Tab_32I ki III II] 'a miYPieI 931 ak'A I øIi
THIS AMENDATORY LOAN AGREEMENT, dated the 18 1h 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 Bethel, Alaska, a duly constituted second 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, 2007 Series Three ("2007 Series Three Bonds") in the amount of $3,680,000,
evidenced by a Loan Agreement, dated July 1, 2007 (the "2007 Loan Agreement"), between the
Bank and the City; and
WHEREAS, as security for repayment of the Loan and as provided in the 2007 Loan
Agreement, the City issued its City of Bethel Lease Revenue Bond, 2007 (Alaska Municipal
Bond Bank Loan), dated July 10, 2007 (the "2007 Municipal Bond"), of which the Bank is the
registered owner; and
WHEREAS, the Bank has determined that refunding a portion of the outstanding 2007
Series Three Bonds will result in a debt service savings thereon and on the 2007 Municipal
Bond; and
WHEREAS, on September 6, 2016, the Board adopted Series Resolution No. 2016-05
(the "Series Resolution" and, together with the General Bond Resolution, the "Bond
Resolution") authorizing the issuance of its General Obligation and Refunding Bonds, 2016
Series Three (the "Refunding Bonds") in part to refund a portion of the 2007 Series Three
Bonds; and
WHEREAS, to effect the proposed refunding and resulting debt service savings on the
2007 Series Three Bonds and the 2007 Municipal Bond, and to conform the terms of the 2007
Loan Agreement to the current practices of the Bank, it is necessary to amend the terms of the
2007 Loan Agreement and to provide for the issuance by the City to the Bank of the City's Lease
Revenue Refunding Bond, 2016 (the "2016 Municipal Bond" and together with the 2007
Municipal Bond, the "Municipal Bond") and for the refunding of a portion of the City's 2007
Municipal Bond as provided herein.
NOW, THEREFORE, the parties agree as follows:
1. The Bank will refund a portion of the outstanding 2007 Series Three Bonds as
provided in the Series Resolution. The amount of the principal installments of the City's 2007
Municipal Bond corresponding to the refunded maturities of the 2007 Series Three Bonds, and
the interest payable thereon, shall be adjusted pro rata in accordance with the debt service
payable on the Refunding Bonds, as set forth in the 2016 Municipal Bond delivered to the Bank
in exchange for the 2007 Municipal Bond. The 2016 Municipal Bond, together with the
replacement 2007 Municipal Bond delivered in exchange for the original 2007 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 2007 Loan Agreement is amended by replacing the current
language with the following:
The City represents that it has duly adopted all necessary ordinances or resolutions,
including Ordinance 07-14, adopted by the City Council on June 12, 2007 (the "City's 2007
Ordinance"), and the City's 2007 Ordinance is in full force and effect, and that it has taken all
proceedings required by law to enable it to enter into the 2007 Loan Agreement and issue its
2007 Municipal Bond to the Bank. The 2007 Municipal Bond constitutes a valid special and
limited revenue bond duly authorized by the City's 2007 Ordinance.
The City represents that it has duly adopted or will adopt all necessary ordinances or
resolutions, including Ordinance #16-28, adopted on October 11, 2016 (the "City Refunding
Ordinance" and together with the City's 2007 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 revenue bond, a special and limited obligation of the City, all duly authorized by
the City Refunding Ordinance.
3. The 2016 Municipal Bond shall be subject to optional prepayment prior to
maturity on and after the same date, and on the same terms as the Refunding Bonds may be
subject to optional redemption as set forth in Exhibit A.
4. Section 14 of the 2007 Loan Agreement is amended to include the following
paragraph:
The City represents that the City's Ordinance is in full force and effect and has not been
amended, supplemented or otherwise modified, other than by the City Refunding Ordinance and
as previously certified by the City to the Bank.
Page 2
5. Section 16 of the 2007 Loan Agreement is amended by replacing the current
language with the following:
The City agrees that if its bonds constitute ten percent (10%) or more of the outstanding
principal of municipal bonds held by the Bank under its General Bond Resolution it shall provide
the Bank for inclusion in future official statements, upon request, financial information generally
of the type included in Appendix D of the Bank's Official Statement, dated October 18, 2016,
under the heading "Summaries of Borrowers Representing 10% or More of Outstanding
Principal of Bonds Issued Under the 2005 Bond Resolution," attached hereto as Exhibit B.
