Tab_22!-' I IhI P7'd (I] 11 1I7LUI i iI' I ki 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 Kodiak Island Borough, Alaska, a duly constituted second class 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 Borough from proceeds of the Bank's General
Obligation Bonds, 2008 Series One ("2008 Series One Bonds") in the amount of $8,000,000,
evidenced by a Loan Agreement, dated April 1, 2008 (the "2008 Loan Agreement"), between the
Bank and the Borough; and
WHEREAS, as security for repayment of the Loan and as provided in the 2008 Loan
Agreement, the Borough issued its Kodiak Island Borough General Obligation School Bond,
2008 Series A, dated April 15, 2008 (the "2008 Municipal Bond"), of which the Bank is the
registered owner; and
WHEREAS, the Bank has determined that refunding a portion of the outstanding 2008
Series One Bonds will result in a debt service savings thereon and on the 2008 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 2008 Series One Bonds;
and
WHEREAS, to effect the proposed refunding and resulting debt service savings on the
2008 Series One Bonds and the 2008 Municipal Bond, and to conform the terms of the 2008
Loan Agreement to the current practices of the Bank, it is necessary to amend the terms of the
2008 Loan Agreement and to provide for the issuance by the Borough to the Bank of the
Borough's General Obligation School Refunding Bond (the "2016 Municipal Bond" and
together with the 2008 Municipal Bond, the "Municipal Bond") and for the refunding of the
Borough's 2008 Municipal Bond as provided herein.
NOW, THEREFORE, the parties agree as follows:
1. The Bank will refund a portion of the outstanding 2008 Series One Bonds as
provided in the Series Resolution. The amounts of the principal installments of the Borough's
2008 Municipal Bond corresponding to the refunded maturities of the 2008 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 2008 Municipal Bond. The 2016 Municipal Bond 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 2008 Loan Agreement is amended by replacing the current
language with the following:
The Borough represents that it has duly adopted all necessary ordinances or resolutions,
including Ordinance No. FY 2007-05, adopted by the Borough Assembly on August 17, 2006,
and Resolution No. FY2008-12, adopted by the Borough Assembly on December 6, 2007 (the
"Borough's 2007 Resolution") and that the Borough's 2007 Resolution is in full force and effect,
and that it has taken all proceedings required by law to enable it to enter into the 2008 Loan
Agreement and issue its 2008 Municipal Bond to the Bank and that the 2008 Municipal Bond
constitutes a valid general obligation bond of the Borough duly authorized by the Borough's
2007 Resolution.
The Borough represents that it has duly adopted or will adopt all necessary ordinances or
resolutions, including Resolution No. FY2017-10, adopted on September 15, 2016 (the
"Borough Refunding Resolution" and together with the Borough's 2007 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, 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 in Exhibit A.
Page 2
4. Section 14 of the 2008 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 and as previously certified by the Borough to the Bank.
5. Section 16 of the 2008 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.
A new Section 22 is added to the 2008 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 (2 10) days after
the end of each fiscal year of the Borough for so long as the 2016 Municipal Bond remains
outstanding. The Borough agrees that filings under this Section 22 shall be made in connection
with CUSIP Nos. 01179P, 011798 and 01179R. Additional or alternate CUSIP number(s) may
be added from time to time by written notice from the Bank to the 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).
7. A new Section 23 is added to the 2008 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.
Page 3
8. A new Section 24 is added to the 2008 Loan Agreement, as follows:
(a) The Borough hereby certifies that all 2008 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 2008 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 2008 Municipal Bond was issued
exclusively for new money purposes and (ii) the 2008 Municipal Bond has not previously been
used to directly or indirectly advance refund a prior issue of any municipal bonds of the
Borough.
9. A new Section 25 is added to the 2008 Loan Agreement, as follows:
As amended hereby, the 2008 Loan Agreement will remain in full force and effect so
long as 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.
ALASKA MUNICIPAL B
DIWEN MITCHELL
Executive Director
KODIAK ISLAND BOROUGH, ALASKA
Borough Manager
in
Page 5
EXHIBIT A
Kodiak Island Borough, Alaska
General Obligation School Refunding Bond, issued on November 3, 2016 (the "2016 Municipal
Bond")
Principal Sum of $4,905,000
Principal Payment Date Principal Interest
(December 1) Amount Rate
2018 $395,000 4.000%
2019 415,000 4.000
2020 430,000 4.000
2021 450,000 4.000
2022 470,000 5.000
2023 495,000 5.000
2024 520,000 5.000
2025 550,000 5.000
2026 575,000 5.000
2027 605,000 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-i
1-H OiNd
ii: i:ic i
CITY AND BOROUGH OF SITKA
GENERAL OBLIGATION FINANCIAL SUMMARY
Municipal Financial Position 2011 2012 2013 2014 2015 Average
Property Tax Collections
Borrowers Property Tax Rate per $1,000 $6.00 $6.00 $6.00 $6.00 $6.5 $6.00 Municipal Levy $5,799,400 $5,904,617 $5,957,735 $5,901,738 $6,032,82 $5,919,263
Current Years Collections $5,753,039 $5,874,918 $5,893,452 $5,842,721 $6,006,77 $5,874,181
Current Collection Rate 99.20% 99.50% 98.92% 99.00% 99.57 99.247.
