Tab_33r' I ahi i ti a ti ai a I DKI
THIS AMENDATORY LOAN AGREEMENT, dated the 18th day of October 2016,
between the Alaska Municipal Bond Bank (the "Bank"), a body corporate and politic constituted
as an instrumentality of the State of Alaska (the "State") exercising public and essential
governmental functions, created pursuant to the provisions of Chapter 85, Title 44, Alaska
Statutes, as amended (the "Act"), having its principal place of business at Juneau, Alaska, and
the City of Seward, Alaska, a duly constituted home rule city of the State (the "City"):
WITNES SETH:
WHEREAS, pursuant to the Act, the Bank is authorized to issue bonds and loan money
(the "Loans") to governmental units; and
WHEREAS, the City is a "Governmental Unit" as defined in the General Bond
Resolution of the Bank hereinafter mentioned and was authorized to accept a Loan from the
Bank, evidenced by its municipal bond; and
WHEREAS, to provide for the issuance of bonds of the Bank to obtain from time to time
money with which to make, and/or to refinance, municipal Loans, the Board of Directors of the
Bank (the "Board") adopted its General Obligation Bond Resolution on July 13, 2005 (as
amended, the "General Bond Resolution"); and
WHEREAS, the Board approved certain modifications to the General Bond Resolution,
effective on the date when all bonds issued under the terms of the General Bond Resolution,
prior to February 19, 2013, cease to be outstanding; and
WHEREAS, the Bank made a Loan to the City from proceeds of the Bank's Revenue
Bonds, 2000 Series B (the "2000 Series B Bonds") in the amount of $3,000,000, evidenced by a
Loan Agreement, dated December 1, 2000 (the "2000 Loan Agreement"), between the Bank and
the City; and
WHEREAS, as security for repayment of the Loan and as provided in the 2000 Loan
Agreement, the City issued its City of Seward Harbor Improvement Revenue Bond, 2000, dated
December 20, 2000 (the "2000 Municipal Bond"), of which the Bank was the registered owner;
and
WHEREAS, after the issuance of the 2000 Series B Bonds, the Bank used a portion of
the proceeds of the Bank's General Obligation Bonds, 2007 Series One (the "2007 Series One
Bonds") to refund a portion of the 2000 Series B Bonds and a corresponding portion of the
principal installments of the 2000 Municipal Bond; and
WHEREAS, in connection with the issuance of the 2007 Series One Bonds and the
refunding of a portion of the 2000 Municipal Bond, the Bank and the City entered into an
Amendatory Loan Agreement, dated January 1, 2007 (the "2007 Amendatory Loan
Agreement"), between the Bank and the City; and
WHEREAS, as provided in the 2007 Amendatory Loan Agreement, the City delivered to
the Bank the City of Seward Harbor Improvement Revenue Refunding Bonds, 2007, dated
January 31, 2007 (the "2007 Municipal Bond"), in exchange for the refunded portion of the 2000
Municipal Bond; and
WHEREAS, the Bank has determined that refunding a portion of the outstanding 2007
Series One 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 One Bonds;
and
WHEREAS, to effect the proposed refunding and resulting debt service savings on the
2007 Series One Bonds and the 2007 Municipal Bond, and to conform the terms of the 2000
Loan Agreement, as amended by the 2007 Amendatory Loan Agreement (the "Amended Loan
Agreement"), to the current practices of the Bank, it is necessary to amend the terms of the
Amended Loan Agreement and to provide for the issuance by the City to the Bank of the City's
Harbor Improvement 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 One Bonds as
provided in the Series Resolution. The amounts of the principal installments of the City's 2007
Municipal Bond corresponding to the refunded maturities of the 2007 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 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 Amended Loan Agreement is amended to include the following
paragraph:
The City represents that it has duly adopted all necessary ordinances or resolutions,
including Resolution No. 2000-094, adopted on September 11, 2000 (the "City's 2000
Resolution") and that the City's 2000 Resolution is in full force and effect, and that it has taken
all proceedings required by law to enable it to enter into the 2000 Loan Agreement and to issue
its 2000 Municipal Bond. The 2000 Municipal Bond constituted a revenue bond, a special and
limited obligation of the City, all duly authorized by the City's 2000 Resolution. As of October
1, 2011, the 2000 Municipal Bond is no longer outstanding under the terms of the City's 2000
Resolution.
Page 2
The City represents that it has duly adopted all necessary ordinances or resolutions,
including Resolution No. 2006-128, adopted on November 27, 2006 (the "City's 2006
Resolution") and that the City's 2006 Resolution is in full force and effect, and that it has taken
all proceedings required by law to enable it to enter into the 2007 Amendatory Loan Agreement
and to issue its 2007 Municipal Bond to the Bank. The 2007 Municipal Bond constitutes a
revenue bond, a special and limited obligation of the City, all duly authorized by the City's 2007
Resolution.
The City represents that it has duly adopted or will adopt all necessary ordinances or
resolutions, including Resolution No. 20 16-052, adopted on August 22, 2016 (the "City
Refunding Resolution" along with the City's 2000 Resolution and the City's 2006 Resolution,
the "Municipal Resolution"), and that it has taken or will take all proceedings required by law to
enable it to enter into this Amendatory Loan Agreement and to issue its 2016 Municipal Bond to
the Bank and that the 2016 Municipal Bond will constitute a revenue bond, a special and limited
obligation of the City, all duly authorized by the City Refunding Resolution.