The City further agrees that if its bonds constitute ten percent (10%) or more of the
outstanding principal of municipal bonds held by the Bank under its General Bond Resolution, it
shall execute a continuing disclosure agreement prepared by the Bank for purpose of Securities
and Exchange Commission Rule 15c2-12, adopted under the Securities and Exchange Act of
1934.
6. A new Section 22 is added to the 2007 Loan Agreement, as follows:
The City agrees that it shall file, on an annual basis, its audited financial statement with
the Municipal Securities Rulemaking Board not later than two hundred ten (210) days after the
end of each fiscal year of the City for so long as either the 2007 Municipal Bond or the 2016
Municipal Bond remains outstanding. The City agrees that filings under this Section 22 shall be
made in connection with CUSIP Nos. 01179P, 011798 and 01179R. Additional or alternate
CUSIP number(s) may be added from time to time by written notice from the Bank to the City.
The City agrees that if it shall receive from the Bank CUSIP number(s) in addition to those set
forth in this Section then it shall make its filings using both CUSIP numbers herein stated and
any additional CUSIP number(s).
7. A new Section 23 is added to the 2007 Loan Agreement, as follows:
The City hereby agrees to keep and retain, until the date six years after the retirement of
the 2016 Municipal Bond, or any bond issued to refund the 2016 Municipal Bond, or such longer
period as may be required by the City record retention policies and procedures, records with
respect to the investment, expenditure and use of the proceeds derived from the sale of its 2016
Municipal Bond, including without limitation, records, schedules, bills, invoices, check registers,
cancelled checks and supporting documentation evidencing use of proceeds, and investments
and/or reinvestments of proceeds. The City agrees that all records required by the preceding
sentence shall be made available to the Bank upon request.
8. A new Section 24 is added to the 2007 Loan Agreement, as follows:
The City hereby agrees that amounts held in its debt service account (an aggregate
amount equal to $217,500.00) satisfies the City's debt service reserve account requirement,
which secures payment of the principal or and interest on the Municipal Bond. The City agrees
that such account 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 and allocated to the 2016
Municipal Bond (an amount equal to $200,000.00) shall be restricted to a yield not in excess of
2.598457 percent.
Page 3
9. A new Section 25 is added to the 2007 Loan Agreement, as follows:
(a) The City hereby certifies that all 2007 Municipal Bond proceeds, except for those
proceeds that are accounted for as transferred proceeds in the arbitrage certificate for its 2016
Municipal Bond, have been expended prior to the date hereof.
(b) The City hereby certifies that to date all required rebate calculations relating to
the 2007 Municipal Bond have been timely performed and the City has remitted any necessary
amount(s) to the Internal Revenue Service.
(c) The City hereby certifies that the 2007 Municipal Bond has not previously been
used to directly or indirectly advance refund a prior issue of any municipal bonds of the City.
10. A new Section 26 is added to the 2007 Loan Agreement, as follows:
As amended hereby, the 2007 Loan Agreement will remain in full force and effect so
long as either the 2007 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
DEVEN MITCHELL
Executive Director
CITY OF BETHEL, ALASKA
By:
a UJ&GO
HANSEL L. MATHLAW
Its: Finance Director
Page 5
u*:i :11
City of Bethel, Alaska
Lease Revenue Bond, 2007 (Alaska Municipal Bond Bank Loan), issued on July 10, 2007 (the
"2007 Municipal Bond")
Principal Sum of $175,000
Principal Interest
Principal Payment Date Amount Rate
September 1, 2017 $175,000 5.000%
The remaining principal installment shall be payable on September 1 in the year, and in the
amount set forth above. Interest on the 2007 Municipal Bond shall be payable on March 1, 2017
and September 1, 2017.
Prepayment Provisions: The remaining 2007 Municipal Bond principal installment is not subject
to prepayment prior to maturity.
