Tab_27I DIiI IT'd IS] ia i7.iTh 1 ak'A I aihi 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 City of Kodiak, Alaska, a duly constituted home rule city of the State (the "City"):
WITNES SETH:
WHEREAS, pursuant to the Act, the Bank is authorized to issue bonds and loan money
(the "Loans") to governmental units; and
WHEREAS, the 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, 2007 Series Five ("2007 Series Five Bonds") in the amount of $4,000,000,
evidenced by a Loan Agreement, dated December 1, 2007 (the "2007 Loan Agreement"),
between the Bank and the City; and
WHEREAS, as security for repayment of the Loan and as provided in the 2007 Loan
Agreement, the City issued its City of Kodiak Boat Lift Special Facility Revenue Bond, 2007A,
dated December 4, 2007 (the "2007 Municipal Bond"), of which the Bank is the registered
owner; and
WHEREAS, the Bank has determined that refunding a portion of the outstanding 2007
Series Five 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 Five Bonds;
and
WHEREAS, to effect the proposed refunding and resulting debt service savings on the
2007 Series Five Bonds and the 2007 Municipal Bond, and to conform the terms of the 2007
Loan Agreement to the current practices of the Bank, it is necessary to amend the terms of the
2007 Loan Agreement and to provide for the issuance by the City to the Bank of the City's Boat
Lift Special Facility Revenue Refunding Bond, Series 2016A (the "2016 Municipal Bond" and
together with the 2007 Municipal Bond, the "Municipal Bond") and for the refunding 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 Five 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 Five 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 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 2007 Loan Agreement is amended by replacing the current
language with the following:
The City represents that it has duly adopted all necessary ordinances or resolutions,
including Resolution Number 07-32 and Resolution Number 07-33, each adopted by the City
Council on October 25, 2007 (together, the "City's 2007 Resolution") and the City's 2007
Resolution is in full force and effect, and that it has taken all proceedings required by law to
enable it to enter into the 2007 Loan Agreement and issue its 2007 Municipal Bond to the Bank
and that the 2007 Municipal Bond constitutes a valid revenue bond of the City duly authorized
by the City's 2007 Resolution.
The City represents that it has duly adopted or will adopt all necessary ordinances or
resolutions, including Resolution Number 2016-30, adopted on September 22, 2016 (the "City
Refunding Resolution" and together with the City's 2007 Resolution and the City's Resolution
Number 08-30, dated December 11, 2008 (the "City's 2008 Resolution"), the "City's
Resolution"), and that it has taken or will take all proceedings required by law to enable it to
enter into this Amendatory Loan Agreement and to issue its 2016 Municipal Bond to the Bank
and that the 2016 Municipal Bond will constitute a revenue bond, a special and limited
obligation of the City, 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 14 of the 2007 Loan Agreement is amended to include the following
paragraph:
The City represents that the City's Resolution 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.
Page 2
5. Section 16 of the 2007 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.
6. A new Section 22 is added to the 2007 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 the 2016 Municipal Bond remains outstanding.
The City agrees that filings under this Section 22 shall be made in connection with CUSIP Nos.
01179P, 011798 and 01179R. Additional or alternate CUSIP number(s) maybe 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 forth in this Section then it shall make its
filings using both CUSIP numbers herein stated and any additional CUSIP number(s).
7. A new Section 23 is added to the 2007 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.
8. A new Section 24 is added to the 2007 Loan Agreement, as follows:
The City hereby agrees that it shall fully fund, at the time of loan funding, its debt service
reserve fund (in an amount equal to $278,493.76) which secures payment of principal and
interest on its 2016 Municipal Bond, and that such fund shall be held in the name of the City
with the Trustee. The City further agrees that the yield on amounts held in such debt service
reserve account shall be restricted to a yield not in excess of 2.598457 percent.
Page 3
A new Section 25 is added to the 2007 Loan Agreement, as follows:
(a) The City hereby certifies that all 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 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 2007 Municipal Bond was issued exclusively
for new money purposes; and (ii) the 2007 Municipal Bond has not previously been used to
directly or indirectly advance refund a prior issue of any municipal bonds of the City.
10. A new Section 26 is added to the 2007 Loan Agreement, as follows:
As amended hereby, the 2007 Loan Agreement will remain in full force and effect so
long as the 2016 Municipal Bond remains outstanding.
Page 4
IN WITNESS WHEREOF, the parties hereto have executed this Amendatory Loan
Agreement as of the date first set forth above.
ALASKA MUNICIPAL BOND BANK
LOW
CITY OF KODIAK, ALASKA
Its:
Page 5
i *:i :11 i
City of Kodiak, Alaska
Boat Lift Special Facility Revenue Refunding Bond, Series 2016A, issued on November 3, 2016
(the "2016 Municipal Bond")
Principal Sum of $3,485,000
Principal Payment Date Principal Interest
(December 1) Amount Rate
2017 $85,000 2.000%
2018 90,000 4.000
2019 95,000 4.000
2020 100,000 4.000
2021 105,000 4.000
2022 110,000 5.000
2023 115,000 5.000
2024 120,000 5.000
2025 125,000 5.000
2026 130,000 5.000
2027 135,000 5.000
2028 145,000 5.000
2029 205,000 3.000
2030 215,000 3.125
2031 220,000 3.125
2032 225,000 3.250
2033 240,000 3.250
2034 245,000 3.375
2035 250,000 3.375
2036 260,000 3.375
2037 270,000 3.375
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.
