Tab_25r IN 1 iy I,] Iowa KIM,wwtes a as as i asi
THIS AMENDATORY LOAN AGREEMENT, dated the 181h day of October 2016,
between the Alaska Municipal Bond Bank (the "Bank"), a body corporate and politic constituted
as an instrumentality of the State of Alaska (the "State") exercising public and essential
governmental functions, created pursuant to the provisions of Chapter 85, Title 44, Alaska
Statutes, as amended (the "Act"), having its principal place of business at Juneau, Alaska, and
the City of Wasilla, Alaska, a duly constituted first class city of the State (the "City"):
WITNESSETH:
WHEREAS, pursuant to the Act, the Bank is authorized to issue bonds and loan money
(the "Loans") to governmental units; and
WHEREAS, the City is a "Governmental Unit" as defined in the General Bond
Resolution of the Bank hereinafter mentioned and 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 City from proceeds of the Bank's General
Obligation Bonds, 1998 Series A (the "1998 Series A Bonds") in the amount of $5,500,000,
evidenced by a Loan Agreement, dated April 1, 1998 (the "1998 Loan Agreement"), between the
Bank and the City; and
WHEREAS, as security for repayment of the Loan and as provided in the 1998 Loan
Agreement, the City issued its Wasilla, Alaska, General Obligation, Street Improvement Bonds,
1998A, dated April 1, 1998 (the "1998 Municipal Bond"), of which the Bank was the registered
owner; and
WHEREAS, after the issuance of the 1998 Series A Bonds, the Bank used a portion of
the proceeds of the Bank's General Obligation Bonds, 2007 Series One (the "2007 Series One
Bonds") to refund a portion of the 1998 Series A Bonds and a corresponding portion of the
principal installments of the 1998 Municipal Bond; and
WHEREAS, in connection with the issuance of the 2007 Series One Bonds and the
refunding of a portion of the 1998 Municipal Bond, the Bank and the City entered into an
Amendatory Loan Agreement, dated January 1, 2007 (the "2007 Amendatory Loan
Agreement"), between the Bank and the City; and
WHEREAS, as provided in the 2007 Amendatory Loan Agreement, the City delivered to
the Bank the City's City of Wasilla General Obligation Refunding Bond, 2007 Series A, dated
January 31, 2007 (the "2007 Municipal Bond"), in exchange for the refunded portion of the 1998
Municipal Bond; and
WHEREAS, the Bank has determined that refunding a portion of the outstanding 2007
Series One Bonds will result in a debt service savings thereon and on the 2007 Municipal Bond;
and
WHEREAS, on September 6, 2016, the Board adopted Series Resolution No. 2016-05
(the "Series Resolution" and, together with the General Bond Resolution, the "Bond
Resolution") authorizing the issuance of its General Obligation and Refunding Bonds, 2016
Series Three (the "Refunding Bonds") in part to refund a portion of the 2007 Series One Bonds;
and
WHEREAS, to effect the proposed refunding and resulting debt service savings on the
2007 Series One Bonds and the 2007 Municipal Bond, and to conform the terms of the 1998
Loan Agreement, as amended by the 2007 Amendatory Loan Agreement (the "Amended Loan
Agreement"), to the current practices of the Bank, it is necessary to amend the terms of the
Amended Loan Agreement and to provide for the issuance by the City to the Bank of the City's
General Obligation Refunding Bond, 2016 Series A (the "2016 Municipal Bond" and together
with the 2007 Municipal Bond, the Municipal Bond") and for the refunding of a portion of the
City's 2007 Municipal Bond as provided herein.
NOW, THEREFORE, the parties agree as follows:
1. The Bank will refund a portion of the outstanding 2007 Series One Bonds as
provided in the Series Resolution. The amount of the principal installments of the City's 2007
Municipal Bond corresponding to the refunded maturities of the 2007 Series One Bonds, and the
interest payable thereon, shall be adjusted pro rata in accordance with the debt service payable on
the Refunding Bonds as set forth in the 2016 Municipal Bond delivered to the Bank in exchange
for the 2007 Municipal Bond. The 2016 Municipal Bond, together with the replacement 2007
Municipal Bond delivered in exchange for the original 2007 Municipal Bond, henceforth shall
mature in the principal amounts and bear interest at the rates per annum as stated on Exhibit A
appended hereto.
2. Section 2 of the Amended Loan Agreement is amended to include the following
paragraph:
The City represents that it has duly adopted all necessary ordinances or resolutions,
including Ordinance Serial No. 97-48, adopted on August 11, 1997, and Resolution Serial No.
98-06, adopted on February 23, 1998 (together, the "City's 1997 Ordinance") and the City's
1997 Ordinance is in full force and effect, and that it has taken all proceedings required by law to
enable it to enter into the 1998 Loan Agreement and to issue its 1998 Municipal Bond to the
Bank and that the 1998 Municipal Bond constituted a direct and general obligation of the City,
secured by the City's pledge of its full faith and credit, all duly authorized by the City's 1997
Ordinance.
Page 2
The City represents that it has duly adopted all necessary ordinances or resolutions,
including Resolution Serial No. 06-52, adopted on December 11, 2006 (together, the "City's
2006 Resolution") and that the City'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 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 City, secured by the City's pledge of its full faith and credit, all
duly authorized by the City's 2006 Resolution.
The City represents that it has duly adopted or will adopt all necessary ordinances or
resolutions, including Resolution Serial No. 16-20 adopted on September 12, 2016 (the "City
Refunding Resolution" and together with the City's 1997 Ordinance and the City's 2006
Resolution, the "City'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 City, secured by the City's pledge of its full faith and credit, all duly authorized
by the City 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.
4. Section 15 of the Amended Loan Agreement is amended by replacing the current
language with the following:
The City agrees that if its bonds constitute ten percent (10%) or more of the outstanding
principal of municipal bonds held by the Bank under its General Bond Resolution it shall provide
the Bank for inclusion in future official statements, upon request, financial information generally
of the type included in Appendix D of the Bank's Official Statement, dated October 18, 2016,
under the heading "Summaries of Borrowers Representing 10% or More of Outstanding
Principal of Bonds Issued Under the 2005 Bond Resolution" attached hereto as Exhibit B.
The City further agrees that if its bonds constitute ten percent (10%) or more of the
outstanding principal of municipal bonds held by the Bank under its General Bond Resolution, it
shall execute a continuing disclosure agreement prepared by the Bank for purpose of Securities
and Exchange Commission Rule 15c2-12, adopted under the Securities and Exchange Act of
1934.
5. A new Section 21 is added to the Amended Loan Agreement, as follows:
The City 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 City for so long as either the 2007 Municipal Bond or the 2016
Municipal Bond remains outstanding. The City agrees that filings under this Section 21 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 City.