Page A-i
City of Bethel, Alaska
Lease Revenue Refunding Bond, 2016, issued on November 3, 2016 (the "2016 Municipal
Bond")
Principal Sum of $2,000,000
Principal Payment Date Principal Interest
(December 1) Amount Rate
2018 $165,000 4.000%
2019 170,000 4.000
2020 175,000 4.000
2021 185,000 4.000
2022 190,000 5.000
2023 205,000 5.000
2024 210,000 5.000
2025 220,000 5.000
2026 235,000 5.000
2027 245,000 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
19WID
Page B-I
CITY AND BOROUGH OF SITKA
GENERAL OBLIGATION FINANCIAL SUMMARY
Municipal Financial Position 2001 2012 2013 2014 2015 Average
Property Tax Collections
Borrower's Property Tax Rate per $1,000 $6.00 $6.00 $6.00 $6.00 $6.00 $6.00
Municipal Levy $5,799,400 $5,904,617 $5,957,735 $5,901,738 $6,032,826 $5,919,263
Current Year's Collections $5,753,039 $5,874,918 $5,893,452 $5,842,721 $6,006,776 $5,874,183
Current Collection Rate 99.20% 99.50% 98.92% 99.00% 99.577. 99.24%
Total Year's Collections $5,807,869 $5,909,321 $5,893,452 $5,842,721 $6,006,776 $5,892,028
Total Collection Rate 100.15% 100.08% 98.92% 99.00% 99,577. 99,54%
General Fund
S sn,99s,nU 5 14,115,5/n I S 14,515,155 Unreserved Ending Fund Balance S ia,auo,'oiS La,an'*,s,,, a v+,Loa,.ao'o
Expenditures $ 23,260,649 $ 24,075,729 $ 23,691,912 $ 23,628,379 $ 30,621,436 $ 25,055,621
Fund Balance/Expenditures 49% 56% 60% 68% 48% 56.38%
Total Revenues $ 24,709,916 $ 26,584,728 $ 25,953,885 $ 26,507,173 $ 29,227,140 1 $ 26,596,568
Intergovernmental Revenues $ 2,380,298 $ 2,659,323 7F 2,693,860 $ 2,771,990 $ 2,807,749 1 $ 2,662,644
Percentage Intergovernmental 107. 10% 10% 10% 10%j 13,02%
Overall Municipal DebiPosition
$ 68,807,401 1 $ 68,593,411 $ 106,145,822 $ 108,940,000 $ 123,215,00s 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 Obligation Debt $ 36,300,000 $ 32,290,000 $ 31,020,000 $ 28,635,001, $ 25,990,00"
Total Revenue and General Obligation Debt $ 105,273,151 $ 101,039,411 7F 137,312,072 $ 137,777,641 $ 149.394,40
-
Coy m- iO)LlJ H I dli L 11i)
TOO iu r,d (Ti FTO/A.v. iO.b9'T 10 W, 13.720 14010 1400
lOeneral Ubligation Debt Per Capita $4,138 $3,oU 33,415 $3,152 92,66
Total Revenue and GO Debt Per Capita $12,000 $11,287 $15,116 $15,167 $16,488
General Economic and Demographic Data 2011 2012 2013 2014 2015 ual Growth
Population 8,773 8,952 9,084 9,084 9,061 -0.25%
Taxable Assessed Value $ 985,073,129 $ 990,930,238 $ 1,001,066,784 $ 983,623,000 $ 1,005,471,000 222%
Assessed Value Per Capita 1$ 112,285 $ 110,6941 $ 110,2011 $ 108,2811 $ 110,967 - -
Too lOTaxPayersasa%nfAssessedValue
-
- 7.64% 7.57%
. -
. ..
The Borough has notcornpintrd its fiscal year 2015 audit as of 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 28,803,187 13,505,669 4,447,481
Restricted Assets 6871,164 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 110,951,889 122,174,527 182,729,143 240,798,094 254,255,446
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
# 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 Sill'
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
PlantIn-Service (net of depreciation) 14,789,299 14,122591 13,550,231 13,153,475 20,560,565
Land 90,000 90,000 90,000 90,000 90,000
Construction Work in Progress 20,229 57,838 665,476 7,824,365 939,917
Cash 3,733,467 4,735,101 6,599,187 6,616,954 7,595,507
Restricted Assets - - 3,615,663 589,166 317,566
Other Assets 1,342,572 1,339,389 1,216,385 1,524,898 1,036,361
Total Assets 19,975,567 20,344,919 25,736,942 29,798,858 30,539,916
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 0 0 4,569,486 3,840,000 3,705,000
Other Liabilities 1,405,227 1,156,003 1,144,138 1,689,033 1,592,094
Total Liabilities 1,405,227 1,156,003 5,713,624 5,529,033 5,297,094
NET ASSETS 18,570,340 19,188,916 20,023,318 24,269,825 25,242,822
Operating Revenues 2,854,858 3,154,885 3,096,419 3,164,252 3,365,977
Operation and Maintenance 2,492,110 2,434,329 1,708,210 2,454,599 2,194,755
Administrative and General - - - -
Depreciation 899,956 986,619 668,511 666,074 669,102
Operating Income (Loss) (537,208) (266,063) 719,698 43,579 502,120
Non-Operating Revenue (Expense) 46,509 155,306 156,844 776,434 375,830
Net Income (Loss) Before Contribution (490,699) (110,757) 876,542 820,013 877,949
Capital Contributions 1,690,873 2,549,949 0 3,458,599 122,108
Net Transfers-In (Out) 3,804,600 675,000 (42,141) (32,105) (27,060)
Special item - NPOIOFEB write off
Change in Net Assets 5,004,774 3,114,192 834,401 4,246,507 972,997
Population of City 8,773 8,952 9,084 9,098 9,061
Revenue Bond Coverage No Harbor No Harbor No payments of
Bonds Bonds P&I 5.16 5.31
The Borough has not completed its fiscal year 2015 audit as of the date of the preparation of this table.