Optional Prepayment: The 2016 Municipal Bond principal installments due on or after
December 1, 2028 are subject to prepayment in whole or in part at the option of the City on any
date on or after December 1, 2026, at a price of 100% of the principal amount thereof to be
prepaid, plus accrued interest to the date of prepayment.
Page A-i
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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 Rote per $1,000 $6.00 $6.00 $6.00 $600 $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% 100.01% 98.92% 99.00% 99.57% 99.54%
General Fund
Unreserved Boding 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 7 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 $ 26,514,728 $ 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% 101y 10% 10.02%
Overall Municipal Debt Position
S o8,b07,451 $ 51,533,411 $ 155,545,022 $ 11)0,943,535 $ 123,215,31) Revenue Debt - Enterprise Funds
Revenue Debt - Governmental Funds $ 165,750 $ 156,000 $ 146,250 $ 202,641 9 189,435
General Obligation Debt Governmental Funds $ 36,300,000 $ 32,290,000 $ 31,020,000 $ 28,635,000 $
General Obligation Debt - Enterprise Funds $ - - - $ -
Total General Obligation Debt $ 36,300,000 $
Total
$ 32,290,000 $ 31,020,000 $ 28,635,000 ~21
Revenue and General Obligation Debt $ 105,273,151 $ 101,039,411 $ 137,312,072 $ 137,777,641 $
Governmental 150 Debt/ Taxable Assessed Value 3.69%1 3,267, 3.10')61 2.914 2.59
Total Revenue and GO Debt/A V. 10.69% 1020% 1372% 14.01% 14 9
General Obligation Debt Per Capita 54,138 $3,80) - 63,415 63,152 52,8bb
Total Revenue and GO Debt Per Capita $12,000 $11,287 $15,116 $15,167 $16,488
General Economic and Demographic Data 2011 2012 2013 2014 2015 Annual Growth
Population 8,773
Taxable Assessed Value $985,073,129
Assessed Value Per Capita $112,285
Top 10 T- Povem es e% stAstesced Value 764%
8,952 _9,0841 9,084 1 9,061 -0.25%
$990,930,238 $1,001,066,714 $983,623,000 $1,005,471,000 2.22%
$110,694 _$110,201 _$108,281 _$110,967
7.97% 7.57% 757% 7-57
The Purosgh has not completed its fiscal year 2015 aadit as of the dates) the pruporatlsu sO 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 18,085,724 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 60,694,459 56,871,133 99,757,510 132,833,718 139,263,936
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 a nd 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
U of electric customers 5,282 5,309 5,403 5,490 5,683
KwH Sold 111,795,344 111,048,623 111,155,330 111,155,330 105,293,250
Revenue Bond Debt Service 3,477,959 3,467,567 4,529,240 5,045,158 7,158,839
Revenue Bond Coverage (> 1.25) 1.41 1.43 1.27 1.34 1.27
Note: $2,500,000 transferred into Rate Stabilization Fund in FY2015
$2,006,696 transferred out of Rate Stabilization Fund in FY2015
Total of rate Stabilization Fund as of June 30, 2015 -$3,001,304
The Borough has not completed its fiscal year 2015 audit as of the date of the preparation of this table.
