Tab_30!I I I7V S] 111 I7LTt 1 DIhY I DKI 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"):
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, 2009 Series One ("2009 Series One Bonds") in the amount of $1,000,000,
evidenced by a Loan Agreement, dated January 1, 2009 (the "2009 Loan Agreement"), between
the Bank and the City; and
WHEREAS, as security for repayment of the Loan and as provided in the 2009 Loan
Agreement, the City issued its City of Kodiak Boat Lift Special Facility Revenue Bond, 2009A,
dated January 21, 2009 (the "2009 Municipal Bond"), of which the Bank is the registered owner;
and
WHEREAS, the Bank has determined that refunding a portion of the outstanding 2009
Series One Bonds will result in a debt service savings thereon and on the 2009 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 2009 Series One Bonds;
and
WHEREAS, to effect the proposed refunding and resulting debt service savings on the
2009 Series One Bonds and the 2009 Municipal Bond, and to conform the terms of the 2009
Loan Agreement to the current practices of the Bank, it is necessary to amend the terms of the
2009 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 2016B (the "2016 Municipal Bond" and
together with the 2009 Municipal Bond, the "Municipal Bond") and for the refunding of the
City's 2009 Municipal Bond as provided herein.
NOW, THEREFORE, the parties agree as follows:
1. The Bank will refund a portion of the outstanding 2009 Series One Bonds as
provided in the Series Resolution. The amounts of the principal installments of the City's 2009
Municipal Bond corresponding to the refunded maturities of the 2009 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 2009 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 2009 Loan Agreement is amended to include the following
paragraph:
The City represents that it has duly adopted all necessary ordinances or resolutions,
including Resolution Number 07-32, adopted October 25, 2007, and Resolution Number 07-33,
adopted October 25, 2007, as amended by Resolution Number 08-30, adopted December 11,
2008 (together, the "City's 2008 Resolution") and that the City's 2008 Resolution is in full force
and effect, and has taken or all proceedings required by law to enable it to enter into the 2009
Loan Agreement and issue its 2009 Municipal Bond to the Bank and that the 2009 Municipal
Bond constitutes a valid revenue 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 2016-31, adopted on September 22, 2016 (the "City
Refunding Resolution" and together with the City's 2008 Resolution, the "City's Resolution),
and 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 2009 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 2009 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 23 is added to the 2009 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 filings under this Section 23 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 24 is added to the 2009 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 25 is added to the 2009 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 $63,531.26) 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
9. A new Section 26 is added to the 2009 Loan Agreement, as follows:
(a) The City hereby certifies that all 2009 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 2009 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 2009 Municipal Bond was issued exclusively
for new money purposes; and (ii) the 2009 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 27 is added to the 2009 Loan Agreement, as follows:
As amended hereby, the 2009 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
DEVEN MITCHELL
Executive Director
CITY OF KODIAK, ALASKA
an
Its:
Page 5
EXHIBIT A
City of Kodiak, Alaska
Boat Lift Special Facility Revenue Refunding Bond, Series 2016B, issued on November 3, 2016
(the "2016 Municipal Bond")
Principal Sum of $875,000
Principal Payment Date Principal Interest
(December 1) Amount Rate
2017 $30,000 2.000%
2018 30,000 4.000
2019 30,000 4.000
2020 30,000 4.000
2021 30,000 4.000
2022 35,000 5.000
2023 35,000 5.000
2024 35,000 5.000
2025 40,000 5.000
2026 40,000 5.000
2027 45,000 5.000
2028 45,000 5.000
2029 40,000 3.000
2030 45,000 3.125
2031 45,000 3.125
2032 50,000 3.250
2033 55,000 3.250
2034 50,000 3.375
2035 55,000 3.375
2036 60,000 3.375
2037 50,000 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
TH 0d
P. • U V II: V1411
CITY AND BOROUGH OF SITKA
GENERAL OBLIGATION FINANCIAL SUMMARY
Municipal Financial Position 2011 2012 2013 2014 2015 Average
Property Tax Collections _____________
Borrowers Property Tax Rate per $1,000 $6.00 $6.00 $6.00 $6.06 $6.0 $6.00
Municipal Levy $5,799,400 $5,904,617 $5,957,735 $5,901,738 $6,032,82 $5,919,263
Current Year's Collections $5,753,039 $5,874,918 $5,893,452 $5,842,721 $6,006,77 $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 $6,006,77 $5,892,028
Total Collection Rate 100.15% 100.08% 98.92% 99.00% 99.575, 99.54%
General Fund
Unreserved Ending Fund Balance 9 11,508,475 a 13,584,873 $ 14,208,394 $ 15,996,580 $ 14,720,676 5 14,015,799
Expenditures $ 23,260,649 $ 24,075,729 $ 23,691,912 $ 23,628,379 $ 30,621,436 $ 25,055,621
Fund Balance/Expenditures 49% 56% 60% 68% 48 56.39%
Total Revenues $ 24,709,916 If 26,584,728 $ 25,953,885 $ 26,507,173 $ 29,227,140 $ 26,596,568
Intergovernmental Revenues $ 2,380,298 $ 2,659,323 $ 2,693,860 $ 2,771,990 $ 2,807,749 $ 2,662,644
Percentage Intergovernmental 10% 10% 10% 101y 10% 10.02%
Overall Municipal Debt Position
5, 08,817,40i 6 18,592,111 5 106,112,822 $ 153,910,100 $ 12,3,215,000 Revenue Debt- Enterprise Funds
Revenue Debt - Governmental Funds $ 165,750 $ 156,000 $ 146,250 $ 202,641 $ 189,409
General Obligation Debt - Governmental Funds $ 36,300,000 $ 32,290,000 $ 31,020,000 $ 28,635,000 $ 25,990,000
General Obligation Debt - Enterprise Funds $ - - $ - $ - $ -
Total General Obltgation Debt $ 36,300,000 $ 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
( ,,c',1,3 010 I)cL't/T ,,90' Ae'sd 2.26'O
,u,, sd CO DJOA.V. ]-'-'2 11191
General Obligation Debt Fee Capita 64,130 $5,007 $5,415 $3,152 02,1w
Total Revenue and CO Debt Per Capita $12,000 $11,287 $15,116 $15,167 $16,486
General Economic and Demographic Data 2011 2012 2013 2014 2015 Annual Growth
Population 1 8,773
Taxable Assessed Value $ 985,073,129
Assessed Value Per Capita $ 112,285
Tor, lO Tax Pavers asa%ofAssessed Value 7.64%
8,952 1 9,084 9,084 1 9,061 -0.25%
$ 990,930,238 $ 1,001,066,784 $ 983,623,000 $ 1.005,471.000 2.22%
$ 110,694 J $ 110,201 I $ 108,281 $ 110,967
.
