Tab_20!' i aii ix' iii 'a s7'ivui i as 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"):
WITNES SETH:
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, 2000 Series D (the "2000 Series D Bonds") in the amount of
$1,800,000, evidenced by a Loan Agreement, dated October 1, 2000 (the "2000 Loan
Agreement"), between the Bank and the City of Petersburg; and
WHEREAS, as security for repayment of the Loan and as provided in the 2000 Loan
Agreement, the City of Petersburg issued its City of Petersburg General Obligation Bond, 2000,
dated October 1, 2000 (the "2000 Municipal Bond"), of which the Bank was the registered
owner; and
WHEREAS, after the issuance of the 2000 Series D Bonds, the Bank used a portion of
the proceeds of the Bank's General Obligation Bonds, 2007 Series One (the "2007 Series One
Bonds") to refund a portion of the 2000 Series D Bonds and a corresponding portion of the
principal installments of the 2000 Municipal Bond; and
WHEREAS, in connection with the issuance of the 2007 Series One Bonds and the
refunding of a portion of the 2000 Municipal Bond, the Bank and the City of Petersburg entered
into an Amendatory Loan Agreement, dated January 1, 2007 (the "2007 Amendatory Loan
Agreement"), between the Bank and the City of Petersburg; and
WHEREAS, as provided in the 2007 Amendatory Loan Agreement, the City of
Petersburg delivered to the Bank the City of Petersburg's City of Petersburg General Obligation
Refunding Bond, 2007 Series B, dated January 31, 2007 (the "2007 Municipal Bond"), in
exchange for the refunded portion of the 2000 Municipal Bond; 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. 20 16-05
(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 2000
Loan Agreement, as amended by the 2007 Amendatory Loan Agreement (the "Amended Loan
Agreement"), to the current practices of the Bank, it is necessary to amend the terms of the
Amended Loan Agreement and to provide for the issuance by the Borough to the Bank of the
Borough's General Obligation Refunding Bond, 2016 Series B (the "2016 Municipal Bond" and
together with the 2007 Municipal Bond, the "Municipal Bond") and for the refunding of a
portion of the City of Petersburg'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 City of
Petersburg'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
by 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.
Page 2
2. Section 2 of the Amended Loan Agreement is amended by replacing the current
language with the following:
The Borough represents that all necessary ordinances or resolutions, including Ordinance
No. 839 of the City of Petersburg, adopted on September 5, 2000, and Resolution # 1639 of the
City of Petersburg, adopted on October 10, 2000 (the "Petersburg 2000 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 2000 Loan
Agreement and to issue the 2000 Municipal Bond to the Bank have been taken and that the 2000
Municipal Bond constituted a direct and general obligation of the City of Petersburg, secured by
the City of Petersburg's pledge of its full faith and credit, all duly authorized by the Petersburg
2000 Resolution.
The Borough represents that all necessary ordinances or resolutions, including Resolution
# 1809 of the City of Petersburg, adopted 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 Amendatory Loan Agreement and to issue the 2007 Municipal Bond to the Bank have been
taken and that the 2007 Municipal Bond constitutes a direct and general obligation of the
Borough, as successor in interest to the City of Petersburg, all 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 # 2016-21, adopted on September 6, 2016 (the "Borough
Refunding Resolution" and together with the Petersburg 2000 Resolution and 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 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. 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 on Exhibit A.
4. Section 15 of the Amended 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
Page 3
of Outstanding Principal of Bonds Issued Under the 2005 Bond Resolution," and 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.
5. A new Section 21 is added to the Amended 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
21 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
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).
6. A new Section 22 is added to the Amended 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.
7. A new Section 23 is added to the Amended Loan Agreement, as follows:
(a) The Borough hereby certifies that all 2000 Municipal Bond and 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 2000 Municipal Bond and 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 2000 Municipal Bond was issued
exclusively for new money purposes and (ii) a portion of the 2007 Municipal Bond was
previously used to advance refund a portion of the 2000 Municipal Bond.
Page 4
A new Section 24 is added to the Amended Loan Agreement, as follows:
The Borough agrees that it will provide the Bank with written notice of any default in
covenants under the Borough's Resolution within thirty (30) days from the date thereof.
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 and as previously certified by the Borough to the Bank.
9. A new Section 25 is added to the Amended Loan Agreement, as follows:
As heretofore amended and as amended hereby, the 2000 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 5
IN WITNESS WHEREOF, the parties hereto have executed this Amendatory Loan
Agreement as of the date first set forth above.
