Tab_29!I kI
THIS AMENDATORY LOAN AGREEMENT, dated the 18th day of October 2016,
between the Alaska Municipal Bond Bank (the "Bank"), a body corporate and politic constituted
as an instrumentality of the State of Alaska (the "State") exercising public and essential
governmental functions, created pursuant to the provisions of Chapter 85, Title 44, Alaska
Statutes, as amended (the "Act"), having its principal place of business at Juneau, Alaska, and
the 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 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, 2008 Series One ("2008 Series One Bonds") in the amount of $8,000,000,
evidenced by a Loan Agreement, dated April 1, 2008 (the "2008 Loan Agreement"), between the
Bank and the City; and
WHEREAS, as security for repayment of the Loan and as provided in the 2008 Loan
Agreement, the City issued its City of Kodiak, Alaska General Obligation Bond, 2008 Series A,
dated April 15, 2008 (the "2008 Municipal Bond"), of which the Bank is the registered owner;
and
WHEREAS, the Bank has determined that refunding a portion of the outstanding 2008
Series One Bonds will result in a debt service savings thereon and on the 2008 Municipal Bond;
and
WHEREAS, on September 6, 2016, the Board adopted Series Resolution No. 2016-05
(the "Series Resolution" and, together with the General Bond Resolution, the "Bond
Resolution") authorizing the issuance of its General Obligation and Refunding Bonds, 2016
Series Three (the "Refunding Bonds") in part to refund a portion of the 2008 Series One Bonds;
and
WHEREAS, to effect the proposed refunding and resulting debt service savings on the
2008 Series One Bonds and the 2008 Municipal Bond, and to conform the terms of the 2008
Loan Agreement to the current practices of the Bank, it is necessary to amend the terms of the
2008 Loan Agreement and to provide for the issuance by the City to the Bank of the City's
General Obligation Refunding Bond, 2016 Series A (the "2016 Municipal Bond" and together
with the 2008 Municipal Bond, the "Municipal Bond") and for the refunding of a portion of the
City's 2008 Municipal Bond as provided herein.
NOW, THEREFORE, the parties agree as follows:
1. The Bank will refund a portion of the outstanding 2008 Series One Bonds as
provided in the Series Resolution. The amounts of the principal installments of the City's 2008
Municipal Bond corresponding to the refunded maturities of the 2008 Series One Bonds, and the
interest payable thereon, shall be adjusted pro rata in accordance with the debt service payable on
the Refunding Bonds as set forth in the 2016 Municipal Bond delivered to the Bank in exchange
for the 2008 Municipal Bond. The 2016 Municipal Bond, together with the replacement 2008
Municipal Bond delivered in exchange for the original 2008 Municipal Bond, henceforth shall
mature in the principal amounts and bear interest at the rates per annum as stated on Exhibit A
appended hereto.
2. Section 2 of the 2008 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 Ordinance Number 1210, adopted by the City Council on July 27, 2006, and
Resolution No. 08-01, adopted by the City Council on January 24, 2008 (as amended by
Resolution No. 08-03, adopted by the City Council on February 28, 2008, the "City's 2008
Resolution") and that the City's 2008 Resolution is in full force and effect, and that it has taken
all proceedings required by law to enable it to enter into the 2008 Loan Agreement and issue its
2008 Municipal Bond to the Bank and that the 2008 Municipal Bond constitutes a valid general
obligation bond of the City duly authorized by the City's 2008 Resolution.
The City represents that it has duly adopted or will adopt all necessary ordinances or
resolutions, including Resolution Number 2015-25, adopted on August 13, 2015 (the "City
Refunding Resolution" and together with 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 direct and general obligation of the City, secured by the
City's pledge of its full faith and credit, all duly authorized by the City Refunding Resolution.
3. The 2016 Municipal Bond shall be subject to optional prepayment prior to
maturity on and after the same date, and on the same terms as the Refunding Bonds may be
subject to optional redemption as set forth in Exhibit A.
Page 2
4. Section 14 of the 2008 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
5. Section 16 of the 2008 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 2008 Loan Agreement, as follows:
The City agrees that it shall file, on an annual basis, its audited financial statement with
the Municipal Securities Rulemaking Board not later than two hundred ten (210) days after the
end of each fiscal year of the City for so long as either the 2008 Municipal Bond or 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) may be added from time to time by written notice from the Bank to the City.
The City agrees that if it shall receive from the Bank CUSIP number(s) in addition to those set
forth in this Section then it shall make its filings using both CUSIP numbers herein stated and
any additional CUSIP number(s).
7. A new Section 23 is added to the 2008 Loan Agreement, as follows:
The 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.
Page 3
A new Section 24 is added to the 2008 Loan Agreement, as follows:
(a) The City 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 City hereby certifies that to date all required rebate calculations relating to
the 2008 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 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 City.
9. A new Section 25 is added to the 2008 Loan Agreement, as follows:
As amended hereby, the 2008 Loan Agreement will remain in full force and effect so
long as either the 2008 Municipal Bond or the 2016 Municipal Bond remains outstanding.
Page 4
EJ WITNESS WHEREOF, the parties hereto have executed this Amendatory Loan
Agreement as of the date first set forth above.
