Tab_24Ak' I KI IJI fi] 'a s7.kyeJ 1 M MhYA i si
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 Kenai Peninsula 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, 2003 Series E (the "2003 Series E Bonds") in the amount of $10,290,000,
evidenced by a Loan Agreement, dated September 1, 2003 (the "2003 Loan Agreement"),
between the Bank and the Borough; and
WHEREAS, as security for repayment of the Loan and as provided in the 2003 Loan
Agreement, the Borough issued its South Peninsula Hospital Service Area General Obligation
Bonds, 2003, dated September 30, 2003 (the "2003 Municipal Bond"), of which the Bank was
the registered owner; and
WHEREAS, after the issuance of the 2003 Series E Bonds, the Bank used a portion of the
proceeds of the Bank's (i) General Obligation Bonds, 2007 Series Two (the "2007 Series Two
Bonds") to refund a portion of the 2003 Series E Bonds and a corresponding portion of the
principal installments of the 2003 Municipal Bond and (ii) General Obligation and Refunding
Bonds, 2011 Series Three (the "2011 Series Three Bonds") to refund a portion of the 2003 Series
E Bonds and the corresponding remaining portion of the 2003 Municipal Bond; and
WHEREAS, in connection with the issuance of the 2007 Series Two Bonds and the 2011
Series Three Bonds and the refunding of a portion of the 2003 Municipal Bond, the Bank and the
Borough entered into an Amendatory Loan Agreement, dated April 1, 2007 (the "2007
Amendatory Loan Agreement"), between the Bank and the Borough, and an Amendatory Loan
Agreement, dated September 1, 2011 (the "2011 Amendatory Loan Agreement"), between the
Bank and the Borough; and
WHEREAS, as provided in the 2007 Amendatory Loan Agreement and the 2011
Amendatory Loan Agreement, respectively, the Borough delivered to the Bank (i) the Borough's
South Peninsula Hospital Service Area General Obligation Refunding Bonds, 2007, dated April
5, 2007 (the "2007 Municipal Bond"), in exchange for the refunded portion of the 2003
Municipal Bond and (ii) the Borough's South Peninsula Hospital Service Area General
Obligation Refunding Bonds, dated September 15, 2011 (the "2011 Municipal Bond"), in
exchange for the remaining portion of the 2003 Municipal Bond; and
WHEREAS, the Bank has determined that refunding a portion of the outstanding 2007
Series Two Bonds will result in a debt service savings thereon and on the 2007 Municipal Bond;
and
WHEREAS, on September 6, 2016, the Board adopted Series Resolution No. 2016-05
(the "Series Resolution" and, together with the General Bond Resolution, the "Bond
Resolution") authorizing the issuance of its General Obligation and Refunding Bonds, 2016
Series Three (the "Refunding Bonds") in part to refund a portion of the 2007 Series Two Bonds;
and
WHEREAS, to effect the proposed refunding and resulting debt service savings on the
2007 Series Two Bonds and the 2007 Municipal Bond, and to conform the terms of the 2003
Loan Agreement, as amended by the 2007 Amendatory Loan Agreement and the 2011
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 South Kenai Peninsula Hospital Service
Area General Obligation Refunding Bond, 2016 (the "2016 Municipal Bond" and together with
the 2007 Municipal Bond and the 2011 Municipal Bond, the "Municipal Bond") and for the
refunding of a portion of the Borough's 2007 Municipal Bond as provided herein.
NOW, THEREFORE, the parties agree as follows:
1. The Bank will refund a portion of the outstanding 2007 Series Two Bonds as
provided in the Series Resolution. The amount of the principal installments of the Borough's
2007 Municipal Bond corresponding to the refunded maturities of the 2007 Series Two Bonds,
and the interest payable thereon, shall be adjusted pro rata in accordance with the debt service
payable on the Refunding Bonds as set forth in the 2016 Municipal Bond delivered to the Bank
in exchange for the 2007 Municipal Bond. The 2016 Municipal Bond, together with the
replacement 2007 Municipal Bond delivered in exchange for the original 2007 Municipal Bond,
henceforth shall mature in the principal amounts and bear interest at the rates per annum as stated
on Exhibit A appended hereto.
Page 2
2. Section 2 of the Amended Loan Agreement is amended by replacing current
language with the following:
The Borough represents that it has duly adopted all necessary ordinances or resolutions,
including Ordinance No. 2003-12, adopted by the Borough Assembly on July 1, 2003, and
Resolution No. 2003-086, adopted by the Borough Assembly on August 5, 2003 (together, the
"Borough's 2003 Ordinance") and that the Borough's 2003 Ordinance is in full force and effect,
and that it has taken all proceedings required by law to enable it to enter into the 2003 Loan
Agreement and issue its 2003 Municipal Bond to the Bank and that the 2003 Municipal Bond
constituted a direct and general obligation of the South Peninsula Hospital Service Area (the
"SPHSA") and the full faith and credit of the SPHSA was pledged to the payment of the
principal and interest on the 2003 Municipal Bond. The Borough irrevocably pledged and
covenanted that it will levy and collect taxes upon all taxable property within the SPHSA
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 2003 Municipal Bond as the same
become due and payable.
The Borough represents that it has duly adopted all necessary ordinances or resolutions,
including Resolution No. 2006-096, adopted on November 21, 2006 (the "Borough's 2006
Resolution") and that the Borough's 2006 Resolution is in full force and effect, and that it has
taken all proceedings required by law to enable it to enter into the 2007 Amendatory Loan
Agreement and to issue its 2007 Municipal Bond to the Bank and that the 2007 Municipal Bond
constitutes a direct and general obligation of the SPHSA, secured by the SPHSA's full faith and
credit, all duly authorized by the Borough's 2007 Resolution.
The Borough represents that it has duly adopted all necessary ordinances or resolutions,
including Resolution No. 2011-071, adopted on July 5, 2011 (the "Borough's 2011 Resolution")
and that the Borough's 2011 Resolution is in full force and effect, and that it has taken all
proceedings required by law to enable it to enter into the 2011 Amendatory Loan Agreement and
to issue its 2011 Municipal Bond to the Bank and that the 2011 Municipal Bond constitutes a
direct and general obligation of the SPHSA, secured by the SPHSA's full faith and credit, all
duly authorized by the Borough's 2011 Resolution.
The Borough represents that it has duly adopted or will adopt all necessary ordinances or
resolutions, including Resolution No. 2016-046, adopted on September 6, 2016 (the "Borough
Refunding Resolution" and together with the Borough's 2003 Ordinance, the Borough's 2006
Resolution and the Borough's 2011 Resolution, the "Borough's Ordinance"), 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 SPHSA, secured by the SPHSA's full faith
and credit, all duly authorized by the Borough Refunding Resolution.
3. The 2016 Municipal Bond shall not be subject to prepayment prior to maturity.
Page 3
4. Section 14 of the Amended Loan Agreement is amended by adding the following
paragraph:
The Borough represents that the Borough's Ordinance is in full force and effect and has
not been amended, supplemented or otherwise modified, other than by the Borough's Refunding
Resolution and as previously certified by the Borough to the Bank.
5. Section 16 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
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.
6. Section 22 of the Amended Loan Agreement is amended to include the following
paragraph:
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:
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 any of the 2007 Municipal Bond, the
2011 Municipal Bond or the 2016 Municipal Bond remains outstanding. The Borough agrees
that filings under this Section 23 shall be made in connection with CUSIP Nos. 01 179P, 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).
Page 4
8. A new Section 24 is added to the Amended Loan Agreement, as follows:
(a) The Borough hereby certifies that all proceeds of the 2003 Municipal Bond, the
2007 Municipal Bond and the 2011 Municipal Bond, 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 2003 Municipal Bond, the 2007 Municipal Bond and the 2011 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 2003 Municipal Bond was issued
exclusively for new money purposes and (ii) a portion of the 2007 Municipal Bond and a portion
of the 2011 Municipal Bond were previously used to advance refund portions of the 2003
Municipal Bond.