ALASKA MUNICIPAL BOND BANK
DEVEN MITCHEI
Executive Director
PETERSBURG BOROUGH, ALASKA
I
l ow
YJ
—w
Page 6
City of Petersburg, Alaska
General Obligation Refimding Bond, 2007 Series B, issued on January 31, 2007 (the "2007
Municipal Bond")
Principal Sum of $120,000
Principal Interest
Principal Payment Date Amount Rate
December 1, 2016 $120,000 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 B, issued on November 3, 2016 (the "2016
Municipal Bond")
Principal Sum of $520,000
Principal Payment Date Principal Interest
(December 1) Amount Rate
2017 $120,000 2.000%
2018 130,000 4.000
2019 130,000 4.000
2020 1401 000 4.000
Principal installments shall be payable on December 1 in each of the years, and in the amounts
set forth above. Interest on the 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
IWAIII-1,11 81.1
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 Property Tax Rate per $1,000 $6.00
_________
$6.00 $6.00 $6.00 $6.00 $6.00
Municipal Levy $5,799,400 $5,904,617 $5,957,735 $5,901,738 $6,032,826 $5,919,263
Current 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% 98.92% 99.00% 99.57% 99.24%
Total Year's Collections $5,807,869 $57909,321 $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
6 11,506,475 $ 13,564,613 $ 14,768,394 $ 15,996,560 $ 14,721,b75 $ 14,315,700
Expenditures $ 23,260,649 $ 24,075,729 $ 23,691,912 $ 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% 101/ 10% 10% 10% 10.02%
Overall Municipal Debt Position
o 08,817,401 S 68,553,411 $ 176,143,822 1, i38,940,001 I s i2.3,215,(1i) Revenue Debt- Enterprise Funds
Revenue Debt - Governmental Funds $ 165,750 $ 156,000 $ 146,250 $ 202,641 $ 189,45'
General Obligation Debt - Governmental Funds $ 36,300,000 $ 32,290,000 $ 31,020,000 $ 28,635,000 $ 25,990,000
General Obligation Debt - Enterprise Funds $ - $ - - $ - $ -
Total General Obligation Debt $ 36,300,000 $ 32,290,000 $ 31,020,000 $ 28,635,000 $ 25,990,000
Total Revenue and General Obligation Debt $ 105,273,151 $ 101,039,411 $ 137,312,072 $ 137,777,641 $ 149,394,409
lloverntnenlolGl.) Debt/ Taxable Assessed Value 3.697. 3.26% 3.10% 2.91% 2.67
Total Revenue and GO Debt/A.V. 10.69% 10.20% 13.72% 14.01% 14%.
General Oblrgabun Debt Per Capita $4,138 $3,007 $3,415 $3,152 $2,t'uS
Total Revenue and GO Debt Per Capita $12,000 $11,287 $15,116 $15,167 $16,488
General Economic and Demographic Data 2011 2012 2013 2014 2015 Annual Growth
Rate
Population 8,773
Taxable Assessed Value $ 985,073,129
Assessed Value Per Capita $ 112,285
Top lO Tax Pavers as a% of Assessed Value 7.64%-7.57%
8,952 9,084 9,084 9,061 -0.25%
$ 990,930,235 $ 1,001,066,784 $ 983,623,000 $ 1,005,471,000 1 2227
$ 110,6941 $ 110,201 $ 108,281 j $ 110,967
7.57% 7.57% - 7,57%.
The Borough has not completed its fiscal year 2015 audit as of the dale of the prepaeatio,, 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 31,450650 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
Net Assets 50,257,420 65,303,394 82,971,633 107,964,376 124,991,510 I
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
4 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 P12015
$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
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation) 14,789,299 14,122,591 13,550,231 13,153,475 20,560,565
Land 90,000 90,000 90,000 90,000 90,000
Construction Work in Progress 20,229 57,838 665,476 7,824,365 939,917
Cash 3,733,467 4,735,101 6,599,187 6,616,954 7595,507
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
pulation of City 8,773 8,952 9,084 9,098 9,061
venue Bond Coverage No Harbor No Harbor No payments of
Bonds Bonds P&I 5.16 5.31
a 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 2015 Average
Property Tax Co ll ections
Borrowers Property Tax Rate per $1,000 $10.51 $10.55 $10.55 $10.76 $10.61
Municipal Levy $40,739,944 $41,751,673 $44,252,019 $45,852,292
R4,818184
$43,540,984
Current Years Collections $40,329,083 $41,431,682 $43,987,108 $45,548,172 $43,222,846
Current Collection Rate 98.99% 99.23% 9926%
TotalYears
9940% 9934%
Co llections $40,728,566 $41,721,795 $44,200,111 $45,548,172 $43,443,278
Total Collection Rate 99.97% 99.93% 99.88% 99.347. 99,78%
General Fund
Unassigned Plus Emergency Operating Res (GASB#54) i,7253s 5 3,464;1b1 s 2,494,334 5 17,285,067 5 21J,22,312 S iu,053,252
Expenditures $ 50,540,314 $ 51,283,781 $ 84,553,473 $ 86,380,150 $ 94,808,876 $ 73,513,319
Fund Balance/ Expenditures 3.42% 7797 8.86% 20.01% 21.38% 12.097.