Total Year's Collections $5,807,869 $5,909,321 $5,893,452 $5,842,721 -----5-6,0-06,776 $5,892,028 Total Collection Rate 100.15% 100.08% 98.92% 99.00% 99.57% 99.54%
General Fund
Unreserved Boding Fund Balance 516,506,475 $13,584,873 $ 14,205,394 p 13,990,560 $ 14,7213,823 $ 14,015,799 Expenditures $ 23,260,649 $ 247075,729 $ 23,691,912 $ 23,628,379 $ 30,621,436 9 25,055,621 Fund Balance/ Expenditures 49% 56% 60% 68% 48 56.38% Total Revenues $ 24,709,916 $ 267584,728 $ 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% 1017. 10.02%
Overall Municipal Debt Position
$ 80,807,401 9 68,093,411 4 13u,l4342 9 108,940,000 $ 123215,000 Revenue Debt - Enterprise Funds
Revenue Debt - Governmental Funds $ 165,750 $ 156,000 $ 146,250 $ 202,641 $ 189,409
General Obligalion 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 $ 31,020,00 ,635,000
-
~137,777
$ 25,990,000
Total Revenue and General Obligation Debt 6 105273151 $ 101039,411 $ 137312,07 ,641 $ 149,394,409
Governmental GO Debt/Taxable Avsessr'd Value
Total Revenue and GO Debt/A', 'I 1. 1! 22' 22' 1-1 21' 14
General Obligation Debt Per Capita 91,130 53,807 1 $3,415 $3,152 92,nnf
Total Revenue and GO Debt Per Capita $12,000 $11,287 $15,116 $15,167 $06,488
General Economic and Demographic Data 2011 2012 2013 2014 201$ AnnuslGrowth
Population 8,773 8,952 9,084 9,084 9,061 -0.25%
Taxable Assessed Value $ 985,073,129 $ 990,930,238 $ 1,001,066,784 $ 983,623,000 $ 1,005,471,000 1 2.22% Assessed Value Per Capita I $ 112,285 $ 110,694 1 $ 110,201 1 $ 108,281 1 $ 110,967 Top. 10 Tex Foyers as % of Assessed Value 7.64% 757% 757% 7.57% 7.57?9'
The Borough has net eotnpleted its fiscal year 2010 audit as of the dote 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
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
Operating Revenues 11,401,523 11,611,319 12,077,554 14,240,772 17,118,321
Operating Expenses
Administrative and General 1,739,698 2,003,768 1,975,492 2,860,066 2,406,734
Operation and Maintenance 5,257,342 5,914,895 5,152,028 4,964,074 7,443,239
Depreciation 1,987,558 1,971,739 1,986,195 1,841,712 1,814,707
Operating Income 2,416,925 1,720,917 2,963,839 4,574,920 5,453,641
Nonoperating revenue (expense)
Investment Income 490,986 459,107 314,600 196,399 313,069
Interest Expense (1,725,198) (2,848,639) (1,678,238) (426,419) (316,203)
Other - 625,748 572,946 812,866 463,877
Net Income before
contributions and transfers 1,182,713 (42,867) 2,173,147 5,157,766 5,914,384
Capital contributions 4,039,237 5,266,050 17,169,455 19,455,106 9,986,217
Extraordinary Item:
Net Pension Obligation Relief 119,824 139,806 325,771 379,871 1,126,533
Transfer In (Out) net - - (998,128) - -
Change In Net Assets 5,341,774 5,362,989 18,670,245 24,992,743 17,027,134
Population of City and
Borough 8,773 8,952 9,084 9,098 9,061
# of electric customers 5,282 5,309 5,403 5,490 5,683
KwH Sold 111,795,344 111,048,623 111,155,330 111,155,330 105,293,250
Revenue Bond Debt Service 3,477,959 3,467,567 4,529,240 5,045,158 7,158,839
Revenue Bond Coverage (> 1.25) 1.41 1.43 1.27 1.34 1,27
Note: $2,500,000 transferred into Rate Stabilization Fund in FY2015
$2,006,696 transferred out of Rate Stabilization Fund in FY2015
Total of rate Stabilization Fund as of June 30, 2015 -$3,001,304
The Borough has not completed its fiscal year 2015 audit as of the date of the preparation of this table.
CITY AND BOROUGH OF SITKA
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation) 14,789,299 14,122,591 13550,231 13,153,475 20,560,565
Land 90,000 90,000 90,000 90,000 90,000
Construction Work in Progress 20,229 57,838 665,476 7,824,365 939,917
Cash 3,733,467 4,735,101 6,599,187 6,616,954 7,595,507
Restricted Assets - - 3,615,663 589,166 317,566
Other Assets 1,342,572 1,339,389 1,216,385 1,524,898 1,036,361
Total Assets 19,975,567 20,344,919 25,736,942 29,798,858 30,539,916
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 0 0 4,569,486 3,840,000 3,705,000
Other Liabilities 1,405,227 1,156,003 1,144,138 1,689,033 1,592,094
Total Liabilities 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
Population of City 8,773 8,952 9,084 9,098 9,061
Revenue Bond Coverage No Harbor No Harbor No payments of
Bonds Bonds P&I 5.16 5.31
The Borough has not completed its fiscal year 2015 audit as of the date of the preparation of this table.