The City agrees that if it shall receive from the Bank CUSIP number(s) in addition to those set
Page 3
forth in this Section then it shall make its filings using both CUSIP numbers herein stated and
any additional CUS]IP number(s).
6. A new Section 22 is added to the Amended Loan Agreement, as follows:
The City 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 City's record retention policies and procedures, records with
respect to the investment, expenditure and use of the proceeds derived from the sale of its 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 City agrees that all records required by the preceding
sentence shall be made available to the Bank upon request.
7. A new Section 23 is added to the Amended Loan Agreement, as follows:
(a) The City hereby certifies that all 1998 Municipal Bond and 2007 Municipal Bond
proceeds, except for those proceeds that are accounted for as transferred proceeds in the arbitrage
certificate for its 2016 Municipal Bond, have been expended prior to the date hereof.
(b) The City hereby certifies that to date all required rebate calculations relating to
the 1998 Municipal Bond and the 2007 Municipal Bond have been timely performed and the
City has remitted any necessary amount(s) to the Internal Revenue Service.
(c) The City hereby certifies that (i) the 1998 Municipal Bond was issued exclusively
for new money purposes and (ii) a portion of the 2007 Municipal Bond was previously used to
advance refund a portion of the 1998 Municipal Bond.
A new Section 24 is added to the Amended Loan Agreement, as follows:
The City agrees that it will provide the Bank with written notice of any default in
covenants under the City's Ordinance within thirty (30) days from the date thereof.
The City represents that the City's Ordinance is in full force and effect and has not been
amended, supplemented or otherwise modified, other than by the City Refunding Resolution and
as previously certified by the City to the Bank.
9. A new Section 25 is added to the Amended Loan Agreement, as follows:
As heretofore amended and as amended hereby, the 1998 Loan Agreement will remain in
full force and effect so long as either the 2007 Municipal Bond or the 2016 Municipal Bond
remains outstanding.
Page 4
ALASKA MUNICIPAL BOND BANK
DVEN MITCHELL
Executive Director
IN WITNESS WHEREOF, the parties hereto have executed this Amendatory Loan
Agreement as of the date first set forth above.
CITY OF WASILLA, ALASKA
By:
Its:
IN WITNESS WHEREOF, the parties hereto have executed this Amendatory Loan
Agreement as of the date first set forth above.
ALASKA MUNICIPAL BOND BANK
IN
DEVEN MITCHELL
Executive Director
CITY OF WASILLA, ALASKA
By:
Its:
EXHIBIT A
City of Wasilla, Alaska
General Obligation Refunding Bond, 2007 Series A, issued on January 31, 2007 (the "2007
Municipal Bond")
Principal Sum of $375,000
Principal Interest
Principal Payment Date Amount Rate
December 1, 2016 $375,000 5.000%
The remaining principal installment shall be payable on December 1 in the year, and in the
amount set forth above. Interest on the 2007 Municipal Bond shall be payable on December 1,
2016.
Prepayment Provisions: The remaining 2007 Municipal Bond principal installment is not subject
to prepayment prior to maturity.
Page A-I
City of Wasilla, Alaska
General Obligation Refunding Bond, 2016 Series A, issued on November 3, 2016 (the "2016
Municipal Bond")
Principal Sum of $815,000
Principal Payment Date Principal Interest
(December 1) Amount Rate
2016 $15,000 2.000%
2017 395,000 2.000
2018 405,000 4.000
Principal installments shall be payable on December 1 in each of the years, and in the amounts
set forth above. Interest on the 2016 Municipal Bond shall be payable on December 1, 2016, and
thereafter on June 1 and December 1 of each year.
Prepayment Provisions: The 2016 Municipal Bond principal installments are not subject to
prepayment prior to maturity.
Page A-2
-9 OEM
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 95,957,73 $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 99.20% 99.50% 98.92% 99.00% 99.577. 99.24% Total Years Collections $5,807,869 $5,909,321 $5,893,452 $9,842,721 $6,006,776 $5,892,028 Total Collection Rate 100.15% 100.08% 98.92% 99.00% 99,57% 99.54%
General Fond
,4?5 Sii,564,613 6 14,208,394 S 15,99b,580 14,720,675 514,015,799 Expenditures
Fund Balance/Expenditures
,849
49%
$ 24,075,729
56%
$ 23,691,92
60
9 23,628,379
68%
$ 30,621,436
48%
$ 25,055,621
56.38%
Unreserved Ending Fund Balance
M$24,709,916 Total Revenues
Intergovernmental Revenues
,
,
$ 26,584,728
$ 2,659,323
$ 25,953,865
$ 2,693,860
$ 26,507,173
$ 2,771,990
$ 29,227,140
$ 2,807,749
$ 26,596,568
$ 2,662,644 Percentage Intergovernmental 10% 10% 10 10% 10%
Municipal Debt Position
10.02%
Overall
6 -. 68,593,411 $ 105,145,822 $ 108,940,000 $ 22J,215,000 Revenue DbE ,,401
Revenue Debt - Governmental Funds $ 165,750 $ 156,000 $ 146,250 $ 202,641 $ 189,409 General Obligation Debt - Governmental Funds $ 36,300,00C, $ 32,290,000 $ 31,020,000 $ 28,635,000 $ 25,990,000
General Obligation Debt -Enterprise Funds $ - - - $ - $ - Total General Obligation DebI $ 36,300,000 $ 32,290,000 $ 31,020,000 $ 28,635,000 25 $ ,990,000 Total Revenue and Gerterol Oblication Debt 9 105,273,151 $ 101,039,411 $ 137,312.072 $ 137,777,641 $ 149,194,409
Government-si (7Ct l)eht/Tovot,le Awe'sed Valtirt 36'tl,
1',t Rc-- ,'d (C.) DJ't/AV ii.O 1i).2'::, .0.72 0. 01Y
General Obligation Debt Per Capita $4,138 $3,607 53,415 93,152 62,866 Total Revenue and GO Debt Per Capita $12,000 $11,287 $15,116 $15,167 $16,480
General Economic and Demographic Data 2011 2012 2013 2014 2015 Annual
U
a
COWth
te Population 8,773 8,952 9,084 1 9,064 1 9,061 -0.25%
Taxable Assessed Value $ 985,073,129 $ 990,930,238 $ 1,001,066,784 $ 993,623,000 $ 1,005,471,000 2.22%
Assessed Value Per Capita $ 110,694 1 $ 110,201 $108,281J $ 110,967
The Borough has not completed its fiscal year 2015 audit as nO the date of the preparatio,, of this table.