D-2
CITY AND BOROUGH OF SITI
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation) 14,789,299 14,122,591 13,550,231 13,153,475 20,560,565
Land 90,000 90,000 90,000 90,000 90,000
Construction Work in Progress 20,229 57,838 665,476 7,824,365 939,917
Cash 3,733,467 4,735,101 6,599,187 6,616,954 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 516 531
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 74377,108 $44,818,184 $45,548,172 $43,222,846
Current Collection Rate 98.99% 99.23% 99.40% 99.367. 99.34% 99.26%
Total Year's Collections $40,728,566 91,721,795 $44,200,111 $45,017,746 $45,548,172 $43,443,278
Total Collection Rate 99,97% 99.93% 99.881/. 99.80% 99.34% 99.78%
General Fund
Unassigned Plus Emergency Operating Res (GASB#54) 51 5561 $ 3,454,164 57,494,734 "i7,285,S7 $ 20,272,312 6 10,053,252
Expenditures ¶ 50,540,314 $ 51,283,781 $ 84,553,473 9 86,380,150 $ 94,808,876 $ 73,513,319
Fund Balance/ Expenditures 3.42% 6.797 8,86% 20.01% 21.38% 12.097
Total Revenues 7-76—,0U 8,466 $ 50,036,584 $ 88,778,005 ¶ 97,936,255 9 98,018,608 $ 80,155,584
Intergovernmental Revenues $ 14,313,000 $ 15,464,700 $ 30,615,700 $ 41,429,692 $ 32,072,000 $ 26,783,018
Percentage Intergovernmental 22% 31% 3517. 42% 33% 32.42%
Overall Municipal Debt Position
45,205,541 - 43,679,b32 S 41,93a,507 $ -- 40,090,908 $ 38,435,440 -
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 $ 115,314,000
General Obliga tion Debt - Enterprise Funds - - ¶ - - T-
-Total General Obliga ti on Debt $ 148,301,000 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314,000
Total Revenue and General Obligation Debt $ 197,108,916 —9--l-7-978-7,429 $ 179,987,429 ¶ 175,382,524 $ 168,965,994 $ 180,722,763
Co", ul (0(1) Dbt/ 10\,ble AH \Iu 5.72% 3.280, 3.077 2.797 2.57,
Total Revenue and GO Debt/A.V. 4.94% 4.42% 4.10% 3.86% 4.0311
General Obligation Debt Per Capita 64,742 $4,113 64,023 $3,696 ¶3,492
Total Revenue and CO Debt Per Capita $6,302 ¶5,546 ¶5,370 $5,116 ¶5,472
General Economic and Demographic Data 2011 2012 2013 1 2014 2015 1 Annual 773p7abon 31,2/5 32,441
Taxable Assessed Value $ 3,989,344,944 $ 4,071,713,732
Assessed Value Per Capita $ 127,557 $ 125,5111
Tap 10 Tax Payers as a % of Assessed Value 13.78% 13.73%1
32,660 33,030 33,026 -0.01%
$ 4,275,067,217 $ 4,379,714,933 $ 4,484,327,332 2.39%
$ 130,896 $ 132,598 $ 135,782
13.82%1 13.61% 13.61%
'4
CITY AND BOROUGH OF JUNEAU
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
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
Total Assets 59,912,595 63,049,001 69,229,451 70,011,080 83,007,814
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 9,700,000 9,691,595 9,380,434 9,033,637 9,758,734
Other Liabilities 2,110,290 2,140,909 1,401,365 2,050,500 3,105,738
Total Liabilities 11,810,290 11,832,504 10,781,799 11,084,137 12,864,472
NET ASSETS 48,102,305 51,216,497 58,447,652 58,926,943 70,143,342
Operating Revenues 2,854,858 3,154,885 3,173,272 3,508,430 4,202,862
Operation and Maintenance 2,492,110 2,434329 2,498,178 2,814,717 3,347,050
Administrative and General - - - - -
Depreciation 899,956 986,619 968,761 1,003,707 1,150,701
Operating Income (Loss) (537,208) (266,063) (293,667) (309,994) (294,889)
Non-Operating Revenue (Expense) 46,509 155,306 (214,686) 128,433 501,698
Net Income (Loss) Before Contribution (490,699) (110,757) (508,353) (181,561) 206,809
Capital Contributions 1,690,873 2,549,949 7,392,466 660,852 5,788,674
Net Transfers-In (Out) 3,804,600 675,000 500,000 0 6,224,425
Special item - NPO/OPEB write off
Change in Net Assets 5,004,774 3,114,192 7,384,113 479,291 12,219,908
Population of City 31,275 32,441 32,660 33,064 33,064
Revenue Bond Coverage 1.19 1.79 1.21 1.67 2.60
:esi • • ••
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
Plant In-Service (net of depreciation)
Construction Work in Progress
Cash
Restricted Assets
Other Assets
Total Assets
LIABILITIES AND NET ASSETS
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Operating Revenues
Operation and Maintenance
Administrative and General
Depreciation
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Capital Contributions
Net Transfers-In (Out)
Chanoe 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
2,628,580 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 (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 11 582,128 1,752,043 1,437,085 1,970,693 1,956,157
Restricted Assets 1,707,402 2,170,928 1,489,365 1,450,054 1,437,448
OtherAssets 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
LIABI LITIES AND NET ASSETS
Bond Debt 13,050,000 11,705,000 11,596,229 10,204,712 8,688,824
Other Liabilities 904,428 2,052,663 1,132,323 996,579 1,012,833
Total Liabilities 13,954,428 13,757,663 12,728,552 11,201,291 9,701,657
NET ASSETS (DEFICIT) (4,356,076) (3,768,944) 3,280,837 (2,741,745) (1,835,347)
Operating Revenues 10,859,195 10,841,324 11,057,791 11,447,862 11,445,168
Operating Expenses 9,894,353 9,594,317 9,666,530 9,981,681 9,745,914
Depreciation 832,579 780,765 935,669 1,008,253 841,433