D-3
CITY AND BOROUGH OF JUNEAU
FINANCIAL SUMMARY
General Governmental Fund
Municipal Financial Position 2011 2012 2013 2014 2015 Average
a'roperty Tax Collections
Borrowers Property Tax Rate per $1,000 $10.51 $10.55 $10.55 $10.66 $10.76 $10.61
Municipal Levy 340,739,944 $41,751,673 $44,252,019 95,108,992 $45,852,292 93,540,984
Current Years Collections $40,329,083 $41,431,682 $43,987,108 $44,818,184 $45,548,172 $43,222,846
Current Collection Rate 98.99% 99.23% 99.40% 99.36% 99,347' 99.26%
Total Year's Collections $40,728,566 $41,721,795 $44,200,111 345,017,746 $45,548,172 $43,443,278
Total Collection Rate 99.977 99.93% 99.88% 99.80% 99.34% 99.78%
General Fund
Unassigned Plus Emergency Operating Res (GASB#54) $ 25,,85 3,53iET I a ,4a'*,i$' ii,LsJ,00j a ,cu,L/.j1z a lu,uon,zoz
Expenditures $ 50,540,314 $ 51,283,781 $ 84,553,473 $ 86,380,150 $ 94,808,876 $ 73,513,319
Fund Balance/ Expenditures 3.42% 6.79% 8.86% 20.01% 21,38% 12.09%
Total Revenues 7 66,008,466 -F-M-,6 36,584 $ 88,778,005 -T-779 36,255 $ 98,018,608 -T R-,13774-
Intergovernmental Revenues -F--1-4,3-13,-00-0 $ 15,464,700 $ 30,635,700 5 41,429,692 $ 32,072,000 $ 26,783,016
Percentage intergovernmental 227 31% 35% 42% 337. 32.4217
Overall Municipal Debt Position
43,u, e32 I 41,,26,067 a 40,090,,J8 a 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
General Obligation Debt - Enterprise Funds
$ 148,301,000
-
$ 133,446,000
$ -
$ 131,385,001
-
$ 122,068,000
-
$ 115,314,000
-
Total General Obligati on Debt $ 148,301,001 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314,000
Total Revenue and General Obligation Debt $ 197,108,916 $ 179,987,429 $ 175,382,524 $ 168,965,994 $ 180,722,763
Gov,,r,ner,L2 GO A ,,s,'d Vaiue 2,7 2'% 3.207 G 79i 2,57
'IGOI Revenue and GO [),,k / "1447:, 'L12 2.86% 4,335,7
General Obligation Debt Per Capita 64142 64,113 64,023 $3,696 $3,492
Total Revenue sod GO Debt Per Capita $6,302 $5,548 $5,370 $5,116 $5,472
General Economic and Demographic Data 2011 1 2012 2013 2014 1 2015 Annual Population 31,215
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 32,860 33030 33,026 -U.U1%
$ 4,071,713,732 $ 4,275,067,217 $ 4,379,714,933 $ 4,484,327,332 2.39%
$ 125,511 $ 130,896 $ 132,598 $ 135,782
13.61 T. 13.73 % 13.82% 13.61%
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
pulation of City 31,275 32,441 32,660 33,064
venue Bond Cc 1.19 1.79 1.21 1.67
9,758,734
3,105,738
4,202,862
3,347,050
1,150,701
206,809
5,788,674
6,224,425
12,219,908
33,064
2.60
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ETS
PlantIn-Service (net of depreciation) $13,827,335 $12,844,129 $11,875,368 $14,325,870 $17,517,553
Construction Work in Progress 29,889,294 33,499,769 42,397,974 40,419,697 50214,768
