy $634,287 $666,848 $733,298 $792,210 $694,613
Current Years Collections $618,356 $650,763 $717,697 $806,888 $682,430
Current Collection Rate 97.49% 97.59% 97.87% 98.20%9756%
Total Year's
Collections $644,892 $669,065 $733,301 1 $802,200 $699,988
Total Collection Rate 101.67% 100.33% 100.00%1 101.00% 100.73%
lG eneral Fund
$ 4,586,941 Unreserved Ending Fund Balance 1 $ 4,966,740 1 $ 5,155,880 $ 51389,198
Expenditures I $ 7,037,5541 $ 7,037,318 T 8,108,290 $ 10,339,110
Fund Balance Expenditures 71% 74% 66% 44% 66%
Total Revenues $ 7,125,9171 $ 7,398,160 $ 8,247,828 $ 8,008,048
intergovernmental Revenues $ 973,170 $ 829,535 $ 984,920 7 966,532
Percentage Inter overnmental 14% 11% 12% 12% 13%
Overall Plumcipal is I Position
$ 5,974,587 $ 5,673,722 $ 6,410,000
-
$ 10590,000
$ 5,576,146
Revenue Debt- Enterprise Funds
General Obligation Debt- Governmental Funds $ 7,223,262 $ 7,069,933 $ 6,348,571
General Obligation Debt - Enter rise Funds $ 1,386,738 $ 665,068 $ 521,429 $ 373,854
Total General Obligation Debt $ 8,610,000 $ 7,735,001 $ 6,870,000 $ 5,950,000
Total Revenue and General Obligation Debt $ 14,584,587 $ 13,408,723 1$ 13,280,000 $ 16,540,000
Governmental CO Debt Assessed Value mry 3.17%1 2.571A 2.12%
Enter rise GO Debt Assessed Value m 0,30% 0.21% 0.14%
rotal General Obligation Debt/A.V. mry 3.47% 2.78% 2.26%
Total Revenue and GO Debt A.V. 6.01% 537%
,Om
General Obligation Debt Per Capita $2,830 $2,705 $2,283
$6,347 Total Revenue and GO Debt Per Capita $4,906 $5,228
General Economic and Demographic Data 2003 2004 2005 2006 ate
Population
Assessed Value
Assessed Value Per Capita
Top 10 Tax Payers as a ,. of Assessed Value
2,794 2,733 2,540 2,606 2.60%
$ 216,698,235 $ 223,202,115 $ 247,172,838 $ 263,528,984 6.62%
77,558 $ 81,669 97,312 $ 101,124
17.00% 25.84% 18.48% 16.69%
Harbor Enterprise Fund-Specific Data
Total Revenues $1,831,VSI $1,846,2761 $1,943,424 $2,394,604
Total Operating Expenses $1,237,1871 $1,149,7011 $1,310,211 $1,434,638
Net Revenue Available for Debt Service $594,085 sb96,!)7.5l $633,213 $959,966
Annual Debt Service Payments $243,568 $243,618 $255,542 $320,741
Debt Coverage 2.44 2.86 2.48 2.99
General Obligation Bond Debt Outstanding
Revenue Bond Debt Outstanding
Total Harbor Enterprise Debt Outstanding
most recent
$0 $0 $0 $0
$2,520,000 $2,725,000 $4,120,000 $8,510,000
$2,820,000 $2,725,000 $4,120,000 $8,510,000
D.-3