Tab_26I K.i I1I (I] Il mii yi i Ik I kI I
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 Municipality of Skagway, Alaska, a duly constituted first class borough of the State (the
"Borough"):
WITNESSETH:
WHEREAS, pursuant to the Act, the Bank is authorized to issue bonds and loan money
(the "Loans") to governmental units; and
WHEREAS, the Borough is a "Governmental Unit" as defined in the General Bond
Resolution of the Bank hereinafter mentioned and was authorized to accept a Loan from the
Bank, evidenced by its municipal bond; and
WHEREAS, to provide for the issuance of bonds of the Bank to obtain from time to time
money with which to make, and/or to refinance, municipal Loans, the Board of Directors of the
Bank (the "Board") adopted its General Obligation Bond Resolution on July 13, 2005 (as
amended, the "General Bond Resolution"); and
WHEREAS, the Board approved certain modifications to the General Bond Resolution,
effective on the date when all bonds issued under the terms of the General Bond Resolution,
prior to February 19, 2013, cease to be outstanding; and
WHEREAS, the Bank made a Loan to the Borough from proceeds of the Bank's General
Obligation Bonds, 2008 Series Two ("2008 Series Two Bonds") in the amount of $4,990,000,
evidenced by a Loan Agreement, dated July 1, 2008 (the "2008 Loan Agreement"), between the
Bank and the Borough; and
WHEREAS, as security for repayment of the Loan and as provided in the 2008 Loan
Agreement, the Borough issued its Municipality of Skagway General Obligation Bond, 2008,
dated July 30, 2008 (the "2008 Municipal Bond"), of which the Bank is the registered owner;
and
WHEREAS, the Bank has determined that refunding a portion of the outstanding 2008
Series Two Bonds will result in a debt service savings thereon and on the 2008 Municipal Bond;
and
WHEREAS, on September 6, 2016, the Board adopted Series Resolution No. 2016-05
(the "Series Resolution" and, together with the General Bond Resolution, the "Bond
Resolution") authorizing the issuance of its General Obligation and Refunding Bonds, 2016
Series Three (the "Refunding Bonds") in part to refund a portion of the 2008 Series Two Bonds;
and
WHEREAS, to effect the proposed refunding and resulting debt service savings on the
2008 Series Two Bonds and the 2008 Municipal Bond, and to conform the terms of the 2008
Loan Agreement to the current practices of the Bank, it is necessary to amend the terms of the
2008 Loan Agreement and to provide for the issuance by the Borough to the Bank of the
Borough's General Obligation Refunding Bond, 2016 (the "2016 Municipal Bond" and together
with the 2008 Municipal Bond, the "Municipal Bond") and for the refunding of the Borough's
2008 Municipal Bond as provided herein.
NOW, THEREFORE, the parties agree as follows:
1. The Bank will refund a portion of the outstanding 2008 Series Two Bonds as
provided in the Series Resolution. The amounts of the principal installments of the Borough's
2008 Municipal Bond corresponding to the refunded maturities of the 2008 Series 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 2008 Municipal Bond. The 2016 Municipal Bond delivered in exchange for
the original 2008 Municipal Bond shall mature in the principal amounts and bear interest at the
rates per annum as stated on Exhibit A appended hereto.
2. Section 2 of the 2008 Loan Agreement is amended by replacing the current
language with the following:
The Borough represents that it has duly adopted all necessary ordinances, including
Ordinance No. 07-22, adopted by the Municipal Assembly on August 16, 2007, and Ordinance
No. 2008-11, adopted by the Municipal Assembly on April 3, 2008 (the "Municipality's 2008
Ordinance") and that the Municipality's 2008 Ordinance is in full force and effect, and that it has
taken all proceedings required by law to enable it to enter into the 2008 Loan Agreement and
issue its 2008 Municipal Bond to the Bank and that the 2008 Municipal Bond constitutes a valid
general obligation bond of the Borough duly authorized by the Municipality's 2008 Ordinance.
The Borough represents that it has duly adopted or will adopt all necessary ordinances or
resolutions, including Resolution No. 2015-1R, adopted on March 19, 2015 (the "Borough
Refunding Resolution" and together with the Municipality's 2008 Ordinance, the
"Municipality'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
Borough, secured by the Borough's pledge of its full faith and credit, all duly authorized by the
Borough Refunding Resolution.
3. The 2016 Municipal Bond shall be subject to optional prepayment prior to
maturity on and after the same date, and on the same terms as the Refunding Bonds may be
subject to optional redemption as set forth in Exhibit A.
Page 2
4. Section 14 of the 2008 Loan Agreement is amended to include the following
paragraph:
The Borough represents that the Municipality's Resolution is in full force and effect and
has not been amended, supplemented or otherwise modified, other than by the Borough
Refunding Resolution and as previously certified by the Borough to the Bank.
5. Section 16 of the 2008 Loan Agreement is amended by replacing the current
language with the following:
The Borough agrees that if its bonds constitute ten percent (10%) or more of the
outstanding principal of municipal bonds held by the Bank under its General Bond Resolution it
shall provide the Bank for inclusion in future official statements, upon request, financial
information generally of the type included in Appendix D of the Bank's Official Statement,
dated October 18, 2016, under the heading "Summaries of Borrowers Representing 10% or More
of Outstanding Principal of Bonds Issued Under the 2005 Bond Resolution," attached hereto as
Exhibit B.
The Borough further agrees that if its bonds constitute ten percent (10%) or more of the
outstanding principal of municipal bonds held by the Bank under its General Bond Resolution, it
shall execute a continuing disclosure agreement prepared by the Bank for purpose of Securities
and Exchange Commission Rule 15c2-12, adopted under the Securities and Exchange Act of
1934.