D-1
City and Borough of Sltka
Electric Enterprise Fund
Financial Summary
2011 2012 2013 2014 2015
Assets
Cash 24,320,421 31,450,650 28,803,187 13,505,669 4,447,481
Restricted Assets 6,871,164 3,595,875 21,197,459 18,121,955 21,733,477
Other Assets 5,010,167 7,266,275 13,897,615 11,777,153 7,988,506
Construction in Progress 11,646,987 18,086,724 58,930,539 137,885,040 12,535,308
Utility Plant in Service 63,103,150 61,775,003 59,900,343 59,508,277 217,550,674
Total Assets 110,951,889 122,174,527 182,729,143 240,798,094 264,255,446
Liabilities and Net Assets
Liabilities
Other Liabilities 1,722,772 2,477,182 6,355,564 13,017,817 3,355,323
Revenue Bonds Payable 48,700,000 47,570,000 79,485,000 105,100,000 119,510,000
Deferred loss/premium on bonds 1,471,509 (1,711,547) 5,943,338 6,742,293 6,347,870
Revenue Note(s) Payable 8,800,188 8,535,498 7,973,608 7,973,608 10,050,744
Total Liabilities 60,694,469 56,871,133 99,757,510 132,833,718 139,263,936
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 (> 125) 141 143 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
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
PlantIn-Service (net of depreciation) 14,789299 14,122,591 13,550,231 13,153,475 20,560,565
Land 90,000 90,000 90,000 90,000 90,000
Construction Work in Progress 20,229 57,838 665,476 7,824,365 939,917
Cash 3,733,467 4,735,101 6,599,187 6,616,954 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 Property Tax Collections
Borrowers Property Tax Rate per $1,000 $10.51 $10.55 $10.55 $10.66 $10.76 $10.61 Municipal Levy $40,739,944 $41,751,673 $44,252,019 $45,108,992 $45,852,292 $43,540,984 Current Years Collections $40,329,083 $41,431,682 $43,987,108 $44,818,184 $45,548,172 $43,222,846 Current Collection Rate 98.997' 99.23% 99.40% 99.36% 99.34% 99.26% Total Years Collections $40,728,566 $41,721,795 $44,200,111 95,017,746 P7548,172 $43,443,278 Total Collection Rate 99,97% 99.93% 99.88% 99.80% 99.34% 99.78%
General Fund
Unassigned Plus Emergency Operating Res (GASB#54) " 1,729,365 3,484,loi /,4$474 i,2s5,b6/ $ 20,272,312 $ 1U,u55,252 Expenditures $ 50,540,314 $ 51,283,781 $ 84,553,473 7 86,380,150 $ 94,808,876 $ 73,513,319
Fund Balance/ Expenditures 3.427 6.79% 8.86% 20.01% 21.38% 12.09% Total Revenues $ 66,008,466 $ 50,036,584 $ 88,778,005 7-7979777W $ 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 22% 31% 35% 42% 337. 32.42%
Overall Municipal Debt Position
$ 45,206,j4i.9 43,079,692 —41,90,U67 9 40,090,908 $ 38,436l13 Revenue Debt -Enterprise Funds
Revenue Debt - Governmental Funds $ 3,599,575 $ 2,861,747 $ 2,091,457 $ 6,807,086 —F —26,972,J20 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 3 - - - -
Total General Obligation Debt $ 148,301,000 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314,000
Total Revenue and General Obligation Debt $ 197,108,916 $ 179,987,429 $ 175,382,524 $ 168.965,994 S 180,722,763
Governmental GO Deb t/laxable Assessed Value 3,72V 3 2i 3.U71 2 Total Revenue and 37 1 Deh/Ax. •L4' 4.42 4 11',
General Obligation Debt Per Capita $4,742 $4,113 $4,323 53,096 $3,42 Total Revenue and GO Debt Per Capita $6,302 $5,548 $5,370 $5,116
General Economic and Demographic Data 2011 1 2012 2013 2014 2015 Annual iopulaUon 31,275 32,441 32,660 33,030
Taxable Assessed Value L $ 3,989,344,944 $ 4,071,713,732 $ 4,275,067,217 $ 4,379,714,933
Assessed Value Per Capita $ 127,557 $ 125,511 $ 130,896 $ 132,598
Top In Tax Pavers as a % of Assessed Value 13.78% 1371% 13.82% 13.61%
33,026 -0.01%
$ 4,484,327,332 2.39%
$ 135,792
13, 1',
i,I
2011 2012 2013 2014 2015
ASSETS
PlantIn-Service (net of depreciation) $13,827,335 $12,844,129 $11,875,368 $14,325,870 $17,517,553
Construction Work in Progress 29,889,294 33,499,769 42,397,974 40,419,697 50,214,768
Cash 4,728,522 4,660,755 3,466,374 4,030,992 3,975,676
Restricted Assets 10,702,703 11,196,479 10,946,328 10,554,614 9,581,172
Other Assets 764,741 847,869 543,407 679,907 1,718,645
Total Assets 59,912,595 63,049,001 69,229,451 70,011,080 83,007,814
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
ition of City
ue Bond C
9,700,000 9,691,595 9,380,434 9,033,637 9,758,734
2,110,290 2,140,909 1,401,365 2,050,500 3,105,738
11,810,290 11,832,504 10,781,799 11,084,137 12,864,472
48,102,305 51,216,497 58,447,652 58,926,943 70,143,342
2,854,858 3,154,885 3,173,272 3,508,430 4,202,862
2,492,110 2,434,329 2,498,178 2,814,717 3,347,050
899,956 986,619 968,761 1,003,707 1,150,701
(537,208) (266,063) (293,667) (309,994) (294,889)
46,509 155,306 (214,686) 128,433 501,698
(490,699) (110,757) (508,353) (181,561) 206,809
1,690,873 2,549,949 7,392,466 660,852 5,788,674
3,804,600 675,000 500,000 0 6,224,425
5,004,774 3,114,192 7,384,113 479,291 12,219,908
31,275 32,441 32,660 33,064 33,064
1.19 179 1.21 1.67 2.60
D-5
. S
T"SwIr SIC
2011 2012 2013 2014 2015
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
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 33,064 33,064
City and Borough of Juneau
Conduit Debt
WILDFLOWER COURT (A not for profit organziation)
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
Audited Audited Audited Audited Audited
ASSETS
Plant In-Service 4,909,305 4,620,999 4,734,678 3,771,100 3,082,979
Cash 1 1582,128 1,752,043 1,437,085 1,970,693 1,956,157
Restricted Assets 1,707,402 2,170,928 1,489,365 1,450,054 1,437,448
Other Assets 1,399,517 1,444,749 1,786,787 1,267,699 1,389,726
Total Assets 9,598,352 9,988,719 9,447,915 8,459,546 7,866,310
LIABILITIES AND NET ASSETS
Bond Debt 13,050,000 11,705,000 11,596,229 10,204,712 8,688,824
Other Liabilities 904,428 2,052,663 1,132,323 996,579 1,012,833
Total Liabilities 13,954,428 13,757,863 12,728,552 11,201,291 9,701,657
NET ASSETS (DEFICIT) (4,356,076) (3,768,944) 3,280,637 (2,741,745) (1,835,347)
Operating Revenues 10,859,195 10,841,324 11,057,791 11,447,862 11,445,168
Operating Expenses 9,894,353 9,594,317 9,666,530 9,961,681 9,745,914
Depreciation 832,579 780,765 935,669 1,008,253 841,433
Operating Income (Loss) 132,263 466,243 455,592 477,928 857,821
Non-Operating Revenue (Expense) 61,553 120,890 32,713 60,964 48,577
Change in Net Assets 193,816 587,132 488,305 538,892 906,398