Cash 4,728,522 4,660,755 3,466,374 4,030,992 3975,676
Restricted Assets 10,702,703 11,196479 10,946,328 10,554,614 9,581,172
Other Assets 764,741 847,869 543,407 679,907 1,718,645
Assets 59,912,595 63,049,001 69,229,451 70011,080 83,007,814
D-5
PORT DEVELOPMENT SPECIAL REVENUE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
Plant In-Service (net of depreciation)
Construction Work in Progress
Cash
Restricted Assets
Other Assets
Total Assets
LIABILITIES AND NET ASSETS
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Operating Revenues
Operation and Maintenance
Administrative and General
Depreciation
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Capital Contributions
Net Transfers-In (Out)
Change in Net Assets
of
4,428,233 (208,085) (252,013) 71,012 2,709760
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 2,859,078 2,819,979 2,863,133
2,555,051 2,628,580 2,819,979 2,859,078 2,863,133
(1,500,000) (7,310,000) (2,800,000) (2,925,000) (403,900
1,055,051 (4,681,420) 19,979 (65,922) 2,459,233
31,275 32,441 32,660 33,064 33,064
City and Borough of Juneau
Conduit Debt
WILDFLOWER COURT (A not for profit organziauon)
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
Audited Audited Audited Audited Audited
ASSETS
Plant in-Service 4,909,305 4,620,999 4,734,618 3,771,100 3,082,979
Cash 1,582,128 1752043 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 1132 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 (2741 745) (1,835,347)
Operating Revenues 10,859,195 10,841,324 11,057 791 11,447 8132 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 1 1-32 1-12 1.10 t18
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
CITY AND BOROUGH OF JUNEAU
BARTLETT REGIONAL HOSPITAL
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation) $72,772,410 $74,566,327 $74,002,798 $69,208,456 $63,710,212
Construction Work in Progress 6,866,781 6,202,224 2,826,314 228,425 3,647,565
Cash 14,990,308 17,386,169 26,113,833 38,596921 44834,531
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 24926,795 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 33,926662 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) 281468 (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
To1ObtrnDbI S 33,910.000 S 30230M00 S 26S2O000 S 43055,000 5 41,020050
S 33,010000 5 10230,000 5 26,020,000 S 45,035,050 5 41.520555]
GW2 bd V(' 0j3 0A6 0.40 0.55
0.00 0.00 0.00. 0i20.
Rvn 30 DbttA.V,(,,r' 0.53% 0AO 0.10' 0.655. 11 62'.J
G1Ob LPCdplt I 5612 1510 547.3 1592
TQ14edCO1)btPerC,4ta $632 55a6i U731 57921 5732
! DmDgraphk Da j 1 2011 1 2012 1 2013 1 2014 1 2015 1 AmI (2rnwth
Med VASe LS 6,393,53:
Vhw i'. Cpth
'!'.p 10v. OIT#1 Acd11 - 32
111,073 0 111,331 S 12
ro.