D-3
CITY AND BOROUGH OF JUNEAU
FINANCIAL SUMMARY
General Governmental Fund
Municipal Financial Position 2011 2012 2013 2014 2015 Average ?roperty Tax Collections
Borrower's Property Tax Rate per $1,000 $10.51 $10.55 $10.55 $10.66 $10.76 $10.61 Municipal Levy
Current Year's Collections
$40,739,944
$40,329,053
$41,751,673
$41,431,682
$44,252,019
$43,987,108
$45,108,992
$44,818,184
$45,852,292
$45,548,172
$43,540,984
$43,222,846 Current Collection Rate 98.997 99.23% 99.40% 99,36% 99,34% 99.26% Total Year's Collections
Total Collection Rate
740,728,566
99,97%
$41,721,795
99.93%
$44700,111
99.88%
$45,017,746
99.80%
$45,548,172
99.34%
$43,443,278
99,78%
General Fund
Onassigned Plus Emergency Operating Res GASB#54)
Expenditures
'"J779,38 8 3,484,161 5 >'494i4 T7,5,bo? 5 20,272,312 $10,053,252
7_77,54-0,7_14 $ 51,283,781 $ 84753,473 $ 86,380,150 $ 94,808,876 $ 73,513,319 Fund Balance/ Expenditures 3.42% 6.79% 8.86% 20.01% 21.387 12.09% Total Revenues
Intergovernmental Revenues
Percentage Intergovernmental
$ 66,008,466
$ 14,313,000
22%
9 50,036,584
$ 15,464,700
31%
$ 88,778,005
$ 30,635,700
35%
$ 97,936,255
$ 41,429,692
42%
$ 98,018,608
$ 32,072,000
33%
$ 80,155,584
$ 26,783,018
32.42%
Overall Municipal Debt Position
$ 45,208,341
$ 3,599,5755
$ 148,301,000
-
$ 43,079,682
2,861,747
$ 133,446,000
$ -
$ 41,908,097
$ 2,091,457
7-13-73-83,_00-0 -9—
$ -
$ 40,090,908
$ 6,807,086
122,068,000
-
5 38,430,443
$ 26,972,320
5 115,314,000
$ -
Revenue Debt - Enterprise Funds
Revenue Debt - Governmental Funds
General Obligation Debt - Governmental Funds
General Obligation Debt - Enterprise Funds
Total General Obligation Debt $ 148,301,000 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314,000 Total Revenue and General Obligation Debt $ 197,108,916 $ 179,987429 5 175,382,524 $ 168,965,994 _T __1_8_0_,722_,7_6_7F
Governmental GO Debt/Taxable Assessed Value
1711 Re eerie arC 1(1 Delrt/AV.
372%
1411
V71'?
112
17T7T
1101
2
3.891:
2
General Obligation Debt Per Capita $4,742 $4,113 $4,123 $3,696 $3,492 Total Revenue and GO Debt Per Capita $6,302 $5,548 $7,777F $5,116 $5,472
General Economic and Demographic Data
Population
Taxable Assessed Value
Assessed Value Per Capita
Top 10 Tax Payers as a-% of Assessed Value
2011 1
314,9
,215
$ 3,989,3444
$ 127,557
13.78%
2012
32,441
2013
32,000
2014
33,030
2015
33,026
Annual
-0.017,
$ 4,071,713,732 $ 4,275,067,217 $ 4,379,714,933 $ 4,484,327,332 2,39%
$ 125,511 $ 130,896 1 $ 132,5981 $ 135,782
13,73% 13,82%1 13,61%1 13,61%
WE
CITY AND BOROUGH OF JUNEAU
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ETS
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
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 9,700,000 9,691,595 9,380,434 9,033,637
Other Liabilities 2,110,290 2,140,909 1,401,365 2,050,500
Total Liabilities 11,810,290 11,832,504 10,781,799 11,084,137
NET ASSETS 48,102,305 51,216,497 58,447,652 58,926,943
Operating Revenues 2,854,858 3,154,885 3,173,272 3,508,430
Operation and Maintenance 2,492,110 2,434,329 2,498,178 2,814,717
Administrative and General - - - -
Depreciation 899,956 986,619 968,761 1,003,707
Operating Income (Loss) (537,208) (266,063) (293,667) (309,994)
Non-Operating Revenue (Expense) 46,509 155,306 (214,686) 128,433
Net Income (Loss) Before Contribution (490,699) (110,757) (508,353) (181,561)
Capital Contributions 1,690,873 2,549,949 7,392,466 660,852
Net Transfers-In (Out) 3,804,600 675,000 500,000 0
Special item - NPO/OPEB write off
Change in Net Assets 5,004,774 3,114,192 7,384,113 479,291
Population of City 31,275 32,441 32,660 33,064
Revenue Bond Coverage 1.19 1.79 1.21 1.67
83,007,814
9,758,734
3,105,738
12,864,472
70,143,342
4,202,862
3,347,050
1,150,701
(294,889)
501,698
206,809
5,788,674
6,224,425
12,219,908
33,064
2.60
WKI
WIN111 :1-si • S
PORT
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
Plant In-Service (net of depreciation)
Construction Work in Progress
Cash
Restricted Assets
Other Assets
Total Assets
LIABILITIES AND NET ASSETS
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Operating Revenues
Operation and Maintenance
Administrative and General
Depreciation
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Capital Contributions
Net Transfers-In (Out)
Change in Net Assets
Population of
4,428,233 (208,085) (252,013) 71,012 2,709,760
314,814 269,712 484,639 294,257 408,137
4,743,047 61,627 232,626 365,269 3,117,897
- - 151,020 349,585 642,980
- - 151,020 349,585 642,980
4,743,047 61,627 81,606 15,684 2,474,917
2,557,851 2,634,080 2,825,479 2,864,578 2,868,633
2,800 5,500 5,500 5,500 5,500
2,555,051 2,628,580 2,819,979 2,859,078 2,863,133
2,555,051 2,628,580 2,819,979 2,859,078 2,863,133
(1,500,000) (7,310,000) (2,800,000) (2,925,000) (403,900)
1,055,051 (4,681,420) 19,979 (65,922) 2,459,233
31,275 32,441 32,660
'I;
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 8,459546 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 11 012,833
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) 3,280,837 (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 9,981,681 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 1.33 132 112 liD 1,18
In 2013 and 2014, Wildflower Court fell short of the required debt service coverage ratio of 1.15 times.
