Tab_31!1 I K1 IIAV $] 11 SYLUJ 1 M I M
THIS AMENDATORY LOAN AGREEMENT, dated the I g1h 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 Dillingham, Alaska, a duly constituted first class city of the State (the "City"):
WITNESSETH:
WHEREAS, pursuant to the Act, the Bank is authorized to issue bonds and loan money
(the "Loans") to governmental units; and
WHEREAS, the City is a "Governmental Unit" as defined in the General Bond
Resolution of the Bank hereinafter mentioned and was authorized to accept a Loan from the
Bank, evidenced by its municipal bond; and
WHEREAS, to provide for the issuance of bonds of the Bank to obtain from time to time
money with which to make, and/or to refinance, municipal Loans, the Board of Directors of the
Bank (the "Board") adopted its General Obligation Bond Resolution on July 13, 2005 (as
amended, the "General Bond Resolution"); and
WHEREAS, the Board approved certain modifications to the General Bond Resolution,
effective on the date when all bonds issued under the terms of the General Bond Resolution,
prior to February 19, 2013, cease to be outstanding; and
WHEREAS, the Bank made a Loan to the City from proceeds of the Bank's General
Obligation Bonds, 2008 Series One ("2008 Series One Bonds") in the amount of $15,105,000,
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 Dillingham, Alaska, General Obligation School 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. 20 16-05
(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, including
Ordinance No. 2007-07, adopted by the City Council on November 1, 2007, and Ordinance No.
2008-03, adopted by the City Council on March 17, 2008 (the "City's 2008 Ordinance") and that
the City's 2008 Ordinance is in full force and effect, and that it has taken all proceedings
required by law to enable it to enter into the 2008 Loan Agreement and issue its 2008 Municipal
Bond to the Bank and that the 2008 Municipal Bond constitutes a valid general obligation bond
of the City duly authorized by the City's 2008 Ordinance,
The City represents that it has duly adopted or will adopt all necessary ordinances or
resolutions, including Resolution No. 2016-51, adopted on September 1, 2016 (the "City
Refunding Resolution" and together with the City's 2008 Ordinance, the "City's Ordinance"),
and that it has taken or will take all proceedings required by law to enable it to enter into this
Amendatory Loan Agreement and to issue its 2016 Municipal Bond to the Bank and that the
2016 Municipal Bond will constitute a direct and general obligation of the City, secured by the
City's pledge of its full faith and credit, all duly authorized by the City Refunding Resolution.
3. The 2016 Municipal Bond shall be subject to optional prepayment prior to
maturity on and after the same date, and on the same terms as the Refunding Bonds may be
subject to optional redemption as set forth in Exhibit A.
Page 2
4. Section 14 of the 2008 Loan Agreement is amended to include the following
paragraph:
The City represents that the City's Ordinance is in full force and effect and has not been
amended, supplemented or otherwise modified, other than by the City Refunding Resolution and
as previously certified by the City to the Bank.
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 23 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 23 shall be
made in connection with CUSIP Nos. 01179P, 011798 and 01179R. Additional or alternate
CUSIP number(s) may be added from time to time by written notice from the Bank to the 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 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 25 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.
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
IN WITNESS WHEREOF, the parties hereto have executed this Amendatory Loan
Agreement as of the date first set forth above.
ALASKA MUNICIPAL BOND BANK
LIN
DEVEN MITCHEI
Executive Director
CITY OF DILLINGHAM, ALASKA
By: '
Its: C - 5 ctY
U
Page 5
i :ui i i i
City of Dillingham, Alaska
General Obligation School Bond, 2008 Series A, issued on April 15, 2008 (the "2008 Municipal
Bond")
Principal Sum of $1,420,000
Principal Interest
Principal Payment Date Amount Rate
April 1, 2017 $695,000 4.000%
April 1, 2018 725,000 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 Dillingham, Alaska
General Obligation Refunding Bond, 2016 Series A, issued on November 3, 2016 (the "2016
Municipal Bond")
Principal Sum of $8,425,000
Principal Payment Date Principal Interest
(December 1) Amount Rate
2018 $685,000 4.000%
2019 710,000 4.000
2020 740,000 4.000
2021 775,000 4.000
2022 810,000 5.000
2023 850,000 5.000
2024 890,000 5.000
2025 940,000 5.000
2026 990,000 5.000
2027 1,035,000 5.000
Principal installments shall be payable on December 1 in each of the years, and in the amounts
set forth above. Interest on the 2016 Municipal Bond shall be payable on December 1, 2016, and
thereafter on June 1 and December 1 of each year.
Prepayment Provisions: The 2016 Municipal Bond principal installments are not subject to
prepayment prior to maturity.