6. A new Section 23 is added to the 2008 Loan Agreement, as follows:
The Borough agrees that it shall file, on an annual basis, its audited financial statement
with the Municipal Securities Rulemaking Board not later than two hundred ten (210) days after
the end of each fiscal year of the Borough for so long as the 2016 Municipal Bond remains
outstanding. The Borough agrees that filings under this Section 23 shall be made in connection
with CUSIP Nos. 01179P, 011798 and 01179R. Additional or alternate CUSIP number(s) may
be added from time to time by written notice from the Bank to the Borough. The Borough
agrees that if it shall receive from the Bank CUSIP number(s) in addition to those set forth in this
Section then it shall make its filings using both CUSIP numbers herein stated and any additional
CUSIP number(s).
7. A new Section 24 is added to the 2008 Loan Agreement, as follows:
The Borough hereby agrees to keep and retain, until the date six years after the retirement
of the 2016 Municipal Bond, or any bond issued to refund the 2016 Municipal Bond, or such
longer period as may be required by the Borough's record retention policies and procedures,
records with respect to the investment, expenditure and use of the proceeds derived from the sale
of its 2016 Municipal Bond, including without limitation, records, schedules, bills, invoices,
check registers, cancelled checks and supporting documentation evidencing use of proceeds, and
investments and/or reinvestments of proceeds. The Borough agrees that all records required by
the preceding sentence shall be made available to the Bank upon request.
Page 3
A new Section 25 is added to the 2008 Loan Agreement, as follows:
(a) The Borough hereby certifies that all 2008 Municipal Bond proceeds, except for
those proceeds that are accounted for as transferred proceeds in the arbitrage certificate for its
2016 Municipal Bond, have been expended prior to the date hereof.
(b) The Borough hereby certifies that to date all required rebate calculations relating
to the 2008 Municipal Bond have been timely performed and the Borough has remitted any
necessary amount(s) to the Internal Revenue Service.
(c) The Borough hereby certifies that (i) the 2008 Municipal Bond was issued
exclusively for new money purposes and (ii) the 2008 Municipal Bond has not previously been
used to directly or indirectly advance refund a prior issue of any municipal bonds of the
Borough.
9. A new Section 26 is added to the 2008 Loan Agreement, as follows:
As amended hereby, the 2008 Loan Agreement will remain in full force and effect so
long as the 2016 Municipal Bond remains outstanding.
Page 4
TN WITNESS WHEREOF, the parties hereto have executed this Amendatory Loan
Agreement as of the date first set forth above.
ALASKA MUNICIPAL BOND
DE/EN MITCHEJ
Executive Director
MUNICIPALITY OF SKAGWAY, ALASKA
/7
1
By:
Its:
Page 5
1061,42111
Municipality of Skiagway, Alaska
General Obligation Bond, 2016, issued on November 3, 2016 (the "2016 Municipal Bond")
Principal Sum of $460,000
Principal Interest
Principal Payment Date Amount Rate
June l,2017 $225,000 4.100%
June 1, 2018 235,000 6.000
Principal installments listed above shall be payable on June 1 in each of the years, and in the
amounts set forth above. Interest on the principal installments listed above 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 listed above are not
subject to prepayment prior to maturity.
Principal Sum of $2,875,000
Principal Payment Date Principal Interest
(December 1) Amount Rate
2016 $45,000 2.000%
2018 230,000 4.000
2019 240,000 4.000
2020 250,000 4.000
2021 260,000 4.000
2022 270,000 5.000
2023 285,000 5.000
2024 300,000 5.000
2025 315,000 5.000
2026 330,000 5.000
2027 350,000 5.000
Principal installments shall be payable on December 1 in each of the years, and in the amounts
set forth above. Interest on the 2016 Municipal Bond shall be payable on December 1, 2016, and
thereafter on June 1 and December 1 of each year.
Prepayment Provisions: The 2016 Municipal Bond principal installments are not subject to
prepayment prior to maturity.
Page A-i
EXHIBIT B
Page B-i
CITY AND BOROUGH OF SITKA
GENERAL OBLIGATION FINANCIAL SUMMARY
Municipal Financial Position 2011 2012 2013 2014 2015 Average
Property Tax Collections
Borrowers Property Tax Rate per $1,000 $6.00 $6.00 $6.00 $6.00 $6.00 $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 99.20% 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% 100.081/. 98.92% 99.00% 99.57% 99.54%
General Fund
Unreserved Ending Fund Balance $ 11,508,475 $ 13,584,873 $ 14,268,394 $ 15,996,580 $ 14,720,675 $ 14,015,799
Expenditures $ 23,260,649 $ 24,075,729 $ 23,691,912 $ 23,628,379 $ 30,621,436 $ 25,055,621
Fund Balance/Expenditures 49% 56% 60% 68% 48 56.38%
Total Revenues $ 24,709,916 $ 26,584,728 $ 25,953,885 $ 26,507,173 $ 29,227,140 $ 26,596,568
Intergovernmental Revenues $ 2,380,298 $ 2,659,323 $ 2,693,860 $ 2,771,990 $ 2,807,749 $ 2,662,644
Percentage Intergovernmental 10% 10% 10% 10% 10% 10.02%
Overall Municipal Debt Position
$ 66,657,441 0 64,593,411 0 155,145,822 5 128,940,340 9 Revenue Debt - Enterprise Funds
Revenue Debt - Governmental Funds $ 165,750 $ 156,000 $ 146,250 $ 202,641 $ 189,407
General Obligation Debt Governmental Funds $ 36,300,000 $ 32,290,000 $ 31,020,000 $ 28,635,000 $ 25,990,000
General Obligation Debt - Enterprise Funds $ - - $ - $ - $
Total General Obligation Debt $ 36,300,000 $ 32,290,000 $ 31,020,000 $ 28635,000 $ 25,990,000
Total Revenue and General Obligation Debt $ 105,273,151 $ 101,039,411 $ 137,312,072 $ 137,777,641 $ 149,394,409
Governmental 150 Debt/taxable Assessed Value 3.69% 3.267 3.10% 2.911/. 2.55
Total Revenue and GO Debt/A.V. 10.69% 10.20% 13.72% 14.01% 148,
General Obligation Debt Per Capita 64,138 83,602 $3,415 63,152 52,865
Total Revenue and GO Debt Per Capita $12,000 $11,287 $15,116 $15,167 $16,486
General Economic and Demographic Data 2031 2012 2013 2014 2015 Annual t
a
tOWth
te
Population 8,773
Taxable Assessed Value $ 985,073,129
Assessed Value Per Capita $ 112,285
Top 1fl Tax Poversmt%r'f.AmeosedValue 7.647.