Pursuant to the loan agreement between the City and Borough of Juneau and Wildflower Court,
Wildflower Court worked with the City and Borough to identify measures to return the facility to
compliance with the required debt service coverage ratio in 2015.
D-7
CITY AND BOROUGH OF JUNEAU
BARTLETT REGIONAL HOSPITAL
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation) $72,772,410 $74,566,327 $74,002,798 $69,208,456 $63,710,212
Construction Work in Progress 6,866,781 6,202,224 2,826,314 228,425 3,647,565
Cash 14,990,308 17,386,169 26,113,833 38,596,921 44,834,531
Restricted Assets 10,160,114 6,549,498 5,490,768 5,327,673 5,327,519
Other Assets 23,011,263 23,462,113 25,230,206 20,528,164 23,810,042
Total Assets 127,800,876 128,166,331 133,663,919 133,889,639 141,329,869
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 25,570,000 24,926,795 25,304,679 24,346,618 24,346,618
Other Liabilities 11,391,053 8,999,867 8,829,067 11,033,875 46,306,102
Total Liabilities 36,961,053 33,926,662 34,133,746 35,380,493 70,652,720
NET ASSETS 90,839,823 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 3.00 7.34 2.50 8.97
Kena i Pcolnsuta Bomugh Ge601 O'und
Gwrl Obligation P3naflc30 Summary
'34 Id 194 I 2011 2012 2013 .i1i4 ,ii1L........
PQp4,TxCaIkd1rn
wPropv Tax Rate p513200 5430 54,50j 5430 5450 54.50 5425
111eipd L'' 529,053,274 530,419,493 530,823,497 531,753,392 5314S5,011 $30,747,334
Cn,tY'1 Cofitiern 528,650410 5294-16.804 530,982.636 031,332496 5363423225 330236,934
95.45% 9537% 9545% 93.29% 9030%
T/ Co11,c16rn 529,047,145 530,461,500 j 030,785400 031,668,176 631332,596 530,649,726
Total Collection Rat 99.96% 9,9,94% 994% 95.59% 9569%
G—J Fund
ToEdd8.34ce S 22,74,4.914 5 21,466,50 524-330,920 5 36.231,372 5 22,1.74634 --
U,dEd6 Fund fl,56, 5 21,4543258 5 21268,920 5 16296,145 5 73,096,656 5 16,24 4,670 8133018 23
$72,163,556 5 71,947,800 5 72,451,375 $73,376,361 $ 75,427,617 573,532
20% 30% 22%j 22% 21% 251,
Total R~-ffru~- 5 70,799,393 5 71,109,657 $ 74255,493 $ 74,945,074 $ 75764,253 573,974.670
5 0,533,931 S 9,749,464 $ 10.592,637 $ 91410,455 $ 333041 034 510320, 074
12% 141. 14, 13 17 1
;45Mu,kip.il 1363.3 Position
GtM1 F.n& 5 S - S - S S -
- I. - 5 5
Total R~v—d fl.,bt - S j5 - S ' $ . 5
C,,tt1O61t,*96.t D61 Fun.6 IG,1 0',,,4 ah'5 5 33,910340 5 30250,000 S 263203200 5 45,0553200 5 41,520,000
Gr1 OIi.1323n D,b6. Et-pi- Frnd S S . S . S . S
To#1C1Ob6gt6o136* 5 331,91000 3 30230,000 5 26,830,000 5 45.0553200 5 41320,072
5 779100209 50730.000 5 1'5,5203200 1 S 43,0553200 5 4197,3,OUU
00 7263, ,,d'l'(rn,'0 072', DJO'.f 0-072
0 O0'J -- 0,.72. - 0,-iD', - — ODD',
072
- 0072
Tot4Rv4ea.4GO13bt9erCt., 5612 $336 5413 8792 1 5772
Ger,I d fl 2001 2012 2013 2011 2013 Arn1Gth
Population 55,400 26,569 56,756 56,862 57,147 050'.