Page A-2
I ON lii :i 1
Page B-I
CITY AND BOROUGH OF SITKA
GENERAL OBLIGATION FINANCIAL SUMMARY
Municipal Financial Position 2011 2012 2013 2014 2015 Average
Property Tax Collections
Borrowers Property Tax Rate per $1,000 $6.00 $6.00 $6.00 $6.00 $6.00 $6.00 Municipal Levy $5,799,400 $5,904,617 $5,957,735 $5,901,738 76,032,826 $5,919,263
Current Years Collections $5,753,039 $5,874,918 $5,893,452 $5,842,721 $6,006,776 $5,874,181
Current Collection Rate 99.20% 99.50% 98.92% 99.00% 99.57% 99.24%
Total Year's Collections $5,807,869 $5,909,321 $5,893,452 $5,842,721 $6,086,776 $5,892,028 Total Collection Rate 108.15% 180.08% 98.92% 99.00% 99.57% 99.54%
General Fund
Unreserved Ending Fund Balance $ 11,508,475 $ 13,584,873 $ 14,268,394 $ 15,996,580 $ 14,720,675 $ 14,015,799 Expenditures $ 23,260,649 $ 24,075,729 $ 23,691,912 $ 23,628,379 $ 30,621,436 9 25,055,621
Fund Balance/Expenditures 49% 56% 60% 68% 48% 56.38%
Total Revenues $ 24,709,916 $ 26,584,728 $ 25,953,885 $ 26,507,173 $ 29,227,140 $ 26,596,568 Intergovernmental Revenues $ 2,380,298 $ 2,659,323 $ 2,693,861 3 2,771,990 $ 2,807,749 $ 2,662,644
Percentage Inlergovernanenlal 10% 10% 10% 10 10% 10.02%
Overall Municipal Debt Position
-
5 06,00,401 55,593,411 $ 106,145,522 9 11)5,946,600 9 123,215,000 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 1 General Obligation Debt - Enterprise Funds - - $ - $ - -
Total General Obligation 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 $ 149394,40J
Governmental GO Oeblj taxable Assessed Value 3.597, 3.29% 3.1W6 2.91,,
Total Revenue and GO Debt/A.V. 10.69% 10.20% 13.72% 14.01% 14700
General Obligalajo DeL Per Capsla 54,138 $3,957 $3,415 $3,152 $2,885
Total Revenue and GO Debt Per Capita 512,000 $11,287 $15,116 $15,167 $16,488
General Economic and Demographic Data 2011 2012 2013 2014 2015 Annual Growth
Rate Population 8,773 8,952 9,0841 9,094 1 9,061 F -0.25%
Taxable Assessed Value $ 985,073,129 $ 990,930,238 $ 1,001,066,784 $ 993,623,000 $ 1,005,471,000 2.22% Assessed Value Per Capita I $ 112,285 $ 110,694 $ 110,201 1$ 108,281 $ 110,567
Top 10 Tax Payers asa% of Assessed Value 7.64% 77,7%
-. 757% -- 7.57% 7270
The Borough has not cossplehd its final year 2015 usd8 nsf the date 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 23,803,187 13,505,669 4,447,481
Restricted Assets 6,871,164 3,595,875 21,197,459 18,121,955 21,733,477
Other Assets 5,010,167 7,266,275 13,897,615 11,777,153 7,988,506
Construction in Progress 11,646,987 18,086,724 58,930,539 137,885,040 12,535,308
Utility Plant in Service 63,103,150 61,775,003 59,900,343 59,508,277 217,550,674
Total Assets 110,951,889 122,174,527 182,729,143 240,798,094 264,255,446
Liabilities and Net Assets
Liabilities
Other Liabilities 1,722,772 2,477,182 6,355,564 13,017,817 3,355,323
Revenue Bonds Payable 48,700,000 47,570,000 79,485,000 105,100,000 119,510,000
Deferred loss/premium on bonds 1,471,509 (1,711,547) 5,943,338 6,742,293 6,347,870
Revenue Note(s) Payable 8,800,188 8,535,498 7,973,608 7,973,608 10,050,744
Total Liabilities 60,694,469 56,871,133 99,757,510 132,833,718 139,263,936
Net Assets 50,257,420 65,303,394 82,971,633 107,964,376 124,991,510 I
Operating Revenues 11,401,523 11,611,319 12,077,554 14,240,772 17,118,321
Operating Expenses
Administrative and General 1,739,698 2,003,768 1,975,492 2,860,066 2,406,734
Operation and Maintenance 5,257,342 5,914,895 5,152,028 4,964,074 7,443,239
Depreciation 1,987,558 1,971,739 1,986,195 1,841,712 1,814,707
Operating Income 2,416,925 1,720,917 2,963,839 4,574,920 5,453,641
Nonoperating revenue (expense)
Investment Income 490,986 459,107 314,600 196,399 313,069
Interest Expense (1,725,198) (2,848,639) (1,678,238) (426,419) (316,203)
Other - 625,748 572,946 812,866 463,877
Net Income before