8,952 1 9,084 1 9,084 1 9,061 -0.25%
$ 990,930,238 $ 1,001,066,784 $ 983,623,000 $ 1,005,471,000 222%
$ 110,6941 $ 110,201 1 $ 108,291 1 $ 110,647
7.57% 7.57% 7.57% 7.5
The Oorosgh has not completed its fiscal year 2015 audit as of the dale of the preparation of this table.
D-1
City and Borough of Sitka
Electric Enterprise Fund
Financial Summary
2011 2012 2013 2014 2015
Assets
Cash 24,320,421 31,450,650 28,803,187 13,505,669 4,447,481
Restricted Assets 6,871,164 3,595,875 21,197,459 18,121,955 21,733,477
Other Assets 5,010,167 7,266,275 13,897,615 11,777,153 7,988,506
Construction in Progress 11,646,987 18,086,724 58,930,539 137,885,040 12,535,308
Utility Plant in Service 63,103,150 61,775,003 59,900,343 59,508,277 217,550,674
Total Assets 110,951,889 122,174,527 182,729,143 240,798,094 264,255,446
Liabilities and Net Assets
Liabilities
Other Liabilities 1,722,772 2,477,182 6,355,564 13,017,817 3,355,323
Revenue Bonds Payable 48,700,000 47,570,000 79,485,000 105,100,000 119,510,000
Deferred loss/premium on bonds 1,471,509 (1,711,547) 5,943,338 6,742,293 6,347,870
Revenue Note(s) Payable 8,800,188 8,535,498 7,973,608 7,973,608 10,050,744
Total Liabilities 60,694,469 56,871,133 99,757,510 132,833,718 139,263,936
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 (> 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
CITY AND BOROUGH OF SITE
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation) 14,789299 14,1 22,591 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 1339,389 1,216,385 1,524,898 1,036,361
Total Assets 19975,567 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 3096,419 3164,252 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
b'roperty Tax Collections
Borrower's Property Tax Rate per $1,000 $10.51 $10.55 $10.55 $10.66 $10.76 $10.61
Municipal Levy $40,739,944 $41,751,673 $44,252,019 $45,108,992 95,852,292 343,540,984
Current Year's Collections $40,329,083 $41,431,682 $43,987,108 $44,818,184 $45,548,172 $43,222,846
Current Collection Rate 98.99% 99.23% 99.40% 99,36% 99.34% 99.26%
Total Year's Collections $40,728,566 $41,721,795 $44,200,111 $45,017,746 $45,548,172 $43,443,278
Total Collection Rate 99.97% 99.93% 99,887 99.80% 99.34% 99.78%
General Fund
Unassigned Plus Emergency Operating Res (GASB#54) T 1,7i9,b5 S 3,414,1 i 7,494,734 —,2 65,.67 $ 12 12,053,252
Expenditures $ 50,540,314 $ 51,283,781 $ 84,553,473 $ 86,380,150 $ 94,808,876 $ 73,513,319
Fund Balance/ Expenditures 3.427 6.797 8.86% 20.01% 21.38% 12.09%
Total Revenues —T---767-8,7667 $ 50,036,584 —T--T8-,778—,o-U5--s 97,936,255 $ 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. 31% 357. 42% 337. 32.42%
Overall Municipal Debt Position
$45,202,341643,679,1225 741,93S;0b7 $I,90 $ Revenue Debt - Enterprise Funds
Revenue Debt - Governmental Funds $ 3,599,575 $ 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 S 115,314,000
General Obligation Debt - Enterprise Funds - - $ - - $ -
Total General Obligation Debt $ 148,301,000 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314,000
Total Revenue and General Obligation Debt $ 197,108,916 $ 179,987,429 $ 173,382,524 $ 168,965,994 $ 180,722,763
Dos ,,n,'nt,[ (30 1 t /T.\dHe Ae',,O I ,,:u,' 372 1'0 3.28%1 3.07% 2.79% 2.521
total Revenue and (20 Debt/A.V. 4.94% 4.42%J 4.10% 3.86% 4.031
General Obligation Debt Per Capita $4,742 $4,113 94,023 53,b9b $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 1 2012 1 2013 1 2014 2015 Annual
Population 31,275
Taxable Assessed Value $ 3,989,344,944
Assessed Value Per Capita $ 127,557
Top 10 Tax Payers ass % of Assessed Value 13.78%
32,441 32,660 33,030 33,026 -0,017,
$ 4,071,713,732 $ 4,275,067,217 $ 4,379,714,933 $ 4,484,327,332 2.39%
$ 125,511 $ 130,896 $ 132,598 $ 135,782
13,73%, 13,82% 13.61% 13.61%
ME
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ETS
Plant In-Service (net of depreciation) $13,827,335 $12,844,129 $11,875,368 $14,325,870 $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
Assets 59,912,595 63,049,001 697229,451 70,011,080 83,007,814
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
9,700,000 9,691,595 9,380,434 9,033,637
2,110,290 2,140,909 1,401,365 2,050,500
11,810,290 11,832,504 10,781,799 11084,137
48,102,305 51,216,497 58,447,652 58,926,943
2,854,858 3,1 54,885 3,173,272 3,508,430
2,492,110 2,434,329 2,498,178 2,814,717
899,956 986,619 968,761 1,003,707
(537,208) (266,063) (293,667) (309,994)
46,509 155,306 (214,686) 128,433
(490,699) (110,757) (508,353) (181,561)
1,690,873 2,549,949 7,392,466 660,852
3,804,600 675,000 500,000 0
5,004,774 3,114,192 7,384,113 479,291
31,275 32,441 32,660 33,064
1.19 1.79 1.21 1.67
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
D-5
III&It '"''"
• Lul'I*u
U, F-0 04 gLmril jii ir,i
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
of
4,428,233 (208,085) (252,013) 71,012 2,709,760
314,814 269,712 484,639 294,257 408,137
4,743,047 61,627 232,626 365,269 3,117,897
- - 151,020 349,585 642,980
- - 151,020 349,585 642,980
4,743,047 61,627 81,606 15,684 2,474,917
2,557,851 2,634,080 2,825,479 2,864,578 2,868,633
2,800 5,500 5,500 5,500 5,500
2,628,580 2,859,078 2,555,051 2,819,979 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 (65922) 2,459,233
31,275 32,441 32,660 33,064 33,064
City and Borough of Juneau
Conduit Debt
WILDFLOWER COURT (A not for profit organziation)
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
Audited Audited Audited Audited Audited