Total Revenues 5 66,008,466 —T —M—,07',587 $ 88,778,005 7-97-0 6,255 $ 98,018,608 -FM-,l55-,g4
Intergov Revenues $ 14,313,000 $ 15,464,700 $ernmental 26,783,018 $ 30,635,700 $ 41,429,692 $ 32,072,uu0
Percentage Intergovernmental 22% 31% 35% 42% 33% 32.42%
Overall Municipal Debt Position
$ 45,208,341 $ 43,679,682 $ 41,906,067 $ 40,090,908 $ 38,43b,112 Revenue Debt - Enterprise Funds
Revenue Debt - Governmental Funds $ 3,599,575 $ 2,861,747 $ 2,091,457 $ 6,807,086 $ 26,972,322
General Obligation Debt - Governmental Funds 9 148,301,000 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314,00
General Obligation Debt - Enterprise Funds - - $ - - —$"--
Total General Obligation Debt $ 148,301,000 $ 133,446,000 $ 131,385,000 9 122,068,000 7F 115,31 1,270
Total Revenue and General Obligation Debt $ 197,108,916 $ 179,987,429 9 175,382,524 $ 168,965,994 S 180,722,763
(dovernutj0 CC) L)l1 La>aCe A!ed VaIu 3203, 3 o0 2CC 2
ioL,dRcvuuue and GO Debt/A.V. 4.94;, 4.422, 4J3% 3.601, 4113
General Obligation Debt Per Capita $4,742 $4,113 $4,023 $3,664 $3,492
Total Revenue and GO Debt Per Capita $6,302 $5,548 $5,370 $5,116 $7472
General Economic and Demographic Data 2011 1 2012 1 2013 1 2014 1 2015 1 Annual Population 31,215 32,441
Taxable Assessed Value $ 3,989,344,944 $ 4,071,713,732
Assessed Value Per Capita $ 127,557 $ 125,511
Top 10 Tax Payers as a % of Assessed Value 13.78% 1373%
32,660 33,03 0 33,026 -0.01 '!,
$ 4,275,067,217 $ 4,379,714,933 $ 4,484,327,332 2.39%
$ 130,896 $ 132,598 $ 135,782
13,82% 13,61% 13.61%
'a'
CITY AND BOROUGH OF JUN
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014
ASSETS
Plant In-Service (net of depreciation) $13,827,335 $12,844,129 $11,875,368 $14,325,870
Construction Work in Progress 29,889,294 33,499,769 42,397,974 40,419,697
Cash 4,728,522 4,660,755 3,466,374 4,030,992
Restricted Assets 10,702,703 11,196,479 10,946,328 10,554,614
Other Assets 764,741 847,869 543,407 679,907
Total Assets 59,912,595 63,049,001 69,229,451 70,011,080
2015
$17,517,553
50,214,768
3,975,676
9,581,172
1,718,645
LIABILITIES AND NET ASSETS
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Operating Revenues
Operation and Maintenance
Administrative and General
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Capital Contributions
Net Transfers-In (Out)
Special item - NPOIOPEB write off
Change in Net Assets
lation of City
nue Bond C
9,700,000 9,691,595 9,380,434 9,033,637 9,758,734
2,110,290 2,140909 1,401,365 2,050,500 3,105,738
11,810,290 11,832,504 10,781,799 11,084,137 12,864,472
48,102,305 51,216,497 58,447,652 58,926,943 70,143,342
2,854,858 3,154,885 3,173,272 3,508,430 4,202,862
2,492,110 2,434,329 2,498,178 2,814,717 3,347,050
899,956 986,619 968,761 1003,707 1,150,701
(537,208) (266,063) (293,667) (309,994) (294,889)
46,509 - 155,306 (214,686) 128,433 501,698
(490,699) (110,757) (508,353) (181,561) 206,809
1,690,873 2,549,949 7,392,466 660,852 5,788,674
3,804,600 675,000 500,000 0 6,224,425
5,004,774 3,114,192 7,384113 479,291 12,21
31,275 32,441 32,660 33,064 33,064
119 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
PlantIn-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
lation of
4,428,233 (208,085) (252,013) 71,012 2,709,760
314,814 269,712 484,639 294,257 408,137
4,743,047 61,627 232,626 365,269 3,117,897
- - 151,020 349,585 642,980
- - 151,020 349,585 642,980
4,743,047 61,627 81,606 15,684 2,474,917
2,557,851 2,634,080 2,825,479 2,864,578 2,868,633
2,800 5,500 5,500 5,500 5,500
2,628,580 2,555,051 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
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 1,267,699 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 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 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 60,964 48,577
Change in Net Assets 193,816 587,132 488,305 538,892 906,398
Revenue Bond Coverage 1.33 1.32 1-12 1.10 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
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net ofdepreciation) $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 70652,720
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
50flal Peninsull 80050511- GefleOSt Fund
Gener1 ObOga000 Financial SWT01J
_ 2011 2012 2013 20j_.._
PopeIy Te Cofl44tei
BoüowsProvTx Rate per51500 114j SLSO 5350 5350 54.50 5450
S29,038J $30,619,493 $30,923,497 531,750502 531505,014 530.247,336
Co'o Ce103t4ou 529,630,9J 529516,801 530382436 531.332596 531,142,025 530236.934
CtCellndienRt 9S 98.45% 9357% 90.65% 9S.29% 9830%
TarCo14ndi,,m 529,047,410 50,401,500 030.790400 531,645,676 533332,596 550449,726
T1Coot 99.06% 99.94% 90.92% 99.74% 90.89% 90.69%
- lml
Tond5ndoZ'w,dEa03,we
U—~-d Edi,_g F,u.d Bui,m,,
$ 21,00,003
5 21,454,055
5 lOu 363.