9. A new Section 25 is added to the Amended Loan Agreement, as follows:
As heretofore amended and as amended hereby, the 2003 Loan Agreement will remain in
full force and effect so long as any of the 2007 Municipal Bond, the 2011 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
Y:
DEVEN MITCHELL
Executive Director
KENAT PENINSULA BOROUGH, ALASKA
By:
CRAIG C. CHAPMAN
Its: Finance Director
Page 6
i *i :11
Kenai Peninsula Borough, Alaska
South Kenai Peninsula Hospital Service Area General Obligation Refunding Bond, 2007, issued
on April 5, 2007 (the "2007 Municipal Bond")
Principal Sum of $15,000
Principal Interest
Principal Payment Date Amount Rate
December 1, 2016 $15,000 4.000%
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
Kenai Peninsula Borough, Alaska
South Kenai Peninsula Hospital Service Area General Obligation Refunding Bond, 2016, issued
on November 3, 2016 (the "2016 Municipal Bond")
Principal Sum of $2,660,000
Principal Payment Date Principal Interest
(December 1) Amount Rate
2016 $20,000 2.000%
2020 620,000 4.000
2021 645,000 4.000
2022 670,000 5.000
2023 705,000 5.000
Principal installments shall be payable on December 1 in each of the years, and in the amounts
set forth above. Interest on the 2016 Municipal Bond shall be payable on December 1, 2016, and
thereafter on June 1 and December 1 of each year.
Prepayment Provisions: The 2016 Municipal Bond principal installments are not subject to
prepayment prior to maturity.
Page A-2
i *i :11
Page B-1
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 $6.00 $6.00
Municipal Levy $5,799,400 $5,904,617 $5,957,735 $5,901,738 $6,032,826 $5,919,263
Current Years Collections $5,753,039 $5,874,918 $5,893.452 $5,842,721 $6,006,776 $5,874,181
Current Collection Rate 9920% 99.50% 98.92% 99.00% 99.57% 99.24%
Total Year's Collections $5,807,869 $5,909,321 $5,893,452 $5,842,721 $6,006,776 $5,892,028
Total Collection Rate 100.15% 100.081A 98.92% 99.00% 99.57% 99.54%
General Fund
$ 13,384,8/3 $ 14,2b8,3i.0 1, 1,, $ o'a,IIL,,/99 Unreserved Ending Fund Balance 13,308,4/1 S 15,996,.,,,i
Expenditures $ 23,260,649 $ 24,075,729 $ 23,691,912 1 $ 23,628,379 $ 30,621,436 $ 25,055,621
Fund Balance/ Expenditures 49% 56% 60% 60% 40% 56.38%
Total Revenues $ 24,709,916 $ 26,584,728 $ 25,953,885
$
80
29,227,140
$ 26,507,173
1
26,596,568
Intergovernmental Revenues $ 2,3,298 $ 2,659,323 $ 2,693,860 $ 2,771,990 $ 2,807,749 $ 2,662,644
Percentage Intergovernmental 30% 10% 10% 10%1 10.02%
Overall Municipal Debt Position
$ 68,1.,.,,411 $ -
Revenue Debt - Enterprise Funds $ 68,807,401 $ 106,145,822 $ 108,940,000
Revenue Debt - Governmental Funds $ 165,750 $ 156,000 $ 146,250 $ 202,641 $ -
General Obligation Debt Governmental Funds $ 36,300,000 $ 32,290,000 $ 31,020,000 $ 28,635,000 $ 25,990,OC
General Obligation Debt - Enterprise Funds $ - - - $ - $
Total General Obligation Debt $ 36,300,000 $ 32,290,000 $ 31,020,000 $ 28,635,000 $
Total Revenue and General Obliation Debt 105,273,151 $ 101,039,411 $ 137,312,072 $ 137,777,641 $ 149,
Guversmental GU Debt/ Taxable Assessed Value 31 ttta% 3.10% TIl'
Total Revenue and G O Debt/A.V. Id .69 10.2 % 1372 ii 11 ,(,
General Obligalios Debt Per Capita $,138 $3,607 $3,415 $3,152 62,86
Total Revenue and GO Debt Per Capita $12,000 $11,287 $15,116 $15,167 $16,488
General Economic and Demographic Data 2011 2012 2013 2014 2015 Annual Growth
Population 8,773
8,9521 9,0841 9,0841 9,061 -0.25%
Taxable Assessed Value $ 985,073,129 $ 990,930,238 $ 1,001,066,784 $ 983,623,000 $ 1,005,471,000 2.22%
Assessed Value Per Capita I $ 112,285 $ 110,694 $ 110,2011 $ 108,281 $ 110,967 -
Top lO Tax Pavers asa% of Assessed Value
-
7.64% 7.97% 7577 7,577. 7.575
The Borough has not roteploted its fiscal year 2018 audit as of the date of the preparation of this table.
D-1
City and Borough of Sitka
Electric Enterprise Fund
Financial Summary
2011 2012 2013 2014 2015
Assets
Cash 24,320,421 31,450,650 28,803,187 13,505,669 4,447,481
Restricted Assets 6,871,164 3,595,875 21,197,459 18,121,955 21,733,477
Other Assets 5,010,167 7,266,275 13,897,615 11,777,153 7,988,506
Construction in Progress 11,646,987 18,086,724 58,930,539 137,885,040 12,535,308
Utility Plant in Service 63,103,150 61,775,003 59,900,343 59,508,277 217,550,674
Total Assets 110,951,889 122,174,527 182,729,143 240,798,094 264,255,446
Liabilities and Net Assets
Liabilities
Other Liabilities 1,722,772 2,477,182 6,355,564 13,017,817 3,355,323
Revenue Bonds Payable 48,700,000 47,570,000 79,485,000 105,100,000 119,510,000
Deferred toss/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 (> L25) 1.41 1.43 1,27 1.34 1.27
Note: $2,500,000 transferred into Rate Stabilization Fund in FY2015
$2,006,696 transferred out of Rate Stabilization Fund in FY2015
Total of rate Stabilization Fund as of June 30, 2015 -$3,001,304
The Borough has not completed its fiscal year 2015 audit as of the date of the preparation of this table.
D-2
CITY AND BOROUGH OF SITF
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 20 15
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 1,166,003 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
e 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
Borrowers Property Tax Rate per $1000 $10.51 $10.55 $10.55 $10.66 $10.76 $10.61
Municipal Levy $40,739,944 $45,108,992 $45,852,292 $43,540,984
Current Year's tections $40,329,083 $41,431,682
-
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-
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-
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$43,987,108 $44,818,184 $45,548,172 $43,222,846
Current Collection Rate 98.99% 99.23% 99407 99.367 99.34% 99.26%
Total Year's Collections $40,728,566 $41,721,795 94,200,111 $45,017,746 $45,548,172 $43,443,278
Total Collection Rate 99.977. 99.93% 99.88% 99.80% 99,34% 99.78%
General Fund -
ii i,/2,,,.,oO Unassig ned Plus Emergency Operati ng Res (GASB#54) . 3,',o.eiu $ 'e,7 5 ' 5,.67 $ LO,2.IL,j1.c S 15,50 0,2
Expenditures $ 50,540,314 1 $ 51,283,781 $ 84,553,473 1 $ 86,380,150 $ 94,808,876 $ 73,513,319
Fund balance/ Expenditures 3.42% 6.79% 8.86%1------20.01% 21,3811% 12.1
Total Revenues $ 66,008,466 $ 50,036,584 $ 88,778,005 $ 97,936,255 -
-
F 98,018,608 $ 80,155,584
Intergovernmental Revenues $ 14,313,000 $ 15,464,700 $ 30,635,700 $ 41,429,692 $ 32,072,000 $ 26,783,018
Percentage Intergovernmental 227 317 35% 42% 33% 32.42%
Overall Municipal Debt Position
s ao,ua,jsi 9 43,6, .,,652 .9 41,o,,,,U67 1 $ ,o,v90,908 ia aa4oe,'i4 - Revenue Debt - Enterprise Funds
Revenue Debt - Governmental Funds -T ---3-,-59-g-,5-7-5 $ 2,861,747 $ 2,091,457 $ 6,807,086 $ 26,972,320
General Obligation Debt - Governmental Funds $ 148,301,000 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314,000
General Obligation Debt - Enterprise Funds - S - - - -
Total General Obligati on Debt $ 148,301,000 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314,000
Total Revenue and General Obligation Debt $ 197 108 916 $ 179 987 429 $175782,524 $ 168,965,994 5 180,722,763
Gover t I 3 q
TH 18evue ani C, Dehl/AV. .94% 4,42% 4.13% 3.88% 402% ......