Revenue Bond Coverage 133 1.32 112 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
ASSETS
Plant In-Service (net ofdepreciation) $72,772,410 $74,566,327 $74,002,798 $69,208,456 $63,710,212
Construction Work in Progress 6,866,781 6,202,224 2,826,314 228,425 3647,565
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 1277800,876 128,166,331 133,663,919 133,889,639 141,329,869
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 33,926662 34,133,746 35,380,493 70,652,720
NET ASSETS 90,839,823 94,239,669 70,677,149 99,530,173 98,509,146
Operating Revenues 90,680,836 95,026,373 84,250,207 80,198,274 90,281184
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 6815,728
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 4,119820 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
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Central Peninsula General Hospital
FINANCIAL SUMMARY
2011 2212 2013 2014 201 ASSETS
Capital Assets (net of depreciation) $67,842,931 $64853693 $69,429,959 $71,387,990 $93,151,047
Cash 21,700,302 27,803,487 35197,813 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 29,863006 32,652,905 38,942,891
Total Assets 122,330,313 134.096.908 146,313.507 191.966.077 212108,821
LIABILITIES AND NETASSETS
Revenue Bonds Payable - - - 32,490000 33.890,000
GO Bonds Payable 35,990,000 32255.000 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 50,296,171 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 8,781,020 12,203.142 13,212,423 17,169,710
Capital Contributions 212,945 52,843 2,004,970 14,644 7,260
Change in Net Position 5,558,381 8,833,863 14,208,112 13,227,067 17,176,970
D-1O
RHIN c]
AGREEMENT, dated as of the 1st day of April, 1998, between the Alaska
Municipal Bond Bank (the "Bank"), a body corporate and politic constituted as an
instrumentality of the State of Alaska (the "State") exercising public and essential
governmental functions, created pursuant to the provisions of Chapter 85, Title 44,
Alaska Statutes, as amended (the "Act"), having its principal place of business at
Juneau, Alaska, and the City of Wasilla, Alaska, a duly constituted first class city of the
State (the "Municipality"):
W I T N ESSETH:
WHEREAS, pursuant to the Act, the Bank is authorized to make loans of money
(the "Loan" or "Loans") to governmental units: and
WHEREAS, the Municipality is a Governmental Unit as defined in the General
Bond Resolution of the Bank hereinafter mentioned and pursuant to the Act is authorized
to accept a Loan from the Bank to be evidenced by its municipal bonds purchased by
the Bank; and
WHEREAS, the Municipality is desirous of borrowing money from the Bank in the
amount of $5,500,000 and has submitted an application to the Bank for a Loan in such
amount, and the Municipality has duly authorized the issuance of its fully registered bond
in the aggregate principal amount of $5,500,000 (the "Municipal Bond"), which bond is
to be purchased by the Bank as evidence of the Loan in accordance with this
Agreement; and
WHEREAS, the application of the Municipality contains the information required
by the Bank; and
WHEREAS, to provide for the issuance of bonds of the Bank in order to obtain
from time to time monies with which to make Loans, the Bank has adopted the General
Bond Resolution on May 27, 1976, as amended (the "General Bond Resolution"),
authorizing the making of such Loan to the Municipality and the purchase of the
Municipal Bond;
NOW, THEREFORE, the parties agree:
1. The Bank hereby makes the Loan and the Municipality accepts the Loan
in the amount of $5,500,000. As evidence of the Loan made to the Municipality and
such money borrowed from the Bank by the Municipality, the Municipality hereby sells
to the Bank the Municipal Bond in the principal amount, with the maturities, 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 Municipality to make
funds available to the Trustee acting under the General Bond Resolution for the payment
of principal and interest at least seven business days prior to each respective principal
and interest payment date.
2, The Municipality represents that it has duly adopted or will adopt all
necessary ordinances or resolutions and has taken 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.
3. Subject to any applicable legal limitations, the amounts to be paid by the
Municipality pursuant to this Loan Agreement representing interest due on its Municipal
Bond (the "Municipal Bond Interest Payments") shall be computed at the same rate or
rates of interest borne by the corresponding maturities of the bonds sold by the Bank in
order to obtain the monies with which to make the Loan and to purchase the Municipal
Bond (the "Loan Obligations") and, unless required under Section 7 hereof to be paid at
least seven business days before the interest payment date, shall be paid by the
Municipality in such manner and at such times as to provide funds sufficient to pay
interest as the same becomes due on the Loan Obligations.
4. The amounts to be paid by the Municipality pursuant to this Loan
Agreement representing principal due on its Municipal Bond (the "Municipal Bond
Principal Payments"), unless required under Section 7 hereof to be paid at least seven
business days before the maturity date, shall be scheduled by the Bank in such manner
and at such times (notwithstanding the dates of payment as stated in the Municipal
Bond) as to provide funds sufficient to pay the principal of the Loan Obligations as the
same matures based upon the maturity schedule stated in Exhibit "A."
5. In the event the amounts referred to in Sections 3 and 4 hereof to be paid
by the Municipality pursuant to this Loan Agreement are not made available at any time
specified herein, the Municipality agrees that any money payable to it by any department
or agency of the State may be withheld from it and paid over directly to the Trustee
acting under the General Bond Resolution, and this Loan Agreement shall be full
warrant, authority and direction to make such payment upon notice to such department
or agency by the Bank, with a copy provided to the Municipality, as provided in the Act.