7.57% .sio .-57%757%
The Borough has not completed its fiscal year 2015 audit as of the dale of the preparation of this table.
D-1
City and Borough of Sitka
Electric Enterprise Fund
Financial Summary
2011 2012 2013 2014 2015
Assets
Cash 24,320,421 31,450,650 28,803,187 13,505,669 4,447,481
Restricted Assets 6,871,164 3,595,875 21,197,459 18,121,955 21,733,477
Other Assets 5,010,167 7,266,275 13,897,615 11,777,153 7,988,506
Construction in Progress 11,646,987 18,086,724 58,930,539 137,885,040 12,535,308
Utility Plant in Service 63,103,150 61,775,003 59,900,343 59,508,277 217,550,674
Total Assets 110,951,889 122,174,527 182,729,143 240,798,094 264,255,446
Liabilities and Net Assets
Liabilities
Other Liabilities 1,722,772 2,477,182 6,355,564 13,017,817 3,355,323
Revenue Bonds Payable 48,700,000 47,570,000 79,485,000 105,100,000 119,510,000
Deferred loss/premium on bonds 1,471,509 (1,711,547) 5,943,338 6,742,293 6,347,870
Revenue Note(s) Payable 8,800,188 8,535,498 7,973,608 7,973,608 10,050,744
Total Liabilities 60,694,469 56,871,133 99,757,510 132,833,718 139,263,936
Net Assets 50,257,420 65,303,394 82,971,633 107,964,376 124,991,510
Operating Revenues 11,401,523 11,611,319 12,077,554 14,240,772 17,118,321
Operating Expenses
Administrative and General 1,739,698 2,003,768 1,975,492 2,860,066 2,406,734
Operation and Maintenance 5,257,342 5,914,895 5,152,028 4,964,074 7,443,239
Depreciation 1,987,558 1,971,739 1,986,195 1,841,712 1,814,707
Operating Income 2,416,925 1,720,917 2,963,839 4,574,920 5,453,641
Nonoperating revenue (expense)
Investment Income 490,986 459,107 314,600 196,399 313,069
Interest Expense (1,725,198) (2,848,639) (1,678,238) (426,419) (316,203)
Other 625,748 572,946 812,866 463,877
Net Income before
contributions and transfers 1,182,713 (42,867) 2,173,147 5,157,766 5,914,384
Capital contributions 4,039,237 5,266,050 17,169,455 19,455,106 9,986,217
Extraordinary Item:
Net Pension Obligation Relief 119,824 139,806 325,771 379,871 1,126,533
Transfer In (Out) net - - (998,128) - -
Change In Net Assets 5,341,774 5,362,989 18,670,245 24,992,743 17,027,134
Population of City and
Borough 8,773 8,952 9,084 9,098 9,061
# of electric customers 5,282 5,309 5,403 5,490 5,683
KwH Sold 111,795,344 111,048,623 111,155,330 111,155,330 105,293,250
Revenue Bond Debt Service 3,477,959 3,467,567 4,529,240 5,045,158 7,158,839
Revenue Bond Coverage (> 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 SITKA
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation) 14,789,299 14,122591 13550,231 13153,475 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 3,733467 4,735101 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
jiation of City 8,773 8,952 9,084 9,098 9,061
nue Bond Coverage No Harbor No Harbor No payments of
Bonds Bonds F&I 5.16 5.31
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 ____________ _____________ ___________
Borrower's Property Tax Rate per $1,000 $10.51 $10.55 $10.55 $10.66 $10.76 $10.61
Municipal Levy $40,739,944 $41,751,673 $44,252,019 $45,108,992 $45,852,292 $43,540,984
Current Year's Collections $40,329,083 $41,431,682 $43,987,108 $44,818,184 $45,548,172 $43,222,846
Current Collection Rate 98.99% 99,23% 99.40% 99.36% 99.34% 99.267.