5 21,260,520
5 .2.510933
5 16,296,149
5 341-SLIP
S 15,596406
S ILlS oIl
$ 16,244,676
________
51S.2.37 I
Expes44twns
Fd81uncJEupd20 ouu
$ 72,163,550
301.
5 71347,860
30%
$ 72,452575 $ 73,376,561 $ 79437,617
22% 32% 1 21%
M,557,376
To031Re'es S 70,299393 S 72,903437 5 74.255,493 S 74,945074 5 79,794,253 573,974,670
1oevniunenW Reven.. S 315331330 5 9,749,464- 5 10.391037 S 9,456,455 $ 13591,004 510.350,
2% 15% _4% 17%
d1Mou&i,,u1 Debt Po,ttlun
llev,oe..e Debt - C oo.ne.th1 F..n36
ReuueDe50- EueFm1do S $ 5 S S
To6.1Rs.ue Debt S 5 5 5 5
Gooeu10b11ti01l Debt -Guy nuuybd Fund, )Cen44.l Fund an0.') 5 33,910,000 5 30500,000 5 26,820,000 5 45,055500 5 41,920,000
Gmneu1 0b64u6nn Debt 'F kp.ndu S . S . $ S . S
Is 33,910,900 1 5 30.330430 S 26520,000 S 45,053300 S 41320.000
TR.0 end Cenend O4.4iebn., Debt 5 331910,900 15 50500.000 0 26,820.000 S 45.055200 S 41220.000
Gezuer,uI Fone.nk end Derne.phk DAN 2011 2012 2013 2014 2015
Populatioa 55,100 56,369 56,756 56562 57,147 050%
6,932,443,000 Aeeuued Val-5 6,393,531,004 S 6,630,241,000 5 6,716,010,000 9 6,960,196,900
115,407 S 115,407 0 117,675 5 --19,531 S - 122,403 5 421.300
15.33% 1425% 16.11') 1725% 17.05',
4mev): must ncunt veer - -
$732
cry
(0) 2013,2004 ml 2013 L'mususvnl }'n.d Oujusu, u l7etd 24vu4Ie to the
us the nonustof 011.33344'S, 93914,43144403,944207 ust3000telvfOr
99 urouuttZ mooed byen 155t.dthd
________________ 0.53% 0.4'. 0.10% 0. 65% 0,60'-
________________________
TotuilO eon unuIc Dt bt7Au, (m,,1 --
0.00% 0.00% 0.70',
0
070'.
0 033 0 040
0Obbe6entSobevCapte 5012 5020 5473 5792 5732
TlRandCODbtPerCapOIa 0432 5336 5473 5792
Central Peninsula General Hospital
FINANCIAL SUMMARY
Zii 2012 2013 2014 21
ASSETS
Capital Assets (net of depreciation) $67842931 $64,853,893 $69,429,959 $71,387,990 $93151047
Cash 21,700302 27,803487 35,197,813 35,508,443 37,638,411
Cash held for Plant Replacement 10,097,241 11,421,461 11,322,729 16,447,887 18,838,950
Restricted Assets 3,584,121 633.493 500,000 4,693,402 5,069037
Unspent bond proceeds 31275,460 18,468,485
Other Assets 19,105,718 29,383,574 29,863,006 32,652905 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 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 24,137,635
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 7,959,306 8,066,688 8,471,959
Operating Income (Loss) 6,451,031 9,589,273 13,744,799 14,283,006 18,470,166
Non-Operating Revenue (Expense) (1,105,595) (808,253) (1,541,657) (1,070,583) (1,300,456)
Net Income (Loss) Before Contribution 5,345,436 8,781,020 12,203.142 13,212,423 17,169,710
Capital Contributions 212,945 52.843 2,004,970 14,644 7,260
Change In Net Position 5,558,381 8,833,863 14,208,112 13,227,067 17,176,970
D-1O
LOAN AGREEMENI
AGREEMENT, dated as of the 1st day of October2000, bet*een theAlaska 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 "Municipality"):
WITNESSETH:
WHEREAS, pursuant to the Act, the Bank is authorized to make loans of money (the
"Loan" or "Loans') to governmental units; and
WHEREAS, the Municipality 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 purchased by the Bank; and
WHEREAS, the Municipality is desirous of borrowing money from the Bank in the
amount of $1,800,000 and has submitted an application to the Bank for a Loan in such
amount, and the Municipality has duly authorized the issuance of its fully registered bond in the
aggregate principal amount of $1,800,000 (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 Municipality contains the information required 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 Bond
Resolution on May 27, 1976, as amended (the "General Bond Resolution"), authorizing the
making of such Loan to the Municipality and the purchase of the Municipal Bond;
NOW, THEREFORE, the parties agree:
1. The Bank hereby makes the Loan and the Municipality accepts the Loan in the
amount of $1,800,000. As evidence of the Loan made to the Municipality and such money
borrowed from the Bank by the Municipality, the Municipality 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 forthe Municipality to 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 Municipality represents that it has duly adopted or will adopt all necessary
ordinances or resolutions and has taken orwill take all proceeding.reqUired by law to enable
it to enter into this Loan Agreement and issue its Municipal Bond fo the Bank,
3. Subject to any applicable legal limitations, the amounts to be paid by the
Municipality 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 in order to obtain
the money with which to make the Loan and to purchase the Municipal Bond (the "Loan
Obligations") and, unless required under Section 7 hereof to be paid at least seven business
days before the interest payment date, shall be paid by the Municipality in such manner and
at such times as to provide funds sufficient to pay interest as the same becomes due on the
Loan Obligations.