ASSETS
Plant in-Service 4,909,305 4,620,999 4,734,678 3,771,100 3,082,979
Cash 1,582,128 1,752,043 1,437,085 1,970693 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 1444,749 1,786,787 1,267,699 1,389,726
Total Assets 9,598,352 9,988,719 9,447,915 8,459,546 7,866,310
LIABILITIES AND NET ASSETS
Bond Debt 13,050,000 11,705,000 11,596,229 10,204,712 8,688,824
Other Liabilities 904,428 2,052,663 1,132,323 996,579 1,012,833
Total Liabilities 13,954,428 13,757,663 12,728,552 11,201,291 91 701,657
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 91 894,353 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 60,954 48,577
Change in Net Assets 193,816 587,132 488,305 538,892 906,398
Revenue Bond Coverage 133 132 1-12 1,10 'L18
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
ru
71NANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation) $72,772,410 $74,566,327 $74,002,798 $69,208,456 $63,710,212
Construction Work in Progress 6,866,781 6,202,224 2,826,314 228,425 3,647,565
Cash 14,990,308 17,386,169 26,113,833 38,596,921 44,834,531
Restricted Assets 10,160,114 6,549,498 5,490,768 5,327,673 5,327,519
Other Assets 23,011,263 23,462,113 25,230,206 20,528,164 23,810,042
Total Assets 127,800,876 128,166,331 133,663,919 133,889,639 141,329,869
LIABILITIES AND NET ASSETS
Revenue Bonds Payable
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 - NPOIOPEB write off
Change in Net Assets
Population of City
Revenue Bond Coverage
25,570,000 24,926,795 25,304,679 24,346,618 24,346,618
11,391,053 8,999,867 8,829,067 11,033,875 46,306,102
36,961,053 33,926,662 34,133,746 35,380,493 70,652,720
90,839,823 94,239,669 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 3,610,234 14,405,416 3,306,366 4,119,820
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
ME
OnInstdO 60,O0I1 -c56nr Fu
Obligation Fi nancial Summary
--
S
S
— :
s
-. - $ 91O0U 5 30'0000 S 2'OOOO $ 40,000 S 41,520000
033 0464 O.,5, 066'.
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- ---- - iITIf 5473
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T'eoeaGODobt Per Capto 5612 5336 $473 1 5792
orI O0000tk ood D—togapldc DA. 2011 2012 2013 2014 2015
V.P.ldhog 35,400 56,369 56,756 56,562 57,147 050
S 6,393,531000 0 6433,341.010 5 4,716.0103)00 5 6,960,19003 5 6,932,443,000
Ar.edVioo0oCop00 5 115,407 $ 217.675 $ 113,331 S 122,405 $ 12l7G0
TopiOToP o otTot- 14 ofl I 1i23 145 ito 1"j' 170
(1) 2613, 3014 ani 1013 L'm,,ot66 rm,d 0.thoto l 3otvoo 1o96
Ot~'OiHMIa thth tOI511.333360. 00964,531 toO 000 705p&16671to
to,t,1166a ,6mtot1 gu to 000000 t000O 61o11o66ttod
'S
Central Peninsula General Hospital
FINANCIAL SUMMARY
211 22 2013 2014 2015 ASSETS
Capital Assets (net of depreciation) $67,842,931 $64853893 $69429959 $71,387,990 $93151047
Cash 21,700,302 27,803487 35,197,813 35,508,443 37638,411
Cash held for Plant Replacement 10,097,241 11,421,461 11,322,729 16,447,887 18,838950
Restricted Assets 3,584,121 633,493 500,000 4,693,402 5069,037
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 122,330T3 134,095.908 146,313.507 191966.077 212.108821
LIABILITIES AND NET ASSETS
Revenue Bonds Payable - * - 32,490,000 33,890,000
GO Bands Payable 35,990,000 32255,000 30,130,000 27,905.000 25,670,000
Other Liabilities 10,965,610 18041,771 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 63,799,137 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
Nan-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 14,208112 13,227,067 17,176,970
D-1O
I '7_ vsi :1 I i1
THIS AGREEMENT, dated as of the 1st day of July 2008, by and between the
Alaska Municipal Bond Bank (the 'Bank), a body corporate and politic constituted as an
instrumentality of the State of Alaska (the "State") exercising public and essential
governmental functions, created pursuant to the provisions of Chapter 85, Title 44, Alaska
Statutes, as amended (the "Act"), having its principal place of business at Juneau, Alaska,
and the Municipality of Skagway, Alaska, a duly constituted first class borough of the State
(the "Municipality"):
W IT NESS ET H:
WHEREAS, pursuant to the Act, the Bank is authorized to make loans of money
(the "Loan" or "Loans") to governmental units; and
WHEREAS, the 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; and
WHEREAS, the Municipality desires to borrow money from the Bank in the amount
of not to exceed $5,000,000 and has submitted an application to the Bankfora Loan in the
amount of not to exceed $5,000,000 and the Municipality has duly authorized the issuance
of its fully registered bond in the aggregate principal amount of $4,990,000 (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 requested
by the Bank; and
WHEREAS, to provide for the issuance of bonds of the Bank in order to obtain from
time to time money with which to make Loans, the Bank has adopted the General
Obligation Bond Resolution on July 13, 2005 (the "General Bond Resolution"), and Series
Resolution No. 2008-03 adopted on April 24, 2008, as amended by Amending Resolution
No. 2008-04 approved on June 17, 2008 (together with the General Bond Resolution, the
"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 principal amount of $4,990,000. As evidence of the Loan made to the Municipality and
such money borrowed from the Bank by the Municipality, the Municipality hereby sells to
the Bank the Municipal Bond in the principal amount, with the principal installment