General Obligation Debt I'er Capila $4,742 94,113 64,023 93,699 $3,492,
Total Revenue and GO Debt Per Capita $6,302 $5,548 $5,370 $5,116 $5,472
General Economic and Demographic Data 2011 2012 2013 2014 1 2015 Annual F'opulabon 311235
Taxable Assessed Value $ 3,989,344,944
Assessed Value Per Capita $ 127,5571
Top 10 Tax Payers as a % of Assessed Value
-.
13.78%1
32,441 32,660 33,030 33,026 -0.010
$ 4,071,713,732 $ 4,275,067,217 $ 4,379,714,933 $ 4,484,327,332
$ 125,511 $ 130,896 $ 132,598 1 $ 135,782
-
-
13.61% 13,73%.1382%
-
13,61%
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 3508,430
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
31,275 32,441 32,660 33,064
1.19 179 1.21 1.67
pulation of City
venue Bond Coverage
9,758,734
3,105,738
4,202,862
3,347,050
1,150,701
206,809
5,788,674
6,224,425
12,219,908
33,064
2.60
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 4728,522 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
CITY AND BOROUGH OF JUNEAU
PORT DEVELOPMENT SPECIAL REVENUE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
Plant In-Service (net of depreciation)
Construction Work in Progress
Cash
Restricted Assets
Other Assets
Total Assets
LIABILITIES AND NET ASSETS
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Operating Revenues
Operation and Maintenance
Administrative and General
Depreciation
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
!Capital Contributions
Net Transfers-In (Out)
Change in Net Assets
Population of C
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 2,819,979 2,555,051 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 n ot 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 1752043 1,43T,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
LIABIL111ES AND NETASSETS
Bond Debt 13,050,000 11,705,000 11,596,229 10,204,712 8,688,824
Other Liabilities 904,428 2,052,663 1132 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 (2741 745) (1,835,347)
Operating Revenues 10859,195 10,841 324 11,057,791 11,447,862 114451 168
Operating Expenses 9,894,353 9,594,317 9,666,530. 9,961,681 9,745,914
Depreciation 832,579 780,765 935,689 1,008,253 841,433
Operating Income (Loss) . 132,263 466,243 455,592 477,928 857,821
Non-Operating Revenue (Expense) 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
CITY AND BOROUGH OF JUNEAU
BARTLETT REGIONAL HOSPITAL
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
$72,772,410 $74,566,327 $74,002,798 $69,208,456 $63,710,212
6,866,781 6,202224 2,826,314 228,425 3,647,565
14,990,308 17,386,169 26,113,833 38,596,921 44,834,531
10,160,114 6,549,498 5,490,768 5,327,673 5,327,519
23,011,263 23,462,113 25,230,206 20,528,164 23,810,042
127,800,876 128,166,331 133,663,919 133,889,639 141,329,869
25,570,000 24,926,795 25,304,679 24,346,618 24,346,618
11,391,053 8,999,867 8,829,067 11033,875 46,306,102
36,961,053 33,926,662 34,133,746 35,380,493 70,652,720
90,839,823 94239,669 99,530,173 98,509,146 70,677,149
90,680,836 95,026,373 84,250,207 80,198,274 90,281,184
83,883,389 89,411,913 76,967,444 78,820,476 92,676,249
6,552,177 7,145,290 7,001,295 7,086,559 6,815,728
245,270 (1,530,830) 281,468 (5,708,761) (9,210,793)
1,579,634 3,306,366 4,119,820 3,610,234 14,405,416
1,824,904 1,775,536 4,401,288 (2,098,527) 5,194,623
89,002 471,910 134,658 0 0
1,152,600 1,152,400 1,123,000 1,077,500 1,054,500
3,066,506 3,399,846 5,658,946 (1,021,027) 6,249,123
31,275 32,441 32,660 33,064 33,064
3.63 3.00 7.34 2.50 8.97
ASSETS
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)
Special item- NPO/OPEB write off
Change in Net Assets
Population of City
Revenue Bond Coverage
To1( lOb tirn130bt S 33,910,300 S 30,230,000 S 26,020,000 5 43.055,000 S 41,320.000
ToL1Rrn 1OHt,rnfl 10 3 33913,303 5 20,230000 5 '6S'0000 S 40,000 5 4L30 500
03 00, 040 005 1)
0.04 0.00'. 000
I 15 d(X)flb1/AV(mrj 0.53% 046 040 005
5612 5530 547.3 5792 5737
5612 $536 5433 5792 5723
E,outk aM D-tog,aphic D
2311
M#,e.4 V1u 5 6,393,531,000
As05'IuePCap90 15 , 115.407
Q(T0141 A4V4b.. 13
(1) 2015, 2014 Id ion m,dI10,J 3.1— I, 50,W.to6
tho oow,tot0ILI3349, 03340,037 md 06,544,057 o5001014v0o
0, m,u41 byo 1e,,d,t,,i
2012 2013 201.4 2013
56,569 56756 56,362 57,147 050
33,241,000 5 6,726,010.000 15 6,960,190,300 5 6,332,443,000
117,675 5 113,331 15 122,405 S 121.509
1.1335. 16-IS; 170r, t.
Central Peninsula General Hospital
FINANCIAL SUMMARY
2il 2Qi2 21 2014 2015
ASSETS
Capital Assets (net of depreciation) $67,842,931 $64,853,893 $69,429,959 $71,387,990 $93,151,047
Cash 21700,302 27,803,487 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 5,069,037
Unspent bond proceeds 31,275,450 18,468,485
Other Assets 19,105,718 29,383,574 29,863,006 32,652,905 38,942,891
Total Assets 122,330,313 134,095.908 146,313.501 191966.077 212.108,821
LIABILITIES AND NET ASSETS
Revenue Bonds Payable - - 32,490.000 33,890,000
GO Bonds Payable 35,990,000 32,255,000 30,130,000 27,905.000 25,670,000
Other Liabilities 10,965,610 18,041,771 18,176,258 20,336,761 24,137,535
Total Liabilities 46,955,610 50,296,771 48,306,258 80,731,761 83,697,535
NETASSETS 75,374,703 83,799,137 98,007.249 111,234,316 128,411,286
Operating Revenues 101.279,075 116,849.605 123,951,269 126,713,712 144,009,565
Operating Expenses 86,771,449 99,255.770 102,247,165 104,364,018 117,067,440
Depreciation 8,056,595 8,004.562 7,959.306 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-10
THIS AMENDATORY LOAN AGREEMENT, dated as of the 1st day of April 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 Kenai Peninsula 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 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 "2005 General Bond Resolution"), a series resolution entitled
"A Series Resolution Authorizing the Issuance of General Obligation Refunding Bonds
2007 Series Two of the Alaska Municipal Bond Bank," adopted November 30, 2006 (the
"Series Resolution," and together with the 2005 General Bond Resolution, the
"Resolution"), the Bank issued its General Obligation Refunding Bonds, 2007 Series Two
(the "2007 Series Two Bonds"); and
WHEREAS, the Borough 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 Borough from the proceeds of the Bank's
General Obligation Bonds, 2003 Series E ("2003 Series E Bonds") in the amount of
$10,290,000, evidenced by a Loan Agreement dated as of September 1, 2003 (the "Loan
Agreement") between the Bank and the Borough, and by the South Peninsula Hospital
Service Area General Obligation Bonds, Series 2003 of the Borough, dated September 30,
2003 (the "Municipal Bonds") and purchased by the Bank; and
WHEREAS, the Bank has determined that refunding a portion of the 2003 Series
E Bonds will reduce the combined principal and interest payments thereon and on the
Municipal Bonds; and
WHEREAS, pursuant to the 2005 General Bond Resolution the Bank adopted the
Series Resolution authorizing the issuance of bonds to refund a portion of the 2003 Series
E Bonds (the "Refunding 2003 Series E Bonds"); and
WHEREAS, to effect the proposed refunding and resulting debt service savings on
the 2003 Series E 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 2003 Series E Bonds as
provided in the Series Resolution. The amounts of the principal installments of the
Municipal Bonds corresponding to the refunded maturities of the 2003 Series E Bonds, and
the interest payable thereon, shall be adjusted pro rata in accordance with the debt service
payable on the Refunding 2003 Series E 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 16 of the Loan Agreement is amended to include the following:
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 2005 General
Bond Resolution (i) it shall execute and delivery to the Bank a continuing disclosure
certificate which will cause the Borough to provide to each Nationally Recognized Municipal
Securities Information Repository and to a State Information Depository, if one is
established in the State, annual financial information and operating data as required by
Rule 15c2-12(b)(5) of the Securities and Exchange Commission Act of 1934 (the "Rule")
until the final maturity date of the Municipal Bonds or as otherwise notified by the Bank.