As 5 6,393,5313200 5 6,633,241,000 .9 6,716,010,800 5 6,960,196,000 .9 6,932,443,005 .041%
$ 115,107 $ 117,673 5 118,331 5 171.403 5 123.707
1'op30T,o% 7373', 34.35', .
(1) 2911 2634 m12013 F,m3 Lth,,,, l 0t
ii0c',,,,026 .o,25d01L015433, 045433376J 64,944,237 64oiy.k
91 4 -,156,23d
romis
Central Peninsula General Hospital
FINANCIAL SUMMARY
20122011 2014 2015
ASSETS
Capital Assets (net of depreciation) $67842931 $64,853,893 $69,429,959 $71,387,990 $93,151,047
Cash 21,700,302 27,803,487 35,197,813 35,508,443 37,638411
Cash held for Plant Replacement 10,097,241 11,421461 11.322,729 16,447,887 18,838,950
Restricted Assets 3,584,121 633,493 500,000 4,693402 5,069037
Unspent bond proceeds 31,275.450 18,468,485
Other Assets 19,105,718 29,383,574 29,863,006 32,652,905 38,942,891
Total Assets 122.330,313 134,095.906 146,313.507 191.966.077 212.108,821
LIABI LITIES AND NET ASSETS
Revenue Bonds Payable - - - 32,490.000 33,890,000
GO Bonds Payable 35,990,000 32,255.000 30,130,000 27,905.000 25,670,000
Other Liabilities 10,965,610 18,041,771 18,176,258 20,336,761 24,137,535
Total Liabilities 46,955,610 $0,296771 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 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 8,731,020 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
L!i1.. Lilci 1 IiI
THIS AGREEMENT, dated as of the I st day of April 2008, by and 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 Kodiak Island Borough, Alaska, a duly constituted second class borough of the
State (the "Borough"):
WITNESS 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 Borough is a Governmental Unit as defined in the General Bond
Resolution of the Bank hereinafter mentioned and pursuant to the Act is authorized to
accept a Loan from the Bank to be evidenced by its municipal bonds; and
WHEREAS, the Borough desires to borrow money from the Bank in the amount of
not to exceed $8,000,000 and has submitted an application to the Bank for a Loan in the
amount of not to exceed $8,000,000 and the Borough has duly authorized the issuance of
its fully registered bond in the aggregate principal amount of $8,000,000 (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 Borough 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. 2008-01 adopted on January 22, 2008, as amended by Amending Series
Resolution No. 2008-02 adopted on February 21, 2008 (together with the General Bond
Resolution, the "Bond Resolution"), authorizing the making of such Loan to the Borough
and the purchase of the Municipal Bond.
NOW, THEREFORE, the parties agree:
1. The Bank hereby makes the Loan and the Borough accepts the Loan in the
principal amount of $8,000,000. As evidence of the Loan made to the Borough and such
money borrowed from the Bank by the Borough, the Borough 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 Borough shall 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 Borough represents that it has duly adopted or will adopt all necessary
ordinances or resolutions, including Resolution No. FY2008-12 passed by the Borough
Assembly on December 6, 2007 (the "Borough'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 of the Borough duly authorized by the Borough's Resolution.
3. Subject to any applicable legal limitations, the amounts to be paid by the
Borough 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, shall be paid by the Borough 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 Borough pursuant to this Loan Agreement
representing principal due on its Municipal Bond (the "Municipal Bond Principal Payments")
shall be paid by the Borough 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 Borough pursuant to this Loan Agreement are not made available at any time specified
herein, the Borough agrees that any money payable to it by any department or agency of
the State may be withheld from it and paid over directly to the Trustee acting under the
General Bond Resolution, and this Loan Agreement shall be full warrant, authority and
direction to make such payment upon notice to such department or agency by the Bank,
with a copy provided to the Borough, 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 Borough on the Municipal Bond for the corresponding year pursuant to the
AMBB/Gerieral Obligation Bonds, 2008 Series One
Loan Agreement - KIB
$:0o37421708Loan Agreement - K1B,wpd Page 2
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 by the Borough 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 Borough for the Borough's approval, a revised schedule of principal installment
amounts and interest rates for the Municipal Bond. If approved by the Borough the revised
schedule shall be attached hereto as Exhibit "A" and incorporated herein in replacement
of the previous Exhibit "A" detailing said principal installment amounts and interest rates.
7. The Borough is obligated to pay to the Bank Fees and Charges. Such Fees
and Charges actually collected from the Borough shall be in an amount sufficient, together
with the Borough's Allocable Proportion (as defined below) of other money available
therefor under the provisions of the Bond Resolution, and other money available therefor,
including any specific grants made by the United States of America or any agency or
instrumentality thereof or by the State or any agency or instrumentality thereof and
amounts applied therefor from amounts transferred to the Operating Fund pursuant to
Section 606 of the General Bond Resolution:
(a) to pay, as the same become due, the Borough's Allocable Proportion of the
Administrative Expenses of the Bank; and
(b) to pay, as the same become due, the Borough's Allocable Proportion of the
fees and expenses of the Trustee and paying agent for the Loan Obligations.