3. Section 5 of the 2000 Loan Agreement is amended by replacing the current
language with the following:
[Reserved]
4. The 2016 Municipal Bond shall not be subject to redemption prior to maturity.
5. Section 16 of the Amended 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 Amended 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 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
Page 3
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 Amended Loan Agreement, as follows:
The City hereby agrees to keep and retain, until the date six years after the retirement of
the 2016 Municipal Bond, or any bond issued to refund the 2016 Municipal Bond, or such longer
period as may be required by the City's record retention policies and procedures, records with
respect to the investment, expenditure and use of the proceeds derived from the sale of its 2016
Municipal Bond, including without limitation, records, schedules, bills, invoices, check registers,
cancelled checks and supporting documentation evidencing use of proceeds, and investments
and/or reinvestments of proceeds. The City agrees that all records required by the preceding
sentence shall be made available to the Bank upon request.
8. A new Section 25 is added to the Amended Loan Agreement, as follows:
The City hereby agrees that amounts held in its debt service account (an aggregate
amount equal to $247,300.02) satisfies the City's debt service reserve account requirement,
which secures payment of principal of 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 $145,299.43) shall be restricted to a yield not in excess of
2.5 98457 percent.
9. A new Section 26 is added to the Amended Loan Agreement, as follows:
(a) The City hereby certifies that all 2000 Municipal Bond and 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 2000 Municipal Bond and the 2007 Municipal Bond have been timely performed and the
City has remitted any necessary amount(s) to the Internal Revenue Service.
(c) The City hereby certifies that (i) the 2000 Municipal Bond was issued exclusively
for new money purposes and (ii) a portion of the 2007 Municipal Bond was previously used to
advance refund a portion of the 2000 Municipal Bond.
10. A new Section 27 is added to the Amended Loan Agreement, as follows:
As heretofore amended and as amended hereby, the 2000 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
DEVN MITCHELL
Executive Director
CITY OF SEWARD, ALASKA
By:
KRISTIN M. ERCHINGER
Its: Finance Director
Page 5
*i :11:1 I
City of Seward, Alaska
Harbor Improvement Revenue Refunding Bond, 2007, issued on January 31, 2007 (the "2007
Municipal Bond")
Principal Sum of $190,000
Principal Interest
Principal Payment Date Amount Rate
December 1, 2016 $190,000 5.000%
The remaining principal installment shall be payable on December 1 in the year, and in the
amount set forth above. Interest on the 2007 Municipal Bond shall be payable on December 1,
2016.
Prepayment Provisions: The remaining 2007 Municipal Bond principal installment is not subject
to prepayment prior to maturity.
Page A-i
City of Seward, Alaska
Harbor Improvement Revenue Refunding Bond, 2016, issued on November 3, 2016 (the "2016
Municipal Bond")
Principal Sum of $1,055,000
Principal Payment Date Principal Interest
(December 1) Amount Rate
2017 $200,000 2.000%
2018 200,000 4.000
2019 210,000 4.000
2020 215,000 4.000
2021 230,000 4.000
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
10.14 :11 91-WID
Page B-i
CITY AND BOROUGH OF SITKA
GENERAL OBLIGATION FINANCIAL SUMMARY
Municipal Financial Position 2011 2012 2013 2014 2010 Average
Property Tax Collections _____________ ____________
Borrower's Properly 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 $5,753,035 $5,874,918 $5,893,452 $5,842,721 $6,006,776 $5,874,181
Current Collection Rate 99.20% 99.50% 98.92% 99.00% 99.57% 99.24%
Total Year's Collections $5,807,869 $5,909,321 $5,893,452 $5,842,721 $6,006,776 $5,892,028
Total Collection Rate 100.15% 100.08% 98.92% 99.001/. 99.57% 99.54%
General Fund
Unreserved Ending Fund Balance 6 11,508,475 $ 13,584,873 $ 14,268,394 15,998,580 $ 14,720,673 $ 14,015,799,
Expenditures $ 23,260,649 $ 24,075,729 $ 23,691,912 $ 23,628,379 $ 30,621,436 $ 25,055,621
Fund Balance/ Expenditures 49% 56% 60% 68% 48% 56.39%
Total Revenues $ 24,709,916 $ 26,584,728 $ 25,953,885 $ 26,507,173 $ 29,227,140 $ 26,596,568
Intergovernmental Revenues $ 2,380,298 $ 2,659,323 $ 2,693,860 $ 2,771,990 $ 2,807,746 4 2,662,644