ALASKA MUNICIPAL BOND
In
DEVEN MITCHE
Executive Director
CITY OF KODIAK, ALASKA
Its:
Page 5
i *:uiu
City of Kodiak, Alaska
General Obligation Bond, 2008 Series A, issued on April 15, 2008 (the "2008 Municipal Bond")
Principal Sum of $415,000
Principal Interest
Principal Payment Date Amount Rate
April 1, 2017 $205,000 4.000%
April 1, 2018 210,000 4.000
Principal installments shall be payable on April 1 in each of the years, and in the amounts set
forth above. Interest on the 2008 Municipal Bond shall be payable on April 1, 2017, and
thereafter on April 1 and October 1 of each year.
Prepayment Provisions: The remaining 2008 Municipal Bond principal installments are not
subject to prepayment prior to maturity.
Page A-I
City of Kodiak, Alaska
General Obligation Refunding Bond, 2016 Series A, issued on November 3, 2016
Principal Sum of $6,355,000
Principal Payment Date Principal Interest
(December 1) Amount Rate
2017 $5,000 2.000%
2018 205,000 4.000
2019 215,000 4.000
2020 225,000 4.000
2021 230,000 4.000
2022 240,000 5.000
2023 255,000 5.000
2024 270,000 5.000
2025 280,000 5.000
2026 295,000 5.000
2027 315,000 5.000
2028 325,000 5.000
2029 340,000 3.000
2030 350,000 3.125
2031 360,000 3.125
2032 375,000 3.250
2033 390,000 3.250
2034 400,000 3.375
2035 410,000 3.375
2036 430,000 3.375
2037 440,000 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-2
I *1 :11 ausii
Page B-i
CITY AND BOROUGH OF SITKA
GENERAL OBLIGATION FINANCIAL SUMMARY
Municipal Financial Position 2011 2012 2013 2014 2015 Average
c'roperty Tax Collections
Borrowers Property Tax Rate per $1,000 $6.00 $6.00 $x $6.00 $6.00 $6.00
Municipal Levy $5,799,400 $5,904,617 $5,957, $5,901,738 $6,032,826 $5,919,263
Current Years Collections $5,753,039 $5,874,918 P-,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 $5,893,4 $5,842,721 $6,006,776 $5,892,028
Total Collection Rate 100.15% 100.08% 98.92% 99.00% 99.57% 99.50
General Fund
Unreserved Ending Fund Balance 9 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, 3 23,628,379 $ 30,621,436 $ 25,055,621
Fund Balance/ Expenditures 49% 56% 6 68% 48% 58.38%
Total Revenues $ 24,709,916 $ 26,584,728 $ 25,953.8 $ 26,507,173 $ 29,227,14 $ 26,596,568
Intergovernmental Revenues $ 2,380,298 $ 2,659,323 $ 2,693,8 $ 2,771,990 $ 2,807,749 $ 2,662,644
Percentage Intergovernmental 10% 101y 1 10% 10 10.02%
Overall Municipal Debt Position
- .
$ 6807,411 0 06,5190,411
-
I 164,143,022 9 106,940,064 9 iL%215,0J3 Revenue Debt - Enterprise Funds
Revenue Debt - Governmental Funds $ 165,750 $ 156,000 $ 146,250 $ 202,641 $ 189,440
General Obligation Debt - Governmental Funds $ 36,300,000 $ 32,290,000 $ 31,020,000 $ 28635,000 $ 25,990,000
General Obligation Debt - Enterprise Funds $ - - - - -f--
Total General Obligation Debt $ 36300,000 $ 32,290,000 $ 31,020,000 $ 28,635,000 $ 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 GO Debt / laxable Assessed Value 3.640, 3.29% 3.10% 2.91% 2.30,
Total Revenue and GO Debt/A.V. 10.69% 1020% 13.72% 14.01% 14.0
General Obligation Debt 164 Capita $,138 $3,b07 $3,455 $3,152 $2,868
Total Revenue and GO Debt Per Capita $12,001 $11,287 $15,116 $15,169 $16,488
General Economic and Demographic Data 2011 2012 2013 2014 2015 Annual Growth
Population 8,773 8,952 9,084 7084 1 9,001 -0.25%
Taxable Assessed Value $ 985,073,129 $ 990,930,238 $ 1,001,066,784 $ 983,623,000 $ 1,005,471,000 2 22'/,
Assessed Value Per Capita L$ 112,285 $ 110,694 1$ 110,201 1 $ 108,281 $ 110,90?