Total Year's Collections $40,728,566 $41,721,795 $44,200,111 345,017,746 $45,548,172 7T3,443,278
Total Collection Rate 99.977 99.93% 99.887. 99.80% 99.34% 99.78%
General Fund
Unassigned Plus Emergency Operating Res GASB#54) -,s 1,nd9,385 9 3,464,161 $ 7,494,734 $ 17,285,667 $ 20,272,312 $ 10,053,252
Expenditures $ 50,540,314 $ 51,283,781 $ 84,553,473 $ 86,380,150 $ 94,808,876 -s 73,513,319
Fund Balance/ Expenditures 3.42% 6.797 8,86% 20.01% 21.38% 12.097
Total Revenues -F-76798-,4-7- -T--R-,6369B4 $ 88,778,005 $ 97,936,255 $ 98,018,608 $ 80,155,584
Intergovernmental Revenues $ 14,313,000 $ 15,464,700 $ 30,635,700 $ 41,429,692 $ 32,072,005 $ 26,783,018
Percentage Intergovernmental 22% 31% 35% 42% 33% 32.42%
Overall Municipal Debt Position
S45,203,341 8 43,679,612 3 41,906,067 $ 40,090,908 $ 38,430,44,1 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 $ 148,301,005 $ 133,446,000 $ 131,385,000 $ 122,068,000 -$--115,314,000
General Obligation Debt - Enterprise Funds '- - - - -
Total General Obligation Debt $ 148,301,000 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115714,000
Total Revenue and General Obligation Debt $ 197,108,916 $ 179,987,429 $ 175,382,524 $ 168,065,9q4 .$ 180,722761
Gnvernrnental GO Dv !TnaCeA enced Value I 72G 3 3101 3 77% 2 701 2.57
Thtai Revenue and 6171 Del,t/ A. v. T 4.9417 4.4217, 4.1017 7. 4.0:11.7
General Obligation Debt Rer Capita $4,742 64,113 $4,023 83,090 53,712
Total Revenue and GO Debt Per Capita $6,302 $5,548 $5,370 $5,116 $5,472
General Economic and Demographic Data 2011 2012 2013 2014 2015 Annual
Population 31,2/b
Taxable Assessed Value $ 3,989,344,944
Assessed Value Per Capita $ 127,557
Top 10 Tax Payers as a % of Assessed Value 13.78%
32,441 32,660 33,930 33,026 -0.U1'R
$ 4,071,713,732 $ 4,275,067,217 $ 4,379,714,933 $ 4,484,327,332 2 395'..
$ 125,511 $ 130,896 $ 132,598 $ 135,792
13.73% 13.82% 13.61% 13.i 1 "1
D-4
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 9,700,000 9,691,595 9,380,434 9,033,637
Other Liabilities 2,110,290 2,140,909 1,401,365 2,050,500
Total Liabilities 11,810,290 11,832,504 10,781,799 11,084,137
NET ASSETS 48,102,305 51,216,497 58,447,652 58,926,943
Operating Revenues 2,854,858 3,154,885 3,173,272 3,508,430
Operation and Maintenance 2,492,110 2,434,329 2,498,178 2,814,717
Administrative and General - - - -
Depreciation 899,956 986,619 968,761 1,003,707
Operating Income (Loss) (537,208) (266,063) (293,667) (309,994)
Non-Operating Revenue (Expense) 46,509 155,306 (214,686) 128,433
Net Income (Loss) Before Contribution (490,699) (110,757) (508,353) (181,561)
Capital Contributions 1,690,873 2,549,949 7,392,466 660,852
Net Transfers-In (Out) 3,804,600 675,000 500,000 0
Special item - NPO/OPEB write off
Change in Net Assets 5,004,774 3,114,192 7,384,113 479,291
9,758,734
3,105,738
4,202,862
3,347,050
1,150,701
206,809
5,788,674
6,224,425
12,219,908
1: FAZI
2011
ASSETS
Plant In-Service (net of depreciation) $13,827,335
Construction Work in Progress 29,889,294
Cash 4,728,522
Restricted Assets 10,702,703
Other Assets 764,741
2012 2013 2014 2015
$12,844,129 $11,875,368 $14,325,870 $17,517,553
33,499,769 42,397,974
40,419,697 50,214,768
4,660,755 3,466,374 4,030,992 3,975,676
11,196,479 10,946,328 10,554,614 9,581,172
847,869 543,407 679,907 1,718,645
Total Assets 59,912,595 63,049,001 69,229,451 70,011,080
Population of City
Revenue Bond Coverage
31,275 32,441 32,660 33,064
1.19 1.79 1.21 1.67 7
33
M
D-5
111=191:191.1911rel.r
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation)
Construction Work in Progress
Cash 4428,233 (208,085) (252,013) 71,012 2,709,760
Restricted Assets - - -
Other Assets 314,814 269,712 484,639 294,257 408,137
Total Assets 4,743,047 61,627 232,626 365,269 3,117,897
LIABILITIES AND NET ASSETS
Revenue Bonds Payable - - - - -
Other Liabilities - - 151,020 349,585 642,980
Total Liabilities - - 151,020 349,585 642,980
NET ASSETS 4,743,047 61,627 81,606 15,684 2,474,917
Operating Revenues 2,557,851 2,634,080 2,825,479 2,864,578 2,868,633
Operation and Maintenance 2,800 5,500 5,500 5,500 5,500
Administrative and General - - - - -
Depreciation - - - - -
Operating Income (Loss) 2,555,051 2,628,580 2,819,979 2,859,078 2,863,133
Non-Operating Revenue (Expense) - - - - -
Net Income (Loss) Before Contribution 2,555,051 2,628,580 2,819,979 2,859,078 2,863,133
Capital Contributions - - - - -
Net Transfers-In (Out) (1,500,000) (7,310,000) (2,800,000) (2,925,000) (403,900)
Change in Net Assets 1,055,051 (4,681,420) 19,979 (65,922) 2,459,233
Population of City 31,275 32,441 32,660 33,064 33,064
City and Borough of Juneau
Conduit Debt
WILDFLOWER COURT (A not for profit organziation)
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
Audited Audited Audited Audited Audited
ASSETS
Plant In-Service 4,909,305 4,620,999 4,734,678 3,771,100 3,082,979
Cash 1,582,128 1,752,043 1,437,085 1,970,693 1,956,157
Restricted Assets 1,707,402 2,170,928 1,489,365 1,450,054 1,437,448
Other Assets 1,399,517 1,444,749 1,786,787 1,267,699 1,389,726
Total Assets 9,598,352 9,988,719 9,447,915 8,459,546 7,866,310
LIABILITIES AND NET ASSETS
Bond Debt 13,050,000 11,705,000 11,596,229 10,204,712 8,688,824
Other Liabilities 904,428 2,052,663 1,132,323 996,579 1,012,833
Total Liabilities 13,954,428 13,757,663 12,728,552 11,201,291 9,701,657
NETASSETS (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 133 132 112 1.10 1.18
In 2013 and 2014, Wildflower Court fell short of the required debt service coverage ratio of 1.15 times.