Annual financial and operating data shall include annual financial statements of the
Borough, prepared in accordance with generally accepted accounting principles, as such
principles may be changed from time to time, and information generally of the type
included in Appendix 0 of the Official Statement and attached hereto as Exhibit B.
The Bank shall notify the Borough iflt determines the Borough is one of the Governmental Units that has a ten percent or
greater amount of outstanding bonds held by the Bank under its 2005 General Bond Resolution and will prepare the necessary
continuing disclosure certificate for execution by the Borough.
AMBB/Gener& Obligation Bonds, 2007 Series Two
Amendatory Loan Agreement - KPB
:\Docs137421705Amndatory Agreement KPB.wpd Page 2
IN WITNESS WHEREOF, the parties hereto have executed this Amendatory Loan
Agreement as of the date first set forth above.
ALASKA MUNICIPAL/B OND BANK
[SEAL]
N J. MITCHELL
Director
\\%lflhtIIlII//,/,
IOK8U '4 KENAI PENINSULA BOROUGH, ALASKA
°•'
CRAIG C4HAPMAN
1964 Finance Director
ATTE T:
IMI 10V 1-1
. S
AMBIGenera! Obligation Bonds, 2007 Series Two
Amendatory Loan Agreement - KPB
I:0s13742I705Amndatory Agreement - KPB.wpd Page 3
EXHIBIT A
Kenai Peninsula Borough, Alaska
Kenai Peninsula Borough, South Peninsula Hospital Service Area General Obligation
Bonds, Series 2003
Principal Sum of $4,585,000
Principal Payment Date Principal Interest
(December 1) Amount Rate
2007 $390,000 2.50%
2008 400,000 3.00
2009 415,000 3.25
2010 430,000 3.50
2011 445,000 4.00
2012 460,000 4.00
2013 480,000 4.00
2014 500,000 4.00
2015 520,000 5.00
2016 545,000 4.50
/)00 '
L' ) if
v0)
/ 00 0
50)
AMBB/General Obligation Bonds, 2007 Series Two
Amendatory Loan Agreement - KPB
I:\Docs\3142705Amendatcry Agreement - KPB.wpd -
Kenai Peninsula Borough, South Peninsula Hospital Service Area General Obligation
Refunding Bonds, Series 2007
Principal Sum of $3,080,000
Principal Payment Date Principal Interest
(December 1) Amount Rate
2007 $10,000 3.75%
2008 10,000 3.75
2009 10,000 3.75
2010 15,000 3.75
2011 15,000 3.75
2012 15,000 4.00
2013 15,000 4.00
2014 15,000 4.00
2015 15,000 4.00
2016 15,000 4.00
2017 15,000 4.00
2018 15,000 5.00
2019 20,000 5.00
2020 680,000 5.00
2021 710,000 4.00
2022 735,000 4.00
2023 770,000 4.50
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.
AMBBfGeneraI Obligation Bonds, 2007 Series Two
Amendatory Loan Agreement - KPB
k\Docs\374217051Amendat3ry Agreement - t<PB.wpd -
Exhibit B
AMB B/General Obligation Bonds, 2007 Series Two
Amendatory Loan Agreement - KPB
I:\Docs137421 705\An,endatory Agreement - KPB.wpd -
CITY OF KETCHIKAN
KETCHIKAN PUBLIC UTILITIES ENTERPRISE FUND
FINANCIAL SUMMARY
2005 2004 2003 2002
Audited Audited Audited Audited
ASSETS
Utility Plan In-Service $65,655,049 $66,742,145 $67,621,026 $70,915,742
Construction Work in Progress 2147,195 1,838,196 30,078,405 12,211495
Cash 15,601,381 14,973,617 14,766,191 12885,250
Restricted Assets 3,731,971 3,653,916 8,433,752 15,175,772
Other Assets 6,770,815 6,496,443 7,552144 6,646,446
Total Assets - 93,906,411 93,704,317 128,451,518 120,834,705
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 22,475,000 23,960,000 26,060,000 27,710,000
Other Liabilities 3,444,420 2,990,668 7,690,314 16,067,212
Total Liabilities 25,919,420 25,950,668 33,750,314 43,777,212
NET ASSETS 67,986,991 66,753,649 94,701,204 77,057,493
Operating Revenues 27,691,757 27,180,231 27,744,410 26,240,240
Operation and Maintenance 13,974,313 14,874,171 14,604,369 14,799,604
Administrative and General 5,106,907 5,139,468 4,452,846 4,393,991
Depreciation 6,248,245 6,113,112 5,971,682 6,238,429
Payment in Lieu of Taxes 650,000 650,000 650,000 650,000
Operating Income (Loss) 1,712,292 403,480 2,065,513 158,216
Non-Operating Revenue (Expense) (736,471) (1,139,856) (1,183,143) (1,504,093)
Net Income (Loss) Before Contribution 975,821 (736,376) 882,370 (1,345,877)
Contributions 257,521 1,099,417 16,761,341 2,661,328
Transfer of Net Assets - Swan
Lake -Lake Tyee Intertie Project (28,310,596)
Change in Net Assets 1,233,342 (27,947,555) 17,643,711 1,315,451
Population of Service Area * 13,125 13,093 13,685 13,683
Population of City 7,685 7,691 8,002 7,845
# of Electric Customers 7,202 7,161 7,178 7,171
#of Telephone Access Lines 9,840 10,131 10,653 11,259
# of Water Customers 2,928 2,905 2,851 2,847
Revenue Bond Coverage 3.33 2.22 3.02 1.85
* Water is only provided within the City
D-1
CITY OF KETCH IKAN
PORT FINANCIAL SUMMARY
November30
2006 2005 2004 2003 2002
Unaudited Audited Audited Audited Audited
ASSETS
Cash $5092853 $7066674 $5,121,067 $2,895,450 $2,163,498
Port Facilities (net) 9,184,461 9,762,409 10,072,444 10,282,618 9,737,592
Construction Work in Progress 24,963293 1,632,135 2,686197 2,276353 358,350
Restricted Assets 21324,432
Other Assets 41,405 47,113 99,752 129,455 95,360
Total Assets 60606.444 18508,331 17,979460 15,583876 12,354,800
LIABILITIES AND NET ASSETS
General Obligation Bonds Payable 1,685,000 1,880,000 2,065000 2,245,000 2,415,000
Revenue Bonds Payable 38,500,000
• Other Liabilities 3,070,898 3759,032 2,541,005 3,261,400 114,355
Total Liabilities 43,255,898 5,639,032 4,606,005 5,506,400 2,529,355
NET ASSETS 17,350,546 12,869,299 13,373,455 10,077,476 9,825,445
Operating Revenues 6,461,113 7,096,948 51000,010 1,774457 1,661,674
Operation and Maintenance 1,055,883 1,945,688 792,954 828,052 595,557
Depreciation 577,948 618,708 632,143 610,454 616,196
Payment in Lieu of Taxes/Taxes 93,592 102,100 102,100 102,100 102,100
Operating Income (Loss) 4,733,690 4,430,452 3,472,813 233,851 347,821
Non-Operating Revenue (Expense) (252,443) (68,390) (183,706) (22,824) (100,244)
Net Income (Loss) Before Contribution 4,481247 4,362,062 3,289,107 211,027 247,577
Contributions 12,251 6,872 41,004 25,000
Extraordinary Item (2,432,884)
Transfers (2,445,585)
Change in Net Assets 4,481,247 (504,156) 3,295,979 252,031 272,577
Revenue Bond Debt Coverage:
1.25 xAnnual Debt Service 5.74 N/A N/A N/A N/A
1.0 xAnnual Debt
Service/Reserves Account/Repair
and Replacement Fund/S PH
Lease Payments N/A NIA N/A N/A N/A
* Unaudited
4 o Ships 35 37 37 37 34
# of Calls/Stops 469 562 535 538 503
# 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 ax o ections _____________
Borrower's Property Tax Rate er $1 000 $312 $9.17 $3.12 $3.12 $3.12
Munici al Le $634,287 $666,848 $733,298 $792,210 $694,613
Current Years Collections $618,356 50,763 $717,697 $806,888 $682,430
Current Collection Rate 97.49% 97.59% 97.87% 98.20% 97.36%
Total Years Collections $644,892 $669,065 $733,301 $802,200 $699,988
Total Collection Rate 101.67% 100.33% 100,00% 101.00% 100.737.