contributions and transfers 1,182,713 (42,867) 2,173,147 5,157,766 5,914,384
Capital contributions 4,039,237 5,266,050 17,169,455 19,455,106 9,986,217
Extraordinary Item:
Net Pension Obligation Relief 119,824 139,806 325,771 379,871 1,126,533
Transfer In (Out) net - - (998,128) - -
Change In Net Assets 5,341,774 5,362,989 18,670,245 24,992,743 17,027,134
Population of City and
Borough 8,773 8,952 9,084 9,098 9,061
4 of electric customers 5,282 5,309 5,403 5,490 5,683
KwH Sold 111,795,344 111,048,623 111,155,330 111,155,330 105,293,250
Revenue Bond Debt Service 3,477,959 3,467,567 4,529,240 5,045,158 7,158,839
Revenue Bond Coverage (> 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
ETS
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 7,824,365 939,917
Cash 3,733,467 4,735,101 6,599,187 6,616,954 7,595,507
Restricted Assets - - 3,615,663 589,166 317,566
Other Assets 1,342,572 1,339,389 1,216,385 1,524,898 1,036,361
I 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
pulation of City 8,773 8,952 9,084 9,098 9,061
venue Bond Coverage No Harbor No Harbor No payments of
Bonds Bonds P&I 5.16 5.31
e Borough has not completed its fiscal year 2015 audit as of the date of the preparation of this table.
D3
CITY AND BOROUGH OF JUNEAU
FINANCIAL SUMMARY
General Governmental Fund
Municipal Financial Position 2011 2012 2013 2014 2015 Average
Property Tax Collections
Borrowers Property Tax Rate per $1,000 $10.51 $10.55 $10.55 $10.66 $10.76 $10.61
Municipal Levy $40,739,944 $41,751,673 $44,252,019 $45,108,992 $45,852,292 $43,540,984
Current Year's Collections $40,329,083 $41,431,682 $43,987,108 $44,818,184 $45,548,172 $43,222,846
Current Collection Rate 98.9971 99.23% 99.40% 99.36% 99.34% 99.26%
Total Year's Collections $40,728,566 $41,721,795 $44,200,111 95,017,746 745,548,172 $43,443,278
Total Collection Rate 99,97% 99.93% 99.88% 99.80% 99,34% 99.78%
General Fund
Unassigned Plus Emergency Operating Res (GASB#54) i29,38 $ 3,454,161. $ 7,494,734 5 11,285,647 $ 2ü,272,312 S 111,053,252
Expenditures $ 50,540,314 $ 51,283,781 $ 847553,473 —5--T6—,3-8-0,-1T0-
Fund Balance/Expenditures 3.42% 6.797. 8,86% 20.01% 21.38% 12.09%
Total Revenues $ 66,008,466 $ 50,036,584 $ 88,778,005 $ 97,936,255 $ 98,018,608 $ 80,155,584
Intergovernmental Revenues $ 14,313,000 $ 15,464,700 $ 30,615,700 $ 41,429,692 $ 32,072,000 $ 26,783,018
Percentage Intergovemmental 22% 31% 35% 42% 33% 32,42%
Overall Municipal Debt Position
11 - 45,264,341 $ 43,b79,052 S 41,90u,005 S 40,0110,906 $ 38,43u,443 Revenue Debt - Enterprise Funds
Revenue Debt - Governmental Funds $ 3,599,575 $ 2,861,747 $ 2,091,457 $ 6,807,086 $ 26,972,320
General Obligation Debt - Governmental Funds $ 148,301,000 $ 133,446,000 $ 131,385,000 $ 1227068,000 $ 115,314,000
General Obligation Debt - Enterprise Funds - - $ - - -
Total General Obligation Debt $ 148,301,000 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314,000
Total Revenue and General Obliga tion Debt $ 197,108,916 $ 179,987,429 $ 175,382,524 $ 168,965,994 $ 180,722,763
Doveriusiexitsi GO Debt! laxable Assessed Value jd4b 3.28% 3.073 2.793 2.57%
Total Revenue and GO Debt/A.V. 4.94% 4.42% 4 151- 3.86% 4.031
General Obligation Debt Per Capita $4,742 $4,113 $4,023 $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 2012 2013 2014 2015 Annual
t'opulahon .31,2/b
Taxable Assessed Value $ 3,989,344,944
Assessed Value Per Capita $ 127,557
Top 10 Tax Pavers as%rUAsswsd Value 1378%
.32,441 32,661 33,030 3.3,026 -0331%
$ 4,071,713,732 $ 4,275,067,217 $ 4,379,714,933 $ 4,484,327,332 2.39%
$ 125,511 $ 130,896 $ 132,598 $ 135,782
11.73%
--
13.82%1361%
-
13611
ri'r ihI:jiir
2011 2012 2013 2014
ETS
PlantIn-Service (net of depreciation) $13,827,335 $12,844,129 $11,875,368 $14,325,870
Construction Work in Progress 29,889,294 33,499,769 42,397,974 40,419,697