Operating Income (Loss) 132,263 466,243 455,592 477,928 857,821
Non-Operating Revenue (Expense) 61,553 120,890 32,713 60,964 48,577
Change in Net Assets 193,816 587,132 488,305 538,892 908,398
Revenue Bond Coverage 1.33 132 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
I • S U • I III i 4U I
2011 2012 2013 2014 2015
$72,772,410 $74,566,327 $74,002,798 $69,208,456 $63,710,212
6,866,781 6,202,224 2,826,314 228,425 3,647,565
14,990,308 17,386,169 26,113,833 38,596,921 44,834,531
10,160,114 6,549,498 5,490,768 5,327,673 5,327,519
23,011,263 23,462,113 25,230,206 20,528,164 23,810,042
127,800,876 128,166,331 133,663,919 133,889,639 141,329,869
25,570,000 24,926,795 25,304,679 24,346,618 24,346,618
11,391,053 8,999,867 8,829,067 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)
7579,634 3,306,366 4,119,820 3,610,234 14,405,416
1,824,904 1,775,536 4,401,288 (2,098,527) 5,194,623
89,002 471,910 134,658 0 0
1,152,600 1,152,400 1,123,000 1,077,500 1,054,500
3,066,506 3,399,846 5,658,946 (1,021,027) 6,249,123
31,275 32,441 32,660 33,064 33,064
363 300 7.34 2.50 8.97
ASSETS
Plant In-Service (net of depreciation)
Construction Work in Progress
Cash
Restricted Assets
Other Assets
Total Assets
LIABILITIES AND NET ASSETS
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Operating Revenues
Operation and Maintenance
Administrative and General
Depreciation
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Capital Contributions
Net Transfers-In (Out)
Special item - NPO/OPEB write off
Change in Net Assets
Population of City
Revenue Bond Coverage
00n3I Peninsula Bont19h - GOIEnd Fund
Gnr.6 ObO09000 FInOn63aI Summary
I 2011 2012 2013 2011
ope4rTiCoflt1ci
BwProptvTaxRter51900 5430 54.50 54.50 $4.50j 54.50 51,50
)31rnud,4 Lew 529,0582)4 530419,493 830,923,497 831,7J 5323155,014 830,747.330
C' Cofl, 523,630blO 529346,904 530.352.636 531,33: _J 531.142.025 5001236,934
CmCllndin Rate 98.03 98.43% 9857% 9&68'oI 95,29% 9850%
529,617,145 $
Tow
530,401,800
Colloctio. Rat.
%)M9,726 530,705,008 631,665,476 531232,596
99.96% 99.94% 99.92% 9914%
________._j - G-A Food
TOW S ..2 14,51 3 21166663 S 23,310 9S js 4L,T' S 21 12 631
$ 21,434,038 $ 21260.520 5 16306,148 $ 15,106,6S6 5 16,204,676 3112.32,011
Fc/E4thre
Tota!Rvtnues
$ 72,16331
30
S 70,799,89
5 73347,865
343%
S 71308,637
$ 72,452,475 5 73,376.161 $ 75,427413
22% 22%I 21%
S 74.255,493 S 74,043374 5 7$,364,733
573353,176
23'
573,974,670
____
S 81533,532 5 9,749,464- S 10.392,037 $ 9,406.455 S 03,554,034 510350,074
121. P ,n1otoo'e,omeW
1 14 17 13 131.
)vgo10 Munk4p1 Debt Position
S - S - S - 5 - S -
Re *-F1'md, S S 5 5 5
Tond Rv,00 134,66 5 S 5 5 . 5
C,00I0b1io44ot Debt 'G fo1 Fuo40 4Go,o-o1 Fo,,6 odi,3 5 23,910300 5 30,230,000 $ 20,920300 5 45,055,009 5 41,5243 ,0043
Total o1ObhatioDebt 5 33,910300 5 30,230,000 S 26,920,000 5 45,055,060 5 41,020.4300
ToL,iRtdG1OUo,Do3* 5 33.910 ,000 0 30230.000 5 20,520.004) $ 43,005300 S 41,920,004)
00 /A0 V,henv)
GODbt/Ao4314o4u
053% L'k, 040% 0.63%
6.60%
000 0
0.66%
050 004)
Toh166o,,a and 1 blJ AN. 4rno 0.33% 0.40% 005%
Tot40edG0 Debt Par Capita 5012 5530 5473 5792 5732
GooI 000rnk 2011 2012 2013 2014 2015 A,uo1Go',,t1,
RAg
Population 55,400 56,360 56,736 56,662 57,147 050%
Ae4V400 0 6,593,3313100 3 6,633,241.000 8 6,716,010,000 8 6,960,196,003 5 6332,443,003
As—sed Value ?~ Capita 6 115,407 6 117,670 5 215331 S 122,405 15 1211 309
1577% 14 1-,j 1033% 1755% 17105%
tinrv): mo4 c,,cn,tveor - - -
(1)20122043 ,d1O13 47m r'63)2od Moo w 44o
th UO000401041333490, 00341,037 0 40,344,027 40101400h' 466
o th m,,0040 mo4 bo02o 45,14,4
Central Peninsula General Hospital
FINANCIAL SUMMARY
2011 2012 2013 2014 2013
ASSETS
Capital Assets (net of depreciation) $67842931 $64,853.893 $69,429,959 $71,387,990 $93151047
Cash 21,700,302 27,803,487 35197,813 35,508443 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 4,693402 5,069,037
Unspent bond proceeds 31,275,450 18,468,485
Other Assets 19,105,718 29,383,574 29,863006 32,652905 38,942,891
Total Assets 122.330313 134,095.908 146,313.807 191.066.077 212.108.821
LIABILITIES AND NET ASSETS
Revenue Bonds Payable - - - 32,490.000 33,890,000
GO Bonds Payable 35,990,000 32,255.000 30,130,000 27,905,000 25,670000
Other Liabilities 10965,610 18041,771 18,176,258 20,336,761 24,137,535
Total Liabilities 46,955,610 50,296,771 48,306,258 80,731761 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
THIS AGREEMENT, dated as of the jSI day of December 2007, 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 City of Kodiak, Alaska, a duly constituted home rule City of the
State (the "City"):
WITNESSETH:
WHEREAS, pursuant to the Act, the Bank is authorized to make loans of money
(the "Loan" or "Loans") to governmental units; and
WHEREAS, the City 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 City desires to borrow money from the Bank in the amount of
not to exceed $ 4,000,000 and has submitted an application to the Bank for a Loan in
the amount of not to exceed $ 5,000,000 and the City has duly authorized the issuance