Percentage Intergovernmental 10% 10% 10% 10% 10% 10.02%
Overall Municipal Debt Position
$ 68,807,401 $ 68,593,411 $ 106,145,822 $ 108,940,000 $ 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
General Obligation Debt - Enterprise Funds $ - 4 - - $ -
Total General Obligation Debt $ 36,300,000 $ 32,290,000 $ 31,020,000 $ 28,635,000 $ 25,990,007
Total Revenue and General Obligation Debt 6 105,273,151 $ 101,039,411 $ 137,312,072 6 137,777,641 $ 149,394,4"
(;o V,Ou,' 3.1()'h 1
Tt[ ---d Cl) Dell/AC 10.241 12.72/1 11.0)1/
General obligation Debi For Capita $4,139 53,sul $3,415 $3,152
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 Annu;tlate roWth
Population 1 8,773
Taxable Assessed Value $ 985,073,129
Assessed Value Per Capita $ 112,285
Top 10 Tax Payers as a % of Assessed Value 7.64%
8,952 1 9,084 9,084 9,061 -0.25%
$ 990,930,238 $ 1,001,066,784 $ 983,623,000 $ 1,005,471,000 2.22%
$
110,6941 $ 110,201 1$ 108,281 1$ 110,967
7.57% 7.57% 7.57% 7.577,
The Borough has not completed 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 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
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 SITKA
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation) 14,789299 14,122,591 13,550,231 13153,475 20,560,565
Land 90,000 90,000 90,000 90,000 90,000
Construction Work in Progress 20,229 57,838 665,476 7,824,365 939,917
Cash 3,733,467 4,735,101 6,599,187 6,616,954 7,595507
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 5529,033 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 3154,885 3,096,419 3,164,252 3,365,977
Operation and Maintenance 2,492,110 2,434,329 1,708,210 2,454,599 2,194,755
Administrative and General - - - -
Depreciation 899,956 986,619 668,511 666,074 669,102
Operating Income (Loss) (537,208) (266,063) 719,698 43,579 502,120
Non-Operating Revenue (Expense) 46,509 155,306 156,844 776,434 375,830
Net Income (Loss) Before Contribution (490,699) (110,757) 876,542 820,013 877,949
Capital Contributions 1,690,873 2,549,949 0 3,458,599 122,108
Net Transfers-In (Out) 3,804,600 675,000 (42,141) (32,105) (27,060)
Special item - NPO/OPEB write off
Change in Net Assets 5,004,774 3,114,192 834,401 4,246,507 972,997
Population of City 8,773 8,952 9,084 9,098 9,061
Revenue Bond Coverage No Harbor No Harbor No payments of
Bonds Bonds P&I 5.16 5.31
The Borough has not completed its fiscal year 2015 audit as of the date of the preparation of this table.
D-3
CITY AND BOROUGH OF JUNEAU
FINANCIAL SUMMARY
General Governmental Fund
Municipal Financial Position 2011 2012 2013 2014 2015 Average
l'roperty Tax Collections ______________ ___________
Borrowers Property Tax Rate per $1,000 $10.51 $10.55 810.55 $10.66 $10.76 $10.61
Municipal Levy $40,739,944 $41,751,673 $44,252,019 $45,108,992 $45,852,292 $43,540,984
Current Year's Collections $40,329,083 $41,431,682 $43,987,108 $44,818,184 $45,548,172 $43,222,846
Current Collection Rate 98.99% 99.23% 99.40% 99.36% 99.34% 99.267.
Total Years Collections $40,728,566 $41,721,795 $44,200,111 $45,017,746 $45,548,172 $43,443,278
Total Collection Rate 99.97% 99.937 99.88% 99.80% 99.347' 99.78%
General Fund -
Unassigned Plus Emergency Operating Res (GASB#54) 6 1,729,369 6 3,464,161 9 7,494,734 17,285,667 9 20,222,312 1 1 107352,252
Expenditures $ 50,540,314 $ 51,283,781 $ 84,553,473 $ 86,380,150 $ 94,808,876 $ 73,513,319
Fund Balance/Expenditures T. 6.79% 8.86% 20.01% 21.38% 12.09%
Total Revenues $ 66,008,466 $ 50,036,584 $ 88,778,005 —$---9797 6,255 $ 98,018,608 —57U,_1 55,584
Intergovernmental Revenues $ 14,313,000 $ 15,464,700 $ 30,635,700 7 41,429,692 $ 32,072,000 $ 26,783,018
Percentage Intergovernmental 22% 31% 35% 42% 33% 32.42%
Overall Municipal Debt Position
$ 45,203,341 9 43,679,402 9 41,940,067 9 40,093,905 6 35,4311403 Revenue Debt - Enterprise Funds
Revenue Debt - Governmental Funds $ 3,599,575 $ 2,861,747 $ 2,091,457 $ 6,807,086 7-26,972,32
General Obligation Debt - Governmental Funds $ 148,301,000 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314,000
General Obligation Debt - Enterprise Funds - $ - - - -
Total General Obligati on Debt $ 148,301,000 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314,000
Total Revenue and General Obligation Debt $ 197,108,916 $ 179,987,429 $ 175,382,524 $ 168,965,994 $ 180,722,763
(,ov I I 1 P Ii 1-IL \ \ Pu I
,IuL I1uvue anS (10 Dehl/A,\/, 1,9411 4,1271 1.1077 03.