The Borough's Allocable Proportion as used herein shall mean the proportionate
amount of the total requirement in respect to which the term is used determined by the
ratio that the principal amount of the 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 Borough's Allocable Proportion of the fees and
expenses of the Trustee and paying agent for the Loan Obligations is reduced in
consideration of the Borough so making funds available, the Borough 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.
AMBB/Genera! Obligation Bonds, 2008 SerIes One
Loan Agreement - KIB
i10ocs137421 7O8Loaa Agreement - KI5.wpd Page 3
8. The Borough 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
on the anniversary thereof each year. The Borough 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 Borough 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 Borough 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
Borough shall be obligated to pay or the Bank shall receive under item (I) above shall be
the principal amount of such refunding bonds outstanding.
In the event 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 Borough shall be obligated to pay or
the Bank shall receive under item (ii) above shall be the amount of interest to accrue on
such refunding bonds outstanding.
In the event the Loan Obligations have been refunded, the amount which the
Borough 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.
AMBB/Generat Obligation Bonds, 2008 Series One
Loan Agreement - KIB
1:\Oocs\37421708\Loan Agreement - KIB.wpd Page 4
Nothing in this Section shall be construed as preventing the Borough 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
Borough 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
Borough,
11. Invoices for payments under this Loan Agreement shall be addressed to the
Kodiak Island Borough, 710 Mill Bay Road, Kodiak, Alaska 99615 Attention: Finance
Director. The Borough 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 Borough to the
Bank in connection with its application to the Bank for a Loan shall be, incorrect or
incomplete in any material respect.
(b) The Borough has violated commitments made by it in the terms of this Loan
Agreement.
(c) The financial position of the Borough has, in the opinion of the Bank, suffered
a materially adverse change between the date of this Loan Agreement and the scheduled
time of delivery of the Municipal Bond to the Bank.
13. The obligation of the Bank under this Loan Agreement is contingent upon
delivery of its General Obligation Bonds, 2008 Series One (the "2008 Series One Bonds")
and receipt of the proceeds thereof.
14. The Borough agrees that it will provide the Bank with written notice of any
default in covenants under the terms of this Loan Agreement and the Borough's Resolution
within 30 days from the date thereof.
15. The Borough 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.
AMBB/General Obligation Bonds, 2008 Series One
Loan Agreement - KIB
I:\Docs\37421 708\Loan Agreement - KIB.wpd Page 5
The Borough shall not permit any of the proceeds of the Municipal Bond, or any
facilities financed with such proceeds, to be used in any manner that would cause the
Municipal Bond to constitute a "private activity bond" within the meaning of Section 141 of
the Code.
The Borough 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
Borough, with 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 Borough shall indemnify and hold harmless the Bank from
any obligation of the Borough to make rebate payments to the United States under said
Section 148 arising from the Borough's use or investment of the proceeds of the Municipal
Bond.
16. The Borough 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.
AMBBIGeneraI Obligation Bonds, 2008 Series One
Loan Agreement - KIB
t:\Uos3742l7O8LoaaAgreemeni- <l8.wpd Page 6
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.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
the day and year first above written.
F—IMIMMM&RIME61
NJ
Director
KODIAK ISLAND BOROUGH, ALASKA
N wwnlllan
02
AMBB/General Obligation Bonds, 2008 Series One
Loan Agreement - KIB
1:\0ocs\7421708\Loan Agreement - KIB.wpd Page 7
:11:3
'i
M- ~M MW
Kodiak Island Borough, Alaska
General Obligation School Bond, 2008 Series A
Principal Date Principal Interest
(April 1) Amount Rate
2009 $250,000 5.00%
2010 260,000 5.00
2011 275,000 5.00
2012 290,000 5.00
2013 300,000 5.00
2014 320,000 5.00
2015 335,000 5.00
2016 350,000 5.00
2017 370,000 4.00
2018 380,000 4.00
2019 400,000 4.00
2020 415,000 4.25
2021 430,000 4.25
2022 450,000 4.375
2023 470,000 4.50
2024 490,000 4.70
2025 515,000 4.80
2026 540,000 4.90
2027 565,000 5.00
2028 595,000 5.00
Principal installments shall be payable on April 1 in each of the years, and in the amounts
set forth above. Interest on the Bond shall be payable on October 1, 2008, and thereafter
on April 1 and October 1 of each year.
Prepayment Provisions: Principal installments due on or after April 1, 2019, are subject to
prepayment by the Borough, in whole or in part, on any date, on or after April 1 • 2018, at
a price of 100% of the principal amount hereof and be prepaid plus accrued interest to the
date of prepayment.