of its fully registered bond in the aggregate principal amount of $4,000,000 (the
"Municipal Bond"), which bond is to be purchased by the Bank as evidence of the Loan
in accordance with this Agreement; and
WHEREAS, the application of the City 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. 2007-03, adopted on September 11, 2007 (together with the
General Bond Resolution, the "Bond Resolution"), authorizing the making of such Loan
to the City and the purchase of the Municipal Bond.
NOW, THEREFORE, the parties agree:
1. The Bank hereby makes the Loan and the City accepts the Loan in the
principal amount of $4,000,000. As evidence of the Loan made to the City and such
money borrowed from the Bank by the City, the City 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 City 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 City represents that it has duly adopted or will adopt all necessary
ordinances or resolutions, including Resolution Numbers 07-32 and 07-33, each
passed by the City Council on October 25, 2007 (together, the" City's Resolution"), and
has taken or will take all proceedings required by law to enable It to enter into this Loan
Agreement and issue its Municipal Bond to the Bank and that the Municipal Bond will
constitute a valid revenue bond of the City duly authorized by the City's Resolution.
3. Subject to any applicable legal limitations, the amounts to be paid by the
City 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 City 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 City pursuant to this Loan Agreement
representing principal due on its Municipal Bond (the "Municipal Bond Principal
Payments") shall be paid by the City 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 City pursuant to this Loan Agreement are not made available at any time
specified herein, the City 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
I:\Dcics\37421707\Loan Agreement Kodiak (Boat Lift Project)wpd Page 2
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 City, 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 City on the Municipal Bond for the corresponding year pursuant to
the terms of the Municipal Bond, then both the Municipal Bond Interest Payments and
the Municipal Bond Principal Payments will be adjusted in such a manner that (I) the
interest rate paid by the City 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 City for the City's approval, a revised
schedule of principal installment amounts and interest rates for the Municipal Bond. If
approved by the City the revised schedule shall be attached hereto as Exhibit "At' and
incorporated herein in replacement of the previous Exhibit "A" detailing said principal
installment amounts and interest rates.
7. The City is obligated to pay to the Bank Fees and Charges. Such Fees
and Charges actually collected from the City shall be in an amount sufficient, together
with the City'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 City's Allocable Proportion of the
Administrative Expenses of the Bank; and
(b) to pay, as the same become due, the City's Allocable Proportion of the
fees and expenses of the Trustee and paying agent for the Loan Obligations.
• The City'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,
:\Docs\37421707\Loan Agreement Kodiak (Boat Ut't Project).wpd Page 3
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 City's Allocable Proportion of the fees and
expenses of the Trustee and paying agent for the Loan Obligations is reduced in
consideration of the City so making funds available, the City 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 City 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 City 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 City 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 City 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 City 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 City shall be obligated to
I:1Docs\37421707\Loan Agreement Kodiak (Boat Lift Project).wpd Page 4
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
City 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 City from refunding
the Municipal Bond in exchange for anew Municipal Bond in conjunction with a
refunding of the Loan Obligations.
10. Simultaneously with the delivery of the Municipal Bond to the Bank, the
City 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 revenue obligation of
the City.
11. Invoices for payments under this Loan Agreement shall be addressed to
the City of Kodiak, 710 Mill Bay Road, Kodiak, Alaska 99615, Attention: Finance
Director. The City 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 City 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 City has violated commitments made by it in the terms of this Loan
Agreement.
(c) The financial position of the City 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, 2007 Series Five (the "2007 Series Five
Bonds") and receipt of the proceeds thereof.