Ceneral Obligation Debt Per Capita $4,742 94,113 94,023 =$3,b9b $3,492
Total Revenue and CO Debt Per Capita $6,302 $5,548 $5,370
General Economic and Demographic Data 2011 2012 2013 2014 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 32,660 33,030 33,026 -0.01%
$ 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
13.73% 13.82% 13.61% 13.61%
'A
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
Population of City 31,275 32,441 32,660 33,064
Revenue Bond Coverage 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
4
oil
j
2011 2012 2013 2014
ASSETS
Plant In-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
Total Assets 59,912,595 63,049,001 69,229,451 70,011,080
2015
$17,517,553
50,214,768
3,975,676
9,581,172
1,718,645
D-5
[elk i 1'j. :s1 • S U*U
PUKT UL J1YLUJI IJI,]
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
Population of City
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) (7,310,000) (2,800,000) (2,925,000)
1,055,051 (4,681,420) 19,979 (65,922)
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 1,389,728
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 9701,657
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 t32 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
CITY AND BOROUGH OF JUNEAU
BARTLETT REGIONAL HOSPITAL
FINANCIAL SUMMARY
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 25,570,000 24,926,795 25,304,679 24,346,618 24,346,618
Other Liabilities 11,391,053 8,999,867 8,829,067 11,033,875 46,306,102
Total Liabilities 36,961,053 33,926,662 34,133,746 35,380,493 70,652,720
NET ASSETS 90,839,823 94,239,669 99,530,173 98,509,146 70,677,149
Operating Revenues 90,680,836 95,026,373 84,250,207 80,198,274 90,281,184
Operation and Maintenance 83,883,389 89,411,913 76,967,444 78,820,476 92,676,249
Administrative and General - - - - -
Depreciation 6,552,177 7,145,290 7,001,295 7,086,559 6,815,728
Operating Income (Loss) 245,270 (1,530,830) 281,468 (5,708,761) (9,210,793)
Non-Operating Revenue (Expense) 1,579,634 3,306,366 4,119,820 3,610,234 14,405,416
Net Income (Loss) Before Contribution 1,824,904 1,775,536 4,401,288 (2,098,527) 5,194,623
Capital Contributions 89,002 471,910 134,658 0 0
Net Transfers-In (Out) 1,152,600 1,152,400 1,123,000 1,077,500 1,054,500
Special item - NPOIOPEB 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
no
(1) 2015,2014 ardO3 d 34 i t
oty i11L
U1dtrI
MM
Central Peninsula General Hospital
FINANCIAL SUMMARY
211 2012 2012 2014 2012
ASSETS
Capital Assets (net of depreciation) $67,842,931 $64,853,893 $69,429,959 $71,387,990 $93,151,047
Cash 21,700,302 27,803,487 35,197,813 35,508,443 37,638,411
Cash held for Plant Replacement 10,097,241 11,421,461 11,322,729 16,447,887 18,838,950
Restricted Assets 3,584,121 633,493 500,000 4,693,402 5,069,037
Unspent bond proceeds 31,275,450 18,468,485
Other Assets 19,105,718 29,383,574 29,863,006 32,652905 38,942,891
Total Assets 122,330,313 134,095,908 146,313.507 191,966,077 212,108,821
LIABILITIES AND NET ASSETS
Revenue Bonds Payable - - - 32,490,000 33,890,000
GO Bonds Payable 35,990,000 32,255,000 30,130,000 27,905,000 25,670,000
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
Depredation 8,056,595 8,004.562 7,959,305 8,066,688 8,471959
Operating Income (Loss) 6,451,031 9,589,273 13,744.799 14,283,006 18,470,166
Non-Operating Revenue (Expense) (1,105,595) (808,253) (1,541,657) (1,070,583) (1,300,456)
Net Income (Loss) Before Contribution 5,345,436 8,781,020 12,203,142 13,212,423 17,169,710
Capital Contributions 212,945 52,843 2004,970 14,644 7,260
Change in Net Position 5,558,381 8833,863 14,208,112 13,227,067 17,176,970
D-1O
LOAN AGREEMENT
AGREEMENT, dated as of the 1st day of December, 2000, between the Alaska
Municipal Bond Bank Authority (the "Authority"), a body corporate and politic
constituted as an instrumentality of the State of Alaska (the "State") exercising public
and essential governmental functions, created pursuant 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 Seward, Alaska, a Home Rule City (the "City"):
WI T N E S S E T H:
WHEREAS, pursuant to the Act, the Authority 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 Bond Resolution
of the Authority hereinafter mentioned and pursuant to the Act, is authorized to accept
a Loan from the Authority to be evidenced by its municipal bonds purchased by the
Authority; and
WHEREAS, the City has requested to borrow money from the Authority in the
amount of $3,000,000 and has submitted an application to the Authority for a Loan in
such amount, and the City has duly authorized the issuance of its fully registered bond
in the principal amount of $3,000,000 (the "Municipal Bond"), which bond is to be
purchased by the Authority as evidence of the Loan in accordance with this Agreement;
and
WHEREAS, the application of the City contains the information required by the
Authority; and
WHEREAS, to provide for the issuance of bonds of the Authority in order to
obtain from time to time monies with which to make Loans, the Authority has adopted
Resolution No. 2000-09 on November 9, 2000 (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 Authority hereby makes the Loan and the City accepts the Loan in
the amount of $3,000,000. As evidence of the Loan made to the City and such money
borrowed from the Authority by the City, the City hereby sells to the Authority the
Municipal Bond in the principal amount, with the maturities, 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 8 hereof for the City to make funds available
o the Trustee acting under the 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 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
Authority.
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 Authority in
order to obtain the monies with which to make the Loan and to purchase the Municipal
Bond (the "Loan Obligations") and, unless required under Section 8 hereof to be paid
at least seven business days before the interest payment date, shall be paid by the City
in such manner and at such times as to provide funds sufficient to pay interest as the
same becomes due on the Loan Obligations.