6. In the event Loan Obligations have been refunded and the interest rates
the Bank is required to pay on its refunding bonds in any year are less than the interest
rates payable by the Municipality on the Municipal Bond for the corresponding year
pursuant to Section 1 hereof, then both the Municipal Bond Interest Payments and the
Municipal Bond Principal Payments will be adjusted in such a manner that (I) the interest
rate paid by the Municipality on any maturity of the Municipal Bond is equal to the
interest rate paid by the Bank on the corresponding maturity 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 Municipality for the Municipality's approval, a revised schedule of maturity
amounts and interest rates for the Municipal Bond. If approved by the Municipality the
AMBIGenera1 Obligation Bonds, 1998 Series A (City of Wasilla)
Loan Agreement
AEFDSE84/3742.1649 Page 2 of 8
revised schedule shall be attached hereto as Exhibit "A" and incorporated herein in
replacement of the previous Exhibit "A" detailing said maturity amounts and interest
rates.
7. The Municipality is obligated to pay to the Bank Fees and Charges. Such
Fees and Charges actually collected from the Municipality shall be in an amount
sufficient, together with the Municipality's Allocable Proportion of other monies available
therefor under the provisions of the General Bond Resolution, and other monies
available therefor, including any specific grants made by the United States of America
or any agency or instrumentality thereof or by the State or any agency or instrumentality
thereof and amounts applied therefor from amounts transferred to the Operating Fund
pursuant to paragraph (3) of Section 603 of the General Bond Resolution:
(a) to pay, as the same become due, the Municipality's Allocable Proportion
of the Administrative Expenses of the Bank; and
(b) to pay, as the same become due, the Municipality's Allocable Proportion
of the fees and expenses of the Trustee and paying agent for the Loan Obligations.
The Municipality's Allocable Proportion as used herein shall mean the proportion-
ate 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 Municipality's Allocable Proportion of the fees and
expenses of the Trustee and paying agent for the Loan Obligations is reduced in
consideration of the Municipality so making funds available, the Municipality shall make
funds available to the Trustee for each Municipal Bond Interest Payment and Municipal
Bond Principal Payment at least seven business days before the respective principal or
interest payment date.
8. The Municipality is obligated to make the Municipal Bond Principal
Payments scheduled by the Bank. The first such Municipal Bond Principal Payment is
due on the date indicated on Exhibit A, and thereafter on the anniversary thereof each
year. The Municipality is obligated to make the Municipal Bond Interest Payments
scheduled by the Bank on a semi-annual basis commencing the date indicated on
Exhibit A, and to pay any Fees and Charges imposed by the Bank within 30 days of
receiving the invoice of the Bank therefor.
9. The Bank shall not sell and the Municipality shall not redeem 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
AMBBIGenaraI Obligation Bonds, 1998 Series A (City of Wasilla)
Loan Agreement
AFFOSE8413742.1649 Page 3 of 8
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 Municipality shall give the Bank at least 50
days' notice of intention to redeem its Municipal Bond.
In the event the Loan Obligations with respect to which the sale or redemption
prior to maturity of such Municipal Bond is being made have been refunded and the
refunding bonds of the Bank issued for the purpose of refunding such Loan Obligations
were issued in a principal amount in excess of or less than the principal amount of the
Municipal Bond remaining unpaid at the date of issuance of such refunding bonds, the
amount which the Municipality shall be obligated to pay or the Bank shall receive under
item (i) above shall be the principal amount of such refunding bonds outstanding.
In the event the Loan Obligations have been refunded and the interest the Bank
is required to pay on the refunding bonds is less than the interest the Bank was required
to pay on the Loan Obligations, the amount which the Municipality shall be obligated to
pay or the Bank shall receive under item (ii) above shall be the amount of interest to
accrue on such refunding bonds outstanding.
In the event the Loan Obligations have been refunded, the amount which the
Municipality shall be obligated to pay or the Bank shall receive under item (iii) above,
when the refunded Loan Obligations are to be redeemed, shall be the applicable
premium, if any, on the Loan Obligations to be redeemed.
Nothing in this Section shall be construed as preventing the Municipality from
refunding the Municipal Bond in exchange for a new Municipal Bond in conjunction with
a refunding of the Loan Obligations.
10. Simultaneously with the delivery of the Municipal Bond to the Bank, the
Municipality shall furnish to the Bank evidence satisfactory to the Bank which shall set
forth, among other things, that the Municipal Bond will constitute a valid general
obligation of the Municipality.
11, Invoices for payments under this Loan Agreement shall be addressed to
the City of Wasilla at 290 East Herning Avenue, Wasilla, Alaska 99654, Attention:
Finance Director. The Municipality shall give the Bank and the corporate trust office of
the Trustee under the General Bond Resolution at least 30 days' written notice of any
change in such address.
12. Prior to payment of the amount of the Loan or any portion thereof, and the
delivery of the Municipal Bond to the Bank or its designee, the Bank shall have the right
to cancel all or any part of its obligations hereunder if:
AMB/GeneraI Obligaion Bonds, 1998 Series A (City of Wasilla)
Loan Agreement
AEF05EB413742,1649 Page 4 of 8
(a) Any representation, warranty or other statement made by the Municipality
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 Municipality has violated commitments made by it in the terms of this
Loan Agreement.
(c) The financial position of the Municipality has, in the opinion of the Bank,
suffered a materially adverse change between the date of this Loan Agreement and the
scheduled time of delivery of the Municipal Bond to the Bank.
13. The obligation of the Bank under this Loan Agreement is contingent upon
delivery of its 1998 Series A General Obligation Bonds (the "1998 Series A Bonds") and
receipt of the proceeds thereof.
14. The Municipality shall not take, or omit to take, any action lawful and within
its power to take, which action or omission would cause interest on the Municipal Bond
to become subject to federal income taxes in addition to federal income taxes to which
interest on such Municipal Bond is subject on the date of original issuance thereof.
The Municipality shall not permit any of the proceeds of the Municipal Bond, or
any facilities financed with such proceeds, to be used in any manner that would cause
the Municipal Bond to constitute a "private activity bond" within the meaning of Section
141 of the Code.
The Municipality shall make no use or investment of the proceeds of the Municipal
Bond which will cause the Municipal Bond to be an "arbitrage bond" subject to taxation
by reason of Section 148 of the Code. So long as the Municipal Bond is outstanding,
the Municipality, with respect to the proceeds of the Municipal Bond, shall comply with
all 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 Municipality shall indemnify and hold harmless the Bank
from any obligation of the Municipality to make rebate payments to the United States
under said Section 148 arising from the Municipality's use or investment of the proceeds
of the Municipal Bond.
15. The Bank shall cause to be prepared an Official Statement (the "Official
Statement") for the 1998 Series A Bonds. The Municipality shall provide promptly to the
Bank the information concerning the Municipality and the Municipal Bond (I) that the
Bank requests for inclusion in the Official Statement, or (ii) that the Municipality
considers to be material to the purposes for which the Official Statement is to be used
(the "Municipal Information").