2405 5 121,303
1035 370
ç1) 2013 .314 x0 2013 F,md 15n o ovaW ttF
cry OfMw. oth o0otot0U33405. 00.9411032 d 00,944.317 419430h10r m311t4 *1 0 m494 b1j14
Central Peninsula General Hospital
FINANCIAL SUMMARY
2ii ZQJ2 2M 2014
ASSETS
Capital Assets (net of depreciation) $67842931 $64,853,893 $69,429,959 $71,387,990 $93,151,047
Cash 21,700,302 27,803487 35,197,813 36,508,443 37638,411
Cash hold for Plant Replacement 10,097,241 11,421,481 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 31,275,450 18,468,485
Other Assets 19,105,718 29,383,574 29,863,006 32,652,905 38,942,891
Total Assets 122,330,313 134,095,908 146,313.507 191966,077 212. 10&821
LIABILI TIES AND NET ASSETS
Revenue Bonds Payable - - 32,490,000 33,890,000
GO Bonds Payable 35,990,000 32,255 .000 30,130,000 27,905,000 25,670,000
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 80,731761 83,697,535
NET ASSETS 75,374,703 83,799,137 98,007,249 111,234,316 128,411,285
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 14,283,006 19,470,166
Non-Operating Revenue (Expense) (1,105,595) (808,253) (1,541,657) (1,070,583) (1,300,456)
Net Income (Loss) Before Contribution 5,345,436 8,781,020 12,203.142 13,212,423 17,169,710
Capital Contributions 212,945 52,843 2,004,970 14,644 7,260
Change In Net Position 5,558,381 8833,863 14,208,112 13,227,067 17,176,970
D-10
AGREEMENT, dated as of the 1st day of July 2007, 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 Bethel, Alaska, a duly
constituted second class city of the State (the "City"):
WITNESS ETH:
WHEREAS, pursuant to the Act, the Bank is authorized to make loans of money (the
"Loan" or "Loans") to governmental units; and
WHEREAS, the City is a Governmental Unitas defined in the General Bond Resolution
of the Bank hereinafter mentioned and pursuant to the Act is authorized to accept a Loan from
the Bank to be evidenced by its municipal bonds; and
WHEREAS, the City desires to borrow money from the Bank in the amount of not to
exceed $4,000,000 and has submitted an application to the Bank for a Loan in the amount
of not to exceed $4,000,000, and the City has duly authorized the issuance of its fully
registered bond in the aggregate principal amount of $3,680,000 (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 Citycontains 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 moneywith which to make Loans, the Bank has adopted the General Obligation
Bond Resolution on July l3,2005 (the "General Bond Resolution"), and Series ResolutionNo.
2007-01, adopted on June 7, 2007 (together with the General Bond Resolution, the "Bond
Resolution"), authorizing the making of such Loan to the City and the purchase of the
Municipal Bond.
NOW, THEREFORE, the parties agree:
1. The Bank hereby makes the Loan and the City accepts the Loan in the principal
amount of $3,680,000. 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 setforth 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 Ordinance No, 07-14 passed bythe City Council on June
12, 2007 (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
thatthe Municipal Bond will constitute a valid special and limited revenue bond dulyauthorized
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 atthe 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 maturityschedule 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 anytime 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, authorityand directionto 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
AM5SGeneral Obligation Bonds, 2007 Series Three
Loan Agreement - Bethel
IAo\37421703\Loln xemt . Bethel,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
Municipality on any principal installment of the Municipal Bond is equalto 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 overthe 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 orany 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 inconsideration of the City
so making funds available, the City shall make funds available to the Trustee for each
Municipal Bond Interest Payment and Municipal Bond Principal Payment at least seven
business days before the respective principal or interest payment date.
AMBB/General Obligation Bonds, 2007 Series Three
Loan Agreement. Bethel
WoaWM ZO3lLcan Agroament- BtheL%pd 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 bythe 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 notsell and the Cityshall notredeem prior to maturityany 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 , (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 payor the Bank shall receive under item (1) 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 underitem (!I) above shall be the amount of interest to accrue onsuchrefunding bonds
outstanding.
In the eventthe Loan Obligations have been refunded, the amount which the City shall
be obligated to pay or the Bank shall receive under item (iii) above, whenthe 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,
AMBBIGeneraI Obligation Bonds 2007 Series Three
Loan Agreement - Bethel
1:\Do\37421703Loan Agrearnaft . BeUopd Page 4
10. Simultaneously with the delivery of the Municipal Bond to the Bank, the City shall
furnish to the Bank evidence satisfactoryto the Bank which shall set forth, among other things,
that the Municipal Bond will constitute a valid special and limited revenue of the City.
11. Invoices for payments under this Loan Agreement shall be addressed to the City
of Bethel, P.O. Box 1388, Bethel, Alaska 99559, 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
deliveryof its General Obligation Bonds, 2007 Series Three (the "2007 Series Three 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 City's Ordinance within 30 days from the date thereof.
15. The City shall nottake, oromitto 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.
AMRBIGeneraI Obligation Bonds, 2007 Series Three
Loan Agreement Bethel
1SDø\37421703\Lnfl PrOment- 8uthoId Page 5
The Cityshall make no use or investment of the proceeds of the Municipal Bond which
will cause the Municipal Bond to be an "arbitrage bond" subject to taxation by reason of
Section 148 of the Code. So long as the Municipal Bond is outstanding, the City, with respect
to the proceeds of the Municipal Bond, shall comply with all requirements of said Section 148
and all regulations of the United States Department of Treasury issued thereunder, to the
extent that such requirements are, at the time applicable and in effect. The City shall
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 Cityagrees thatif 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 executionand delivery of a continuing disclosure certificate on the date
the City's outstanding Municipal Bond equals ten percent or greater of outstanding bonds held
by the Bank under its General Bond Resolution, and (ii) it shall provide the Bank for inclusion
in future official statements, upon request, financial information generally of the type included
in Appendix D to the Official Statement and attached hereto as Exhibit B.