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"), unless required under Section 8 hereof to be paid at least seven business
days before the maturity date, shall be scheduled by the Authority in such manner and
at such times (notwithstanding the dates of payment as stated in the Municipal Bond)
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."
5. The Municipal Bond will constitute a valid and special obligation of the
City issued in accordance with and entitled to all the benefits of Resolution
No. 2000-094 of the City, adopted on September 11, 2000 (the "Municipal Resolution").
6. In the event the revenues pledged for payment of the Municipal Bond (as
described in the Municipal Resolution) and 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 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
Authority, with a copy provided to the City, as provided in the Act.
7. In the event Loan Obligations have been refunded and the interest rates
the Authority 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 Section 1 hereof, then both the Municipal Bond Interest Payments and the
AMUBA/Revenue Bonds, 2000 Series B
Loan Agreement - City of Seward Page 2
.L\DOCS37426651Loan A9rement.wpd
Municipal Bond Principal Payments will be adjusted in such a manner that (I) the
interest rate paid by the City on any maturity of the Municipal Bond is equal to the
interest rate paid by the Authority on the corresponding maturity of Bank's refunding
bonds and (ii) on a present value basis the sum of the adjusted Municipal Bond Interest
Payments and Municipal Bond Principal Payments is equal to or less than the sum of
the Municipal Bond Interest Payments and Municipal Bond Principal Payments due
over the remaining term of the Municipal Bond as previously established under this
Loan Agreement. In the event of such a refunding of Loan Obligations, the Authority
shall present to the City for the City's approval, a revised schedule of maturity 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 maturity amounts and interest rates.
8. The City is obligated to pay to the Authority 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 of other monies available therefor under
the provisions of the Bond Resolution, and other monies 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:
(a) to pay, as the same become due, the City's Allocable Proportion of the
Administrative Expenses of the Authority; 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 Bond Resolution, as
certified by the Authority. The waiver by the Authority of any fees payable pursuant to
this Section 8 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.
AMBBA/Revenue Bonds, 2000 Series B
Loan Agreement - City of Seward Page 3
100CS7421685\Loan AgromenLwpd
9. The City is obligated to make the Municipal Bond Principal Payments
scheduled by the Authority. The first such Municipal Bond Principal Payment is due on
the date indicated on Exhibit "A", and thereafter on the anniversary thereof each year.
The City is obligated to make the Municipal Bond Interest Payments scheduled by the
Authority on a semi-annual basis commencing the date indicated on Exhibit "At', and
to pay any Fees and Charges imposed by the Authority within 30 days of receiving the
invoice of the Authority therefor.
10. The Authority shall not sell and the City shall not redeem prior to maturity
any portion of the Municipal Bond except as provided for in the Bond Resolution. The
City will provide the Authority with written notice of its intention to redeem its Municipal
Bond at least 50 days prior to such redemption.
Nothing in this Section shall be construed as preventing the City from refunding
the Municipal Bond in exchange fora new Municipal Bond in conjunction with a refund-
ing of the Loan Obligation,
11. Simultaneously with the delivery of the Municipal Bond to the Authority,
the City shall furnish to the Authority evidence satisfactory to the Authority which shall
set forth, among other things, that the Municipal Bond will constitute a valid special
obligation of the City.
12. invoices for payments under this Loan Agreement shall be addressed to
the City of Seward, P.O. Box 167, Seward, AK 99664, Attention: Finance Director.
The City shall give the Authority and the corporate trust office of the Trustee under the
Bond Ordinance at least 30 days' written notice of any change in such address.
13. Priorto payment of the amount of the Loan or any portion thereof, and the
delivery of the Municipal Bond to the Authority or its designee, the Authority 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
Authority in connection with its application to the Authority 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 Authority,
suffered a materially adverse change between the date of this Loan Agreement and the
scheduled time of delivery of the Municipal Bond to the Authority.
AMBBAIRevenue Bonds, 2000 Series B
Loan Agreement City of Seward Page 4
J;%DOCS\314216651Loan AgreemenLwp
14. The obligation of the Authority under this Loan Agreement is contingent
upon delivery of the Authority's Revenue Bonds, 2000 Series B (the "2000 Series B
Bonds") and receipt of the proceeds thereof.
15. The City shall not take, or omit to take, any action lawful and within its
power to take, which action or omission would cause interest on the Municipal Bond to
become subject to federal income taxes in addition to federal income taxes to which
interest on such Municipal Bond is subject on the date of original issuance thereof.
The City shall 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 require-
ments 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 Authority 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 Authority shall cause to be prepared an Official Statement (the
"Official Statement") for the 2000 Series B Bonds. The City shall provide promptly to
the Authority the information concerning the City and the Municipal Bond (I) that the
Authority requests for inclusion in the Official Statement, or (ii) that the City considers
to be material to the purposes for which the Official Statement is to be used (the
"Municipal Information").
As a condition to the payment of the amount of the Loan or any portion thereof,
the City shall provide to the Authority a certificate, dated the date of issue of the 2000
Series B Bonds, of an authorized officer of the City that (i) the Municipal Information
consists of fair and accurate statements or summaries of the matters therein set forth
and such information does not contain any untrue statement of material fact or omit to
state a material fact that should be stated therein for the purposes for which it is to be
used or that is necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading in any material respect; and (ii) to the best
knowledge of such officer, no event affecting the City has occurred since the date of
the Official Statement that should be disclosed in the Official Statement for the
purposes for which it is to be used or that it is necessary to disclose therein in order to
make the statements and information therein not misleading in any material respect.