4. The amounts to be paid by the Municipality pursuant to this Loan Agreement
representing principal due on its Municipal Bond (the "Municipal Bond Principal Payments"),
unless required under Section 7 hereof to be paid at least seven business days before the
maturity date, shall be scheduled by the Bank in such manner and at such times
(notwithstanding the dates of payment as stated in the Municipal Bond) 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."
5. In the event the amounts referred to in Sections 3 and 4 hereof to be paid by the
Municipality pursuant to this Loan Agreement are not made available at any time specified
herein, the Municipality 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 Municipality, 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 Municipality on the Municipal Bond for the corresponding year pursuant to
Section 1 hereof, 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
Municipalityon 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 overthe 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 tothe Municipality for the Municipality's
approval, a revised schedule of principal installment amounts and interest rates for the
Municipal Bond. If approved by the Municipality the revised schedule shall be attached hereto
LoA.P
J$3742 r Pane 2
as Exhibit "A" and incorporated herein in replacement of the previous Exhibit "A" detailing
said principal installment amounts and interest rates.
7. The Municipality is obligated to pay to the Bank Fees and Charges. Such Fees
and Charges actually collected from the Municipality shall be in an amount sufficient, together
with the Municipality's Allocable Proportion of other money available therefor under the
provisions of the General 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 paragraph (3) of Section 603 of the
General Bond Resolution:
(a) to pay, as the same become due, the Municipality's Allocable Proportion of the
Administrative Expenses of the Bank; and
(b) to pay, as the same become due, the Municipality's Ailocable Proportion of the
tees and expenses of the Trustee and paying agent for the Loan Obligations.
The Municipality'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
thatthe 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 Municipality's Allocable Proportion of the fees and
expenses of the Trustee and paying agent for the Loan Obligations is reduced in
consideration of the Municipality so making funds available, the Municipality 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 Municipality is obligated to make the Municipal Bond Principal Payments
scheduled by the Bank. The first such Municipal Bond Principal Payment is due on the date
indicated on Exhibit A, and thereafter on the anniversary thereof each year, The Municipality
is obligated to make the Municipal Bond Interest Payments scheduled by the Bank on a semi-
annual basis commencing the date indicated on Exhibit A, 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 Municipality shall not redeem priorto 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
/8AGw Oton 6c,x. 0
jcsoiieps Page 3
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 Municipality 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
Municipality 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 Municipality shall be obligated to pay or the
Bank shall receive under item (ii) above shall be the amount of interest to accrue on such re-
funding bonds outstanding.
in the event the Loan Obligations have been refunded, the amount which the
Municipality 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 Municipality from refunding
the Municipal Bond in exchange for a new Municipal Bond in conjunction with a refunding of
the Loan Obligations.
10. Simultaneously with the delivery of the Municipal Bond to the Bank, the
Municipality shall furnish to the Bank evidence satisfactory to the Bank which shalt set forth,
among other things, that the Municipal Bond will constitute a valid general obligation of the
Municipality.
11. Invoices for payments underthis Loan Agreement shall be addressed to the City
of Petersburg at P.O. Box 329, Petersburg, Alaska 99833, Attention: City Manager, The
Municipality 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 Municipality to the
Bank in connectionwith its application to the Bank for a Loan shall be incorrect or incomplete
in any material respect.
NG*,nux2tUSeem D
LoiAn.t.PMg
Q The Municipality has violated commitments made by -it in the terms of this Loan
(c) The financial position of the Municipality 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 2000 Series D General Obligation Bonds (the "2000 Series D Bonds") and
receipt of the proceeds thereof.
14. The Municipality 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 Municipality 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 Municipality 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 long as the Municipal Bond is outstanding, the
Municipality, with respect to the proceeds of the Municipal Bond, shall comply with all require-
ments 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 Municipality shall indemnify and hold harmless the Bank from any obligation of the
Municipality to make rebate payments to the United States under said Section 148 arising
from the Municipality's use or investment of the proceeds of the Municipal Bond,
15, The Bank shall cause to be prepared an Official Statement (the "Official
Statement") for the 2000 Series C) Bonds. The Municipality shalt provide promptly to the Bank
the intbrmation concerning the Municipality and the Municipal Bond (i) that the Bank requests
for inclusion in the Official Statement, or (ii) that the Municipality considers to be material to
the purposes for which the Official Statement is to be used (the "Municipal Information").