Cash 4,728,522 4,660,755 3,466,374 4,030,992
Restricted Assets 10,702,703 11,196,479 10,946,328 10,554,614
Other Assets 764,741 847,869 543,407 679,907
I Assets 59,912,595 63,049,001 69,229,451 70,011,080
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
2015
$17,517,553
50,214,768
3,975,676
9,581,172
1,718,645
9,758,734
3,105,738
12,864,472
70,143,342
4,202,862
3,347,050
1,150,701
501,698
206,809
5,788,674
6,224,425
12.219,908
Population of City
Revenue Bond Cc
31,275 32,441 32,660 33,064
1.19 1.79 1.21 1.67 3M
D-5
CITY AND BOROUGH OF J UNEAU
I
PORT
t1REVENUE J1FUND FINANCIAL J'1It
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation)
Construction Work in Progress
Cash
Restricted Assets
Other Assets
Total Assets
LIABILITIES AND NET ASSETS
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Operating Revenues
Operation and Maintenance
Administrative and General
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
2,555,051 2,628,580 2,819,979 2,859,078 2,863,133
2,555,051 2,628,580 2,819,979 2,859,078 2,863,133
(1,500,000) (7,31 0,000j (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
we
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
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) 81,553 120,890 32,713 60,964 48,577
Change in Net Assets 193,816 587,132 488,305 538,892 906,398
Revenue Bond Coverage 1.33 132 1.12 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
10 101 V-11 01 M MVIRiMl i A I ly, F-101 Alm
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net ofdepreciation) $72,772,410 $74,566,327 $74,002,798 $69,208,456 $63,710,212
Construction Work in Progress 6,866,781 6,202,224 2,826,314 228,425 3,647,565
Cash 14,990,308 17,386,169 26,113,833 38,596,921 44,834,531
Restricted Assets 10,160,114 6,549,498 5,490,768 5,327,673 5,327,519
Other Assets 23,011,263 23,462,113 25,230,206 20,528,164 23,810,042
Total Assets 127,800,876 128,166,331 133,663,919 133,889,639 141,329,869
LIABILITIES AND NET ASSETS
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Operating Revenues
Operation and Maintenance
Administrative and General
Depreciation
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Capital Contributions
Net Transfers-In (Out)
Special item - NPOIOPEB write off
Change in Net Assets
Population of City
Revenue Bond Coverage
25,570,000 24,926,795 25,304,679 24,346,618 24,346,618
11,391,053 8,999,867 8,829,067 11,033,875 46,306,102
36,961,053 33,926,662 34,133,746 35,380,493 70,652,720
90,839,823 98,509,146 70,677,149 94,239,669 99,530,173
90,680,836 95,026,373 84,250,207 80,198,274 90,281,184
83,883,389 89,411,913 76,967,444 78,820,476 92,676,249
6,552,177 7,145,290 7,001,295 7,086,559 6,815,728
245,270 (1,530,830) 281,468 (5,708,761) (9,210,793)
1,579,634 3,306,366 4,119,820 3,610,234 14,405,416
1,824,904 1,775,536 4,401,288 (2,098,527) 5,194,623
89,002 471,910 134,658 0 0
1,152,600 1,152,400 1,123,000 1,077,500 1,054,500
3,066,506 3,399,846 5,658,946 (1,021,027) 6,249,123
31,275 32,441 32,660 33,064 33,064
3.63 3.00 7.34 2.50 8.97
K6nI Peninsula BOTOU39 - General Fund
General Obligation Financial Summary
'!d i,IP,,,0i,,,s I .21...,...... 2032 2013 V_l 4 2000
PapryTCa114Uaiu
Bmwm'aP,0rTaRa0 p5L000 8430 54.50 $450j 50j 54.50 54.50
Mm'4dp1 La 529,038,274 330,119,4,93 530,S23,497 s31,750.92j 331483,914 530,747,334,
Cmmtye~is coum uons 525,630410 529,946,104 S30352 /636 531,353 531142,025 530,236,93
C-ftt 95.53% 58.45% 9S57 93.63% 08.29% 9830'
ToI,,1 Co1L!io,, 529,047448 553,401,330 530,793408 831,635,476 831,532,596 838449,726
Total C1on Rate 99.96% 99.94% 9932% 9974% 03.89% 0549'
- I c.nlet 1 FuBd
Total E64mg l'uad 001nte
tevedEetd0,fd5,,1nlc,, -
S 21 p34,11
5 21,434435
[s 21,466,s$3
[s 21,268,520
S .3,10 934
5 16296,148
s sSi