Pursuant to the loan agreement between the City and Borough of Juneau and Wildflower Court,
Wildflower Court worked with the City and Borough to identify measures to return the facility to
compliance with the required debt service coverage ratio in 2015.
D-7
JJ
'..bTh
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation) $72,772,410 $74,566,327 $74,002,798 $69,208,456 $63,710,212
Construction Work in Progress 6,866,781 6,202,224 2,826,314 228,425 3,647,565
Cash 14,990,308 17,386,169 26,113,833 38,596,921 44,834,531
Restricted Assets 10,160,114 6,549,498 5,490,768 5,327,673 5,327,519
Other Assets 23,011,263 23,462,113 25,230,206 20,528,164 23,810,042
Total Assets 127,800,876 128,166,331 133,663,919 133,889,639 141,329,869
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 25,570,000 24,926,795 25,304,679 24,346,618 24,346,618
Other Liabilities 11,391,053 8,999,867 8,829,067 11,033,875 46,306,102
Total Liabilities 36,961,053 33,926,662 34,133,746 35,380,493 70,652,720
NET ASSETS 90,839,823 94,239,669 99,530,173 98,509,146 70,677,149
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 4,119,820 3,610,234 14,405,416
Net Income (Loss) Before Contribution 1,824,904 1,775,536 4,401,288 (2,098,527) 5,194,623
Capital Contributions 89,002 471,910 134,658 0 0
Net Transfers-In (Out) 1,152,600 1,152,400 1,123,000 1,077,500 1,054,500
Special item - NPO/OPEB write off
Change in Net Assets 3,066,506 3,399,846 5,658,946 (1,021,027) 6,249,123
Population of City 31,275 32,441 32,660 33,064 33,064
Revenue Bond Coverage 3.63 3.00 7.34 2.50 8.97
09iFPon64sul8 Borough - Gonol65 Fund
G4neroI Obligation Financi al Sumrnory
2013 2014 2605
'r opts Iy Tax CoflrdLow
Borow'opth-To,R per S1,30O 5o.J 54.50 5450 5450 54.50 5150
Mrnridpgl Los' $29,05SJ 530419,493 530,523,497 551,750,392 531,655,334 $30,747,331
Cm6rt'1 Ck63ior,r 525,630J 529,946,504 530352,630 531,332,596 531,142,025 530256,934
CtCi,1rRa1a 98.53% 95.43% 9337% 9.5,59% 9529% 9550%
529,047,445 530,401,550 530,705405 554,665,476 531,332,500. 530440,728
Total connt.a 99.96% 99.94% 99.92% 9924% 90.S9' 99.69%
e.,eal Fund __________________ Total Ending l'wrd,5aiance S 21,703314 0 21,464,593 5 23310,912 [5 24.091302 5 20,135,624
t:--.d Ending Fund 5 21,434,03S5 21261520 $ 16296.140 $ 35,59606 $ 16244,676
___________
511,732,015
Fund Blance/EfUditum5
Tota1Rr'enuea
$ 72.16335j
30%
5 70,79093
571,347,060
357-.
S 71,105,637
$ 72 $ 73,376,161 575,417,617
22%[ 22%[ 217
S 74255,493 5 74,945,074 70.764.253
$73.553,576
25%
573,974,670
1srtrov,nurrorrW Rrurr, $ 01535,331 S 9,749,464 $ 10.392,637 $ 9,406,455 $ 13.514,054 510350,074
1-0'. - - 14%1 13'4 17% 14% -
---12%
Mui6pa1 Debt S - S - 5 S - S -
Total Re,uo Debt 9 5 5 . 5 , 5
Grora1Ob1ia6on Debt 'Co'eumra63u1 Fonda (Goon-al Fond onh') S 13,91OX01 S 30,230,000 S 20,520,200 S 45,053)W9 5 41,920,090
5 9 . 5 . $ . 5
Total C.ndObltgattaaaDobF 6' 33,910,000 i S 30.239.000 S 26,520,000 S 45.053.050 S 41.520000
5 33,910,300 15 35.230.600 9 79.0702)00 9 45955.703 5 41020,0:00 -
0,00, 0,0. t) 40% [0,81 A2,(,n,vO 001', -
S $536 1' 541'ff' $792
Total 'e and Debt Pe, Capita - - $612 5336 3473 5792 51-52
cloner1 &erarnk and Donosrhk Data 2011 2012 2013 2011 2019 [A th
RAN Population 53,400 56,369 56,756 56,562 57,147 050%
Auaoaaed Vloe S 6303,53100 5 8,6332141,000 .5 6,716,010,000 S 6,960.196,000 S 6,532,443,000 - .541'
AaaedVahw1n-Capita S --115,407 _$217.675 _S111531 S122,403 -5321,300
l'oplST Pa — 0TO[0IA 11 3 14S lOb 570
(o,rs'). iucot eec ,',,t rear
ii) M3,21014 ard 2012 Uoo,nved}'mrd Man-,o La l4rtd NbtR-abl. to Ito
lIorn-r at eataral g. toaorrsrom,rIZ eeorad Uaooa11toorIt4ad
pwoe,t00
Central Peninsula General Hospital
FINANCIAL SUMMARY
20122011 2013 2014 2015
ASSETS
Capital Assets (net of depreciation) $67,842,931 $64,853,893 $69,429,959 $71,387,990 $93,151,047
Cash 21,700,302 27,803,487 35,197,813 35,508443 37,638,411
Cash held for Plant Replacement 10,097,241 11,421,461 11,322,729 16,447,887 18,838,950
Restricted Assets 3,584,121 633,493 500,000 4,693,402 5,069,037
Unspent bond proceeds 31275,450 18,465,485
Other Assets 19,105,718 29,383,574 29,863,006 32,652,905 38,942,891
Total Assets 122,330,313 134,095,908 146,313.601 191,966.077 212.108,821
LIABILITIES AND NETASSETS
Revenue Bonds Payable - - - 32,490,000 33,890,000
GO Bonds Payable 35,990,000 32,255,000 30,130,000 27,905,000 25,670,000
Other Liabilities 10,965,610 18,041,771 18,176,258 20,336,761 24,137,535
Total Liabilities 46,955,610 50,296,771 48,306,258 80,731,761 83,697,535
NET ASSETS 75,374,703 83,799,137 98,007.249 111234,316 128,411,286
Operating Revenues 101,279,075 116849,605 123,951,269 126,713,712 144,009,565
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 17,160,710
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
.7f;11liI
THIS AGREEMENT, dated as of the 1st day of January 2009, 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 $1,000,000 and has submitted an application to the Bank for a Loan in the
amount of not to exceed $5,000,000 ($4,000,000 of which has been previously loaned to