General Fund -
Unreserved Ending Fund Balance $ 4,966,740 5,188,880 $ 5,389,198 $ 4,586,941
Ex en itures $ 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 $ 7,398,160 $ 8,247 828 $ 8,008,048
Inter overnmental Revenues $ 973,170 829,535 $ 984,920 $ 966,532
Percentage Inter overnurental 14% 11% 12% 12% 13%
vets Uflicipa Debt Position - - - -
Revenue Debt - Enterprise Funds $ 5,974,587 $ 5,673,722 $ 6,410,000 $ 10,590,000
General ligation Debt - Governmental Funds $ 7,223,262 7,069,933 $ 6,348,571 $ 5,576,146
General Obli ation Debt- Enter rise Funds $ 1,386,738 $ 665,068 $ 521,429 $ 373,854
bli afioji Debt Total General Obligation $ 8,610,000 $ 7,735,001 6,870,000 $ 5,950,000
Total Revenue and General Obli ation Debt $ 14,584,587 $ 13,408,723 $ 13,280,000 $ 16,540,000
Governmental GO Debt Assessed Value in 3.17% 2.57% 2.12%
Enterprise GO Debt Assessed Value in 0.30% 0.21% 0.14%
Total General Obligation Debt A.V. un 3.477. 2.78% 2,26%
Total Revenue and GO Debt/A.V. mrv 6.01% 5.37% 6.28'
General Obli ation Debt Per Ca ita $2,830 $2,705 $2,283
Total Revenue and GO Debt Per Ca ita $4,906 ,228 $6,347
General Economic and Demographic Data 2003 2004 2005 2006 Annual Growth
Rate
Population 2,794 2,733 2,540 2,606 2.60%
Assessed Value $ 216,698,235 $ 223,202,115 $ 247,172,838 $ 263,528,984 6.62%
Assessed Value Per Capita $ 77,558 $ 81,669 $ 97,312 $ 101,124
Top 10 Tax Payers as a % of Assessed Value 25.84% 18.48% 16,69% 17.00%
Harbor Enterprise Fund-Specific Data
Total Revenues $1,831,275 $1,846,276 $1,943,424 $2,394,604
Total Operating Expenses $1,237,187 $1,149,701 $1,310,211 $1,434,630
Net Revenue Available for Debt Service $594,0881 $696,5751$633,2131 $959,966
Annual Debt Service Payments 1 $243,5681 $20,6181$255,5421 20,741
Debt Coverage 2.441 2.861 2A81 2.99
General Obligation Bond Debt Outstanding $0 $0 $0 $0
Revenue Bond Debt Outstanding $2,820,000 $2,725,000 $3,120,000 $8,510,000
Total Harbor Enterprise Debt Outstanding $2,820,000 $2,725,000 $3,120,000 $8,510,000
(nfl')) most recenlygar Unaudited/estmi'ites
D-3
901c1 'iIll
AGREEMENT, dated as of the 1St day of September 2003, 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 Kenai Peninsula Borough, Alaska, a duly constituted second class borough of the
State (the "Borough"):
WITNESS ETH:
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 purchased by the
Bank; and
WHEREAS, the Borough is desirous of borrowing money from the Bank in the
amount of $10,500,000 and has submitted an application to the Bank for a Loan in the
amount of $10,500,000, and the Borough has duly authorized the issuance of its fully
registered bond in the aggregate principal amount of $10,290,000 (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 Bond
Resolution on May 27, 1976, as amended (the "General Bond Resolution"), and a Series
Resolution adopted on August 25, 2003 (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 $10,290,000. 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 for the Borough 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 Borough represents that it has duly adopted or will adopt all necessary
ordinances or resolutions, including Ordinance No. 2003-12 passed by the Borough
Assembly on July 1, 2003 and Resolution No. 2003-086 passed by the Borough Assembly
on August 5, 2003 (together, the "Borough's Ordinance"), 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 general obligation
bond and the full faith and credit of the Borough will be pledged for payment of the principal
of, and interest on, the Municipal Bond.
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, unless required under Section 7 hereof to be paid at least seven
business days before the interest payment date, shall be paid by the Borough in such
manner and at such times 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"), 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) 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
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payable by the Borough on the Municipal Bond for the corresponding year pursuant to the
terms of the Municipal Bond, then both the Municipal Bond Interest Payments and the
Municipal Bond Principal Payments will be adjusted. in such a manner that (i) the interest
rate paid 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 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 paragraph (3) of
Section 603 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,
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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 on 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 on 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 Obligation 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 Obligation were issued
in a principal amount in excess of or less than the principal amount of the Municipal Bond
remaining unpaid at the date of issuance of such refunding bonds, the amount which the
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 Obligation has been refunded and the interest the Bank is
required to pay on the refunding bonds is less than the interest the Bank was required to
pay on the Loan Obligation, the amount 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.
lathe event the Loan Obligation has 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 Obligation is to be redeemed, shall be the applicable premium, if any, on the Loan
Obligation to be redeemed.
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 Obligation.
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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
Kenai Peninsula Borough, 144 N. Binkley Street, Soldotna, Alaska 99669, 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 2003 Series E General Obligation Bonds (the "2003 Series E 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 Borough's Ordinance 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.
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.
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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 Bank shall cause to be prepared an Official Statement (the "Official
Statement") for the 2003 Series E Bonds. The Borough shall provide promptly to the Bank
the information concerning the Borough and the Municipal Bond (the "Municipal
Information") (i)that the Bank requests for inclusion in the Official Statement, or (ii) that the
Borough considers to be material to the purposes for which the Official Statement is to be
used.
As a condition to the payment of the amount of the Loan or any portion thereof, the
Borough shall provide to the Bank a certificate, dated the date of issue of the 2003 Series
E Bonds, of an authorized officer of the Borough that 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 necessary to make the statements therein, in light of the circumstances under-which they
were made, not misleading in any material respect; and (ii) to the best knowledge of such
officer, no event affecting the Borough 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 and information
therein not misleading in any material respect.
The Borough will undertake in the Disclosure Certificate for the benefit of the
Beneficial Owners of the 2003 Series E 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 similar to the financial
information found in Appendix E to the Official Statement as required by Rule I 5c2-12(b)(5)
of the Securities and Exchange Act of 1934, as the same may be amended from time to
time (the "Rule"). The Borough will provide to each NRMSIR or to the Municipal Securities
Rulemaking Board, and to the SID, timely notice of a failure by the Borough to provide
required annual financial information on or before the date specified below. The annual
financial information that the Borough will provide will consist of annual financial statements
for the Borough, 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 six
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months after the end of each fiscal year of the Borough, as such fiscal year may be
changed from time to time, commencing with the Borough's fiscal year ending June 30,
2003.
17. If any provision of this Loan Agreement shall for any reason be held to be
invalid or unenforceable, the invalidity or unenforceability of such provision shall not affect
any of the remaining provisions of this Loan Agreement and this Loan Agreement shall be
construed and enforced as if such invalid or unenforceable provision had not been
contained herein.
18. This Loan Agreement may be executed in one or more counterparts, any of
which shall be regarded for all purposes as an original and all of which constitute but one
and the same instrument. Each party agrees that it will execute any and all documents or
other instruments, and take such other actions as are necessary, to give effect to the terms
of this Loan Agreement.
19. No waiver by either party of any term or condition of this Loan Agreement
shall be deemed or construed as a waiver of any other term or condition hereof, nor shall
a waiver of any breach of this Loan Agreement be deemed to constitute a waiver of any
subsequent breach, whether of the same or of a different section, subsection, paragraph,
clause, phrase or other provision of this Loan Agreement.