Tor lO Tax Payers asa%ofAssessed Value -- 7.64%
- 757% 797% 7.57% 7.073
The Borough has earrottepleted its fiscal year 2015 audit as of the date at the preparation of this table. -
D-1
Electric Enterprise Fund
Financial Summary
2011 2012 2013 2014 2015
24,320,421 31,450,650 28,803,187 13,505,669 4,447,481
6,871,164 3,595,875 21,197,459 18,121,955 21,733,477
5,010,167 7,266,275 13,897,615 11,777,153 7,988,506
11,646,987 18,086,724 58,930,539 137,885,040 12,535,308
63,103,150 61,775,003 59,900,343 59,508,277 217,550,674
110,951,889 122,174,527 182,729,143 240,798,094 264,255,446
1,722,772 2,477,182 6,355,564 13,017,817 3,355,323
48,700,000 47,570,000 79,485,000 105,100,000 119,510,000
1,471,509 (1,711,547) 5,943,338 6,742,293 6,347,870
8,800,188 8,535,498 7,973,608 7,973,608 10,050,744
60,694,469 56,871,133 99,757,510 132,833,718 139,263,936
50,257,420 65,303,394 82,971,633 107,964,376 124,991,510 I
Cash
Restricted Assets
Other Assets
Construction in Progress
Utility Plant in Service
Total Assets
Liabilities and Net Assets
Liabilities
Other Liabilities
Revenue Bonds Payable
Deferred loss/premium on bonds
Revenue Note(s) Payable
Total Liabilities
Net Assets
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 19,4S5,106 9,986,217
Extraordinary Item:
Net Pension Obligation Relief 119,824 139,806 325,771 379,871 1,126,533
Transfer In (Out) net - - (998,128) - -
Change In Net Assets 5,341,774 5,362,989 18,670,245 24,992,743 17,027,134
Population of City and
Borough 8,773 8,952 9,084 9,098 9,061
#of electric customers 5,282 5,309 5,403 5,490 5,683
KwH Sold 111,795,344 111,048,623 111,155,330 111,155,330 105,293,250
Revenue Bond Debt Service 3,477,959 3,467,567 4,529,240 5,045,158 7,158,839
Revenue Bond Coverage (> 1.25) 1.41 1.43 1.27 1.34 1.27
Note: $2,500,000 transferred into Rate Stabilization Fund in FY2015
$2,006,696 transferred out of Rate Stabilization Fund in FY2015
Total of rate Stabilization Fund as of June 30, 2015 -$3,001,304
The Borough has not completed its fiscal year 2015 audit as of the date of the preparation of this table.
D-2
CITY AND BOROUGH OF SITP
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation) 14,789299 14,122,591 13,550,231 13,153,475 20,560,565
Land 90,000 90,000 90,000 90,000 90,000
Construction Work in Progress 20,229 57,838 665,476 7824,365 939,917
Cash 3733,467 4,735,101 6,599,187 6,616,954 7,595,507
Restricted Assets - - 3,615,663 589,166 317,566
OtherAssets 1,342,572 1,339,389 1216,385 1,524,898 1,036,361
Total Assets 19,975,567 20,344,919 25,736942 29,798,858 30,539916
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 0 0 4569,486 3,840,000 3,705000
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 5297,094
NET ASSETS 18,570,340 19,188,916 20,023,318 24,269,825 25242,822
Operating Revenues 2,854,858 3,154,885 3,096,419 3,164,252 3,365,977
Operation and Maintenance 2,492,110 2,434,329 1,708,210 2,454,599 2,194,755
Administrative and General - - - -
Depreciation 899,956 986,619 668,511 666,074 669,102
Operating Income (Loss) (537,208) (266,063) 719,698 43,579 502,120
Non-Operating Revenue (Expense) 46,509 155,306 156,844 776,434 375,830
Net Income (Loss) Before Contribution (490,699) (110,757) 876,542 820,013 877,949
Capital Contributions 1,690,873 2,549,949 0 3,458,599 122,108
Net Transfers-In (Out) 3,804,600 675,000 (42,141) (32,105) (27,060)
Special item - NPO/OPEB write off
Change in Net Assets 5,004,774 3,114,192 834,401 4,246,507 972,997
Population of City 8,773 8,952 9,084 9,098 9,061
Revenue Bond Coverage No Harbor No Harbor No payments of
Bonds Bonds P&I 5.16 5.31
The Borough has not completed its fiscal year 2015 audit as of the date of the preparation of this table.
D-3
CITY AND BOROUGH OF JUNEAU
FINANCIAL SUMMARY
General Governmental Fund
Municipal Financial Position 2011 2012 2013 2014 2015 Average
a'roperty Tax Collections
Borrowers Properly 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 $45,108,992 545,852,292 $43,540,984
Current Years Collections $40,329,083 $41,431,682 $43,987,108 $44,818,184 $45,548,172 $43,222,846
Current Collection Rate 98.99T 9T237 99.40% 99.367 99.347 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 99.977. 99.93% 99.88% 99.80% 99,34% 99.78%
General Fund
Unassigned Plus Emergency Operating Res (GASB#54) 1,225365 5 3,454,161 5 7,494,134 5 17,265,bbl S 20,212,312 6 10,093,262
Expenditures $ 50,540,314 $ 51,283,781 $ 84,553,473 $ 86,380,150 $ 94,808,876 $ 73,513,319
Fund Balance/ Expenditures 3.42% 6.797 8.86% 20.01% 21.38 12.09%
Total Revenues $ 66,008,466 -7-75,7759-4 $ 88,778,005 $ 97,936,255 $ 98,018,60 7-77-17,99-4-
Intergovernmental Revenues $ 14,313,000 $ 15,464,700 $ 30,635,700 $ 41,429,692 $ 32,072,00 $ 26,783,018
Percentage Intergovernmental 22% 31% 35% 42% 33 32.42%
Overall Municipal Debt Position
I 45,299,341 $43,613,b32 S 41,956,0b7 S 43,099,906 $ 36,43s,113 Revenue Debt - Enterprise Funds
Revenue Debt - Governmental Funds $ 3,599,575 $ 2,861,747 $ 2,091,457 $ 6,807,086 $ 26,972,32u
General Obligation Debt - Governmental Funds $ 148,301,080 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314,000
General Obligation Debt - Enterprise Funds - $ - 8 - - —$7'--
total General Obligation Debt $ 148,301,008 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314,000
Total Revenue and General Obligation Debt
-
$ 197,108,916 $ 179,987,429 $ 175,382,524 $ 168,965,994 $ 180,722,763
Go',,,n,,,e,,L,[ CU DeL't/ I Ad Value 3,72 3,264 3.012 2.7941 2.5?'