the City). The City has duly authorized the issuance of its fully registered bond in the
aggregate principal amount of $1,000,000 (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. 2008-05, adopted on October 31, 2008 and amended on December 12,
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 $1,000,000. 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 Number 07-32 adopted October 25, 2007,
and Resolution Number 07-33 adopted October 25, 2007, as amended by Resolution
Number 08-30 adopted December 11, 2008 (collectively, 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 an 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 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 (1) the interest rate paid
AMBB/General Obligation ponds, 2009 Series One
Loan Agreement- Kodiak
I:\Do\3742171 Moan Agreement- Kodiawpd Page 2
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.
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
AMBB/General Obli gation Bonds, 2009 Series One
Loan Agreement - Kodiak
ADocs'3742171 Moan Agreement. KQdk.wpd Page 3
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 the 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.
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.
AMBB/General Obligation Bonds, 2009 Series One
Loan Agreement - Kodiak
1:\Docs\.3742171 Moan Agteement- Koakwpd Page 4
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 MIII 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, 2009 Series One (the "2009 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.
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
AMBB/General Obligation Bonds, 2009 Series One
Loan Agreement - Kodiak
\Ooa7421711'i_oanAgreement- Kodiak,wpd Page 5
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. The City hereby agrees that it shall fully fund, at the time of Loan funding, its
debt service reserve fund which secures payment of principal and interest on its Municipal
Bond and that such fund shall be held in the name of the City with the same banking
institution the Bank uses for Bond Resolution trustee services.
18. If any provision of this Loan Agreement shall for any reason be held to be
invalid or unenforceable, the invalidity or unenforceabilityof 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.
19. This Loan Agreement may be executed in one or more counterparts, any of
which shall be regarded for all purposes as an original and all of which constitute but one
and the same instrument. Each party agrees that it will execute any and all documents or
other instruments, and take such other actions as are necessary, to give effect to the terms
of this Loan Agreement.
20. No waiver by either party of any term or condition of this Loan Agreement
shall be deemed or construed as a waiver of any other term or condition hereof, nor shall
a waiver of any breach of this Loan Agreement be deemed to constitute a waiver of any
subsequent breach, whether of the same or of a different section, subsection, paragraph,
clause, phrase or other provision of this Loan Agreement.
21. In this Loan Agreement, unless otherwise defined herein, all capitalized terms
which are defined in Article I of the General Bond Resolution shall have the same
meanings, respectively, as such terms are given in Article I of the General Bond
Resolution.
AMBB/General Obligation Bonds, 2009 Series One
Loan Agreement - Kodiak
Kodak.wpd Page 6
22. This Loan Agreement merges and supersedes all prior negotiations,
representations and agreements between the parties hereto relating to the subject matter
hereof and constitutes the entire agreement between the parties hereto in respect thereof.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day
and year first above written
ALASKA MUNICIP D ANK
EVEN . I CHELL
(Executive Director
CITY OF KODIAK, ALASKA
-ii NEED-1
City Manager
AM5B/General Obligation Bonds, 2009 Series One
Loan Agreement - Kodiak
l:\0oc5\3742171 1\oin A4yoamont- Kodikwpd Page 7
City of Kodiak, Alaska
Boat Lift Special Facility Revenue Bonds, 2009A
Due Principal interest Due Principal interest
Seplemberl Amount Rate September 1 Amount Rate
2009 $15,000 3.000% 2024 $30,000 5.250%
2010 15,000 3.000 2025 35,000 5.375
2011 20,000 3.000 2026 35,000 5.500
2012 20,000 4.000 2027 40,000 5.500
2013 20,000 4.000 2028 40,000 5.500
2014 20,000 4.000 2029 40,000 5.625
2015 20,000 5.000 2030 45,000 5.750
2016 20,000 5.000 2031 45,000 5.750
2017 25,000 5.000 2032 50,000 5.750
2018 25,000 5.000 2033 55,000 5.750
2019 25,000 5.000 2034 55,000 5,875
2020 25,000 5.000 2035 60,000 5.875
2021 30,000 5.000 2036 65,000 5.875
2022 30,000 5.000 2037 65,000 5.875
2023 30,000 5.250
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, 2009, and
thereafter on September 1 and March 1 of each year.
Prepayment Provisions: Principal installments due on or after September 1, 2019, are
subject to prepayment by the City, in whole or in part, on any date, on or after
September 1, 2018, at a price of 100% of the principal amount thereof to be prepaid plus
accrued interest to the date of prepayment.