54,5,596486
S 20 L,5 LI-)
5 16,244,676 - - 615,232,003
5 72,163,538 Epen4itte
5 73,547,365 5 73,452,479 $ 73,376,368 $ 79,427617 $73,553239
9 70,799,593$
30 1;30%
71,105,637
22%r 21%
$ 74235,495 5 74,945,074 8 70.764,253
25'
5731974,620
ntv.dRavnnel S 3,535 1 5 9749,460 5 10392,337 $ 9,484.4-53 S 13,354,084 510330,074
12%- 21'. --- 14%j 131. '0
J flynn! Mtnddpel Debt Poaliion
Rn' Debt -Gn14IFen34 S - S - S S - S -
5 . 5. 5. 5 . 5
TobIS__n,ae flebt S . S S- 5 . 5
S 23,910430 530,230,000' 524420400 5 45,05543M
Cennyni Ob96e6on DybO- p0ee Food, S . S
To014,,ne1ObIinhen Debt 9 33,910400 530230,000 526,820,000 545,055,300
_5 41,320,000
TRndCrJOb,,,Dob1 00iy. 5 _ 33.910400 5 30,330,000 526,330.000 5 45,055,006
_541,520,000
_541,020.000
Genyt4 lOy ootk on! Dooty8ttpbk Data 2011 2002 1 2013 201.! 2015 Am,,G,00jl,
53,406 56,309 56,736 56462 57,147 550' Ayn,edV1oe $6,393,531,500 56,653,241,000 56,716,010,000 56,960,196,000 56,032,443,000
S115,407 5117,675 5150,331 5227,403 9120,309 Top 391%, .,', yOT,0,3 ,ty3,y 25.23% 24.397. 36,15% 1700% 17.03%
film')' moM swceotvear
3) 2015LI814 ml 3013 nonot'nd Food adorn, I, 331 of Note BynvolO, te th
7001 6,eoymot 1011333131,13304437 d 16,944do7nlpolwlyfm
on to me, tI 10100(14 b1tooettd
non
0.33% 0.4 3 0.40% 035'. EMenpnn.eGODybtfd\10_(non) 000 000 000) Of Totn11lovm, _.,,d CC) fl,I,t'A.V.jmn'9 040%
(nnoea0000gayyo DMntParCap)to 5602 9346 547,3 3462 5732 Tot.MR',eaodC011rbtPn'Cat,fta -563? 5336 5473 -5797
Central Peninsula General Hospital
FINANCIAL SUMMARY
2011 2012 2012 2014 2012
ASSETS
Capital Assets (net of depreciation) $67842931 $64853893 $69,429,959 $71,387,990 $93,151,047
Cash 21700,302 27,803487 35,197,813 35,508,443 37,638,411
Cash held for Plant Replacement 10,097,241 11421,461 11,322,729 16,447887 18,838950
Restricted Assets 3,584,121 633,493 500,000 4,693,402 5,069037
Unspent bond proceeds 31,275,450 18,468,485
Other Assets 19,105,718 29,383,574 29,863,006 32,652,905 38942,891
Total Assets 122,330,313 134,095.908 146,313507 191966,077 212.108821
LIABI LITIES 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 98,007,249 111,234,316 128,411,286
Operating Revenues 101,279,075 116,849,605 123,951,269 126,713,712 144,009,565
Operating Expenses 86,771,449 99,255,770 102,247,165 104,364,018 117,067,440
Depreciation 8,056,595 8,004,562 7,959,305 8,068,688 8,471,959
Operating Income (Loss) 6,451,031 9,589,273 13,744,799 14283,006 18,470166
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 17169,710
Capital Contributions 212,945 52,843 2004,970 14,644 7,260
Change in Net Position 5,558,381 8833,863 14208,112 13,227,067 17,176,970
D-1O
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 Dillingham, Alaska, a duly constituted as a First Class City of the State (the
"City"):
W I T N ESSETH:
WHEREAS, pursuant to the Act, the Bank is authorized to make loans of money
(the "Loan" or "Loans") to governmental units; and
WHEREAS, the 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 $15,105,000 and has submitted an application to the Bank for a Loan in the
amount of not to exceed $15,105,000 and the City has duly authorized the issuance of its
fully registered bond in the aggregate principal amount of $15,105,000 (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 orderto 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 $15,105,000. 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, including Ordinance No. 2008-03 passed by the City Council on March 17,
2008 (the "City's Ordinance"), and has taken or will take all proceedings required by law
to enable it to enter into this Loan Agreement and issue its Municipal Bond to the Bank and
that the Municipal Bond will constitute a valid general obligation bond of the City duly
authorized by the City's Ordinance.