'iotaI Revenue and GO Debt/A.V. 4.94% 4.42% 4.10% 3.86 %I 4.03"
General Obligation Debt Per Capita $4,742 $4,113 $4,023 1 $3,696 $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 2013 1 2014 1 2015 Annual Foptaiabon 31,2/5 .32,441 32,660
Taxable Assessed Value $ 3,989,344,944 $ 4,071,713,732 $ 4,275,067,217
Assessed Value Per Capita $ 127,557 $ 125,511 $ 130,896
Top 10 Tax Payers as a % of Assessed Value 13.78% 13.73% 13.82%
33,031 33,026 -8.01%
$ 4,379,714,933 $ 4,484,327,332 2.39%
$ 132,598 $ 135,782
13.61% 13.61%
ERE
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 $17517553
Construction Work in Progress 29,889,294 33,499,769 42,397,974 40,419,697 50,214,768
Cash 4,728,522 4,660,755 3,466,374 4,030,992 3,975,676
Restricted Assets 10,702,703 11,196,479 10,946,328 10,554,614 9,581,172
Other Assets 764,741 847,869 543,407 679,907 1,718,645
Total Assets 59,912,595 63,049,001 69,229,451 70,011,080 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 2,434,329 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
D-5
CITY AND BOROUGH OF JUNEAU
PORT DEVELOPMENT SPECIAL REVENUE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
Plant In-Service (net of depreciation)
Construction Work in Progress
Cash
Restricted Assets
Other Assets
Total Assets
LIABILITIES AND NET ASSETS
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Operating Revenues
Operation and Maintenance
Administrative and General
Depreciation
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Capital Contributions
Net Transfers-In (Out)
Change in Net Assets
of C
4,428,233 (208,085) (252,013) 71,012 2,709,760
314,814 269,712 484,639 294,257 408,137
4,743,047 61,627 232,626 365,269 3,117,897
- - 151,020 349,585 642,980
- - 151,020 349,585 642,980
4,743,047 61,627 81,606 15,684 2,474,917
2,557,851 2,634,080 2,825,479 2,864,578 2,868,633
2,800 5,500 5,500 5,500 5,500
2,628,580 2,555,051 2,819,979 2,859,078 2,863,133
2,555,051 2,628,580 2,819,979 2,859,078 2,863,133
(1,500,000) (7,310,000) (2,800,000) (2,925,000) (403,900)
1,055,051 (4,681,420) 19,979 (65,922) 2,459,233
31,275 32,441 32,660 33,064 33,064
I MM
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 1,970,693 1,956,157
Restricted Assets 1,707,402 2,170,928 1,489,385 1,450,054 1,437,448
Other Assets 1,399,517 1,444,749 1,786,787 1,267,699 1,389,726
Total Assets 9,598,352 9,988,719 9,447,915 8,459,546 7,866,310
LIABILITIESAND 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) 3,280,637 (2,741,745) (1,835,347)
Operating Revenues 10,859,195 10,841,324 11,057,791 11,447,862 11,445,168
Operating Expenses 9,894,353 9,594,317 9,666,530 9,961,681 9,745,914
Depreciation 832,579 780,765 935,669 1,008,253 841,433
Operating Income (Loss) 132,263 466,243 455,592 477,928 857,821
Non-Operating Revenue (Expense) 61,553 120,890 32,713 60,964 48,577
Change in Net Assets 193,816 587,132 488,305 538,892 906,398
Revenue Bond Coverage 133 1.32 112 tlO 1,18
In 2013 and 2014, Wildflower Court fell short of the required debt service coverage ratio of 1.15 times.
Pursuant to the loan agreement between the City and Borough of Juneau and Wildflower Court,
Wildflower Court worked with the City and Borough to identify measures to return the facility to
compliance with the required debt service coverage ratio in 2015.
D-7
am MR, IN
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation) $72772410 $74,566,327 $74,002,798 $69,208,456 $63,710,212
Construction Work in Progress 6,866,781 6,202,224 2,826,314 228,425 3,647,565
Cash 14,990,308 17,386,169 26,113,833 38,596,921 44,834,531
Restricted Assets 10,160,114 6,549,498 5,490,768 5,327,673 5,327,519
Other Assets 23,011,263 23,462,113 25,230,206 20,528,164 23,810,042
Total Assets 127,800,876 128,166,331 133,663,919 133,889,639 141,329,869
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 25,570,000 24,926,795 25,304,679 24,346,618 24,346,618
Other Liabilities 11,391,053 8,999,867 8,829,067 11,033,875 46,306,102
Total Liabilities 36,961053 33,926,662 34,133,746 35,380,493 70,652,720
NET ASSETS 99,530,173 98,509,146 70,677,149 90,839,823 94,239,669
Operating Revenues 90,680,836 95,026,373 84,250,207 80,198,274 90,281,184
Operation and Maintenance 83,883,389 89,411,913 76,967,444 78,820,476 92,676,249
Administrative and General - - - -
Depreciation 6,552,177 7,145,290 7,001,295 7,086,559 6,815,728
Operating Income (Loss) 245,270 (1,530,830) 281,468 (5,708,761) (9,210,793)
Non-Operating Revenue (Expense) 1,579,634 3,306,366 14,405,416 4,119,820 3,610,234
Net Income (Loss) Before Contribution 1,824,904 1,775,536 4,401,288 (2,098,527) 5,194,623
Capital Contributions 89,002 471,910 134,658 0 0
Net Transfers-In (Out) 1,152,600 1,152,400 1,123,000 1,077,500 1,054,500
Special item - NPO/OPEB write off
Change in Net Assets 3,066,506 3,399,846 5,658,946 (1,021,027) 6,249,123
Population of City 31,275 32,441 32,660 33,064 33,064
Revenue Bond Coverage 3.63 3.00 7.34 2.50 8.97
W.