AMBB/Generai Obligation Bonds, 2009 Series One
Loan Agreement Kodiak - Exhibit A Page A-i
1\Dcs\37421711'LOafl eement• KOdiBk.Wpd
YAU11.Th1 AIIIPJlJ
APPENDIX D
Summaries of Borrowers Representing
10% or More of Outstanding Principal of Bonds
Issued Under the 2005 General Bond Resolution
Loan Agreement Kodiak - Exhibit B Page B-I
CITY OF KETCH)KAN
PORT FINANCIAL SUMMARY
2007 2006 2005 2004 2003 2002
Audited Audited Audited Audited Audited Audited
ASSETS
Cash $8471112 $4,529,687 $7,066,674 $5,121 067 $2895450 $2,163,498
Port Facilities (net) 41226,714 10,405,568 9,762,409 10.072,444 10,282,618 9,737,592
Construction Work in Progress 3,493,927 26,082,665 1,632,135 2,686,197 2,276,353 355,350
Restricted Assets 4,743,690 19,872,348
Other Assets 560,772 515,697 47,113 99,752 129,455 95,360
Total Assets 58,496215 61,405,965 18,508,331 17979,460 15.563,876 12354800
LIABILITIES AND NET ASSETS
General Obligation Bonds Payable 1,480,000 1,685,000 1880,000 2,065,000 2,245,000 2,415,000
Revenue Bonds Payable 37,875,000 36,500,000
Other Liabilities 5,130,176 7105,081 3,759,032 2,541,005 3,261,400 114,355
Total Liabilities 44,485,176 47,290081 5,639,032 4606,005 5.506,400 2529,355
NET ASSETS 14,011,039 14,115,884 12,869,299 13,373,455 10.077,476 9,525,445
Operating Revenues 7,895,063 6,427,207 7,096,948 5,000,010 1,774,457 1,661,674
Operation and Maintenance 1,506,749 2,299,099 1,945,688 792,954 828,052 595,557
Depreciation 985,775 657,485 618,706 632,143 610,464 616,196
Payment in Lieu of Taxes/Taxes 102,100 102,100 102,100 102,100 102,100 102,100
Operating Income (Loss) 5,300439 3,368,523 4,430,452
-
3,472,613 233,851 347.821
Non-Operating Revenue (Expense) (1,697.827) (310,285) (68,390) (183,706) (22,824) (100244)
Net Income (Loss) Before Contribution 3602,612 3,058,236 4,362,062 3,289,107 211,027 247,577
Contributions 1,864,661 42,006 12,251 6,872 41,004 25,000
Extraordinary Item (2,432,884)
Transfers (5,572,069) (1,853,659) (2,445,585)
Change in Net Assets (104,796) 1,246.585 (504,156) 3,295,979 252,031 272,577
Revenue Bond Debt Coverage:
1.25 xAnnual Debt Service 2.75 7.32
1.0 xAnnual Debt
Service/Reserves Account/Repair
and Replacement FundISPH
Lease Payments N/A N/A
*
Unaudited
4/ of Ships 36 36
4/ of Calls/Stops 504 503
4/of Water Passengers 899,638 838,880
Reflects statistical information provided by the Ketchikan Visitors Bureau
N/A N/A N/A N/A
N/A N/A N/A N/A
37 37 37 34
562 535 536 503
921,429 848,969 770,663 700,993
Loan Agreement Kodiak - Exhibit B D1 Page B-2
CU? OF KETCHIKAN
KETCH1KAN PUBLIC UTILITIES ENTERPRISE FUND
FINANCIAL SUMMARY
2007 2006 2005 2004 2003 2002
Audited Audited Audited Audited Audited Audited
$65,675,153 $53472399 $65,855,049 $68,742,145 $67,621,028 $70,915,742
3,046,020 3,720,138 2,147,195 1,838,196 30,078,405 12,211,495
17,271,704 18,038,431 15,601,381 14,973,617 14.766,191 12,885,250
3,881,216 3,592,407 3,731,971 3,653916 8,433,752 18,175,772
9708,775 7,537,978 6770,815 6.496,443 7,552,144 6,646,446
99563.868 96,359,353 93.906,411 93,704,317 128.451,518 120.834.705
20,214,266 20,580,000 22475,000 23,960,000 26,060,000 27,710,000
5,320,524 4,243,388 3,444420 2,990,068 7,690,314 16,067,212
25.534,790 24,823,388 25,919,420 26,950,688 33,750,314 43,777,212
74,049.078 71,535965 67,986,991 65,753,649 94,701,204 77,057,493
30,786551 31.085,610 27,691,757 27,180.231 27,744,410 26,240,240
17,777.974 15,188,374 13,974,313 14,874,171 14604,369 14,799,604
5,076,384 5,635,363 5,106,907 5,139,468 4,452,846 4;393,991
6,624,656 6,861,088 8,248,245 6113,112 5,971,682 6,238,429
650,000 650,000 650,000
1,307.637 3,400,785 2,362,292 403,480 2,065,513 158,216
197,069 (108,887) (736,471) (1,139,856) (1,183,143) (1,504,093)
1,504,606 3,291,898 1,625,821 (736,376) 882,370 (1.345,877)
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 1,658.507 907,076 257,521 1,099,417 16,761,341 2,661,328
Transfer of Net Assets Swan
Lake -Lake Tyee Intertie Project (28,310,596)
Transfer - Payment In Lieu of Taxes (650.000) (650,000) (650,000)
Change in Net Assets 2513,113 3,548,974 1,233,342 (27,947,555) 17,643.711 1,315,451
Population of Service Area 13,166 13,174 13,125 13,093 13,665 13,683
Population of City 7,732 7,662 7,685 7,691 8,002 7,845
of Electric Customers 7,305 7,251 7,202 7,161 7,178 7,171