payments, and bearing interest from its date at the rate or rates per annum, stated in
Exhibit "A" appended hereto. For purposes of this Loan Agreement, the interest on the
Municipal Bond will be computed without regard to the provision in Section 7 hereof. As set
forth in Section 3 and 4 hereof, the Municipality shall make funds available to the Trustee
acting under the General Bond Resolution for the payment of principal and interest at least
seven business days prior to each respective principal and interest payment date.
2. The Municipality represents that it has duly adopted or will adopt all
necessary ordinances, including Ordinance No. 2008-11 passed by the Municipal
Assembly on April 3, 2008 (the "Municipality'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 valid general
obligation bond of the Municipality duly authorized by the Municipality's Ordinance.
3. Subject to any applicable legal limitations, the amounts to be paid by the
Municipality pursuant to this Loan Agreement representing interest due on its Municipal
Bond (the "Municipal Bond Interest Payments") shall be computed at the same rate or
rates of interest borne by the corresponding maturities of the bonds sold by the Bank in
order to obtain the money with which to make the Loan and to purchase the Municipal
Bond (the "Loan Obligations") and, shall be paid by the Municipality to the Bank's Trustee
acting under the General Bond Resolution at least seven business days before the interest
payment date so as to provide funds sufficient to pay interest as the same becomes due
on the Loan Obligation.
4. The amounts to be paid by the Municipality pursuant to this Loan Agreement
representing principal due on its Municipal Bond (the "Municipal Bond Principal Payments")
shall be paid by the Municipality to the Bank's Trustee acting under the General Bond
Resolution at least seven business days before each maturity date (notwithstanding the
dates of payment as stated in the Municipal Bond) so as to provide funds sufficient to pay
the principal of the Loan Obligations as the same matures based upon the maturity
schedule stated in Exhibit "A" appended hereto.
5. In the event the amounts referred to in Sections 3 and 4 hereof to be paid by
the 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
AMBB/General Obligation Bonds, 2008 Series Two
Loan Agreement - Skagway
:\DQcs\37421 709\Loan Agreement - Skagway.wpd Page 2
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 Municipality on any principal installment of the Municipal Bond is equal to
the interest rate paid by the Bank on the corresponding principal installment of Bank's
refunding bonds and (ii) on a present value basis the sum of the adjusted Municipal Bond
Interest Payments and Municipal Bond Principal Payments is equal to or less than the sum
of the Municipal Bond Interest Payments and Municipal Bond Principal Payments due over
the remaining term of the Municipal Bond as previously established under this Loan
Agreement. In the event of such a refunding of Loan Obligations, the Bank shall present
to the Municipality for the Municipality's approval, a revised schedule of principal
installment amounts and interest rates for the Municipal Bond, If approved by the
Municipality the revised schedule shall be attached hereto as Exhibit "A" and incorporated
herein in replacement of the previous Exhibit "A" detailing said principal installment
amounts and interest rates.
7. The Municipality is obligated to pay to the Bank Fees and Charges. Such
Fees and Charges actually collected from the Municipality shall be in an amount sufficient,
together with the Municipality's Allocable Proportion (as defined below) of other money
available therefor under the provisions of the Bond Resolution, and other money available
therefor, including any specific grants made by the United States of America Or any agency
or instrumentality thereof or by the State or any agency or instrumentality thereof and
amounts applied therefor from amounts transferred to the Operating Fund pursuant to
Section 606 of the General Bond Resolution:
(a) to pay, as the same become due, the 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 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 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
AMBB/Generat Obligation Bonds, 2008 Series Two
Loan Agreement - Skagway
:\Docs\37421709\Loan Agreement- Skagwaywpd Page 3
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 seven
business days before the date indicated on Exhibit "A" appended hereto, 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
seven business days before the date indicated on Exhibit "A" appended hereto, and to pay
any Fees and Charges imposed by the Bank within 30 days of receiving the invoice of the
Bank therefor.
9. The Bank shall not sell and the 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 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.
AMBB/General Obligation Bonds, 2008 Series Two
Loan Agreement - Skagway
I:\Docs\37421709\Loan Agreement - Shagway.wpd Page 4
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
Municipality of Skagway, P.O. Box 415, Skagway, Alaska 99840 Attention: Borough
Manager. The Municipality shall give the Bank and the corporate trust office of the Trustee
under the General Bond Resolution at least 30 days' written notice of any change in such
address.