,50901 PaIflsLda Borough - Gen eral FUrid
Go,ero1 Ob133on FIftnCii Summary
2012 2024 ._..._zu.s.........
PopeyTxCo11cU,rn
_____________
Borrower', Property, Tax Rate per 51 M 5450 54,50 54.504 54j 54.50 5050
5.0m6dpil Lo $29,050,374 530,419A93 S30,S23,497 51.750J 531,655704 5*747,331
C0'1!' Co0odi 520,630410 S29 '946=4 830302.636 531,332,596 53L141025 5*236.934
CU6otRate 9533% 98.45 % 9337% °5SI 929% 9550%
TCo6n 529,047,44S S3001500 530705305 531465,476I 531332,596 530449,726
Tot1CoUon$t 99.96% 99.94 99521. 93.89% 9949% 99.74%[
ToW Ending 521,01*4
- - - S 21.434,555
S214003
5 212655 9 16,290,148
10l3 4S3i
$ 25.596,656 5 - 26,244,676 S15.2311 19
$72,163,558 5 13,347308 $ .12,452,478 s731$,487,627 $73,533,576
Fd 2/p49dtb
Totol Ro'eoo
30%
5 70,799,593
30
5 71,10$437
,jj J J3
$ 74,255,493 5 74,945,374 S 75764,253
25
573,57070
ltgovetoW Roso 8 8,535,333 5 9,749,467 $ 30392,437 $ 91426,435 $ 33334,034 530,350,074
PoItoe631 P 1 VII 13 17%-14
,Dvvt Debt posill.1,
R01'01 Debt C1o1F,nd1 —Ts— .- - S - - - -
5 S ' 5 5 5
Tot1 Ro Dthl 5 5 5 5
Gooa1 Obliol101l Debt - F,rndl (Gr1 F,,d oiv) Is 33,910,100 5 36,230,000 $ 24,020490 5 45,055490 5 41,520,000
C,1Ob0n Debt -Fd - 5 . - S - S . 5
T.bl 4S 33,910,000 5 30,230,006 5 24,820,000 S 45,055,000 $ 41,120.500
Tot1R01'rn4,t3,,iOt4i#o,Db1 f5 73,910.060 5 30270,500 9 76920,600 S 45,05S171 S 41-020497
- ------------------------------------.----.---
1-—. --- ..
1%000tk .1.od 01oglaphk Do.o 2011 2012 2013 2614 2015 Gooth
IWo
Population 55,400 56,369 56,756 56,562 57.147 0511%
5 6,393,531,400 5 6,633,241.000 5 6,726,010,000 5 6.960,194,000 8 6.932,443,000
$ fl5,907 S 117,675 5 115,331 9 122,403 $ . 121,305
Tp101%, 15.73', 54.33!. - 1439% 0760% 17051,
Iwnt moot noonS year
(1) 2013, 3014 oo0 2013 IJoonoovod Fund 0,luuon 10 *t d56to0ou0uo to tIn
Stun,ouotho 101011333304,634147117nd 60341427 s500d3'f0r
041om thlotural u tonomu061 onunod b jb000Mod
10000601
_____________________ 0.53% 0.6'. 0.40%
Debt
045% 0.60'. Totl8oveomodGO/A.V,(rnro'l 0.46%4, 0.40%
01,11-
.