I:\Docs\37421707\Loan Agreement Kodiak (Boat Lift Project).wpd Page 5
14. The City agrees that it will provide the Bank with written notice of any
default in covenants under the terms of this Loan Agreement and the City's Resolution
within 30 days from the date thereof.
15. The City 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 City 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 City 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
City, 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 City shall and agrees to, indemnify and hold harmless the
Bank from any obligation of the City to make rebate payments to the United States
under said Section 148 arising from the City's use or investment of the proceeds of the
Municipal Bond,
16. 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 (or such
later date if so requested by the Bank), and (ii) it shall provide the Bank for inclusion in
future official statements, upon request, financial information generally of the type
included in Appendix D to the Official Statement and attached hereto as Exhibit B.
17. If any provision of this Loan Agreement shall for any reason be held to be
invalid or unenforceable, the invalidity or unenforceability of such provision shall not
affect any of the remaining provisions of this Loan Agreement and this Loan Agreement
shall be construed and enforced as if such invalid or unenforceable provision had not
been contained herein.
1;\Docs\374217071oan Agreement Kodiak (Boat Lift Project).wpd Page 6
18, This Loan Agreement may be executed in one or more counterparts, any
of which shall be regarded for all purposes as an original and all of which constitute but
one and the same instrument. Each party agrees that it will execute any and all
documents or other instruments, and take such other actions as are necessary, to give
effect to the terms of this Loan Agreement.
19. No waiver by either party of any term or condition of this Loan Agreement
shall be deemed or construed as a waiver of any other term or condition hereof, nor
shall a waiver of any breach of this Loan Agreement be deemed to constitute a waiver of
any subsequent breach, whether of the same or of a different section, subsection,
paragraph, clause, phrase or other provision of this Loan Agreement.
20. In this Loan Agreement, unless otherwise defined herein, all capitalized
terms which are defined in Article I of the General Bond Resolution shall have the same
meanings, respectively, as such terms are given in Article I of the General Bond
Resolution.
21. This Loan Agreement merges and supersedes all prior negotiations,
representations and agreements between the parties hereto relating to the subject
matter hereof and constitutes the entire agreement between the parties hereto in
respect thereof.
I:\Docs37421707\Loan Agreement Kodiak (Boat Lift ProJect).wpd Page 7
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement the day and year first above written.
By: kUf4, f/7t')1fl41(,j
DVEN J. MiTCHELL
Excutive Director
CITY OF KODIAK, ALASKA
City Manager
:\Dats\37421707\Loan Agreement Kodiak (Boat Lift Project).wpd Page 8
City of Kodiak, Alaska
Boat Lift Special Facility Revenue Bonds, 2007A
December 4, 2007
Principal Date Principal Interest
(September 1) Amount Rate
2009 $60,000 6.000%
2010 55,000 6.000
2011 55,000 6.000
2012 60,000 6,000
2013 65,000 6.000
2014 70,000 6.000
2015 70,000 6.000
2016 75,000 6.000
2017 80,000 6.000
2018 85,000 6.000
2019 90,000 4.000
2020 95,000 4.125
2021 100,000 4.250
2022 105,000 4.300
2023 110,000 4.400
2024 115,000 4.500
2025 120,000 4.500
2026 125,000 4.500
2027 130,000 4.625
2028 135,000 4.625
2029 200,000 4.625
2030 210,000 4.750
2031 220,000 4.750
2032 230,000 4.750
2033 245,000 4.750
2034 255,000 4.750
2035 265,000 4.750
2036 280,000 4.750
2037 295,000 4.750
AMBB/General Obigaion Bonds, 2007 Series Five
Loan Agreement - Exhibit A
1:\Do.374217071oan Agreement Kodiak (Boat Lift Project)wpd Page A-I
Principal installments shall be payable on September 1 in each of the years, and in the
amounts set forth above. Interest on the Bond shall be payable on March 1, 2008, and
thereafter on September 1 and March 1 of each year.