ot Telephone Access Lines 9,039 9,554 9,840 10,131 10,653 11,259
#of Water Customers 3,230 3,035 2,928 2.905 2,851 2,847
Revenue Bond Coverage 3.18 3.92 3.33 2.22 3.02 1,85
* Water is only provided within the City
Change in accounting standards payment in lieu of tax must be reported as a transfer
Loan Agreement Kodiak - Exhibit B Page B-3
CITY OF SE WARD
FINANCIAL SUMMARY
Municipal Financial Position 2004 2005 2006 2007 Average
Property lax(..oitections
Borrower's Paopertv Tax Rate per $1,000 $3.12 $.12 $3.12 $3.12 $3.12
Municipel Levy 5668,848 $733,298 $835,829 $8511390 9771,791
Current Year's Collections $650,763 $717,697 $803,964 $920,954 $772,840
Current Collection Rate 97,59% 97.87% 95.90% 96.40% 96.94%
Total Year's Collections $669,063 5735,301 5823,782 5838,883 S766,258
Total Collection Rate 100.33% :100.00% 101.00% 98.60%1 99.98%
General fand
Unreserved Ending Fund Ba)an $ 51188,880 $ 5.389,198 $ 3,646,245 $ 3,559,970 $4.446,073
MRapenditures 5 7,037,318 $ 81108,290 $ 10,056,671 $ 8,772043 $8,493,581
Fund Balance/Expenditures 74% 66% 36% 41% 54%
Total Revenues $ 7,398,160 $ 6.247,828 $ 8,683,777 $ 9,473,066 58,450.708
Intergovernmental Revenues 829,35 S 984,920 $ 1.066,093 $ 1,189,258 $1,01.7,452
Percentage Intergovernmental 11% 121k 12% 13% 12%
Overall Municipal Debt Position
Revenue Debt Enterprise Funds $ 5,673,722 5 6,410,000 $ 10,590,000 $ 30,175,000
$ 4,737,655
$ 222,345 '
General Obligation Debt -Governmental Funds $ 7,069,933 $ 6,348,573 S 5,576,146
General Obligation Debt - Enterprise Funds $ 685,068 S 521,429 $ 373,854
Total General Obligation Debt S 7,735,001 $ 6,870,000 $ 5,950,000 $ 4,960,000
Total Revenue and General Obligation Debt
.
Governmental GO Debt/Assessed Value (nu-v)
S 13,408,723
3.174
$ 33,280,000
2.57%
51.Wg
$ 16,540,000
2.12%
15,135,000
1.75%
Enterprise GO Debt / Assessed Value (mrv) 0304 11.21% 11.14% 0418%
Total General OhligrstionDebt fA.V. m) 3.47% 2.78% 2.26%
Total Revenue and GO Debt/A.V. (mn') 6.01% 5.37% 6.28%
General Obligation Debt Per Capita $2,810
i351sP.twç4 FM%1E1M1./*8$3i
$2,705 $2.283 51.888
Total Revenue and GO Debt Per Capita 54.906 55228 56.347 $5,761
General Economic and Demographic Data 2004 2005 2006 2007 Annual Growth
Rate
Population 2,733
Assessed Value $ 223.202,115
Assessed Value Per Capita 1 $ $1,689
Top 10 Tax ers as a % of Assessed Value 18.48%
2,540 2.606 2,627 2.60r.
$ 247,172,838 S 263,528,984 S 271,407,000 6.627
S 97,312 $ 101,124 S 103,514
16.69%16.90%
__________ 1(m!y): most recent year
Loan Agreement Kodiak - Exhibit B D3 Page B-4
CITY OF SEWARD
ELECTRIC ENTERPRISE FUND
FINANCIAL SUMMARY
2004
Audited
ASSETS
Utility Plant In-Service $18,497,152
Construction Work in Progress 2304 203
Cash 3,260,054
Restricted Assets 2,132,849
Other Assets •1.23 5,264
Total Assets 27,429.532
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 2,430,000
Other Liabilities 752,066
Total Liabilities 3,182,068
NET ASSETS 24247,486
Operating Revenues 6,943,720
Operation and Maintenance 3,456,116
Administrative and General 1,610,842
Depreciation 1,274,862
Operating Income (Loss) 602,900
Non-Operating Revenue (Expense) (106,938)
Net Income (Loss) Before Contribution 495,962
Contributions 77,211
Transfers-Out (1,153,175)
Change in Net Assets (580.003)
Population of Service Area 4,608
Population of City 2,745
Revenue Bond Coverage 628
2005 2005 2007
Audited Audited ., . Audited
$19,744,486 $19,078,303 $18,884,635
283,468 439,382 20,000
3,647,838 2,394,025 2,708,708
1,934,476 2,319,915 2,030,305
1.459,039 1.997,406 2,382,561
27,069907 26229,031 26,024209
2,290000 2,080,000. 1,855,000
790,834 88.4,878 840,935
3.080,834 .2,964,878 2,725.935
23,989,073 23,264,153 23,298,274
1,381,178 7,979;436 8,428,106
3,757,415 5,643,337 4,588,101
1,781,775 2,212,653 2,063,354
1,257,288 1,303.680 1.342,861
584,700 (1.180,234) 433,790
23,298 1.397.097 224,213
607,998 216,863 658,003
237,238 313,536 391,835
(1,103,629) (1,255,319) (1,015,717)
(258,393) (724,920) 34,121
4 ,403 4,469 4,490
2,540 2,606 2,627
6.62 5.39 7.10
Loan Agreement Kodiak - Exhibit B D4
Page B-5
CITY OF SEWARD
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2004 2005 2006 2007
Audited Audited Audited Audited
ASSETS
Plant In-Service $10,956,164 $9,982,231 $19,078,303 $18,884,635
Construction Work in Progress 1,143,554 5,169,335 439,382 20,000