To'noeaodGObtlerCpta 53364, $473 £92 , $732
Central Peninsula General Hospital
FINANCIAL SUMMARY
ASSETS
Capital Assets (net of depreciation)
Cash
Cash held for Plant Replacement
Restricted Assets
Unspent bond proceeds
Other Assets
Total Assets
LIABILITIES AND NETASSETS
Revenue Bonds Payable
GO Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Operating Revenues
Operating Expenses
Depreciation
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Capital Contributions
Change in Net Position
211 2012 2013 2014 201
$67,842,931 $64,853,893 $69,429,959 $71,387,990 $93,151,047
21,700,302 27,803,487 35,197,813 35,508,443 37,638,411
10,097,241 11,421,461 11,322,729 16,447,587 18,838950
3,584,121 633,493 500,000 4,693,402 5,069037
31,275,450 18,468,485
19,105,718 29,383,574 29,863,006 32,852,905 38,942,891
122,330.313 134.095.908 146,313.507 191,966.077 212.108.821
- - - 32490.000 33,890,000
35,990,000 32,255,000 30,130,000 27,905.000 25,670,000
10,965,610 18,041,771 18,176,258 20,336,761 24,137,535
46,955,610 50,296,771 48,306,258 80,731,761 83,697,535
75,374,703 83,799,137 98.007,249 111,234,316 128,411.286
101,279,075 116,849,605 123,951,269 126,713.712 144,009,565
86.771,449 99,255,770 102,247,165 104,364,018 117,067.440
8,056,595 8,004,562 7,959,305 8,066.688 8,471,959
6,451,031 9,589,273 13,744,799 14,283,006 19,470,166
(1,105,595) (008,253) (1,541,657) (1,070,583) (1,300,456)
5,345,436 8,781,020 12,203.142 13,212,423 17,169,710
212,945 52,843 2004,970 14,644 7,260
5,558,381 8833,863 14,208,112 13,227,067 17,176,970
D-1O
LOAN AGREEMENT
THIS AGREEMENT, dated as of the 1st day of April 2008, by and between the
Alaska Municipal Bond Bank (the "Bank"), a body corporate and politic constituted as an
instrumentality of the State of Alaska (the "State") exercising public and essential
governmental functions, created pursuant to the provisions of Chapter 85, Title 44, Alaska
Statutes, as amended (the "Act"), having its principal place of business at Juneau, Alaska,
and the City of Kodiak, Alaska, a duly constituted home rule City of the State (the "City"):
WITNESS ETH:
WHEREAS, pursuant to the Act, the Bank is authorized to make loans of money
(the "Loan" or "Loans") to governmental units; and
WHEREAS, the 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 $8,000,000 and has submitted an application to the Bank for a Loan in the
amount of not to exceed $8,000,000 and the City has duly authorized the issuance of its
fully registered bond in the aggregate principal amount of $8,000,000 (the "Municipal
Bond"), which bond is to be purchased by the Bank as evidence of the Loan in accordance
with this Agreement; and
WHEREAS, the application of the 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. 2008-01 adopted on January 22, 2008, as amended by Amending Series
Resolution No. 2008-02 adopted on February 21, 2008 (together with the General Bond
Resolution, the "Bond Resolution"), authorizing the making of such Loan to the 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 $8,000,000. 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 No. 08-01 passed by the City Council on
January 24, 2008 and amended by Amending Resolution No. 08-03 passed by the City
Council on February 28, 2008 (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 general
obligation 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 inSections 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 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
AMBB/General Obligation Bonds, 2008 Series One
Loan Agreement Kodiak Page 2
:\Oocs3742708\Lon Agreement Kodiak.wpt
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 "A" 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, 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.
AMBB/General Obligation Bonds, 2008 Series One
Loan Agreement Kodiak Page 3
:\0os\3742170\Loan Agreement Kodak.wpd
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 "Afl 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 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.
AMBBIGeneraI Obligation Bonds, 2008 Series One
Loan Agreement Kodiak Page 4
(:\Doos\37427081oan Agreement Kodtakwpd
Nothing in this Section shall be construed as preventing the City 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 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 City
of Kodiak, P.O. Box 1397, 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, 2008 Series One (the "2008 Series One Bonds")
and receipt of the proceeds thereof.
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.
AMBB/General Obligation Bonds, 2008 Series One
Loan Agreement Kodiak Page 5
\0ocs\57421708\Loan AgreerTent KodIat.wpd
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
0 to the Official Statement and attached hereto as Exhibit B.
17. If any provision of this Loan Agreement shall for any reason be held to be
invalid or unenforceable, the invalidity or unenforceability of such provision shall not affect
any of the remaining provisions of this Loan Agreement and this Loan Agreement shall be
construed and enforced as if such invalid or unenforceable provision had not been
contained herein.
18. This Loan Agreement may be executed in one or more counterparts, any of
which shall be regarded for all purposes as an original and all of which constitute but one
and the same instrument. Each party agrees that it will execute any and all documents or
other instruments, and take such other actions as are necessary, to give effect to the terms
of this Loan Agreement.
19. No waiver by either party of any term or condition of this Loan Agreement
shall be deemed or construed as a waiver of any other term or condition hereof, nor shall
a waiver of any breach of this Loan Agreement be deemed to constitute a waiver of any
subsequent breach, whether of the same or of a different section, subsection, paragraph,
clause, phrase or other provision of this Loan Agreement.
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
AMBB/General Obligation Bonds, 2008 Series One
Loan Agreement Kodiak Page 6
I'Oçs37421708\Laar Agreement Kodiak.wpd
meanings, respectively, as such terms are given in Article I of the General Bond
Resolution.
21. This Loan Agreement merges and supersedes all prior negotiations,
representations and agreements between the parties hereto relating to the subject matter
hereof and constitutes the entire agreement between the parties hereto in respect thereof.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
the day and year first above written.
Y DV1ITW
NK
xecutive Director
CITY OF KODIAK, ALASKA
~Ll
City Manager
AMBB/Gerieral Obligation Bonds, 2008 Series One
Loan Agreement Kodiak Page 7
1:\0ocs137421708\Loan Agreement Kodiak.wpd
City of Kodiak, Alaska
General Obligation Bond, 2008
Principal Principal
Date Principal Interest Date Principal Interest
(April 1) Amount Rate (April 1) Amount Rate
2009 $135,000 5.00% 2024 $240,000 4.70%
2010 145,000 5.00 2025 255,000 4.80
2011 150,000 5.00 2026 265,000 4.90
2012 155,000 5.00 2027 280,000 5.00
2013 165,000 5.00 2028 295,000 5.00
2014 175,000 500 2029 305,000 5.00
2015 185,000 5.00 2030 320,000 5.10
2016 195,000 5.00 2031 340,000 5.10
2017 205,000 4.00 2032 355,000 5.10
2018 210,000 4.00 2033 375,000 5.10
2019 195,000 4.00 2034 395,000 5.20
2020 205,000 4.25 2035 415,000 5.20
2021 215,000 4.25 2036 435,000 5.20
2022 220,000 4.375 2037 460,000 5.20
2023 230,000 4.50 2038 480,000 5.20
Principal installments shall be payable on April 1 in each of the years, and in the amounts
set forth above. Interest on the Bond shall be payable on October 1, 2008, and thereafter
on April 1 and October 1 of each year.