12. Prior to payment of the amount of the Loan or any portion thereof, and the
delivery of the Municipal Bond to the Bank or its designee, the Bank shall have the right
to cancel all or any part of its obligations hereunder if:
(a) Any representation, warranty or other statement made by the Municipality to
the Bank in 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 General Obligation Bonds, 2008 Series Two (the " 2008 Bonds") and receipt
of the proceeds thereof.
14. The Municipality agrees that it will provide the Bank with written notice of any
default in covenants under the terms of this Loan Agreement and the Municipality's
Ordinance within 30 days from the date thereof.
15. 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.
AMBB/General Obligation Bonds, 2008 Series Two
Loan Agreement - Skagway
I:\Oocs\37421709\Loan Agreement- Skagway.wpd Page 5
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.
16. The Municipality agrees that if it is one of the Governmental Units that has
a ten percent or greater amount of outstanding bonds held by the Bank under its General
Bond Resolution (I) it shall authorize the execution and delivery of a continuing disclosure
certificate on the date the Municipal Bonds are delivered to the Bank, and (ii) it shall
provide the Bank for inclusion in future official statements, upon request, financial
information generally of the type included in Appendix D to the Official Statement and
attached hereto as Exhibit B.
17. The Municipality shall report to the Bank, in writing, the percentage of
property taxes collected in relation to the total amount of property taxes levied. The
Municipality agrees to provide this written report within thirty (30) days after the Municipal
Bond is issued, and (ii) for fiscal year 2009 and thereafter within ninety (90) days after the
final collection date for the then current fiscal year. The Municipality's obligation to provide
this written report terminates after the first fiscal year in which either (i) the Municipal Bond
ceases to be outstanding, or (ii) the report shows that the percentage of property taxes
collected for the fiscal year equals or exceeds eighty-five percent (85%) of the total amount
of property taxes levied.
18. 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.
AMBB/General Obligation Bonds, 2008 Series Two
Loan Agreement - Skagway
1:\Docs\37421709\Loan Agreement - Skngway.wpd Page 6
19. 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.
20. 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.
21. 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.
22. 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
By:
DE/EN J. MITCHELL
Executive Director
MUNICIPALITY OF SKAGWAY, ALASKA
By:
AIAN J. SOUM
Borough Maiager
AMBB/General Obligation Bonds, 2005 Series Two
Loan Agreement Skagway P n np 7
1111110livill 11101011W
Municipality of Skagway, Alaska
General Obligation Bonds, 2008
Principal Date Principal Interest
(June 1) Amount Rate
2009 $150,000 6.00%
2010 160,000 6.00
2011 170,000 6.00
2012 180,000 6.00
2013 190,000 5.00
2014 200,000 4.00
2015 205,000 4.00
2016 215,000 4.00
2017 225,000 4.10
2018 235,000 6.00
2019 245,000 4.40
2020 260,000 4.50
2021 270,000 4.60
2022 285,000 4.70
2023 295,000 4.75
2024 310,000 4.80
2025 325,000 4.85
2026 340,000 4.90
2027 355,000 5.00
2028 375,000 5.00
Principal installments shall be payable on June 1 in each of the years, and in the amounts
set forth above. Interest on the Bond shall be payable on December 1, 2008, and
thereafter on June 1 and December 1 of each year.
Prepayment Provisions: Principal installments due on or after June 1, 2019, are subject to
prepayment by the Municipality, in whole or in part, on any date, on or after June 1, 2018,
at a price of 100% of the principal amount hereof and be prepaid plus accrued interest to
the date of prepayment.
AMBB/General Obligation Bonds, 2008 Series Two
Loan Agreement Skagway - Exhibit A Page A-i
1\Oocs\37421 709\Loan Agreement - Skagway.wpcl
4:11:111:3
AMB/GeneraI Obligation Bonds, 2008 Series Two
Loan Agreement Skagway - Exhibit B Page B-i
1:MJ0OS\37421709\1-0an Agreement - Skagway.wpd
CITY OF KETCHIKAN
PORT FINANCIAL SUMMARY
2007 2006 2005 2004 2003 2002
Audited Audited Audited Audited Audited Audited
ASSETS
Cash $8,471,112 $4,529,687 $7,066,674 $5,121,067 $2,895,450 $2,163,498
Port Facilities (net) 41,226,714 10,405,568 9,762,409 10,072,444 10,282,618 9,737,592
Construction Work in Progress 3,493,927 26,082,665 1,632,135 2,686,197 2,276,353 358,350
Restricted Assets 4,743,690 19,872,348
Other Assets 560,772 515,697 47,113 99,752 129,455 95,360
Total Assets 58,496,215 61,405,965 18,508,331 17,979,460 15,583,876 12,354,800
LIABILITIES AND NET ASSETS
General Obligation Bonds Payable 1,480,000 1,665,000 1,680,000 2,065000 2,245,000 2,415,000