3. Subject to any applicable legal limitations, the amounts to be paid by the City
pursuant to this Loan Agreement representing interest due on its Municipal Bond (the
"Municipal Bond Interest Payments") shall be computed at the same rate or rates of
interest borne by the corresponding maturities of the bonds sold by the Bank in order to
obtain the money with which to make the Loan and to purchase the Municipal Bond (the
"Loan Obligations") and, shall be paid by the City to the Bank's Trustee acting under the
General Bond Resolution at least seven business days before the interest payment date
so as to provide funds sufficient to pay interest as the same becomes due on the Loan
Obligation.
4. The amounts to be paid by the City pursuant to this Loan Agreement
representing principal due on its Municipal Bond (the "Municipal Bond Principal Payments")
shall be paid by the City to the Bank's Trustee acting under the General Bond Resolution
at least seven business days before each maturity date (notwithstanding the dates of
payment as stated in the Municipal Bond) so as to provide funds sufficient to pay the
principal of the Loan Obligations as the same matures based upon the maturity schedule
stated in Exhibit "A" appended hereto.
5. In the event the amounts referred to in Sections 3 and 4 hereof to be paid by
the City pursuant to this Loan Agreement are not made available at any time specified
herein, the City agrees that any money payable to it by any department or agency of the
State may be withheld from it and paid over directly to the Trustee acting 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 - Dillingham
:\Oocs\37421 708\Loan Agreement - DiIIingham.wpd Page 2
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 underthis 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/Gerieral Obligation Bonds, 2008 Series One
Loan Agreement - Dillingham
1:\Docs\37421 708\Loan Agreement - Dillingham.wpd Page 3
8. The City is obligated to make the Municipal Bond Principal Payments
scheduled by the Bank. The first such Municipal Bond Principal Payment is due seven
business days before the date indicated on Exhibit "A" appended hereto, and thereafter
on the anniversary thereof each year. The City is obligated to make the Municipal Bond
Interest Payments scheduled by the Bank on a semi-annual basis commencing seven
business days before the date indicated on Exhibit "A" appended hereto, and to pay any
Fees and Charges imposed by the Bank within 30 days of receiving the invoice of the Bank
therefor.
9. The Bank shall not sell and the City shall not redeem prior to maturity any
portion of the Municipal Bond in an amount greater than the Loan Obligations which are
then outstanding and which are then redeemable, and in the event of any such sale or
redemption, the same shall be in an amount not less than the aggregate of (I) the principal
amount of the Municipal Bond (or portion thereof) to be redeemed, (ii) the interest to
accrue on the Municipal Bond (or portion thereof) to be redeemed to the next redemption
date thereof not previously paid, (iii) the applicable premium, if any, payable on the
Municipal Bond (or portion thereof) to be redeemed, and (iv) the cost and expenses of the
Bank in effecting the redemption of the Municipal Bond (or portion thereof) to be
redeemed. The City shall give the Bank at least 50 days' notice of intention to redeem its
Municipal Bond.
In the event the Loan Obligations with respect to which the sale or redemption prior
to maturity of such Municipal Bond is being made have been refunded and the refunding
bonds of the Bank issued for the purpose of refunding such Loan Obligations were issued
in a principal amount in excess of or less than the principal amount of the Municipal Bond
remaining unpaid at the date of issuance of such refunding bonds, the amount which the
City shall be obligated to pay or the Bank shall receive under item (I) above shall be the
principal amount of such refunding bonds outstanding.
In the event the Loan Obligations have been refunded and the interest the Bank is
required to pay on the refunding bonds is less than the interest the Bank was required to
pay on the Loan Obligations, the amount which the City shall be obligated to 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.
AMBB/General Obligation Bonds, 2008 Series One
Loan Agreement - Dillingham
I:\Docs\37421708\Lo9n Agreement Dillingham.wpd Page 4
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 general obligation of the City.
11. Invoices for payments under this Loan Agreement shall be addressed to the
City of Dillingham, P.O. Box 889, Dillingham, Alaska 99576 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 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 Ordinance 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- Dillingham
1\Docs\37421708\Loen Agreement - Dilhinghmwpd Page 5
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 shalt 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, 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 shalt report to the Bank, in writing, the percentage of property taxes
collected in relation to the total amount of property taxes levied. The City agrees to provide
this written report within thirty (30) days after the Municipal Bond is issued, and for fiscal
year 2009 and thereafter within ninety (90) days after the final collection date for the then
current fiscal year. The City's obligation to provide this written report terminates after the
first fiscal year in which either (i) the Municipal Bond ceases to be outstanding, or (ii) the
report shows that the percentage of property taxes collected for the fiscal year equals or
exceeds eighty-five percent (85%) of the total amount of property taxes levied.