Prepayment Provisions: Principal installments due on or after April 1, 2019, are subject to
prepayment by the City, in whole or in part, on any date, on or after April 1, 2018, at a price
of 100% of the principal amount hereof and be prepaid plus accrued interest to the date
of prepayment.
AMBBIGeneraI Obligation Bonds, 2005 Series One
Loan Agreement Kodiak - Exhibit A Page A-i
:bDocsJ3742?7G81LosrY Agreement Kdkpd
t*4: 11:1 I I
AMBB/General Obligation Bonds, 2008 Series One
Loan Agreement Kodiak - Exhibit B Page B-i
XDd
: EXHIBIT
ALEUTIANS EAST BOROUGH
FINANCIAL SUMMARY
REVENUES 2003 2004 2005 2006 Average
Local Revenues
Fish Tax 2% of the Ex vessel Value $2,493,342 $3,065,141 $3,161,495 $3,618,637 $3,084,654
Other $275,349 $395,026 $90,219 $165,799 $231,598
Total Local Revenue .$2,768.691 $3460167 $3.251,714 $3,784,43.6 $3,316,252
State of Alaska Revenue $2,499,530 $1,875,905 $2,321,303 $2,301,619 $2,249,589
Federal Revenues $249,616 $259,952 $275,612 $298,708 $270,972
Total Revenues $5,517,837 $5,596,024 $5,848,629 $6,384,764 $5,836,814
Fish Tax as % of Total Revenues 45% 55% 54% 57% 53%
EXPENDITURES
General Fund Expenditures $3841796 $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 $7,205,000 $27,765,000 $27,275,000 $31,765,000
Total General Obligation Debt Outstanding $7,2051000 $27,765,000 $27,275,000 $31,765,000
GO Debt/Assessed Value 7.50% 28.90% 28.39% 31.34%
Total General Obligation Debt'A.V. 7.50% 28.90% 28.39% 31,34%
GO Debt Per Capita $2,669 $10,561 $10,258 $12,019
GENERAL ECONOMIC AND DEMOGRAPHIC DATA
Population 2,700 2,629 2,659 2,643
Assessed Value $96,072,577 $96,072,577 $96,072,577 $101,343,287
Assessed Value Per Capita $35,582 $36,543 $36,131 $38,344
L.1H :11 g
CITY OF KETCHIKAN
PORT FINANCIAL SUMMARY
2006 2005 2004 2003 2002
Audited Audited Audited Audited Audited
ASSETS
Cash $4,529,687 $7,066,674 $5,121,067 $2,895,450 $2,163,498
Port Facilities (net) 10,405,568 9,762,409 10,072,444 10,282,618 9,737,592
Construction Work in Progress 26,082,665 1,632,135 2,686,197 2,276,353 358,350
Restricted Assets 19,872,348
Other Assets 515,697 47,113 99,752 129,455 95,360
Total Assets 61,405,965 18,508,331 17,979,460 15,583,876 12,354,800
LIABILITIES AND NET ASSETS
General Obligation Bonds Payable 1,685,000 1,880,000 2065,000 2,245,000 2,415,000
Revenue Bonds Payable 38,500,000
Other Liabilities 7,105,081 3,759,032 2,541,005 3,261,400 114,355
Total Liabilities 47,290,081 5,639,032 4,606,005 5,506,400 2,529,355
NET ASSETS 14,115,884 12,869,299 13,373,455 10,077,476 9,825,445
Operating Revenues 6,427,207 7,096,948 5,000,010 1,774,457 1,661,674
Operation and Maintenance 2,299,099 1,945,688 792,954 828,052 595,557
Depreciation 657,485 618,708 632,143 610,454 616,196
Payment in Lieu of Taxes/Taxes 102,100 102,100 102,100 102,100 102,100
Operating Income (Loss) 3,368,523 4,430,452 3,472,513 233,851 347,821
Non-Operating Revenue (Expense) (310,285) (68,390) (183,706) (22,824) (100,244)
Net Income (Loss) Before Contribution 3,058,238 4,362,062 3,289,107 211,027 247,577
Contributions 42,006 12,251 6,872 41,004 25,000
Extraordinary Item (2,432,884)
Transfers (1,853,659) (2,445,585)
M t4t Assets 1,246,585 ç504,156) 3,295,979 252,031 272,577
Revenue Bond Debt Coverage:
1.25 x Annual Debt Service 5.09 N/A N/A N/A N/A
1.0 x Annual Debt
Service/Reserves Account/Repair
and Replacement Fund/SPH
Lease Payments N/A N/A N/A N/A N/A
* Unaudited
Ships 36 37 37 37 34
# of Calls/Stops 503 562 535 538 503
# of Water Passengers 838,880 921,429 848,969 770,663 700,993
* Reflects statistical information provided by the Ketchikan Visitors Bureau
ASSETS
Utility Plan In-Service
Construction Work in Progress
Cash
Restricted Assets
Other Assets
Total Assets
LIABILITIES AND NET ASSETS
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Operating Revenues
Operation and Maintenance
Administrative and General
Depreciation
Payment In Lieu of Taxes