The City will undertake in the Disclosure Certificate for the benefit of the
Beneficial Owners of the 2000 Series B Bonds to provide or cause to be provided to
each nationally recognized municipal securities information repository ("NRMSIR") and
AMBBAIRevenue Bonds, 2000 Series B
Loan Agreement - City of Seward Page 5
J:\DOCS3742166510ai Agreemeriwpd
to a state information depository ("SID"), if one is established in the State, annual
financial information and operating data as required by Rule 15c2-12(b)(5) of the
Securities and Exchange Act of 1934, as the same may be amended from time to time
(the "Rule"). The City will provide to each NRMSIR or to the Municipal Securities
Rulemaking Board, and to the SID, timely notice of a failure by the City to provide
required annual financial information not laterthan 180 days after the end of each fiscal
year of the City, as such fiscal year may be changed from time to time, commencing
with the City's fiscal year ending December 31, 2000. The annual financial information
that the City will provide will consist of annual financial statements for the City, prepared
in accordance with generally accepted accounting principles, as such principles may
be changed from time to time.
17. The City hereby covenants with the Authority for so long as the Municipal
Bond, or bonds on parity therewith, remain outstanding:
(a) The City will secure the written approval of the Authority (which approval
should not be unreasonably withheld) prior to incurring debt secured by the Pledged
Revenues (as defined in the Municipal Resolution) except such written approval is not
required for capital leases in an aggregate outstanding amount of less than $250,000.
(b) The City will establish, maintain and collect Pledged Revenues (as
defined in the Municipal Resolution) each fiscal year equal to at least 1.2 times the
amount required each fiscal year to pay the principal of and interest on the Municipal
Bond, or bonds on a parity therewith.
(c) In addition to all other amounts required pursuant to the terms of the
Municipal Resolution, the City will maintain in the Debt Service Subaccourit, created
under the Municipal Resolution, Pledged Revenues (as is defined in the Municipal
Resolution) in an amount equal to the next interest payment due under the terms of the
Municipal Bond, or bonds on a parity therewith.
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,
AMBBNRevenue Bonds, 2000 Series B
Loan Agreement City of Seward Page 6
J;\DOCS1374215651Loan Agreemenlwpd
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 Bond Resolution shall have the same
meanings, respectively, as such terms are given in Article I of the 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.
AMBBAiRevenue Bonds, 2000 Series B
Loan Agreement - City of Seward Page 7
J;\QOCS\37421665\Loan A;oomonLwpd
IN WITNESS WHEREOF, the parties hereto have executed this Agreement the
day and year first above written.
ALASKA MUNICIPAL BOND BANJKAUTI-IORITY
[SEAL]
By________
/DItVEN ~. MrTCHELL
Executive Director
CITY OF SEWARD, ALASKA
By
W. SCOTT JAN E
City Manager
ATTEST:
PATRICK REILLY
City Clerk
f SEAL'g
/
or
•1flfl$ø
AMBBAIRevenue Bonds, 2000 Series B
Loan Agreement - City of Seward
Page 8
J;\00CS\3742I65Lopii Agroment.wpd
EXHIBIT "A" TO LOAN AGREEMENT1BETWE E N T HE
CITY OF SEWARD AND
MUNICIPALTHE ALASKA BOND BANK AUTHORITY
City of Seward
Harbor Improvement Revenue Bond, 2000 Series
Principal Interest
Year Amount Rate
2002 $90,000 5.5011/o
2003 90,000 5.50
2004 95,000 5.50
2005 105,000 5.50
2006 110,000 5.50
2007 115,000 5.50
2008 120,000 5.50
2009 125,000 5.50
2010 135,000 5.25
2011 140,000 5.25
2012 150,000 4.85
2013 155,000 4.90
2014 165,000 5.00
2015 170,000 5.10
2016 180,000 5.20
2017 190,000 5.20
2018 200,000 5.30
2019 210,000 5.30
2020 220,000 5,40
2021 235,000 5.40
The Bond shall mature on October 1 of the years, and in the principal amounts set forth
above. Interest on the Bond shall be payable on October 1, 2001, and thereafter on
April 1 and October 1 of each year.
Redemption Terms: The Bonds maturing on and after October 1, 2012, are subject to
redemption on and after October 1, 2011, at the option of the City at a price of 100%
of the principal amount thereof to be redeemed plus accrued interest to the date of
redemption.