18. If any provision of this Loan Agreement shall for any reason be held to be
invalid or unenforceable, the invalidity or unenforceability of such provision shall not affect
any of the remaining provisions of this Loan Agreement and this Loan Agreement shall be
construed and enforced as if such invalid or unenforceable provision had not been
contained herein.
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.
AMBB/General Obligation Bonds, 2008 Series One
Loan Agreement - Dillingham
:\Oocs\37421708\Loan Agreement - Dlltngham.wpd Page 6
20. No waiver by either party of any term or condition of this Loan Agreement
shall be deemed or construed as a waiver of any other term or condition hereof, nor shall
a waiver of any breach of this Loan Agreement be deemed to constitute a waiver of any
subsequent breach, whether of the same or of a different section, subsection, paragraph,
clause, phrase or other provision of this Loan Agreement.
21. In this Loan Agreement, unless otherwise defined herein, all capitalized terms
which are defined in Article I of the General Bond Resolution shall have the same
meanings, respectively, as such terms are given in Article I of the General Bond
Resolution.
22. This Loan Agreement merges and supersedes all prior negotiations,
representations and agreements between the parties hereto relating to the subject matter
hereof and constitutes the entire agreement between the parties hereto in respect thereof.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
the day and year first above written.
ALASKA MUNICIPAL
CITY OF DILLINGRAM, ALASKA
By:
/
AMBBfGerieraI Obligation Bonds, 2008 Series One
Loan Agreement - Dillingham
I\Docs\37421 705\Loan Agreement - Oillinghamwpd Page 7
A A
City of Dillingham, Alaska
General Obligation School Bond, 2008 Series A
Principal Principal
Date Principal Interest Date Principal Interest
(April 1) Amount Rate (April 1) Amount Rate
2009 $470,000 5.00% 2019 $750,000 4.00%
2010 495,000 5.00 2020 780,000 4.25
2011 520,000 5.00 2021 815,000 4.25
2012 545,000 5.00 2022 850,000 4.375
2013 570,000 5.00 2023 890,000 4.50
2014 600,000 5.00 2024 925,000 4.70
2015 630,000 5.00 2025 970,000 4.80
2016 665,000 5.00 2026 1,020,000 4.90
2017 695,000 4.00 2027 1,070,000 5.00
2018 725,000 4.00 2028 1,120,000 5.00
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 bythe City, in whole orin part, onanydate, on or afterApril 1, 2018, at price
of 100% of the principal amount hereof and be prepaid plus accrued interest to the date
of prepayment.
AMBB/General Obligation Bonds, 2008 Series One
Loan Agreement KPB - Exhibit A Page A-i
I:\Docs\37421708\Loan Agreement - Dillingbam.wpd
AMBB/General Obligation Bonds, 2006 Series One
Loan Agreement KPB - Exhibit B Page B-I
I:\Docs\37421708\Loan Agreement - Dfflingham.wpd
I4II :11 I:]
ALEUTIANS EAST BOROUGH
FINANCIAL SUMMARY
REVENUES
Local Revenues
Fish Tax 2% of the Ex vessel Value
Other
Total Local Revenue
State of Alaska Revenue
Federal Revenues
Total Revenues
Fish Tax as % of Total Revenues
EXPENDITURES
2003 2004 2005 2006 Average
$2,493,342 $3,065,141 $3,161,495 $3,618,637 $3,084,654
$275,349 $395,026 $90,219 $165,799 $231,598
$2,768,691 $3,460,167 $3,251,714 $3,784,436 $3,316,252
$2,499,530 $1,875,905 $2,321,303 $2,301,619 $2,249,589
$249,616 $259,952 $275,612 $298,709 $270,972
$5,517,837 $5,596,024 $5,848,629 $6,384,764 $5,836,814
45% 55% 54% 57% 53%
General Fund Expenditures $3,841,796 $4,524,911 $5.385,405 $6,255,737 $5,001,962
Unreserved Ending Fund Balance $2,071,713 $934,672 $1,057,692 $1,311,517 $1,343,899
Fund Balance/Expenditures 54% 21% 20% 21% 29%
MUNICIPAL DEBT POSITION
General Obligation Debt Outstanding $7,205,000 $27,765,000 $27,275,000 $31,765,000
Total General Obligation Debt Outstanding $7,205,000 $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
ii
CITY OF KETCHIKAN
PORT FINANCIAL SUMMARY
2008 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 2,065,000 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 3,472,813 233,851 347,821
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 8,872 41,004 25,000
Extraordinary Item (2,432,884)