20. In this Loan Agreement, unless otherwise defined herein, all capitalized terms
which are defined in Article I of the General Bond Resolution shall have the same
meanings, respectively, as such terms are given in Article I of the General Bond Resolution.
21. This Loan Agreement merges and supersedes all prior negotiations,
representations and agreements between the parties hereto relating to the subject matter
hereof and constitutes the entire agreement between the parties hereto in respect thereof.
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IN WITNESS WHEREOF the parties hereto have executed this Agreement
the day and year first above written.
ALASKA MUNICIPAL BOND BANK
[SEAL]
KENAI PENINSULA BOROUGH
By
CRAIG CjAPMAN /
Acting Finance Director
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EXHIBIT HA TO LOAN AGREEMENT BETWEEN THE
KENAI PENINSULA BOROUGH, ALASKA, AND
THE ALASKA MUNICIPAL BOND BANK
Kenai Peninsula Borough, Alaska
South Peninsula Hospital Service Area General Obligation Bonds 2003
Principal Date Principal Interest
(December 1) Amount Rate
2004 $290,000 2.00%
2005 375,000 2.00
2006 385,000 2.00
2007 390,000 2.50
2008 400,000 3.00
2009 415,000 3.25
2010 430,000 3.50
2011 445,000 4.00
2012 460,000 4.00
2013 480,000 4.00
2014 500,000 4.00
2015 520,000 5.00
2016 545,000 4.50
2017 570,000 5.125
2018 600,000 5.00
2019 630,000 5.00
2020 660,000 5.25
2021 695,000 5.25
2022 730,000 5.25
2023 770,000 5.25
The Bonds shall mature on December 1 in each of the years, and in the principal amounts
set forth above. Interest on the Bonds shall be payable on June 1, 2004, and thereafter on
June 1 and December 1 of each year.
REDEMPTION TERMS: The Bonds are subject to optional redemption.
OPTIONAL REDEMPTION: The 2003 Series E Bonds maturing on or after December 1,
2014, are subject to redemption in whole or in part at the option of the Bond Bank on any
date on or after December 1, 2013 at a price of 100% of the principal amount thereof to be
redeemed plus accrued interest to the date of redemption.
AMBB/Oenar& Obligation Bonds, 2003 Series E
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ii I 'Y_' 1.] '1 i71 LIc1 Z L 1:1 II
THIS AMENDATORY LOAN AGREEMENT, dated as of the 1st day of
September 2011, 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 Kenai Peninsula 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 ("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 in order to obtain
from time to time money with which to make, and or refinance, municipal Loans, the
Bank adopted its General Obligation Bond Resolution on July 13, 2005, as amended
August 19, 2009 (the "General Bond Resolution"); and
WHEREAS, the Bank made a Loan to the Borough from proceeds of the Bank's
General Obligation Bonds, 2003 Series E ("2003 Series E Bonds") in the amount of
$10,290,000, evidenced by a Loan Agreement dated September 1, 2003, as amended
April 1, 2007 (the "Loan Agreement") between the Bank and the Borough; and
WHEREAS, as security for repayment of the Loan, the Borough issued its South
Peninsula Hospital Service Area General Obligation Bonds Series 2003, dated
September 30, 2003 (the "Municipal Bond"), as amended and reissued, in part, on April
1, 2007 (the "2007 Municipal Bond") of which the Bank is the registered owner; and
WHEREAS, the Bank has determined that refunding a portion of the 2003 Series
E Bonds will result in a debt service savings thereon and on a portion of the outstanding
Municipal Bond; and
WHEREAS, pursuant to the terms of the General Bond Resolution the Bank
adopted Series Resolution No. 2011-04, approved on July 26, 2011 (the "Series
Resolution" and together with the General Bond Resolution, the "Bond Resolution")
authorizing the issuance of bonds to, in part, refund a portion of the 2003 Series E
Bonds (the "Refunding Bonds"); and
WHEREAS, to effect the proposed refunding and resulting debt service savings
on the 2003 Series E Bonds and a portion of the outstanding Municipal Bond, 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 that portion of the Municipal
Bond to be reissued as provided herein:
NOW, THEREFORE, the parties agree as follows:
1. The Bank will refund a portion of the outstanding 2003 Series E Bonds as
provided in the Series Resolution. The amounts of the principal installments of the
Municipal Bond corresponding to the refunded maturities of the 2003 Series E Bonds,
and the interest payable thereon, shall be adjusted pro rata in accordance with the debt
service payable on the Refunding Bonds. The Municipal Bond henceforth shall mature
in the principal amounts and bear interest at the rates per annum as stated on Exhibit A
appended hereto. The portion of the Municipal Bond not reissued and refunded is
referred to as the "2003 Municipal Bond" on Exhibit A. The portion of the Municipal
Bond reissued and refunded in conjunction with this Amendatory Loan Agreement is
referred to as the "2011 Municipal Bond."
Exhibit A also reflects the maturity schedule for the 2007 Municipal Bond,
however, nothing in this Amendatory Loan Agreement shall modify the terms of the
2007 Municipal Bond.
2. The refunding Municipal Bond shall not be subject to optional prepayment
prior to maturity.
3. Section 16 of the Loan Agreement is amended to include the following:
The Borough further 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, it shall execute a continuing disclosure agreement for purpose of
Securities and Exchange Commission Rule 15c2-12, adopted under the Securities and
Exchange Act of 1934 and provide the Bank for inclusion in future official statements,
upon request, financial information generally of the type included in Appendix D under
the heading "Summaries of Borrowers Representing 10% in More of Outstanding
Principal of Bonds Issues Under the 2005 Bond Resolution" to the Official Statement
and attached hereto as Exhibit B.
4. A new section 22 is added to the Loan Agreement to include the following:
The Borough hereby agrees to keep and retain, until the date six years after the
retirement of the Municipal Bond, or any bond issued to refund the Municipal Bond, or
such longer period as may be required by the Borough's record retention policies and
procedures, records with respect to the investment, expenditure and use of the
AMBB/General Obligation and Refunding Bonds, 2011 Series Three
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proceeds derived from the sale of its Municipal Bond, including without limitation,
records, schedules, bills, invoices, check registers, cancelled checks and supporting
documentation evidencing use of proceeds, and investments and/or reinvestments of
proceeds. The Borough agrees that all records required by the preceding sentence shall
be made available to the Bank upon request.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment to
Loan Agreement as of the date first set forth above.
DVEN J. MITCHE
Eecutive Director
KENAI PENINSULA BOROUGH,
ALASKA
CRAIG a'CHAPMP
Finance Director
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EXHIBIT A
Kenai Peninsula Borough, Alaska
South Peninsula Hospital Service Area General Obligation Bonds, Series 2003
(the "2003 Municipal Bond")
Principal Payment Date Principal Interest
(December 1) Amount Rate
2011 $445,000 4.00%
2012 460,000 4.00
2013 480,000 4.00
Optional Prepayment: The 2003 Municipal Bond is not subject to prepayment prior to
maturity.
Kenai Peninsula Borough, Alaska
South Peninsula Hospital Service Area General Obligation
Refunding Bonds, Series 2007
(the "2007 Municipal Bond")
Principal Payment Date Principal Interest
(December 1) Amount Rate
2011 $15,000 3.75%
2012 15,000 4.00
2013 15,000 4.00
2014 15,000 4.00
2015 15,000 4.00
2016 15,000 4.00
2017 15,000 4.00
2018 15,000 5.00
2019 20,000 5.00
2020 680,000 5.00
2021 710,000 4.00
2022 735,000 4.00
2023 770,000 4.50
Optional Prepayment: The 2007 Municipal Bond principal payments due on or after
December 1, 2017 are subject to prepayment 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 prepaid, plus accrued interest to the date of prepayment.
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Kenai Peninsula Borough, Alaska
South Peninsula Hospital Service Area General Obligation Bonds, Series 2003,
As Amended on September 15, 2011
(the "2011 Municipal Bond")
Principal Sum of $3,285,000
Principal Interest
Principal Payment Date Amount Rate
March 1, 2012 $60,000 2.00%
September 1, 2014 480,000 5.00
September 1, 2015 500,000 4.00
September 1, 2016 525,000 5.00
September 1, 2017 545,000 5.00
September 1, 2018 575,000 5.00
September 1, 2019 600,000 4.00
Optional Prepayment: The 2011 Municipal Bond is not subject to prepayment prior to
maturity.