As a condition to the payment of the amount of the Loan or any portion thereof,
the Municipality shall provide to the Bank a certificate, dated the date of issue of the
AMBB/General ObigaUon Bonds, 1998 Series A (City of Waslla)
Loan Agreement
AFF05E843742,1649 Page 5 of 8
1998 Series A Bonds, of an authorized officer of the Municipality that (I) the Municipal
Information consists of fair and accurate statements or summaries of the matters therein
set forth and such information does not contain any untrue statement of material fact or
omit to state a material fact that should be stated therein for the purposes for which it
is to be used or that is necessary to make the statements therein, in light of the circum-
stances under which they were made, not misleading in any material respect; and (ii) to
the best knowledge of such officer, no event affecting the Municipality has occurred
since the date of the Official Statement that should be disclosed in the Official Statement
for the purposes for which it is to be used or that it is necessary to disclose therein in
order to make the statements and information therein not misleading in any material
respect.
The Municipality will undertake in the Disclosure Certificate for the benefit of the
Beneficial Owners of the 1998 Series A Bonds to provide or cause to be provided to
each nationally recognized municipal securities information repository ("NRMS1 R") and
to a state information depository ("SID"), 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 Act of 1934, as the same may be amended from time to time
(the "Rule"). The Municipality will provide to each NRMSIR or to the Municipal Securities
Rulemaking Board, and to the SID, timely notice of a failure by the Municipality to
provide required annual financial information on or before the date specified below. The
annual financial information that the Municipality will provide will consist of annual
financial statements for the Municipality, prepared in accordance with generally accepted
accounting principles, as such principles may be changed from time to time; and will be
provided not later than 180 days after the end of each fiscal year of the Municipality, as
such fiscal year may be changed from time to time, commencing with the Municipality's
fiscal year ending June 30, 1998.
16. If any provision of this Loan Agreement shall for any reason be held to be
invalid or unenforceable, the invalidity or unenforceability of such provision shall not
affect any of the remaining provisions 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.
17. This Loan Agreement may be executed in one or more counterparts, any
of which shall be regarded for all purposes as an original and all of which constitute but
one and the same instrument. Each party agrees that it will execute any and all
documents or other instruments, and take such other actions as are necessary, to give
effect to the terms of this Loan Agreement.
18. No waiver by either party of any term or condition of this Loan Agreement
shall be deemed or construed as a waiver of any other term or condition hereof, nor
shall a waiver of any breach of this Loan Agreement be deemed to constitute a waiver
of any subsequent breach, whether of the same or of a different section, subsection,
paragraph, clause, phrase or other provision of this Loan Agreement.
AMBB/Generat Obligation Bonds, 1998 Series A (City of Wastila)
Loan Agreement
AFFO5B4l3142.164e Page 6 of 8
19. In this Loan Agreement, unless otherwise defined herein, all capitalized
terms which are defined in Article 1 of the General Bond Resolution shall have the same
meanings, respectively, as such terms are given in Article I of the General Bond
Resolution.
20. This Loan Agreement merges and supersedes all prior negotiations,
representations and agreements between the parties hereto relating to the subject matter
hereof and constitutes the entire agreement between the parties hereto in respect
thereof.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
the day and year first above written.
ALASKA MUNICIPAL BOND BANK
(SEAL].
/) 1 By L1L1A ,. I,
SHARON P. KELLY
Chairperson
AMBB/General Obligation Bonds, 1998 Series A (City of Wasilla)
Loan Agreement
AFFO5E84/37421649 Page 7 of 8
CITY OF WASILLA, ALASKA
[SEAL]
By
1/
7/..,
ATTEST:
4,
City Clerk
AMBBIGeneral Obligation Bonds, 1998 Series A (City or Wasifia)
Loan Agreement
AEFO5EB4(3742.1619 Page 8 of 8
EXHIBITi TH E
CITY OF WASILLA, ALASKA, AND
THE ALASKA MUNICIPAL BOND BANK
City of Wasifla, Alaska
General Obligation Bond, Series 1998
Maturity Principal Interest
Date Amount Rate
1999 $170,000 6.000%
2000 175,000 6.000
2001 185,000 5.750
2002 195,000 5.750
2003 205,000 5.625
2004 215,000 5.500
2005 225,000 5.000
2006 235,000 5.000
2007 245,000 5.000
2008 260,000 5.000
2009 270,000 4.625
2010 285,000 4.750
2011 295,000 4.800
2012 310,000 5.000
2013 325,000 5.000
2014 345,000 5.000
2015 360,000 5.000
2016 380,000 5.000
2017 400,000 5.000
2018 420,000 5.000
The Bonds shall mature on October 1 in each of the years, and in the
principal amounts set forth above. Interest on the Bonds shall be payable
on October 1, 1998, and thereafter on April 1 and October 1 of each year.
Loan Agreement Exhibit A
AMENDATORY LOAN AGREEMENT
THIS AMENDATORY LOAN AGREEMENT, dated as of the 1st day of January 2007,
between the Alaska Municipal Bond Bank (the "Bank"), a body corporate and politic
constituted as an instrumentality of the State of Alaska (the "State") exercising public and
essential governmental functions, created pursuant to the provisions of Chapter 85, Title
44, Alaska Statutes, as amended (the "Act"), having its principal place of business at
Juneau, Alaska, and the City of Wasilla, Alaska, a duly constituted first class city of the
State (the "City"):
WITNESSETH:
WHEREAS, pursuant to the Act, the Bank is authorized to issue bonds and make
loans of money ("Loans") to governmental units; and
WHEREAS, pursuant to a resolution entitled "A Resolution Creating And
Establishing An Issue Of Bonds Of The Alaska Municipal Bond Bank; Providing For The
Issuance From Time To Time Of Said Bonds; Providing For The Payment Of Principal Of
And Interest On Said Bonds; And Providing For The Rights Of The Holders Thereof,"
adopted July 13, 2005 (the "General Bond Resolution"), a series resolution entitled "A
Series Resolution Authorizing the Issuance of General Obligation Bonds 2007 Series One
of the Alaska Municipal Bond Bank," adopted November30, 2006 (the "Series Resolution,"
and together with the General Bond Resolution, the "Resolution"), the Bank issued its
General Obligation Bonds, 2007 Series One (the "2007 Series One Bonds"); and
WHEREAS, the City is a Governmental Unit as defined in the Resolution, and
pursuant to the Act is authorized to accept a Loan from the Bank to be evidenced by its
municipal bonds purchased by the Bank; and
WHEREAS, the Bank made a Loan to the City from the proceeds of the Bank's
General Obligation Bonds, 1998 Series A ("1998 Series A Bonds") in the amount of
$5,550,000, evidenced by a Loan Agreement dated as of April 1, 1998 (the "Loan
Agreement") between the Bank and the City, and by the General Obligation Street
Improvement Bond, 1998A of the City, dated April 1, 1998 (the "Municipal Bonds") and
purchased by the Bank; and
WHEREAS, the Bank has determined that refunding a portion of the 1998 Series
A Bonds will reduce the combined principal and interest payments thereon and on the
Municipal Bonds; and
WHEREAS, pursuant to the General Bond Resolution the Bank adopted the Series
Resolution authorizing the issuance of bonds to refund a portion of the 1998 Series A
Bonds (the "Refunding 1998 Series A Bonds"); and
WHEREAS, to effect the proposed refunding and resulting debt service savings on
a portion of the 1998 Series A 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 1998 Series A Bonds as
provided in the Series Resolution. The amounts of the principal installments of the
Municipal Bonds corresponding to the refunded maturities of the 1998 Series A Bonds, and
the interest payable thereon, shall be adjusted pro rata in accordance with the debt service
payable on the 2007 Series One Bonds. The Municipal Bonds henceforth shall mature in
the principal amounts and bear interest at the rates per annum as stated on Exhibit A
appended hereto.