17. If any provision of this Loan Agreement shall for any reason be held to be invalid
or unenforceable, the invalidity or unenforceability of such provision shall not affect any of the
remaining provisions of this Loan Agreement and this Loan Agreement shall be construed and
enforced as if such invalid or unenforceable provision had not been contained herein.
18. This Loan Agreement may be executed in one or more counterparts, any of
which shall be regarded for all purposes as an original and all of which constitute but one and
the same instrument. Each party agrees that it will execute any and all documents or other
instruments, and take such other actions as are necessary, to give effect to the terms of this
Loan Agreement.
19. No waiver by either party of any term or condition of this Loan Agreement shall
be deemed or construed as a waiver of any other term or condition hereof, nor shall a waiver
of any breach of this Loan Agreement be deemed to constitute a waiver of any subsequent
breach, whether of the same orofa different section, subsection, paragraph, clause, phrase
or other provision of this Loan Agreement.
20. In this Loan Agreement, unless otherwise defined herein, all capitalized terms
which are defined in Article I of the General Bond Resolution shall have the same meanings,
respectively, as such terms are given in Article I of the General Bond Resolution.
AMBBIGeneral Obligation Bonds, 2007 Series Three
Loan Agreement - Bethel
D3742170\ths Agroon-eoU1GLwpd Page 6
21. This Loan Agreement merges and supersedes all prior negotiations,
representations and agreements between the parties hereto relating to the subject matter
hereof and constitutes the entire agreement between the parties hereto in respect thereof.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement the
day and year first above written.
ALASKA MUNICIPAL BOND BANK
[SEAL ]
By:
DE 4J.1TCHELL
Executive Director
CITY OF BETHEL ALASKA
By:
BOBBY SU N
Acting Finance Director
AMBE/Gonaral Obligation Bonds, 2007 Series Three
Loan Agreement -Bethel
IDo74217031nAaree1oflI-8e1hl.WPd Page 7
p4 ll:1 Ii7
jJ4
WAR
City of Bethel, Alaska
Lease Revenue Bond, 2007
Principal Date Principal Interest
(September 1) Amount Rate
2008 $90,000 4.250%
2009 120,000 4.250
2010 125,000 4.250
2011 130,000 4.250
2012 135,000 4.250
2013 140,000 4.375
2014 150,000 5.500
2015 155,000 5.500
2016 165,000 5.500
2017 175,000 5.000
2018 185,000 5.000
2019 190,000 5.000
2020 200,000 5.000
2021 210,000 5.000
2022 220,000 5.000
2023 235,000 5.000
2024 245,000 5.000
2025 255,000 5.000
2026 270,000 5.000
2027 285,000 5.000
Principal installments shall be payable on September 1 in each of the years, and in the
amounts set forth above. Interest on the Bond shall be payable on March 1, 2008, and
thereafter on September 1 and March 1 of each year.
Prepayment Provisions: Principal installments due on or after September 1, 2018, are
subject to prepayment by the City, in whole or in part, on any date, on or after September
1, 2017, at a price of 100% of the principal amount thereof to be prepaid plus accrued
interest to the date of prepayment.