As a condition to the payment of the amount of the Loan or any portion thereof, the
Municipality shall provide to the Bank a certificate, dated the date of issue of the 2000 Series
O Bonds, of an authorized officer of the Municipality that (i) the Municipal Information consists
of fair and accurate statements or summaries of the matters therein set forth and such
information does not contain any untrue statement of material fact or omit to state a material
fact that should be stated therein for the purposes for which it is to be used or that is
necessaryto make the statements therein, in light of the circumstances underwhich they were
made, not misleading in any material respect; and (ii) to the best knowledge of such officer,
ZOO &de
Page 5
no event affecting the Municipality has occurred since the date of the Official Statement that
should be disclosed in the Official Statement for the purposes for which it is to be used or that
it is necessary to disclose therein in order to make the statements dnd information therein not
misleading in any material respect.
The Municipality will undertake in the Disclosure Certificate for the benefit of the
Beneficial Owners of the 2000 Series D Bonds to provide or cause to be provided to each
nationally recognized municipal securities information repository ("NRMSIR") and to a state
information depository (SID), if one is established in the State, annual financial information
and operating data which shall be substantially similiar to the financial information found in
Appendix D to the Official Statement as required by Rule 15c2- 12(b)(5) of the Securities and
Exchange Act of 1934, as the same may be amended from time to time (the "Rule"). The
Municipality will provide to each NRMSIR or to the Municipal Securities Rulemaking Board,
and tothe SID, timely notice ofafailure bythe Municipalityto provide required annual financial
information on or before the date specified below. The annual financial information that the
Municipality will provide will consist of annual financial statements for the Municipality,
prepared in accordance with generally accepted accounting principles, as such principles
may be changed from time to time; and will be provided not later than nine months after the
and of each fiscal year of the Municipality, as such fiscal year may be changed from time to
time, commencing with the Municipality's fiscal year ending June 30, 2000.
16. 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 ofthis Loan Agreernentand this Loan Agreement shall be construed and
enforced as if such invalid or unenforceable provision had not been contained herein.
17. 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.
18. 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 orofa different section, subsection, paragraph, clause, phrase
or other provision of this Loan Agreement.
19. 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.
20. 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.
Bon 2$s,in D
Rage 6
IN WITNESS WHEREOF, the parties hereto have executed this Agreement the
day and year first above written.
ALASKA MUNICIPAL BOND BANK
[SEAL ]
Yltz,
DVEN J." ITCHELL
Eecutive Director
By
LINDA SNOW
City Manager
L*wAgrvwnwt-Pa6nbuvv Page 7
City of Petersburg, Alaska
General Obligation Bonds, 2000
Principal Principal Interest
Pament Date Amount Rate
January 1, 2002 $50,000 5.50%
January 1, 2003 55,000 5.50
January 1, 2004 55,000 5.50
January 1, 2005 60,000 5.50
January 1, 2006 65,000 5.50
January 1, 2007 65,000 5.50
January 1, 2008 70,000 5.50
January 1, 2009 75,000 5.50
January 1, 2010 80,000 5.50
January 1, 2011 85,000 5.50
January 1, 2012 90,000 5.50
January 1, 2013 90,000 5.50
January 1, 2014 100,000 5.50
January 1, 2015 105,000 5.50
January 1, 2016 110,000 5.50
January 1, 2017 115,000 5.55
January 1, 2018 120,000 5.60
January 1, 2019 130,000 5.65
January 1, 2020 135,000 5.70
January 1, 2021 145,000 5.70
The Bonds shall mature on January 1 in each of the years, and in the principal
amounts set forth above. Interest on the Bonds shall be payable on July 1,
2001, and thereafter on Januaryl and July 1 of each year.
Loan Agreement Exhibit A
AMENDATORY LOAN AGREEMENT
THIS AMENDATORY LOAN 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 duty constituted home rule city of the
State (the "City"):
WITNESSETH:
WHEREAS, pursuant to the Act, the Bank is authorized to issue bonds and make
loans of money ("Loans") to governmental units; and
WHEREAS, pursuant to a resolution entitled "A Resolution Creating And
Establishing An Issue Of Bonds Of The Alaska Municipal Bond Bank; Providing For The
Issuance From Time To Time Of Said Bonds; Providing For The Payment Of Principal Of
And Interest On Said Bonds; And Providing For The Rights Of The Holders Thereof,"
adopted July 13, 2005 (the "General Bond Resolution"), a series resolution entitled "A
Series Resolution Authorizing the Issuance of General Obligation Bonds 2007 Series One
of the Alaska Municipal Bond Bank," adopted November 30, 2006 (the "Series Resolution,"
and together with the General Bond Resolution, the "Resolution"), the Bank issued its
General Obligation Bonds, 2007 Series One (the "2007 Series OneBonds"); and
WHEREAS, the City is a Governmental Unit as defined in the Resolution, and
pursuant to the Act is authorized to accept a Loan from the Bank to be evidenced by its
municipal bonds purchased by the Bank; and
WHEREAS, the Bank made a Loan to the City from the proceeds of the Bank's
General Obligation Bonds, 2000 Series D ("2000 Series D Bonds") in the amount of
$1,800,000, evidenced by a Loan Agreement dated as of October 1, 2000 (the "Loan
Agreement") between the Bank and the City, and by the General Obligation Bond, 2000
of the City, dated October 1, 2000 (the "Municipal Bonds") and purchased by the Bank;
and
WHEREAS, the Bank has determined that refunding a portion of the 2000 Series
D Bonds will reduce the combined principal and interest payments thereon and on the
Municipal Bonds; and
WHEREAS, pursuant to the General Bond Resolution the Bank adopted the Series
Resolution authorizing the issuance of bonds to refund a portion of the 2000 Series D
Bonds (the "Refunding 2000 Series D Bonds"); and
WHEREAS, to effect the proposed refunding and resulting debt service savings on
a portion of the 2000 Series D bonds and the Municipal Bonds, and to conform the terms
of the Loan Agreement to the current practices of the Bank, it is necessary to amend the
terms of the Loan Agreement and the Municipal Bonds as provided herein; and
NOW, THEREFORE, the parties agree as follows:
1. The Bank will refund a portion of the outstanding 2000 Series B Bonds as
provided in the Series Resolution. The amounts of the principal installments of the
Municipal Bonds corresponding to the refunded maturities of the 2000 Series D Bonds, and
the interest payable thereon, shall be adjusted pro rata in accordance with the debt service
payable on the 2007 Series One Bonds. The Municipal Bonds henceforth shall mature in
the principal amounts and bear interest at the rates per annum as stated on Exhibit A
appended hereto.