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APPENDIX D
Summaries of Borrowers Representing
10% or More of Outstanding Principal of Bonds
Issued Under the 2005 General Bond Resolution
Page 1 of 6
'1Ii1U -1 'AUllJ• l
CITY OF KETCHIKAN
GENERAL OBLIGATION FINANCIAL SUMMARY
Municipal Financial Position 2006 2007 2008 2009 2010 Average
Froperty Tax Collecteons ___________________________________________________ Borrowers Property Tax Rate per $1,000 $6.40__ $6.10 $6.10 $6.10 $6.10 $6.16
Municipal Levy $4,053,256 $4,253,726 $4,689,323 $4,868,459 $4,885,779 $4,550,108.60
Current Year's Collections $4,029,013 - $4,172,267 $4,644,308 $4,794,074 $4,689,396 $4,465,811.60
Current Collection Rate 99.40% 98.087T 99.04% 98.47% 95.98% 98.15%
Total Years Collections $4,057,007 $4,236,037 $4,675,035 $4,844,090 9,689,396 9,500,315.00
Total collection Rate 100.09% 99.58% 99.70% 99.50% 95.98% 98.91%
General Fund
$ 5,590,212 $ 5,328,835 $ 5,070,342 $ 4,649,409 $ 5,101,448 $5,148,049 Unreserved Ending Fund Balance
Expenditures $ 15,671,819 7 16,132,631 $ 18,476,845 7 18,084,246 $ 17,159,791 $17,105,066
Fund Balance/Expenditures 36% 33% 27% 26% 30% 30%
Total Revenues $ 12,540,441 $ 13,129,154 8 15,082,274 $ 14,019,651 $ 13,886,302 $13,731,564
Intergovernmental Revenues $ 947,656 $ 1,380,391 $ 2,047,712 $ 1,348,409 $ 1,233,173 81,391,468
Percentage Intergovernmental 8% 11% 14% 10% 9% 10%
Overall Municipal Debt Position
$ 59,080,000 $ 58,089,266 $ 57,697,106 TERM _____________________________ $ 56,063,232 Revenue Debt- Enterprise Funds
Revenue Debt - Governmental Funds $ - $ - 8 - $ -
General Obligation Debt - Governmental Funds $ 7,180,571 $ 6,617,377 $ 6,044,339 7---9,9-5 ,000 8 12,080,000
General ObIgation Debt - Enterprise Funds $ 1,685,000 $ 2283,278 $ 2,112,504 $ 1,935,458 $ 4,942,967
Total General Obligation Debt $ 8,865,571 $ 8,900,655 $ 8,156,543 $ 7,390,458 $ 17,022,967
Total Revenue and General Obligation Debt $ 67,945,571 $ 66,989,921 $ 65,853,949 $ 63,832,681 $ 73,086,199
---
1.13% 0.95% 0.7976 0.68% 1.51% Governmental GO Debt/ Assessed Value çmry$
Enterprise GO Debt / Assessed Value (mry) 0.27% 0.33% 0.27% 0.247 0.62%
1.40% Total General Obligation
Debt/A.V. (mry) 1.28% 1.06% 0.93% 2.13%
Total Revenue and GO Debt/ AN. (mry) 10.73% 9.61% 8.57% 8.00%
-F
$2,115 General Obligation Debt Per Capita $1,157 $1,151 $1,086 $985
Total Revenue and GO Debt Per Capita $8,868 $8,664 $8,771 $87508 $9,079
General Econonuc and Demographic Data 2006 2007 2008 2009 2010 Annual
Growth Rate
Population
Assessed Value
Assessed Value Per Capita
Top 10 Tax Payers as a %of Total Assessed Value
7,662
$633,321,300
I_$82,657
_7,732
_$697,332,200
_7,508
_$768,741,400
_7,503
_$798,108,100
_8,050
_$800,947,400
_$99,497
_7.29%
_0.36%
_$90,188
_10.12%_9.93%_9,60%_8.73%_10,57%
_$102,390 _$106,372
lioP):_most recent year
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*1II:IIl;1
CITY OF KETCHIKAN
KETCI-IIKAN PUBLIC UTILITIES ENTERPRISE FUND
FINANCIAL SUMMARY
2006 2007 2008 2009 2010
Audited Audited Restated Audited Audited
ASSETS
Utility Plan In-Service $63,472,399 $65,675,153 $65,397,934 $69,718,266 $67,177,925
Construction Work in Progress 3,720,138 3,046,020 8,748,881 8,017,706 14,788,563
Cash 18,036431 17,271,704 15,351,432 13,958,674 12,566,005
Restricted Assets 3,592,407 3,881,216 5,128,184 4,062167 3,050,592
Other Assets 7,537,978 9,709,775 11,890,125 8,686,219 12,118,366
Total Assets 96,359,353 99,583,868 106516,536 104,443,032 109,701451
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 20,580,000 20,214266 20,574,802 19,902,223 20,233,232
Other Liabilities 4,243,388 5,320,524 6,782,025 4,045,215 3,983,215
Total Liabilities 24,823,388 25,534,790 27,356,827 23,947,438 24,216,447
NET ASSETS 71,535,965 74,049,078 79,159,709 80,495,594 85,485,004
Operating Revenues 31,085,610 30,786,551 33,275,983 33,310,537 32,975,154
Operation and Maintenance 15,188,374 17,777,974 19,912,114 20,861,336 19,060,639
Administrative and General 5,635,363 5,076,384 5.634,660 6,034,476 5,603,405
Depreciation 6,861,088 6,624,656 5,728,819 6,086,514 5,932,099
Payment in Lieu of Taxes
Operating Income (Loss) 3,400,785 1,307,537 2,000,390 328,211 2,379,011
Non-Operating Revenue (Expense) (108,887) 197,069 75,885 (402,557) (479,652)
Net Income (Loss) Before Contribution 3,291,898 1,504,606 2,076,275 (74,346) 1,899,359
Contributions 907,076 1,658,507 3,601,635 2,085,231 3,818,051
Special Item 82,721
Transfer of Net Assets - Swan
Lake -Lake Tyee Intertie Project
Transfer - Payment In Lieu of Taxes ** (650,000) (650,000) (650,000) (675,000) (728,000)
Change in Net Assets -
3,548,974 2,513,113 5,110,831 1,335,885 4,989410
Population of Service Area 13,174 13,166 12,993 12,984 13,477
Population of City 7,662 7,732 7,508 7,503 8,050
# of Electric Customers 7,251 7,305 7,346 7,365 7,418
# of Telephone Access Lines 9,554 9,039 8,122 7,467 6,994
# of Water Customers 3,035 3,230 3,223 3,217 3,207
Revenue Bond Coverage 3.92 3.21 2.93 2.30 2.80
* Water is only provided within the City
Change in accounting standards payment in lieu of tax must be reported as a transfer
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YA•il.I• .1 A•II.]I •]
CITY OF KETCH IKAN
PORT FINANCIAL SUMMARY
2006 2007 2008 2009 2010
Audited Audited Audited Audited Audited
ASSETS
Cash $4529687 $8,471,112 $4939650 $4,827,125 $4,364,226
Port Facilities (net) 10,405,568 41,226,714 46,312,527 44,947,620 43,642947
Construction Work in Progress 26,082,665 3,493,927 832,620 963,018 1,116,782
Restricted Assets 19,872,348 4,743,690 4,215,907 4,819,708 5,307,521
Other Assets 515,697 560,772 2103,049 1,730,443 1,281312
Total Assets 61,405,965 58,496,215 58,403,753 57,287,914 55,712788
LIABILITIES AND NET ASSETS
General Obligation Bonds Payable 1,685,000 1480,000 1,265,000 1,035,000 795,000
Revenue Bonds Payable 38,500,000 37,875,000 37,220,000 36,540,000 35,830,000
Other Liabilities 7,105081 5,130,176 4,191,404 3,147,957 3,134814
Total Liabilities 47,290,081 44,485,176 42,676,404 40,722,957 39,759,814
NET ASSETS 14,115,884 14,011,039 56063,232 16,564,957 15,952,974
Operating Revenues 6,427,207 7,895,063 8,839,267 8,922,228 8,000492