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Contributions
Transfer of Net Assets - Swan
Lake -Lake Tyee Intertie Project
Change in Net Assets
Population of Service Area
Population of City
# of Electric Customers
# of Telephone Access Lines
# of Water Customers
CITY OF KETCHIKAN
KETCHIKAN PUBLIC UTILITIES ENTERPRISE FUND
FINANCIAL SUMMARY
2006 2005
Audited Audited
• 2004 2003 2002
Audited Audited Audited
Revenue Bond Coverage
Water is only provided within the City
$63,472,399 $65,655,049 $56,742,145 $67,621,026 $70,915,742
3,720,138. 2,147,195 1,838,196 30,078,405 12,211,495
18,036,431 15,601,381 14,973,617 14,766,191 12,885,250
3,592,407 3,731,971 3,653,916 8,433,752 18,175,772
6,055,932 6,770,815 6,496,443 7,552,144 6,646,446
94,877,307 93,906,411 93,704,317 128,451,518 120,834,705
20,580,000 22,475,000 23,960,000 26,060,000 27,710000
4,243,388 3,444,420 2,990,668 7,690,314 16,067212
24,823,388 25,919,420 26,950,668 33,750,314 43,777,212
70,053,919 67,986,991 66,753,649 94,701,204 77,057,493
31,085,610 27,691,757 27,180,231 27,744,410 26,240,240
15,188,374 13,974,313 14,874,171 14,604,369 14,799,604
5,635,363 5,106,907 5,139,468 4,452,846 4,393,991
6,861,088 6,248,245 6,113,112 5,971,682 6,238,429
650,000 650,000 650,000 650,000 650,000
2,750,785 1,712,292 403,480 2,065,613 158.216 -
(108,887) (736,471) (1,139,856) (1,183,143) (1,504,093)
2,641,898 975,821 (736,376) 882,370 • (1,345,877)
907,076 257,521 1,099,417 16,761,341 2,661,328
(28,310,596)
3,548,974 1,233,342 (27,947,555) 17,643,711 1,315,451
13,174 13,125 13,093 13,685 • 13,683
7,662 7,685 7,691 8,002 7,845
7,251 7,202 7,161 7,178 7,171
9,554 9,840 10,131 10,653 11,259
3,035 2,928 2,905 2,851 2,847
3.92 3.33 2.22 3.02 1.85
i*:i :11:11 fJ
SOUTH KENAL PENINSULA BOROUGH HOSPITAL DISTRICT
FINANCIAL SUMMARY
Municipal Financial Position 2004 2005 2006 2007 Average
Property Tax Collections
Borrowers Property Tax Rate per S1,000 $1.75 $1.75 $1.75 $1.75 $1.75
Municipal Levy $1,440,386 $1,535,163 $1,850,355 $2,023,439 $1,712,361
Current Year's Collections $1,399,099 $1,484,885 $1,759,172 $1,953,706 $1,649,216
Current Collection Rate 97.13% 96.727 95.07% 96.55% 96.37%
Total Year's Collections $1,435,198 $1,545,898 $1,788,720 $2,062,889 5:11708,176
Total Collection Rate 99.63% 100.70% 96.67% 101.95% 99.741,
General Fund
$ 835,136 $ 861,483 $ 870,970 $ 855,106 5855,674 Unreserved Ending Fund Balance
Expenditures $ 2,095,272 $ 1,606,153 $ 1,859,445 $ 2,223,064 $1,945,984
Fund Balance/ Expenditures 40% 54% 471, 35% 45%
Total Revenues $ 1,490,487 $ 1,632,500 $ 1,868,932 $ 2,207,200 51,799,780
Intergovernmental Revenues $ - $ - $ - $ -
Percentage Intergovernmental n/a na n/a n n/a
Municipal Debt Position
Revenue Debt $ - $ - $ $
General Obligation Debt $ 10,290,000 $ 10,000,000 $ 9,625,000 $ 9,465,000
Overlapping General Obligation Debt $ 51415,841 $ 5,005,680 $ 5,003,208 $ 5,257,478
General Obligation Debt/Assessed Value (mrv) 0,93% 11.821..
Total General Obligation Debt AN. (inry)
General Obligation Debt Per Capita
General Obligation Debt Service (mry)
Percent of Debt Retired in 10 yrs.
General Obligation Debt Service/Expenditures
1.42%
$777
$ 803,262
4918%
.13.201',,
$
$764
305,663
51.09%
1.27%
36.24".
General Obligation Debt Service/Revenues •l2.$'1, 36.50%
General Economic and Demographic Data 2004 2005 2006 2007 Annual
Growth Rate
Population (1.)
Assessed Value
Assessed Value Per Capita
Top 10 Tax Payers as a % of Assessed Value
12,390 12,390 12,390 12,390 . 0.001A
1 $ 795,847,000 $ 841,731,000 $ 1,031,057,000 $ 1,156,782,000 13.281.
$ 64,233 $ 67,936 $ $3,217 $ 93,364
7.32% 12.00% 10.11% 10.09%
eorougn rer Lapila Income (not available tor Service Area)
State Per Capita Income
Borough PCI as Percentage of State PCI
Borough Unemployment rate (December 2005 & 2006)
State Unemployment rate (December 2005 & 2006)
[_Borough Rate as Percentage of State Rate
(1) Service Area populatidn is only done as part of the census
4