2. Section 15 of the Loan Agreement is amended to include the following:
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.
AM8B/Genorol Obligation Bonds, 2007 Series One
Amenthitwy Loan Agreement - Petersburg
;\Do31421 ?O1\ nierdQry ArecrnwI' Page 2
IN WITNESS WHEREOF, the parties hereto have executed this Amendatory Loan
Agreement as of the date first set forth above.
112.2
[SEAL)
DgVEN J. MIT NI
ecutive Director
CITY OF PETERSBURG, ALASKA
qRUCE R. JONES
City Ma
ATTE ST:
KATHY O'1EAR
City Clerk
AMBB/Ginera1 Obligation Bonds, 2007 Series One
Amendatory Loan Agreement - Petersburg
J:\Dss '37421 704 nCaIo-y AOree:nent Perburg.vpd Ad
EXHIBIT A
AMENDED MATURITY SCHEDULE
City of Petersburg, Alaska
City of Petersburg, General Obligation Bond, 2000 (As Amended)
$660,000
Principal Principal
Payment Date Principal Interest Payment Date Principal Interest
(January 1) Amount Rate (January 1) Amount Rate
2002 $50,000 5.50% 2007 $65000 5.50%
2003 55,000 5.50 2008 70,000 5.50
2004 55,000 5.50 2009 75,000 5.50
2005 60,000 5.50 2010 80,000 5.50
2006 65,000 5.50 2011 85,000 5,50
$1,185,000
Principal Principal
Payment Date Principal Interest Payment Date Principal Interest
(December 1 Amount Rate (December 1) Amount Rate
2007 $5,000 4.00% 2014 $60,000 3,875%
2008 5,000 4.00 2015 110,000 5.50
2009 5,000 4.00 2016 120,000 5.00
2010 5,000 4.00 2017 65,000 5.00
2011 95,000 4.00 2017 55,000 4.125
2012 95,000 4.00 2018 55,000 4.125
2013 105,000 5.50 2018 75,000 5,00
2014 50,000 4.00 2019 135,000 4.00
2020 145,000 4.125
Redemption Terms: The Bonds maturing on or after December 1, 2017 are subject to
redemption in whole or in part at the option of the Borough on any date on or after
December 1, 2016 at a price of 100% of the principal amount thereof to be redeemed plus
accrued interest to the date of redemption.
AMSB/Generai Obligation Bonds, 2007 Series One
Amendatory Loan Agreement - Petersburg
A-2 :\Oc13742 1 ?O4ArnendaIpy Aareorn.n1 . peIirsbg.1xi
Exhibit B
AMBB/General Obligation Bonds, 2007 Series One
Amendatory Loan Agreement Petersburg
J.\Docs\3742 7O4Wnendsloy Ar mere- Porerurg,epø -
CITY OF KETCHIKAN
KETCHIKAN PUBLIC UTILITIES ENTERPRISE FUND
FINANCIAL SUMMARY
2005 2004
Audited Audited
2003 2002
Audited Audited
Revenue Bond Coverage
* Water is only provided within the City
$65,655,049 $66,742,145 $67,621,026 $70,915,742
2,147,196 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 23,960,000 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 43,777,21.2
67,988,991 - 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
5,106,807 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 - 2,065,513 158,21.6
- (736,471) (1,139,856) (1,183,143) (1,504,093)
975,821 (736,376) 882,370 (1,345,877)
257,521 1,099,417 16,761,341 2,661,328
(28,310,596)
1,233,342 (27,947,55 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
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
Operating Revenues
Operation and Maintenance
Administrative and General
Depreciation
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
Change in Net Assets
Population of Service Area
Population of City
# of Electric Customers
# of Telephone Access Lines
# of Water Customers
D-1
Operating Revenues
Operation and Maintenance
Depreciation
Payment in Lieu of Taxes/Taxes
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
ASSETS
Cash
Port Facilities (net)
Construction Work in Progress
Restricted Assets
Other Assets
Total Assets
LIABILITIES AND NET ASSETS
General Obligation Bonds Payable
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Contributions
Extraordinary Item
Transfers
November 30
2006 2005 2004 2003 2002