Transfers (1,853,659) (2,445,585)
Change in Net Assets 1,246,585 (504,156) 3,295979 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
#of 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
CITY OF KETCH IKAN
KETCHIKAN PUBLIC UTILITIES ENTERPRISE FUND
FINANCIAL SUMMARY
Contributions
Transfer of Net Assets - Swan
Lake -Lake Tyee Intertie Project
2006 2005
Audited Audited
$63,472,399 $65,655,049
3,720,138 2,147,195
18,036,431 15,601,381
3,592,407 3,731,971
6,055,932 6,770,815
94,877,307 93,906,411
20,580,000 22,475,000
4,243,388 3,444,420
24,823,388 25,919,420
70,053,919 67,986,991
31,085,610 27,691,757
15,188,374 13,974,313
5,635,363 5,106,907
6,861,088 6,248,245
650,000 650,000
2,750,785 1,712,292
(108,887) (736,471)
2,641,898 975,821
907,076 257,521
3,548,974
1,233,342
13,174
13,125
7,662
7,685
7,251
7,202
9,554
9,840
3,035
2,928
3.92 3.33
2004 2003 2002
Audited Audited Audited
$66,742,145 $67,621,026 $70,915,742
1,538,196 30,076,405 12,211,495
14,973,617 14,766,191 12,885,250
3,653,916 8,433,752 18,175,772
6,496,443 7,552,144 6,646,446
93,704,317 128,451,518 120,834,705
23,960,000 26,060,000 27,710,000
2,990,668 7,690,314 16,067,212
26,950,668 33,750,314 43,777,212
66,753,649 94,701,204 77,057,493
27,180,231 27,744,410 26240,240
14,874,171 14,604,369 14,799,604
5,139,468 4,452,846 4,393,991
6,113,112 5,971,682 6,238,429
650,000 650,000 650,000
403,480 2,065,513 158,216
(1,139,856) (1,183,143) (1,504,093)
(736,376) 882,370 (1,345,877)
1,099,417 16,761,341 2,661,328
(28,310,596)
(27,947,555) 17,643,711 1,315,451
13,093 13,685 13,683
7,691 8,002 7,845
7,161 7,178 7,171
10,131 10,653 11,259
2,905 2,851 2,847
2.22 3.02 1.85
ASSETS
Utility PlanIn-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
Change in Net Assets
Population of Service Area *
Population of City
# of Electric Customers
# of Telephone Access Lines
# of Water Customers
Revenue Bond Coverage
* Water is only provided within the City
3
*:i :11:11 I1
SOUTH KENAL PENINSULA BOROUGH HOSPITAL DISTRICT
FINANCIAL SUMMARY
Municipal Financial Position 2004 2005 2006 2007 Average
Property Tax Collections
Borrowers Property Tax Rate per $1,000 $1.75 $1.75 $1.75 $1.75 $1.75
Municipal Levy $1,440,486 $1,535,163 $1,850,355 52,023,439 $1,712,361
Current Years Collections $1,399,099 $1,484,885 $1,759,172 $1,953,706 $1,649,216
Current collection Rate 97.13% 96.72% 95.07% 96.55% 96.37%
Total Year's Collections $1,435,198 $1,545,898 $1,788,720 $2,062,889 $1,708,176
Total Collection Rate 99.63% 100,70% 96.67% 101.95% 99.74%
General Fund
$ 835,136 $ 861,483 $
____________
870,970 $ 855,106 $855,674 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% 47% 36% 45%
Total Revenues $ 1,490,487 $ 1,632,500 $ 1,868,932 $ 2,207,200 $1,799,780
Intergovernmental Revenues - $ $ - $ - $ -
Percentage Intergovernmental n/a n/a 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 $ 5,415,841 $ 5,005,680 1 $ 5,003,208 $ 5,257,478
General Obligation Debt/ Assessed Value (mry) 0.93%
Total General Obligation Debt/A.V. (mry) 1.42% 1.27%
General Obligation Debt Per Capita $777 $764
General Obligation Debt Service (mry)
Percent of Debt Retired in 10 yrs.
$ 803,262
49,78%
13.20%
42.987
$ 805,663
51.09%
General Obligation Debt Service/ Expend itures 36.24%
General Obligation Debt Service/Revenues 36.50%
General Economic and Demographic Data 2004 2005 2006 2007 Annual
Growth Rate
Population (1) 12,390
Assessed Value $795,847,000
Assessed Value Per Capita $64,233
To_10 Tax Pa ers as a % of Assessed Value 7.32%12.00%_10.11%_10.09%
Borough Per Capita Income (not available for Service Area)
State Per Capita Income
Borough PCI as Percentage of State PCI
State Unemployment rate (December 2005 & 2006)
Borough Unemployment rate (December 2005 & 2006)
I_ Borough Rate as Percentage of State Rate
_12,390
_$841,731,000
_12,390
_$1,031,057,000
_12,390
_$1,156,782,000
_$93,364
available
_$67,936 _$83,217
$30,795
$ _35,612
________________
6.90%_6.70%
66.47%_Not
8.60%_8.40%
_Not
_$38,622
available
I (mry): most recent year
124.64% 125.37%
(1) Service Area population is only done as part of the census