AMBWCeneraI Obligation Bonds, 2007 Series Three
Loan Agreement Bethel -Exhibit A
Agreement. BeIheIwpd Page A-I
L*:4:II1Il :1
AMBB/General Obligation Bonds, 2007 Series Three
Loan Agreement Bethel - Exhibit B
Ageement - BeIhelpd Page B-I
CITY OF KETCHIKAN
KETCHIKAN PUBLIC UTILITIES ENTERPRISE FUND
FINANCIAL SUMMARY
2005 2004 2003 2002
Audited Audited Audited Audited
$65,655,049 $66,742,145 $67,621,026 $70,915,742
2,147,195 1,838,196 30,078,405 12,211,495
15,601,361 14,973,617 14,766,191 12,885,250
3,731,971 3,653,916 8,433,752 18,175,772
6,770,815 6,496,443 7,552,144 6,646,446
93,906,411 - 93,704,317 128,451,518 120,834,705
22,475,000 23,960,000 28,060,000 27,710,000
3,444,420 2,990,668 7,690,314 16,067,212
25,919,420 26,950,668 33,750,314 43,777,212
67,986,991 66753,649 94,701,204 77,057,493
27,691,757 27,180,231 27,744,410 26,240,240
13,974,313 14,874,171 14,604,369 14,799,604
5,106,907 5,139,468 4,452,846 4,393991
6,248,245 6,113,112 5,971,682 6,238,429
650,000 650,000 650,000 650,000
1712,292 403,480 2,065,513 158,216
(736,471) (1,139,856) (1,183,143) (1,504,093)
975,821 (736,376) 882,370 (1,345,877)
257,521 1,099,417 16,761,341 2,661,328
(28,310,596)
1,233,342 (27,947,555) 17,643,711 1,315,451
13,125 13,093 13,685 13,683
7,685 7,691 8,002 7,845
7,202 7,161 7,178 7,171
9,840 10,131 10,653 11,259
2,928 2,905 2,851 2,847
3.33 2.22 3.02 1.85
ASSETS
Utility Plan In-Service
Construction Work in Progress
Cash
Restricted Assets
Other Assets
Total Assets
LIABILITIES AND NET ASSETS
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Operating Revenues
Operation and Maintenance
Administrative and General
Depreciation
Payment in Lieu of Taxes
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Contributions
Transfer of Net Assets - Swan
Lake -Lake Tyee lntertie Project
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
WE
CITY OF KETCHIKAN
PORT FINANCIAL SUMMARY
November 30
2006 2005 2004 2003 2002
Unaudited Audited Audited Audited Audited
ASSETS
Cash $5092853 $7066674 $5,121,067 $2,695,450 $2,163,498
Port Facilities (net) 9,184461 9762,409 10,072444 10,282,618 9,737,592
Construction Work in Progress 24,963,293 1632,135 2,686,197 2,276,353 358,350
Restricted Assets 21,324,432
OtherAssets 41,405 47,113 99,752 129,455 95,360
Total Assets 60,606,444 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 3,070,898 3,759,032 2,541,005 3,261,400 114,355
Total Liabilities 43255,898 5,639,032 4,605,005 5,506,400 2,529,355
NET ASSETS 17,350,546 12,869,299 13,373,455 10,077,476 9,825,445
Operating Revenues 6,461,113 7,096,948 5,000,010 1,774,457 1,661,674
Operation and Maintenance 1,055,883 1,945,688 792,954 828,052 595,557
Depreciation 577,948 618,708 632,143 610,454 616,196
Payment in Lieu of Taxes/Taxes 93,592 102,100 102,100 102,100 102,100
Operating Income (Loss) 4,733,690 4,430,452 3,472,813 233,851 347,821
Non-Operating Revenue (Expense) (252.443) (68,390) (183,706) (22,824) (100,244)
Net Income (Loss) Before Contribution 4,481,247 4,362,062 3,269,107 211,027 247,577
Contributions 12,251 6,872 41,004 25,000
Extraordinary Item (2,432,884)
Transfers (2,445,565)
Change in Net Assets 4,481,247 (504,156) 3,295,979 252,031 272,577
Revenue Bond Debt Coverage:
1-25 x Annual Debt Service 574 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 35 37 37 37 34
of Calls/Stops 489 562 535 538 503
# of Water Passengers 838,880 921,429 846,969 770,663 700,993
* Reflects statistical information provided by the Ketchikan Visitors Bureau
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ALEUTIANS EAST BOROUGH
FINANCIAL SUMMARY
REVENUES 2003 2004 2005 2006 Average
Local Revenues
Fish Tax 2% of the Ex vessel Value $2,483,342 $3,065,141 $3161495 $3,618,837 $3,054,654
Other $275,349 $395,026 $90,219 $165,799 $231,598
Total Local Revenue $2,765,691 $3,460,167 $3,251,714 $3,784,436 $3,316,252
State of Alaska Revenue $2,499,530 $1,875,905 $2,321,303 $2,301,619 $2,249,589
Federal Revenues $249,816 $259,952 $275612 $296,709 $270,972
Total Revenues $5,517,837 $5,596,024 $5,845,629 $6,384,764 $5,536,814
Fish Tax as % of Total Revenues 45% 55% 54% 57% 53%
EXPENDITURES
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% 210/4 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 $96,072,677 $96,072,577 $96,072,577 $101,343,287
Assessed Value Per Capita $35,582 $36,543 $36,131 $38,344
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