AMBB/General Obligation Bonds, 2008 Series One
Loan Agreement KPB - Exhibit A
I:\Docs137421 708\Loan Agreement - KIBwpci
Page A-i
AMBB/General Obligation Bonds, 2008 Series One
Loan Agreement KPB - Exhibit B Page B-I
I:\Oocs\37421708\Loan Agreement - KIB.wpd
ALEUTIANS EAST BOROUGH
FINANCIAL SUMMARY
REVENUES
Local Revenues
Fish Tax 2% of the Ex vessel Value
Other
Total Local Revenue
State of Alaska Revenue
Federal Revenues
Total Revenues
Fish Tax as % of Total Revenues
EXPENDITURES
2003 2004 2005 2006 Average
$2,493,342 $3,065,141 $3,161,495 $3,618,637 $3,084,654
$275,349 $395,026 $90,219 $165,799 $231,598
$2,768691 $3,460,167 $31251,714 $3784,436 $3,316,252
$2,499,530 $1,875,905 $2,321,303 $2,301,619 $2,249,589
$249,616 $259,952 $275,612 $298,709 $270,972
$5,517,837 $5,596,024 $5,848,629 $6,384,764 $5,836,814
45% 55% 54% 57% 53%
$3,641,796 $4,524,911 $5,385,405 $6,255,737 $5,001,962
$2,071,713 $934,672 $1,057,692 $1,311,517 $1,343,899
54% 21% 20% 21% 29%
General Fund Expenditures
Unreserved Ending Fund Balance
Fund Balance/Expenditures
MUNICIPAL DEBT POSITION
General Obligation Debt Outstanding
Total General Obligation Debt Outstanding
GO Debt/Assessed Value
Total General Obligation Debt/A.V.
GO Debt Per Capita
GENERAL ECONOMIC AND DEMOGRAPHIC DATA
Population
Assessed Value
Assessed Value Per Capita
$7,205,000 $27,765,000 $27,275,000 $31,765,000
$7,205,000 $27,765,000 $27,275,000 $31,765,000
7.50% 28.90% 28.39% 31.34%
7.50% 28.90% 28.39% 31.34%
$2,669 $10,561 $10,258 $12,019
2,700 2,629 2,659 2,643
$96,072,577 $96,072,577 $96,072,577 $101,343,287
$35,582 $36,543 $36,131 $38,344
0
CITY OF KETCHIKAN
PORT FINANCIAL SUMMARY
2005 2005 2004 2003 2002
Audited Audited Audited Audited Audited
ASSETS
Cash $4,529,687 $7,066,674 $5,121,067 $2,895,450 $2,163,498
Port Facilities (net) 10,405,568 9,762,409 10,072,444 10,282,618 9,737,592
Construction Work in Progress 26,082,665 1,632,135 2,686,197 2,276,353 358,350
Restricted Assets 19,872,348
Other Assets 515,697 47,113 99,752 129,455 95,360
Total Assets 61,405,965 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 2,415,000
Revenue Bonds Payable 38,500,000
Other Liabilities 7,105,081 3,759,032 2,541,005 3,261,400 114,355
Total Liabilities 47,290,081 5,639,032 4606,005 5,506,400 2,529,355
NET ASSETS 14,115,884 12,869,299 13,373,455 10,077,476 9,825,445
Operating Revenues 6,427,207 7,096,948 5,000,010 1,774,457 1,661,674
Operation and Maintenance 2,299,099 1,945,688 792,954 828,052 595,557
Depreciation 657,485 618,708 632,143 610,454 616,196
Payment in Lieu of Taxes/Taxes 102,100 102,100 102,100 102,100 102,100
Operating Income (Loss) 3,368,523 4,430,452 3,472,813 233,851 347,821
Non-Operating Revenue (Expense) (310,285) (68,390) (183,706) (22,824) (100,2441
Net Income (Loss) Before Contribution 3,058,238 4,362,062 3,289,107 211,027 247,577
Contributions 42,006 12,251 6,872 41,004 25,000
Extraordinary Item (2,432,884)
Transfers (1,853,659) (2,445,585)
Change in Net Assets 1,246,585 (504,156) 3,295,979 252,031 272,577
Revenue Bond Debt Coverage:
1,25 x Annual Debt Service 5.09 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 36 37 37 37 34
# of Calls/Stops 503 562 535 538 503
# of Water Passengers 838,880 921,429 848,969 770,663 700,993
* Reflects statistical information provided by the Ketchikan Visitors Bureau
2
L*4 11:1 1i]
CITY OF KETCHIKAN
KETCHIKAN PUBLIC UTILITIES ENTERPRISE FUND
FINANCIAL SUMMARY
2006 2005 2004 2003 2002
Audited Audited Audited Audited Audited
ASSETS
Utility Plan In-Service $63,472,399 $65,655,049 $66.742,145 $67621026 $70,915,742
Construction Work in Progress 3,720,138 2,147,195 1,838,196 30,078,405 12,211,495
Cash 18,036,431 15,601,381 14,973,617 14,766,191 12,885,250
Restricted Assets 3,592,407 3,731,971 3,653,916 8,433,752 18,175,772
Other Assets 6,055,932 6,770,815 6,496,443 7552,144 6,646,446
Total Assets 94,877,307 93,906,411 93,704,317 128451,518 120,834,705
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 20,580,000 22,475,000 23,960,000 26,060,000 27,710,000
Other Liabilities 4,243,388 3,444,420 2,990,668 7,690,314 16,067,212
Total Liabilities 24,823,388 25,919,420 26950,668 33,750,314 43,777,212