Unaudited Audited Audited Audited Audited
$5,092,853 $7,066,674 $5,121,067 $2,895,450 $2,163,498
9,184,461 9,762,409 10,072,444 10,282,618 9,737,592
24,963.293 1,632,135 2,686,197 2,276,353 358,350
21,324,432
41,405 47,113 99,752 129,455 95,360
60,606,444 18,508,331 - 17,979,460 15,583.876 12,354,800
1,685,000 1,880,000 2,065,000 2,245,000 2,415,000
38,500,000
3,070,898 3,759,032 2,541,005 3,261,400 114,355
43255,898 5,639,032 4,606,005 5,506,400 2,529,355
17,350,546 12,869,299 13,373,455 10,077476 9,825,445
6,461,113 7,096,948 5,000,010 1,774,457 1,661,674
1,055,883 1,945,688 792,954 828,052 595,557
577,948 618,708 632,143 610,454 616,196
93,592 102,100 102,100 102,100 102,100
4,733,690 - 4,430452 3,472,813 233,851 347,821
(252,443) (68,3e0) (183,706) (22824) (100,244)
4,481,247 4,362,062 3,289,107 211,027 247,577
12,251 6,872 41,004 25,000
(2,432,884)
(2,445,585)
CITY OF KETCH IKAN
PORT FINANCIAL SUMMARY
Change in Net Assets 4,481,247 _0156 3,295,979 252,031 272,577
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 AccountiRepair
and Replacement FundISPH
Lease Payments N/A N/A N/A N/A N/A
Unaudited
# of Ships 35 37 37 37 34
of Calls/Stops 489 562 535 538 503
# of 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
FINANCIAL SUMMARY
Municipal Financial Position 2003 2004 2005 2006 * Average
Property Tax Collections ____
Borrower's Property Tax Rate per $1,000 $3.32 $3.12 $3.12 $3.12 $3.12
Municipal Lvv $634,287 $666,848 $733,298 $792,210 $694,613
Current Years Collections $618,356 $650,763 $717,697 $806,888 $652,430
Current Collection Rate 97,49% 97.59% 97.87% 98.20% 97,36%
Total Year's Collections 5644,892 $669,065 $733,301 $802,200 $699,988
Total Collection Rate 101.67% 100.33% 100.00% 101.00% 100.73%
General Fund
Unreserved Ending Fund Balance $ 4,966,740 $ 5,188,550 $ 5,389,198 $ 4,586,941
Expenditures $7,037,554 $7,037,318 $8,108,290 $10,339,110
Fund Balance/ Expenditures 71% 74% 66% 44% 66%
Total Revenues - $ 7,125,917 1 $ 7,398,160 $ 8,247,828 $ 8,005,048 1
Intergovernmental Revenues "i70 $ 829,535 984,920 $ 966,532
Percenta e Inter overnrnental 14% 11% 12% 12% 13%
Overall Municipal Debt Position I
$ 5,974,587
-
a $ 5,673,722 $ 6,410,000 $ 10,590,000 - Revenue Debt - Enterprise Funds
General Obligation Debt - Governmental Funds $ 7,223,262 $ 7,069,933 $ 6,348,571 $ 5,576,146
General Obligation Debt - Enterprise Funds $ 3,386,738 $ 665,068 $ 523,429 $ 373,854
Total General Obligation Debt $ 8,610,000 $ 7,735,001 6,870,000 $ 5,950,000
Total Revenue and General Obligation Debt 5 14,584,587 $ 13,408,723 $ 13,280,000 $ 16,540,000
Governmental GO Debt Assessed Value mrv 3.17% 2.57% 2.12%
Enterprise GO Debt Assessed Value Cm 0,30% 0.21% 0.17/
Total General Obli ation Debt A.V. ' 3.47% 2.78% 2,26%
Total Revenue and GO Debt A.V. mry 5.01% 5.37% 6.261
K,"' v
General Obli ation Debt Per Ca ita $2,830 $2,705 $2,253
• TotalRevenuean GODebtPerCa ita $4,906 $5,228 $6,347
General Economic and Demographic Data 2003 2004 2005 2006 Annual Growth
Rate
Population
Assessed Value
Assessed Value Per Capita
To 10 Tax Pa ers 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 $ 83,669 $ 97,31 S 101,124
25.84% 18.48% 16.69 /a 17.00%
Harbor Enterprise Fund-Specific Data
Total Revenues $1,831,275 $1,846,276 $1,943,44 $2,394,604
Total Operating Expenses $1,237,187 $1,149,701 $1,310,211 $1,434,638
Net Revenue Available for Debt Service $594,088 $696,575 $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 $0 $0 $0 $0
Revenue Bond Debt Outstanding $2,820,000 $2,725,000 $4,120,000 58,510,000
Total Harbor Enterprise Debt Outstanding $2,820,000 $2,725,000 $4,120,000 $8,530,000
Crnrvl: most recent year;' Unaudited/estimales -
D-3