Loan Agreement - Exhi bit A
J:W0CS\7421665\LDw1 AgreernonLwpd
r't Ii7t 1.1 øLLXe1 ;i 'II I
THIS AMENDATORY LOAN AGREEMENT, dated as of the 1st day of January
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 Seward, Alaska, a duly constituted home rule city of the
State (the "City"):
WITNESSETH:
WHEREAS, pursuant to the Act, the Bank is authorized to issue bonds and make
loans of money ("Loans") to governmental units; and
WHEREAS, pursuant to a resolution entitled "A Resolution Authorizing the Issuance
of Alaska Municipal Bond Bank Authority Revenue Bonds 2000 Series B and Providing for
the Details of Said Bonds," adopted November 9, 2000 (the "General Bond Resolution"),
a series resolution entitled -"A Series Resolution Authorizing the Issuance of General
Obligation Bonds 2007 Series One of the Alaska Municipal Bond Bank," adopted
November 30, 2006 (the "Series Resolution," and together with the General Bond
Resolution, the "Resolution"), the Bank issued its General Obligation Bonds, 2007 Series
) One (the "2007 Series One Bonds"); and
WHEREAS, the City is a Governmental Unit as defined in the Resolution, and
pursuant to the Act is authorized to accept a Loan from the Bank to be evidenced by its
municipal bonds purchased by the Bank; and
WHEREAS, the Bank made a Loan to the City from the proceeds of the Bank's
Revenue Bonds, 2000 Series B ("2000 Series B Bonds") in the amount of $3,000,000,
evidenced by a Loan Agreement dated as of December 1, 2000 (the "Loan Agreement")
between the Bank and the City, and by the Harbor Improvement Revenue Bond, 2000 of
the City, dated December 20, 2000 (the "Municipal Bonds") and purchased by the Bank;
and
WHEREAS, the Bank has determined that refunding a portion of the 2000 Series
B Bonds will reduce the combined principal and interest payments thereon and on the
Municipal Bonds; and
WHEREAS, pursuant to the General Bond Resolution the Bank adopted the Series
Resolution authorizing the issuance of bonds to refund a portion of the 2000 Series B
Bonds (the "Refunding 2000 Series B Bonds"); and
WHEREAS, to effect the proposed refunding and resulting debt service savings on
a portion of the 2000 Series B Bonds and the Municipal Bonds, and to conform the terms
of the Loan Agreement to the current practices of the Bank, it is necessary to amend the
terms of the Loan Agreement and the Municipal Bonds as provided herein; and
NOW, THEREFORE, the parties agree as follows:
1. The Bank will refund a portion of the outstanding 2000 Series B Bonds as
provided in the Series Resolution. The amounts of the principal installments of the
Municipal Bonds corresponding to the refunded maturities of the 2000 Series B Bonds, and
the interest payable thereon, shall be adjusted pro rata in accordance with the debt service
payable on the 2007 Series One Bonds. The Municipal Bonds henceforth shall mature in
the principal amounts and bear interest at the rates per annum as stated on Exhibit A
appended hereto.
2. Section 16 of the Loan Agreement is amended to include the following:
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.
AMBBJGenera( Obligation Bonds, 2007 Series One
Amendatory Loan Agreement.. Seward
I:\Docs'37421 7Q4Amendatcry Agreemeni Sewerdwpd Page 2
IN WITNESS WHEREOF, the parties hereto have executed this Amendatory Loan
Agreement as of the date first set forth above.
t uIre
SEAL ie
A1%:
J *EE
it Clerk
MMINAV~
DVEN A. MITCHELL
Eecutive Director
CITY OF SEWARD, ALASKA
dtth-' 4it ~ ~ Th
KRISTIN ERCHINGER
Finance Director
AMBB/General Obligation Bonds, 2007 Series One
Amenda tory Loan Agreement - Seward
I:\Oocs\37421704mendaLoty Agreement. Sewrd.wpd A-i
EXHIBIT
AMENDED MATURITY SCHEDULE
City of Seward, Alaska
City of Seward, Harbor Improvement Revenue Bond, 2000 (As Amended)
$635,000
Principal Payment Date Principal Interest
(October 1) Amount Rate
2007 $115,000 5.50%
2008 120,000 5.50
2009 125,000 5.50
2010 135,000 5.25
2011 140,000 5.25
$1,965,000
Principal Principal
Payment Date Principal Interest Payment Date Principal Interest
(December 1) Amount Rate (December 1) Amount Rate
2007 $5,000 4.00% 2015 $175,000 5,50%
2005 5,000 4.00 2016 190,000 5.00
2009 5,000 4.00 2017 105,000 5.00
2010 5,000 4.00 2017 95,000 4.125
2011 10,000 4.00 2018 90,000 4.125
2012 155,000 4.00 2018 115,000 5.00
2013 165,000 5.50 2019 215,000 4.00
2014 80,000 4.00 2020 220,000 4.125
2014 95,000 3.875 2021 235,000 4.25
Redemption Terms: The Bonds maturing on or after December 1, 2017 are subject to
redemption in whole or in part at the option of the Borough on any date on or after
December 1, 2016 at a price of 100% of the principal amount thereof to be redeemed plus
accrued interest to the date of redemption.