Prepayment Provisions: Principal installments due on or after September 1 2018, are
subject to prepayment by the City, in whole or in part, on any date, an or after
September 1, 2017, 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, 2007 Series Five
Loan Agreement - Exhibit A
1:\Dn\3742170rLoan Agreement Kodiak (Beet Lift Page A-2
AMBB/General Obligation Bonds, 2007 Series Five
Loan Agreement - Exhibit B
l:'Do\3742707\Loan Agreement Kodiak (Boat Lift Project).wp Page A3
EXHIBIT B
ALEUTIANS EAST BOROUGH
FINANCIAL SUMMARY
REVENUES
Local Revenues
Fish Tax 2% of the Ex vessel Value
Other
Total Local Revenue
State of Alaska Revenue
Federal Revenues
Total Revenues
Fish Tax as % of Total Revenues
EXPENDITURES
2003 2004 2005 2006 Average
$2,493,342 $3,065,141 $3,161,495 $3,618,637 $3,054,654
$275,349 $395,026 $90219 $165,799 $231,598
$2,768,691 $3,460,167 $3,251,714 $3,784,436 $3,316,252
$2,499,530 $1,875,905 $2,321,303 $2,301.619 $2,249,589
$249,616 $259,952 $275,612 $298,709 $270,972
$5,517,637 $5,596,024 $5,848,629 $6,384,764 $5,836,814
45%. 55% 54% 57% 53%
General Fund Expenditures $3,841,796 $4,524.911 $5,385,405 $6,255,737 $5,001,962
Unreserved Ending Fund Balance $2,071,713 $934,672 $1,057,692 $1,311,517 $1,343,899
Fund Balance/Expenditures 54% 21% 20% 21% 29%
MUNICIPAL DEBT POSITION
General Obligation Debt Outstanding
Total General Obligation Debt Outstanding
GO Debt/Assased Value
Total General Obligation Debt/A.V,
GO Debt Per Capita
GENERAL ECONOMIC AND DEMOGRAPHIC DATA
Population
Assessed Value
• Assessed Value Per Capita
$7,205,000 $27,765,000 $27,275,000 $31,765,000
$7,205,000 $27,765,000 $27,276.000 $31,765,000
7.50% 28.90% 28.39% 31.34%
7.50% 28.90% 28.39% 31.34%
$2,668 $10,561 $10,258 $12,019
2,700 2.629 2,659 2,643
$96,072,577 $96,072,577 $96,072,577 $101,343,287
$35,582 $36,543 $36,131 $38,344
1
CITY OF KETCHIKAN
FORT FINANCIAL SUMMARY
2006 2005 2004 2003 2002
Audited Audited Audited Audited Audited
ASSETS
Cash $4,529,687 $7,066,614 $5,121,087 $2,895,450 $2,163,498
Port Facilities (net) 10,405,568 9,762,409 10,072,444 10,282,618 9,737,592
Construction Work in Progress 26,062,665 1,632,135 2,686,197 2,276,353 358,350
Restricted Assets 19,872,348
Other Assets 515,697 47,113 98,752 129,455 95,360
Total Assets 61,405,965 18,508,331 17979,460 15,583,876 12,354,800
UABIL171E$ AND NET ASSETS
General Obligation Bonds Payable 11685,000 1,880,000 2,065,000 2,245,000 2,415,000
Revenue Bonds Payable 38,500,000
Other Liabilities 1,105,081 3,759,032 2,541,005 3,261,400 114,355
Total Liabilities 47,290,081 5,639,032 4,608,005 5,506,400 2,529,355
NET ASSETS 14,115,884 12869.299 13,373,455 10.077,476 9,825,445
Operating Revenues 6,427,207 7,096,948 5,000,010 1,774,451 1,661,674
Operation and Maintenance 2,299,099 1,945,688 792,954 828,052 595,557
Depreciation 651,485 618,708 632,143 610,454 616,196
Payment in Lieu of Taxes/Taxes 102,100 102,100 102,109 102,100 102,100
Operating income (Loss) 3,358.523 4,430,452 3,472,813 233,851 347,821
Non-Operating Revenue (Expense) (310,285) (68,390) (183,706) (22,824) (I00,244)
Net Income (Loss) Before Contribution 3,058,238 4,362,062 3,289,107 211,021 247.577
Contributions 42,006 12,251 6,872 41,004 25,000 Extraordinary Item (2,432,884)
Transfers (1,853,659) (2,445585)
Change in Net Assets 272,577 1,246,585 (504,156) 3,295,979 2521031
Revenue Bond Debt Coverage:
1.25 x Annual Debt Service 5.09 N/A N/A N/A N/A
1.0 x Annual Debt
Service/Reserves Account/Repair
and Replacement FundISPH
Lease Payments N/A N/A N/A N/A N/A
Unaudited
# of Ships 36 37 31 37 34
# of Calls/Slops 503 562 535 536 503
# of Water Passengers 838,880 921,429 848,969 770,663 700,993
* Reflects statistical information provided by the Ketthikart Visitors Bureau
OA
CITY OF KETCHIKAN
KETCHIKAN PUBLIC UTILITIES ENTERPRISE FUND
FINANCIAL SUMMARY
2006 2005 2004 2003 2002
Audited Audited Audited Audited Audited
ASSETS
Utility Plan In-Service $63,472,399 $65,655,049 $66,742,145 $67,621,026 $70,915,742
Construction Work in Progress 3,720,138 2,147,195 1,838,196 30,078,405 12,211,495
Cash 18,038,431 16,601,381 14.973617 14,766,191 12.885,250
Restricted Assets 3,592,407 3,731,971 3,653,916 8,433.752 18,175,772
Other Assets 6055,932 6,770,615 8,496,443 7,552.144 6,646,446