Revenue Bonds Payable 37,875,000 38,500,000
Other Liabilities 5,130,176 7,105,081 3,759,032 2,541,005 3,261,400 114,355
Total Liabilities 44,485,176 47,290,081 5,639032 4,606,005 5,506,400 2,529,355
NET ASSETS 14011,039 14,115684 12,869,299 13,373,455 10,077,476 9,825,445
Operating Revenues 7,895,063 6,427,207 7,096,948 5,000,010 1,774,457 1,661,674
Operation and Maintenance 1,506,749 2,299,099 1,945,688 792,954 828,052 595,557
Depreciation 985,775 657,485 618,708 632,143 610,454 616,196
Payment in Lieu olTaxes/Taxes 102,100 102,100 102,100 102,100 102,100 102,100
Operating Income (Loss) 5,300,439 3,368,523 4,430,452 3,412,813 233,851 347,821
Non-Operating Revenue (Expense) (1,697,827) (310,285) (68,390) (183,706) (22,824) (100,244)
Net Income (Loss) Before Contribution 3,602,612 3,056,238 4,362,062 3,289,107 211,027 247,577
Contributions 1,864,661 42,006 12,251 6,672 41,004 25,000
Extraordinary Item (2,432,884)
Transfers (5,572,069) (1,653,659) (2,445,585)
Change In Net Assets (104,796) 1,246,585 (504,156) 3,295,979 252,031 272,577
Revenue Bond Debt Coverage:
1.25 x Annual Debt Service 2.75 7.32 N/A N/A N/A N/A
1.0 x Annual Debt
Service/Reserves Account/Repair
and Replacement Fund/SPH
Lease Payments N/A N/A N/A N/A N/A N/A
* Unaudited
# of Ships 36 36 37 37 37 34
# of Calls/Stops 504 503 562 535 538 503
# of Water Passengers 899,638 838,880 921,429 848,969 770,663 700,993
Reflects statistical information provided by the Ketchikan Visitors Bureau
CITY OF KETCHIKAN
KETCHIKAN PUBLIC UTILITIES ENTERPRISE FUND
FINANCIAL SUMMARY
2007 2006 2005 2004 2003 2002
Audited Audited Audited Audited Audited Audited
ASSETS
Utility Plan In-Service $65,675,153 $63,472,399 $65,655,049 $66,742,145 $67,621,026 $70,915,742
Construction Work in Progress 3,046,020 3,720,138 2,147,195 1,838,196 30,078,405 12,211,495
Cash 17,271,704 18,036,431 15,601,381 14,973,617 14,766,191 12,885250
Restricted Assets 3,881,216 3,592,407 3,731,971 3,653,916 8,433,752 18,175,772
Other Assets 9,709,775 7,537,978 6,770,815 6496,443 7,552,144 6,646,446
Total Assets 99,583,868 96,359,353 93,906,411 93,704,317 128,451,518 120,834,705
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 20,214,266 20,580,000 22,475,000 23,960,000 26,060,000 27,710,000
Other Liabilities 5,320,524 4,243,388 3,444,420 2,990,668 7,690,314 16,067,212
Total Liabilities 25,534,790 24,823,388 25,919,420 26950,668 33,750,314 43,771,212
NET ASSETS 74,049,078 71,535,965 67,986,991 66,753,649 94,701,204 77,057,483
Operating Revenues 30,786,551 31,085,610 27,691,757 27,180,231 27,744,410 26,240,240
Operation and Maintenance 17,777,974 15,188,314 13,974,313 14,874,171 14,604,369 14,799,604
Administrative and General 5,076,384 5,635,363 5,106,907 5,139,468 4,452,846 4,393,991
Depreciation 6,624,656 6,861,088 6,248,245 6,113,112 5,971,682 6,238,429
Payment in Lieu of Taxes 650,000 650,000 650,000
Operating Income (Loss) 1,307,537 3,400,785 2,362,292 403,480 2,065,513 156,216
Non-Operating Revenue (Expense) 197,069 (108,887) (736,471) (1,139,856) (1,183,143) (1,504,093)
Net Income (Loss) Before Contribution 1,504,606 3,291,898 1,625,821 (736,376) 882,370 (1,345,877)
Contributions 1,658,507 907,076 257,521 1,099,417 16,761,341 2,661,328
Transfer of Net Assets - Swan
Lake -Lake Tyee lotertie Project (28,310,596)
Transfer - Payment In Lieu of Taxes (650,000) (650,000) (650,000)
Change in Net Assets 2,513,113 3,548,974 1,233,342 (27,947,5551 17,643,711 1,315,451
Population of Service Area 13,166 13,174 13,125 13,093 13,685 13,683
Population of CitY 7,732 7,662 7,685 7,691 8,002 7,845
# of Electric Customers 7,305 7,251 7,202 7,161 7,178 7,171
#01 Telephone Access Lines 9,039 9,554 9,840 10,131 10,653 11,259
#of Water Customers 3,230 3,035 2,928 2,905 2,851 2,847
Revenue Bond Coverage 3.18 3.92 3.33 2.22 3.02 1.85
* Water is only provided within the City
Change in accounting standards payment in lieu of tax must be reported as a transfer
I 4:11:11 l]
CITY OF SEWARD
FINANCIAL SUMMARY
Municipal Financial Position 2004 2005 2006 2007 Average
i'roperty Tax CoUections
Borrower's Property Tax Rate per $1,000 $3.12 $3.12 $3.12 $3.12 $3.12
Municipal Levy $666,848 $733,298 $835,829 $851,190 $771,791
Current Years Collections $650,763 $717,697 $801,964 $920,934 $772,840
Current Collection Rate 97.59% 97.87% 95.90% 96.40% 96.94%
Total Year's Collections $669,065 $733,301 $823,782 $838,883 $766,258
Total Collection Rate 100.337o 100.00% 101.00% 98.60% 9998%
General Fund
$ 5,389,198 $ 3,646,245 $ 3,559,970 $4,446,073 Unreserved Ending Fund Balance $ 5,188,880
Expenditures $ 7,037,318 $ 8,108,290 $ 10,056,671 $ 8,772,043 $8,493,581
Fund Balance/Expenditures 74% 66% 36% 41% 54%
Total Revenues $ 7,398,160 $ 8,247,828 $ 8,683,777 $ 9,473,066 88,450,708