2. Section 15 of the Loan Agreement is amended to include the following:
The City agrees that if it is one of the Governmental Units that has a ten percent or
greater amount of outstanding bonds held by the Bank under its General Bond Resolution
(i) it shall authorize the execution and delivery of a continuing disclosure certificate on the
date the Municipal Bonds are delivered to the Bank, and (ii) it shall provide the Bank for
inclusion in future official statements, upon request, financial information generally of the
type included in Appendix D to the Official Statement and attached hereto as Exhibit B.
AMBB/Gcneral Obligation Bonds, 2007 Series One
Amendat ory Loan Agreenen - Wasilla
;\D0O74217O4'.ArnendaIoy Aarmorn Ws5n.wjxJ Page 2
IN WITNESS WHEREOF, the parties hereto have executed this Amendatory Loan
Agreement as of the date first set forth above.
WIN
DBANK
[SEAL]
__
CITY OF WAS ILLA, ALASKA
TED LEONARD
Director of Finance and
Administrative Services
ATTEST:
KRISTIE SMITHERS, MMC
City Clerk
AMB8/Gener.1 Obligation Bonds, 2007 Series One
Amendatory Loan Agreement - Wasilla
0ocs\37421701nncJaoy Arnnl. WaSilla.wPd A-I
EXHIBIT A
AMENDED MATURITY SCHEDULE
City of Wasilla, Alaska
City of Wasilla, General Obligation Street Improvement Bond, 1998A (As Amended)
$2,110,000
Principal Principal Interest Principal Principal Interest
Payment Date Amount Rate Payment Date Amount Rate
(Octo ber 1) (October 1)
1999 $170,000 6,00% 2004 $215,000 5.50%
2000 175,000 6 .00 2005 225,000 5.00
2001 185,000 5 .75 2006 235,000 5.00
2002 195,000 5 .75 2007 245,000 5.00
2003 205,000 5 .625 2008 260,000 5.00
$3,380,000
Principal Principal
Payment Date Principal Interest Payment Date Principal interest
(December 1) Amount Rate (December 1) Amount Rate
2007 $5,000 4,00% 2014 $190,000 3.875%
2008 5,000 4.00 2015 355,000 5.50
2009 275,000 4.00 2016 375,000 5.00
2010 290,000 4.00 2017 210,000 5.00
2011 295,000 4.00 2017 185,000 4,125
2012 310,000 4.00 2018 180,000 4.125
2013 320,000 5.50 2018 235,000 5.00
2014 150,000 4.00
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.
AMBB/Genera! Obligation Bonds, 2007 Series One
Amendatory Loan Agreement - Wasilla
Dc\7$2 17O4.AiiindaoiyAqfo0nk1,n1- WaiIa. A-2
Exhibit B
AMB8fGsnera! Obligation Bonds, 2007 Series One
Amendatory Loan Agreement - WaiIla
:Dcs\37$2 l7O4MeiidiIoy Agr nnI - WiIe.ep -
$66,742,145
1,838,196
14,973,617
3,653,916
6,496,443
$67,621,026 $70,915,742
30,078,405 12,211,495
14,766,191 12,885,250
8,433,752 18175,772
7,552,144 6,646,446
128,451,518 120,834,705
$65,655,049
2,147,195
15,601,381
3,731,971
6,770,815
93,906,411
CITY OF KETCHIKAN
KETCHIKAN PUBLIC UTILITIES ENTERPRISE FUND
FINANCIAL SUMMARY
2005 2004
Audited Audited
2003 2002
Audited Audited
Revenue Bond Coverage
* Water is only provided within the City
22,475,000 23,960,000 26,060,000 27,710,000
3,444,420 2,990,668 7,690,314 16,067,212
25,919,420 26,950,668 33,750,314 43,777,212
- 67,986,991 66,753,649 94,701,204 77,057,493
27,691,757 27,180,231 27,744,410 26,240,240
13,974,313 14,874,171 14,604,369 14,799,604
5,106,907 5,139,468 4,452,846 4,393,991
6,248,245 6,113,112 5,971682 6,238,429
650,000 650,000 650,000 650,000
1,712,292 403,480 2,065,513 158,216
(736,471) (1,139,856) (1,183,143) (1,504,093)
975,821 (736,376) 882,370 (1,345,877)
257,521 1,099,417 16,761,341 2,661,328
(28,310,596)
1,233,342 (7,947,555) 17,643,711 1,315,451
13,125 13,093 13,685 13,683
7,685 7,691 8,002 7,845
7,202 7,161 7,178 7,171
9,840 10,131 10,653 11,259
2,828 2,905 2,851 2,847
3.33 222 3.02 1.85
ASSETS
Utility Plan In-Service
Construction Work in Progress
Cash
Restricted Assets
Other Assets
Total Assets
LIABILITIES AND NET ASSETS
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
• Operating Revenues
Operation and Maintenance
Administrative and General
Depreciation
Payment in Lieu of Taxes
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Contributions
Transfer of Net Assets - Swan
Lake -Lake Tyce Intertie Project
Change in Net Assets
Population of Service Area *
Population of City
# of Electric Customers
# of Telephone Access Lines
# of Water Customers
HIM
CITY OF KETCIfiKAN
PORT FINANCIAL SUMMARY
November 30
2006 2005 2004 2003 2002
Unaudited Audited Audited Audited Audited
ASSETS
Cash $5,092,853 $7,068,674 $5,121.067 $2,895,450 82,163,498
Port Facilities (net) 9,184,461 9,762,409 10,072,444 10,282,618 9,737,592
Construction Work in Progress 24,963,293 1,632,135 2,686,197 2,276353 358,360
Restricted Assets 21324,432
Other Assets 41,405 47,113 99,752 129,455 95,360
Total Assets 60,606,444 18,508,331 17,979,460 15,583,876 - 12,354,800
LIABILITIES AND NET ASSETS
General Obligation Bonds Payable 1,685,000 1,880,000 2,065,000 2,245,000 2,415,000
Revenue Bonds Payable 38,500,000
Other Liabilities 3.070,898 3,759,032 2,541,005 3,261,400 114,355