Total Assets 94,877,307 93,906,411 93,704,317 128,451,518 120,834,705
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 20,580,000 22,475,000 23.960,000 26.060,000 27,710,000
Other Liabilities 4,243.388 3,444,420 2,990,668 7,690,314 16,067,212
Total Liabilities 24823,388 25,919,420 26,950,668 33,750,314 43,777,212
NET ASSETS 70,053,919 67,986,991 66,753,649 94,701,204 77,057,493
Operating Revenues 31,085,610 27,691,757 27,180,231 27,744,410 26,240,240
Operation and Maintenance 15,188,374 13,974,313 14,874,171 14,604.369 14,799,604
Administrative and General 5,635,363 5,106,907 5,139,468 4,452,846 4,393,991
Depreciation 6,861,088 6,248,245 6,113,112 5,971,682 6,238,429
Payment In Lieu of Taxes 650,000 650,000 650,000 650,000 650,000
Operating Income (Loss) 2,750,785 1,712,292 403,480 2,065,513 168,216
Non-Operating Revenue (Expense) (108,887) (736,471) (1,139,856) (1,183.143) (1,504,093)
Net Income (Loss) Before Contribution 2,641,898 975,821 (736,376) 882,370 (1,345,877)
Contributions 907,076 257,521 1,099,417 16,761,341 2,661,328
Transfer of Net Assets - Swan
Lake -Lake Tyee intertie Project (28,310,596)
Change in Net Assets 3,548,974 - 1,233342 (27,947,555) 17,643,711 1,315.451
Population oi Service Area 13,174 13,125 13,093 13,685 13.663
Population of City 7,662 7,685 7,691 8,002 7,845
#oI Electric Customers 7,251 7,202 7,161 7,178 7,171
'# of Telephone Access Lines 9,554 9,840 10,131 10,653 11,259
#of Water Customers 3,035 2,928 2,905 2,851 2,847
Revenue Bond Coverage 3.92 3.33 2.22 3.02 1.85
'Wator is only provided within the City
3
SOUTH KENAI PENINSULA BOROUGH HOSPITAL DiS11UC
FINANCIAL SUMMARY
Municipal Financial Position 2004 2005 2006 2007 Average
Property Tax Collections
Borrowers Property Tax Rate per $3,000 $1.75 $1.75 $1.75 $1.75
Municipal Levy $1,440,486 $1,535,163 $,850,355 $2,023,439 $1,712,381
Current Year's Collections 5113991 099 $1,454,585 $1,759,172 $1,953,706 51,649,21
CurrentCollectionRate 97.13% 96.72% 95.07% 96.55% 96,37'
Total Year's Collections $1,435,198 $1,545,898 $2788,720 62,062,889 51,705.170 Total Collection Rate 99,63% 100.70% 96.67% 101.95% 99,74'
General Fund
__
__________
S 870,913 .9 855,106 5855,674 Unreserved Ending Fund Balance S 835,136 $ 861,48k
Expenditures $ 2,095,272 $ 2,606,153 $ 1,859,445 $ 2.223,064 51,945.984 Fund BaIance/ExpendIture
Total Revenues
40% 54% 47' 38% 45
5 1,490,487 $ 1,632,500 S 1,568,91 2,207,200 61,799,71.
lntergov*ernjnentsl Revenues $ - S - $ - $ -. Percentage Intergovernmental n/a 0(5 n/s n/a n/a
Municipal Debt Position
Revenue Debt s - $ $
8 9,625,000
$
$ 9,463,000 General obligation Debt S 10,290,000 $ 10,000,000
Overlapping General Obligation Debt $ 5,415,841 5,005,650 5,003,208 $ 5,257,478 General Obligation Debt/Assessed Value (mzy)
Total General Obligation Debt/A.V, (cery)
_________
0.93%
1.42%
$777
S 803,262
0.82%
1.27%
General Obligation Debt Per Capita
General Obligation Debt Service (miy).
S764
S 805.663 Percent of Debt Retired in 10 yes.
General Obligation Debt Service/Expenditures
49.78%
_______
43.20'.
42.98%
51.09%
36.50%
36.24%
General O1iga lion DeSt Service/Revenues
General Economic and Demographic Data
L.
2004
-
200$
I
2006 2007
Growth Rate
£ UUIdLSUII k,J
Assessed Value
Assessed Value Per Capita
Top 10 Tax Payers as a % of Assessed Value
State Per Capita Income
Borough PCI as Percentage of State PC]
Borough Unemployment rate (December 2005 & 2006)
State Unemployment rate (December 2005 & 2006)
L Borough Rite as Percentage of Slate Rate
(1) Service Area population is only done as part of the census
Iii (S1I JEi)ASJ P i
I, DEBRA MARLAR, City Clerk of the City of Kodiak, Alaska (the "City"),
HEREBY CERTIFY that the document attached hereto is an accurate and complete copy of
Resolution Number 07-30 of the City adopted by the Kodiak City Council at a meeting duly
called and held on October 25, 2007, and that Resolution Number 07-30 has not been
modified, amended, repealed or rescinded, but is in full force and effect on the date hereof.
IN WITNESS WHEREOF, I have executed this certificate and impressed the seal of
the City of Kodiak hereon this 4' day of December 2007.
T4 A
DEBRA MARLAR
City Clerk
City of Kodiak
[S E A L]
(F:'505786\45\TFK6087.D0C)