NET ASSETS 70053,919 67,986,991 66,753,649 94,701,204 77,057,493
Operating Revenues 31,085,610 27,691,757 27,180,231 27,744,410 26,240,240
Operation and Maintenance 15,188,374 13,974,313 14,874,171 14,604,369 14,799,604
Administrative and General 5,635,363 5,106,907 5,139,468 4,452,846 4,393,991
Depreciation 6,861.088 6,248,245 6,113,112 5,971682 6,238,429
Payment in Lieu of Taxes 650,000 650,000 650,000 650,000 650,000
Operating Income (Loss) 2,750,785 1,712,292 403,480 2,065513 158,216
Non-Operating Revenue (Expense) (108,887) (736,471) (1,139,856) (1,183,143) (1504,093)
Net Income (Loss) Before Contribution 2,641,898 975,821 (736,376) 882,370 (1,345,877)
Contributions 907,076 257,521 1,099,417 16761,341 2,661,328
Transfer of Net Assets - Swan
Lake -Lake Tyee Intertie Project (28,310,596)
Change in Net Assets 3,548,974 1,233,342 (27947,555) 17,643,711 1,315,451
Population of Service Area * 13,174 13,125 13,093 13,685 13,683
Population of City 7,662 7,685 7,691 8,002 7,845
# of Electric Customers 7,251 7,202 7,161 7,178 7,171
# of Telephone Access Lines 9,554 9,840 10,131 10,653 11,259
# of Water Customers 3,035 2,928 2,905 2,851 2,847
Revenue Bond Coverage 392 3.33 222 3.02 1.85
* Water is only provided within the City
3
EXHIBIT
SOUTH KENAI PENINSULA BOROUGH HOSPITAL DISTRICT
FINANCIAL SUMMARY
Municipal Financial Position 2004 2005 2006 2007 Average
l'roperty Tax Collections
Borrowers Property Tax Rate per $1,000 $1.75 $1.75 $1.75 $1.75 $1.75
Municipal Levy $1,440,486 $1,535,163 $1,850,355 $2,023,439 S1,712,361
Current Years Collections $1,399,099 $1,484,885 $1,759,172 $1,953,706 $1,649,216
Current Collection Rate 97.13% 96,72% 95.079,, 96.55% 96.37%
Total Years Collections $1,435,198 $1,545,898 $1,788,720 $2,062,889 $1,708,176
Total Collection Rate 99.63% 100.70%101.95% 101.95% 99.74"
General Fund
Unreserved Ending Fund Balance
-
$ 835,136 $ 861,483
-
$ 870,970 $ 855,106
___________
$855,674
Expenditures S 2,095,272 $ 1,606,153 $ 1,859,445 $ 2,223,064 $1,945,984
Fund Balance/ Expenditures 40% 54% 47%381,110 45%
Total Revenues $ 1,490,487 $ 1,632,500 $ 1,868,932 $ 2,207,200 $1,799,780
Intergovernmental Revenues $ - $ $ - $ - I
Percentage Intergovernmental n/a n/a n/a n/al n/a
Municipal Debt Position
Revenue Debt u-n $ $
General Obligation Debt $ 10,290,000 $ 10,000,000 $625,000 $ 9,465,000
7$5,003,20,8 $ 5,257,478
General Obligation Debt/ Assessed Value (mry) 0.93% 0.82%
Total General Obligation Debt/ A.V. (rnry) 1.12% 1.27%
General Obligation Debt Per Capita $777 $764
Overlapping General Obligation Debt $$5,415$,841$5,005,680
General Obligation Debt Service (airy) $ 803,262 $ 805,663
Percent of Debt Retired in 10 yrs. 49.73% 51.09%
General Obligation Debt Service/Expenditures 43.20'. 36,24%
General Obligation Debt Service/Revenues 42.93.. 36,50%
General Economic and Demographic Data 2004 2005 2006 2007 Annual
Growth Rate
Population (1)
Assessed Value
Assessed Value Per Capita
Top 10 Tax Payers as a % of Assessed Value
12,390 12,390 12,390 12,390 . 0.00%
$ 795,847,000 $ 841,731,000 $ 1,031,057,000 $ 1,156,782,000 13.28%
$ 64,233 $ 67,936 $ $3,217 $ 93,364
7.32% 12.00% 10.11% 10.09%
State Per Capita Income
Borough PCI as Percentage of State PCI
Borough Unemployment rate (December 2005 & 2006)
State Unemployment rate (December 2005 & 2006)
I Borough Rate as Percentage of State Rate
(1) Service Area population is only done as part of the census
CERTIFICATE OF CLERK
J, DEBRA MARLAR, City Clerk of the City of Kodiak, Alaska (the "City"),
HEREBY CERTIFY that the document attached hereto is an accurate and complete copy of
Resolution Number 08-1 of the City adopted by the Kodiak City Council at a meeting duly
called and held on January 24, 2008, and that, except for its amendment by Resolution
Number 08-03, Resolution Number 08-1 has not been modified, amended, repealed or
rescinded, but is in full force and effect on the date hereof:
IN WITNESS WHEREOF, I have executed this certificate and impressed the seal of
the City of Kodiak hereon this 15th day of April 2008.
EBRA MARLAR
City Clerk
City of Kodiak
[SEAL]
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