Intergovernmental Revenues 1,066,093 $ 1,189,258 81,017,452
Percentage Intergovernmental '11% 12% 13% 12%
Overall Municipal Debt Position
$
Elm
5,673,722
829,535
t$13t,280,000$
10,590,000
$ 222,345
$ 10,175,000
$ 4,737,655
Revenue Debt - Enterprise Funds
General Obligation Debt - Governmental Funds $ 7,069,933 $ 5,576,146
General Obligation Debt - Enterprise Funds 665,068 $ 373,854
Total General Obligation Debt 7,735,001 $ 5,950,000 $ 4,960,000
Total Revenue and General Obligation Debt 13,408,723 $ 16,540,000 $ 15,135,000
y -
Governmental GO Debt/Assessed Value (mry) 3.17% 2,57% 2,12% 1.75%
Enterprise GO Debt / Assessed Value (mry 0.30% 0.21% 0.14%
1.83%
5.58%
Total General Obligation Debt/A.V. rnry) 3.47% 2.78% 2,26%
Total Revenue and GO Debt/A.V. mry 6.01% 5.37% 6.28%
General Obligation Debt Per Capita $2,830 $2,705 $2,283 $1,888
Total Revenue and GO Debt Per Capita $4,9061 $5,228 $6,347 $5,761
General Economic and Demographic Data 2004 2005 2006 2007 Aanu ate rowth
Population
Assessed Value
Assessed Value Per Capita
To 10 Tax Pa rers as a % of Assessed Value
(niry): most recent year
$
$
2733
223,202,115
81,669
18,487o
$
$
2,540
247,172,835
97,312
16.69%
$
$
2,606
263,528,984
101,124
17.00%
2,627
$ 271,407,000
$ 103,314
16.90%
2.60%
6.62%
Ii 41t______
CITY OF SEWARD
ELECTRIC ENTERPRISE FUND
FINANCIAL SUMMARY
ASSETS
Utility Plant 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
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Contributions
Transfers-Out
Change in Net Assets
2004
Audited
$18,497,152
2,304,203
3,260,064
2,132,849
1,235,264
27,429,532
2,430,000
752,066
3,182,066
24,247,466
6,943,720
3,455,116
1,610,842
1,274,862
602,900
(106,938)
495,962
77,211
(1,153,176)
(580,003)
$19,744,486
283,468
3,647,838
1,934,476
1,459,639
27,069,907
2,290,000
790,834
3,080,834
23;989,073
7,381,178
3,757,415
1,781,775
1,257,288
584,700
23,298
237,238
(1,103,629)
(258,393)
$19,078,303
439,382
2,394,025
2,319915
1,997,406
26,229031
2,080,000
884,878
2,964,878
23,264,153
7,979,436
5,643,337
2,212,653
1,303,680
(1,180,234)
1,397,097
216,863
313,536
(1,255,319)
(724,92
$18,884,635
20,000
2,706,708
2,030,305
2,382,561
26,024,209
1,885,000
840,935
2,725,935
23,298,274
8,428,106
4,588,101
2,063,354
1,342,861
433,790
224,213
658,003
391,835
(1,015,717)
34,121
2005 2006 2007
Audited Audited
Audited
Population of Service Area 4,608 4,403 4,469 4,490
Population of City 2,745 2,540 2,606 2,627
Revenue Bond Coverage 6.28 6.62 5.39 7.10
CITY OF SEWARD
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2004 2005 2006 2007
Audited Audited Audited Audited
ASSETS
Plant In-Service $10,956,164 $9,982,231 $19,078,303 $18,884,635
Construction Work in Progress 1,143,554 5,169,335 439,382 20,000
Cash 420,306 388,396 2,394,025 2,706,708
Restricted Assets 871,046 1,128,287 2,319,915 2,030,305
Other Assets 344,293 1,031,143 1,997,406 2,382,561
Total Assets 13,735,363 17,699,392 26,229,031 26,024,209
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 2,725,000 4,120,000 2,080,000 1,885,000
Other Liabilities 655,877 1,066,970 884,878 840,935
Total Liabilities 3,380,877 5,186,970 2,964,878 2,725,935
NET ASSETS 10,354,486 12,512,422 23,264,153 23,298,274
Operating Revenues 1,818,674 1,943,424 7,979,436 8,428,106
Operation and Maintenance 1,048,102 1,150,685 5,643,337 4,588,101
Administrative and General 101,599 159,526 2,212,653 2,063,354
Depreciation 999,502 976,833 1,303,680 1,342,861
Operating Income (Loss) (330,529) (343,620) (1,180,234) 433,790
Non-Operating Revenue (Expense) (101,667) -95,524 1,397,097 224,213
Net Income (Loss) Before Contribution (432,196) (439,144) 216,863 658,003
Contributions 337,843 2,869,057 313,536 391,835
Transfers-Out (249,672) (271,977) (1,255,319) (1,015,717)
Change in Net Assets (344,025) 2,157,936 (724,920) 34,121
Population of City 2,745 2,540 2,606 2,627
Revenue Bond Coverage 3.45 2.26 2.76 1.86
2006
Audited
$0
1,358,000
251,000
1,697,000
3,306,000
2,389,000
2,389,000
917,000
11,977,000
11,639,000
0
338,000
5.000
343,000
2007
$96,000
287,000
38,000
1,630,000
2,051,000
2,101,000
2,101,000
(50,000)
11,188,000
12,147,000
11,000
(970,000)
3.000
(967,000)
ASSETS
Plant In-Service
Cash
Restricted Assets
Other Assets
Total Assets
LIABILITIES AND NET ASSETS
Other Liabilities
Total Liabilities
NET ASSETS
Operating Revenues
Operating Expenses
Depreciation
PROVIDENCE SEWARD MEDICAL CENTER*
FINANCIAL SUMMARY
(All figures rounded to thousands)
2004 2005
Audited Audited
$0 $0
2,048,000 1,772,000
15,000 169,000
2,165,000 1,660,000
4,228,000 3,601,000
3,252,000
3,252,000
976,000
10,869,000
10,295,000
0
3,027,000
3,027,000
574,000
10,779,000
11,185,000
0
['iII'&'] '
Operating Income (Loss) 574,000 (406,000)
Non-Operating Revenue (Expense) 0 4,000
Change in Net Assets 574,000 (402,000)
*This facility is a component unit of the City of Seward.