Total Liabilities 43,255,898 5,639,032 4,606,005 5,506,400 2,529.355
NET ASSETS 17,350,546 12,869,299 13,373,455 10,077,476 9,825,445
Operating Revenues 6,461,113 7,096,948 5,000,010 1,774,457 1,661.674
Operation and Maintenance 1,055,883 1,945,688 792,954 828,052 595,557
Depreciation 577,948 618,708 632,143 610,454 616,196
?ayment 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) j183,701 (22,84) (100244)
Net Income (Loss) Before Contribution 4481,247 4,362,062 3,289,107 211,027 247,577
Contributions 12,251 6,872 41,004 25,000
Extraordinary Item (2432,884)
Transfers (2,445,585)
Change in Net Assets 3,295979 252,031 4,481,247 (504,156) 272,577
Revenue Bond Debt Coverage
1.25 x Annual Debt Service 5.74 N/A N/A N/A N/A
1.0 x Annual Debt
Service/Reserves Account/Repair
and Replacement Fund/SPI-I
Lease Payments N/A N/A N/A N/A N/A
Unaudited
# of Ships 35 37 37 37 34
# of Calls/Stops 489 562 535 538 503
#of Water Passengers 838,880 921,429 848,969 770,663 700,993
Reflects statistical information provided by the Ketchikan Visitors Bureau
D-2
CITY OF SEWARD
T'JANrTâI 1MARY
Municipal Financial Pos ition 2003 2004 2003 2006 4 --Average
property Tax Collections
Borrower's Property Tax Rate per $1,000 $312 $3.12 $3.12 $3.12 $3.12
Municipal Levy $634,287 $666,848 $733,298 $792,210 $694,613
Current Years Collections $618,356 $650,763 $717,697 $806,888 $682,430
Current Collection Rate 97.49% 97,59% 97.87% 9820% 97.36%
Total Year's Collections $644,892 $669,065 $733,301 $802,200 $699,988
Total Collection Rate 101.67% 100.33 100.00% 101,00% 100.73%
G eneral Fun d
$ 4,586,941 Unreserved Ending Fund Balance $ 4,966,740 $ 51188,880 $ 51389.198
Ex enditures $ 7,037,554 7,037,318 $ 8,108,290 $ 10,339,110
Fund Balance Ex enditures 71% 74% 664
Total Revenues $ 7,125,917 $ 7,398,160 8,247,828 $ 8,008,048
intergovernmental Revenues $ 973,170 $ 829,535 $ 984,920 $ 966,532
Percentage Inter overnrnental 14% 11% 12% 12% 13%
Overall Munici palDeb t Position 91
$ 5,974,587 $ 5,673,722 $ 6,410,000 $ 10,590,000
$ 5,576,146 Revenue Debt - Enterprise Funds
General Obli ation Debt Governmental Funds $ 7,223,262 $ 7,069,933 $ 6,348,571
General Obli ation Debt - Enter rise Funds $ 1,386,738 665,068 $ 521,429 $ 373,854
Total General Obligation Debt $ 8,610,000 $ 7,735,001 $ 6,870,000 $ 51950,000
Total Revenue and General Obligation Debt $ 14,584,587 $ 13,408,723
3.17xi
0.30%
3.47%
6.01%
,. rt
$2,830
$4,906
$ 13,280,000 16,540,000
Governmental GO Debt Assessed Value (retry) 2.57% 2.12%
Enter rise GO Debt Assessed Value (mrv 021% 0.14%
Total General Obli ation Debt A.V. rnrv 2.78% 2.26%
Total Revenue and GO Debt A.V. mrv 5.37% 6.28% 'e. '
$2,705 $2,283
$6,347
Gcneral Obli ation Debt Per Ca ita
Total Revenue and GO Debt Per Ca ita $5,228
General Economic and Demographic Data 2003 2004 2005 2006 Annual a0Wth
Population
Assessed Value
Assessed Value Per Capita
Top 10 Tax Payers as a % of Assessed Value
1 2,794 2,733 2,540 2,606 2.60%
$ 216,698,235 S 223,202,115 $ 247,172,838 $ 263,528,984 6.62%
$ 77,558 $ 81,669 $ 97,312 5 101,124
25.84% 18487. 16.69%1 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 $1,434,638
Net Revenue Available for Debt Service $594,088 $696,575 $633,213 959,966
Annual Debt Service Payments 1 $243,5681 $243,6181 5255,542 320,741
Debt Coverage 2.44 2.86 2.48 2.99
General Obligation Bond Debt Outstanding $0 $O $0 SO
Revenue Bond Debt Outstanding $2,820,000 $2,725,000 $4,120,000 $81510,000
Total Harbor Enterprise Debt Outstanding $2,820,000 $2,725,000 $4,120,000 $8,5101000
(rnr,.'\' ,nnql r,rerit vear 'Unaudited/estimates
D-3
CLERK'S CERTIFICATE
I. the undersigned, Secretary of the Board of Directors of the Inter-Island Ferry Authority
er (the "IFA"), keep of the records of the Board of Directors of the IFA (the "Board of
Directors"), DO HEREBY CERTIFY:
1. That the attached Resolution No. 2007-01 (the "Resolution") is a true and correct
copy of a resolution of the Board of Directors adopted at a special meeting of the Board of
Directors held on December 15, 2006, and duly recorded in my office.
2. That said meeting was duly convened and held in all respects in accordance with
law, and to the extent required by law, due and proper notice of such meeting was given; that a
legal quorum was present throughout the meeting and a legally sufficient number of members of
the Board of Directors voted in the proper manner for the adoption of the Resolution; that all
other requirements and proceedings incident to the proper adoption of the Resolution have been
duly fulfilled, carried out and otherwise observed, and that I am authorized to execute this
certificate.
IN WITNESS WHEREOF, I have hereunto set my hand this /-~day of December,
2006.
of the Board of Directors
P;DOT\DOT1 VA 12/12/06