Cash 420,306 388,396 2394,025 2,706,708
Restricted Assets 671,046 1,128,287 2,319,915 2,030,305
Other Assets 344,293 1,031,143 1,997,406 2,382,561
Total Assets 13,735,363 17,699392 26,229,031 26,024,209
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 2,725,000 4,120,000 2,080,000 1,885,000
Other Liabilities 655,877 1,066,970 854,878 840,935
Total Liabilities 3,380,877 5,186,970 2,964,878 2,725,935
NET ASSETS 10,354,486 12,512,422 23,264,153 23,298,274
Operating Revenues 1,818,674 1,943,424 7,979,436 8,428,106
Operation and Maintenance 1,048,102 1,150,685 5,643,337 .4,588,101
Administrative and General 101,599 159,526 2,212,653 2,063,354
Depreciation 999,502 976,833 1,303,680 1,342,861
Operating Income (Loss) (330,529) (3431620) (1,180,234) . 433,790
Non-Operating Revenue (Expense) (101,667) -95,524 1,397,097 224,213
Net Income (Loss) Before Contribution (432,196) (439,144) 216,863 658,003
Contributions 337,843 2,869,057 313,536 391,835
Transfers-Out . (249,672) (271,977) (1,255,319) (1,015,717)
Change in Net Assets 2,157,936 (724,920) 34,121 (344,025)
Population of City 2,745 2,540 2,606 2,627
Revenue Bond Coverage 3.45 2.26 2.76 1.86
Loan Agreement Kodiak - Exhibit B D5
. Page B-6
CITY OF SEWARD
PROVIDENCE SEWARD MEDICAL CENTER*
FINANCIAL SUMMARY
(Al! figures rounded to thousands)
2004 2006 2006 2007
Audited Audited Audited Audited
ASSETS
Plant In-Service $0 $0 $0 $96,000
Cash 2,048,000 1,772,000 1,358,000 287,000
Restricted Assets 15,000 169,000 251,000 38,000
Other Assets 2,165,000 1660,000 1697,000 1,630000
Total Assets 4.228.000 3,601,000 3,306,000 2,051 ,000
LIABILITIES AND NET ASSETS
Other Liabilities 3,252,000 3,027,000 2,389,000 2,101,000
Total Liabilities 3,252,000 3,027,000 2,389,000 2,1010
NET ASSETS 976,000 574,000 917,000 (50,000)
Operating Revenues 10,869,000 10,779,000 11,977,000 11,188,000
Operating Expenses 10,295,000 11,185,000 11,639,000 12,147,000
Depreciation 0 0 0 11,000
Operating Income (Loss) 574,000 (406,000) 338,000 (970,000)
Non-Operating Revenue (Expense) 0 4,000 5,000 3,000
Change in Net Assets 574,000 (402,000) 343,000 (967,000)
*This facility is a component unit of the City of Seward.
Loan Agreement Kodiak - Exhibit B D6 Page B-7
CITY OF UNALASKA
Ut'IALASlK.A PUBLIC UTILITIES ELECTRIC FUND
FINANCIAL SUMMARY
2001 2006 2005 2004 2003 2002
Audited Audited Audited Audited Audited Audited
ASSETS
Accounts Receivable (net) $1,084,652 $937,759 $1,051,203 $1,772,970 $67,621,026 $70,915,742
Construction Work in Progress 0 0 0 0 30,078,405 12211,495
Due from General Fund 4,365,648 3,670,427 5,191,323 4,678,390 14,766,191 12,885,260
Inventories 279,643 271,321 293,395 333,968 8,433,752 18,175,772
Capital Assets, net 10,151,511 9,210,393 7,039,762 6,432,458 7,552,144 6,646,446
Total Assets 15,881,454 14089,900 13,575683 13,217,786 128451,518 120,834,705
LIABILITIES AND NET ASSETS
Current Liabilities 974,316 1,300,925 645,061 998,827 26,060,000 27,710,000
Long-term Liabilities 2,295,728 2,440,572 2,660,000 2,660,000 7,690,314 16,067,212
Total Liabilities 3,270,044 3,741.497 - 3.505.061 3658.827 33.750,314 43,777,212
NET ASSETS 12,611,410 10348,403 10,070,622 9,558,959 94,701.204 77,057,493
Operating Revenues 10,976,790 10,261,599 7,766,664 6,131,131 27,744,410 26,240,240
Operation and Maintenance 6,802,849 9,144,695 6,076,093 4,986,126 14,604,369 14,799,604
Administrative and General 694,413 621.916 718,256 597,731 4,452,846 4,393.991
Depreciation 371,686 463.439 $02,039 492,460 5,971,682 6,238,429
Payment in Lieu of Taxes 23,008 23,008 23,008 23,000 650,000 650,000
Operating Income (Loss) 98.4.834 8,539 447,268 29,806 2.065.513 168,216
Non-Operating Revenue (Expense) (21.827) (1.856) 63,531 4,502 (1,183,143) (1.504,093)
Net Income (Loss) Before Contribution 963,007 6,683 510,799 . 34,308 882,370 (1,345,877)
Contributions 0 1,342 864 1,204,968 16,761,341 2,661.328
Transfers in 1,300,000 269,756
Change in Net Assets 277.781 2.263.007 511.663 1,239,276 17,643711 1.315,451
Population of Service Area 3,940 4,297 4,308 4,388 4051 4,283
Population ofCity 1 3,940 4,297 4,368 4,388 4,051 4,283
of Eledric Customers
Power Generated (MW) 33,491 33,185 31,107 29,818 28,313 28,392
Source: Alaska Department of Community and Economic Development
Loan Agreement Kodiak - Exhibit B D7 .
, Page B-8