Operation and Maintenance 2,299,099 1,506,749 3,653,251 5,368,009 5,319,252
Depreciation 657,485 985,775 1,390,850 1,460,265 1,446,527
Property Taxes 154,041 167,219
Payment in Lieu of Taxes **
Operating Income (Loss) 3,470,623 5,402,539 3,795,166 1,939,913 1067,494
Non-Operating Revenue (Expense) (277,726) (1,681,716) (1,896,558) (1,718,248) (1,903,421)
Net Income (Loss) Before Contribution 3,192,897 3,720,823 1,898,608 221,665 (835,927)
Contributions and Capital Grants 9,448 1,848,500 703,308 905,943 518,944
Extraordinary Item
Special Item 14,789 - -
Transfers (1,853,659) (5,572,069) (617,625) - -
Transfer- Payment in Lieu of Taxes (102,100) (102,100) (282,770) (290,000) (295,000)
Change in Net Assets 1,246,586 (104,846) 1,716,310 837,608 (611,983)
1.25 x Annual Debt Service 6.59 2.67 3.42 2.78 2.23
1.0 x Annual Debt
Service/Reserves Account/Repair
and Replacement Fund/SPH
Lease Payments N/A N/A 1.61 1.31 1.10
* Unaudited
# of Ships 35 36 37 36 26
# of Calls/Stops 503 499 502 496 429
# of Water Passengers 838,880 899,638 941,910 937,419 828,929
* Reflects statistical information provided by the Ketchikan Visitors Bureau
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TAIIil -] W'aUIlJU •J
CITY AND BOROUGH OFSITKA
GENERAL OBLIGATION FINANCIAL SUMMARY
Munisipsi Financial Position 2007 2003 2009 2010 Averfl
ropeiiy Tax Collections
Borrowers Property Tax Rate per $1,000 $6.00 $6.00 $6.00 $6.00
Municipal Levy $5,003,463 $5,558,821 $5,735,000 $5,768,331 $5,
Current Years Collections $4,983,438 $5,501,591 $5,689,030 $5,735,962 $5,
Current Collection Rate 99.60% 98.97% 99.20% 99.44% 9930%
Total Yeai's Collections $5,013,706 9,525,653 $5,737,647 $5,277,183 $5,513,547
Total Collection Rate 100.20% 99.40% 100.05% 100.15% 99.95%
General Fund
$ 8,766,337 6,389,357 $ 7,193,254 Unreserved Ending Fund Balance $ 8,853,936 $7,800,721
Expenditures $ 23,002,357 $ 23,575,260 $ 23,817,458 $ 23,597,203 $23,498,070
Fund Balance/Expesiditures 38% 27% 30% 38% 33%
Total Reyesiues $ 23,513,736 $ 24,718,668 $ 25,925,306 $ 24,882,306 $24,760,004
Intergovernmental Revenues $ 1,949,569 $ 2,174,717 $ 2,393,157 $ 2,219.501 $2,184,236
Percentage Intergovernmental 8% 97. 91/
Overall Municipal Debt Position
$ 50,247,039 $ 50,517,063 $ 48,467,078 Revenue Debt - Enterprise Funds $ 48,625,608
Revenue Debt Governmental Funds - $ 195,000 S 185,250 $ 175,500
General Obligation Debt Governmental Funds $ 30,540,000 $ 29,035,000 $ 34,410,000 $ 32,550,000
General Obligation Debt - Enterprise Funds $ - $ $ - $ -
Total General Obligation Debt $ 30,540,000 $ 29,035,000 $ 34,410,000 $ 32,550,000
Total Revenue and General Obligation Debt $ 79,165,608 $ 79,477,039 $ 85,112,315 $ 81,192578
Governmental GO Debt/Taxable Assessed Value 354% 3.47% 3,65% 3.42%
Total Revenue and GO Debt/A.V. 9.18% 8.49% 9.04% 8.52%
General Obligation Debt Per Capita
r
$3,533 $3,370 $31989
,-
$3,665
Total Revenue and GO Debt Per Capita $9,158 $9,225 $9,866 $9,142
General Economic and Demographic Data 20(17 2003 2009 2010 umnUOWth
1 Rate
Population 8,644
Taxable Assessed Value $ 861,978,476
Assessed Value Per Capi ta I $ 99,720
Tax Pa are as a % of Assessed Value 6.51%
8,615 8,627 81881 2.94%
$ 935,894,126 $ 941,464,880 $ 952,574,685 1,18%
$ 108,635 S 109,130 $ 107,261)
6.35% 8.36% 8121% A 10
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yARII.I - AUII] -
City and Borough of Sitka
Electric Enterprise Fund
Financial Summary
2004 2005 2006 2007 2008 2009 2010
Audited Audited Audited Audited Audited Audited Audited
Assets
Cash 8,143,639 9,387,420 7,413,414 8,458,918 9,393,512 8,993,721 8,868,159
Restricted Assets 6,388,355 6,412,431 6,893,530 6,964,401 7,020,244 7,376,785 7,149,277
Other Assets 1,984,033 1,821,898 2,188,653 2,189,489 3,185,865 3,602,067 4,256,023
Construction in Progress 1,220,488 1,580,484 1,504,571 1,524,810 1,130,584 2,883,684 5,555,467
Utility Plant In Service 71,247,965 69,529,520 69,974,445 69,898,054 67,569,782 66,094,407 64,914,833
Total Assets 88,984,480 88,731,753 87,974,613 89,035,672 88,599,987 88,950,664 90,743,759
Liabilities and Net Assets
Liabilities
Other Liabilities 320,698 492,294 471,531 663,351 654,181 419,304 636,920
Revenue Bonds Payable 39,600,000 38,050,000 36,390,000 34,570,000 32,550,000 30,395,000 28,090,000
Deferred loss on bonds (1,650,996) (1,511,558) (1,372,120) (1,232,682) (1,093,244) (954,781) (815,343)
Revenue Note Payable 10,386,520 10,287,213 9,977,213 9,760,076 9,534,167 9,299,130 9,054,598
Total Liabilities 48,656,222 47,317,949 45,466,624 43,760,745 41,645,104 39,158,653 36,966,175
Net Assets 40,328,258 41,413,804 42,507,989 45,274,927 46,954,883 49,792,011 53,777,584
Operating Revenues 9,538,911 9,976,533 9,999,043 10,716,798 10,539,726 11,846,117 10,852,914
Operating Expenses
Administrative and General 1,309,195 1,204,058 1,334,555 1,392,512 1,799,393 1,955,508 1,699,737
Operation and Maintenance 2,946,610 3,582,937 3,282,047 3,752,526 4,144,733 4,465,023 4,366,115
Depreciation 1,815,328 1,877,245 1,920,919 2,006,972 2,024,708 1,998,438 1,994,177
Operating Income 3,467,778 3,312,293 3,461,522 3,564,688 2,970,892 3,427,148 2,792,885
Nonoparating revenue (expense)
Investment Income 248,638 751,273 450,992 791,965 1,020,133 642,422 523,298
Interest Expanse (3,045,411) (2,976,520) (2,881,055) (2,741,335) (2,621,198) (2,469,192) (2,369,426)
Other - - 62,726 50,717 315,931 351,823 208,962
Net Income before
contributions and transfers 671,005 1,087,046 1,094,185 1,665,035 1,685,758 1,952,201 1,155,719
Capital contributions 1,300,914 603,582 2,853,752
Extraordinary Item:
Net Pension Obligation Relief 281,345
Transfer In (Out) net (186,823) (1,500) - - (5,802) (23,898)
Change In Net Assets 484,182 1,085,546 1,094,185 2,966,949 1,679,956 2,837,128 3,985,573
Population of City and
Borough 8,805 8,947 8,833 8,644 8,615 8,627
N of electric customers 4,975 5,012 5,061 5,113 5,197 5,257 5,278
KwH Sold 94,534,990 95,844,639 98,405,781 106,491,085 109,997,183 114,866,192 108,739,970
Revenue Bond Debt Service 3,949,208 3,987,436 4,111,182 4,024,958 4,113,594 4,106,690 4,108,407
Revenue Bond Coverage (>1.25) 1.40 1.49 1.43 1.59 1.54 1.56 1.34
Data not available
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