AMBB/Generaf Obligation Bonds, 2007 Series One
Amendatory Loan Agreement - Seward
;\Docs\374217O4'4mnat0ry Agreemtnt . $eward.wpd --
Exhibit B
AM8B/Genera/ Obligation Bonds, 2007 Series One
Amendatory Loan Agreement Seward
1:Qocs\7421 704'Amenthtlmy Agreement Sewerdwpd
Operating Revenues
Operation and Maintenance
Administrative and General
Depreciation
Payment in Lieu of Taxes
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 Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Contributions
Transfer of Net Assets - Swan
Lake -Lake Tyee Intertie Project
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
15,601,381 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 26,060,000 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
67,988,991 66,753,649 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 4393,991
6,248,245 6,113,112 5,971,682 6,238,429
650,000 650,000 650,000 650,000
1,712,292 403,480 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
(26,310,596)
CITY OF KETCHIKAN
KETCHIKAN PUBLIC UTILITIES ENTERPRISE FUND
FINANCIAL SUMMARY
Change in Net Assets 1,233,342
Population of Service Area * 13,125
Population of City 7,685
4 of Electric Customers 7,202
# of Telephone Access Lines 9,840
# of Water Customers 2,928
Revenue Bond Coverage 3.33
* Water is only provided within the City
(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
I
CITY OF KETCHIKAN
PORT FINANCIAL SUMMARY
November 30
2006 2005 2004 2003 2002
Unaudited Audited Audited Audited Audited
ASSETS
Cash $5,092,853 $7,066,674 $5,121,067 $2,895,450 $2,163,498
Port Facilities (net) 9,184,461 9,762,409 10,072,444 10,282,618 9,737,592
Construction Work in Progress 24,963,293 1,632,135 2,686,197 2,276,353 358,350
Restricted Assets 21,324,432
Other Assets 41,405 47,113 99,752 129,455 95,360
Total Assets 60,606.444 18,608,331 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 43,255,898 5,639,032 4,606,005 51506,400 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 6,000,010 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
ayment 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) (252,4) (60,390) (183,706) (22,824) (100,244)
Net Income (Loss) Before Contribution 4,481,247 4,362,062 3,289,107 211,027 247,577
Contributions 12,251 6,872 41,004 25,000
Extraordinary Item (2,432,884)
Transfers (2,445,585)
Change in Net Assets 252,031 4,481,247 (504,150) 3,295979 272,577
Revenue Bond Debt Coverage:
1.25 x Annual Debt Service 5.74 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 838,880 921,429 848,969 770,663 700,993
Reflects statistical information provided by the Ketchikan Visitors Bureau
D-2
CITY OF SEWARD
cArA1. SuMMARY
Munici a! Financial Position J 2003 2004 2005 2006 4 Average
11'roper ax o ections
Borrower's Prol2erty Tax Rate per $1,000 $3.12 $3.12 $3.12 $3.12 $3.12
Munici al Le $634,287 $666,848 $733,298 $792,210 $694,613
Current Year's Collections 8618,356 $650,763 $717,697 $806,888 $682,430
Current Collection Rate 97.49% 97.59% 97.87% 98,20% 97.36%
Total Year's Collections $644,892 $669,065 $733,301 $802,200 $699,988
Total Collection Rate 101.67% 100.33% 100.00% 101.00% 100.73%
G eneral on
$ 4,966,740 $ 51188,880 $ 5.389,198 $ 4,586,941 Unreserved Ending Fund Balance
Expenditures 7,037,554 5 7,037,318 8,108,290 10,339,110
Fund Balance Ex enditures fl% 74% 66°c 44% 66%
Total Revenues $ 7,125,917 $ 7,398,160 $ 8,247,828 $ 8,008,048
Intergovernmental Revenues $ 973,1701 $ $29,535 $ 984,920 $ 966,532
Percentage Intergovernmental 14% 111/0 12% 12% 13%
overall MunicipalDebt Position
$ 5,974,587 S 5,673,722 $ 6,410,000 $ 10,590,000 Revenue Debt - Enter rise Funds
General Obligation Debt Governmental Funds S 7,223,262 $ 7,069,933 $ 6,348,571 $ 5,576,146
General Obligation Debt - Enterprise Funds $ 1,386,738 $ 665,068 $ 521,429 1 $ 373,854
Total General Obligation Debt $ 8,610,000 $ 7,735,001 $ 6,870,000 1 $ 5,950,000
Total Revenue and General Obligation Debt 24,584,587 $ 13,408,723 $ 13,280,000 16,540,000
Governmental GO Debt Assessed Value m
3.17% 2.57%
0.30% 0.21%
2.12%
Enter rise GO Debt Assessed Value m 0.14%
Total General Obligation Debt/A.V. 3.47 0/. 2.78% 2.26%
Total Revenue and GO Debt/A.V. 6.01% 5.37% 6.28%
. 3(ct' J.4a
G eneral Obligation Debt Per Capita $2,830 $2,705 $2,283
$6,347 Total Revenue and GO Debt Per Capita $4,906 $5,228
General Economic and Demographic Data 2003 2004 2005 2006 Annual Growth
Rate
Population
Assessed Value
Assessed Value Per Capita
To 10 Tax Payers. as % o Assessed Value
2,794 2,733 2,540 2,605 2.60%
I S 216,698,235 S 223,202,115 $ 247,172,838 $ 263,528,984 6.62%
S 77,558 $ 81,669 $ 97,332 S 101,124
25.84% 18.48% 16.69% 17.00%
Harbor Enterprise Fund-Specific Data
Total Revenues $1,831,275 $1,846,276 $1,943,424 $2,394,60 4
Total Operating Expenses $1,237,187 $3,149,701 $1,310,211 $1,434,638
Net Revenue Available for Debt Service $594,088 $696,575 $633,213 $959,966
Annual Debt Service Payments $243,568 $243,618 $255,542 $320,741
Debt Coverage C-2.441 2.861 2,481 2.99
General Obligation Bond Debt Outstanding $0 $0 $0 $0
Revenue Bond Debt Outstanding $2,820,000 $2,725,000 $4,120,000 $8,510,000
Total Harbor Enterprise Debt Outstanding $2,820,000 $2,725,000 $4,120,000 $8,510,000
(mrvl: most recent year: * Unaudited/estimates