Tab_34THIS 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 and Borough of Sitka, Alaska, a duly constituted unified city-borough of the State (the
"Borough"):
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 Borough 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 Borough from proceeds of the Bank's General
Obligation Bonds, 1999 Series A (the "1999 Series A Bonds") in the amount of $11,000,000,
evidenced by a Loan Agreement, dated April 1, 1999 (the "1999 Loan Agreement"), between the
Bank and the Borough; and
WHEREAS, as security for repayment of the Loan and as provided in the 1999 Loan
Agreement, the Borough issued its City and Borough of Sitka General Obligation Bond, 1999,
dated April 28, 1999 (the "1999 Municipal Bond"), of which the Bank was the registered owner;
and
WHEREAS, after the issuance of the 1999 Series A 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 1999 Series A Bonds and a corresponding portion of the
principal installments of the 1999 Municipal Bond; and
WHEREAS, in connection with the issuance of the 2007 Series One Bonds and the
refunding of a portion of the 1999 Municipal Bond, the Bank and the Borough entered into an
Amendatory Loan Agreement, dated January 1, 2007 (the "2007 Amendatory Loan
Agreement"), between the Bank and the Borough; and
WHEREAS, as provided in the 2007 Amendatory Loan Agreement, the Borough
delivered to the Bank the Borough's City and Borough of Sitka General Obligation Refunding
Bond, 2007, dated January 31, 2007 (the "2007 Municipal Bond"), in exchange for the refunded
1999 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. 20 16-05
(the "Series Resolution" and, together with the General Bond Resolution, the "Bond
Resolution") authorizing the issuance of its General Obligation and Refunding Bonds, 2016
Series Three (the "Refunding Bonds") in part to refund a portion of the 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 1999
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 Borough to the Bank of the
Borough's General Obligation Refunding Bond, 2016 (the "2016 Municipal Bond" and together
with the 2007 Municipal Bond, the "Municipal Bond") and for the refunding of the Borough'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 amount of the principal installments of the Borough'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 delivered in exchange for
the original 2007 Municipal Bond shall mature in the principal amounts and bear interest at the
rates per annum as stated on Exhibit A appended hereto.
2. Section 2 of the Amended Loan Agreement is amended by replacing the current
language with the following:
The Borough represents that it has duly adopted all necessary ordinances or resolutions,
including Ordinance No. 96-135 1, adopted February 27, 1996, Ordinance No. 99-1525, adopted
on March 9, 1999, and Resolution 99-73 1, adopted on April 13, 1999 (together, the "Borough's
1996 Ordinance") and that the Borough's 1996 Ordinance is in full force and effect, and that it
has taken all proceedings required by law to enable it to enter into the 1999 Loan Agreement and
to issue its 1999 Municipal Bond to the Bank and that the 1999 Municipal Bond constituted a
direct and general obligation of the Borough, secured by the Borough's pledge of its full faith
and credit, all duly authorized by the Borough's 1996 Ordinance.
Page 2
The Borough represents that it has duly adopted all necessary ordinances or resolutions,
including Resolution No. 2006-31, adopted on November 28, 2006 (the "Borough's 2006
Resolution") and that the Borough'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 Loan Agreement and to
issue its 2007 Municipal Bond to the Bank and that the 2007 Municipal Bond constitutes a direct
and general obligation of the Borough, secured by the Borough's pledge of its full faith and
credit, all duly authorized by the Borough's 2006 Resolution.
The Borough represents that it has duly adopted or will adopt all necessary ordinances or
resolutions, including Resolution No. 2016-15, adopted on September 13, 2016 (the "Borough
Refunding Resolution" and together with the Borough's 1996 Ordinance and the Borough's 2006
Resolution, the "Borough's Ordinance"), and that it has taken or will take all proceedings
required by law to enable it to enter into this Amendatory Loan Agreement and to issue its 2016
Municipal Bond to the Bank and that the 2016 Municipal Bond will constitute a direct and
general obligation of the Borough, secured by the Borough's pledge of its full faith and credit, all
duly authorized by the Borough Refunding Resolution.
3. The 2016 Municipal Bond shall be subject to optional prepayment prior to
maturity on and after the same date, and on the same terms as the Refunding Bonds may be
subject to optional redemption, as set forth in Exhibit A.
4. Section 15 of the Amended Loan Agreement is amended by replacing the current
language with the following:
The Borough 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 Borough 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.
5. A new Section 21 is added to the Amended Loan Agreement, as follows:
The Borough 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 Borough for so long as the 2016 Municipal Bond remains
outstanding. The Borough agrees that filings under this Section 21 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 Borough. The Borough
agrees that if it shall receive from the Bank CUSIP number(s) in addition to those set forth in this
Page 3
Section then it shall make its filings using both CUSIIP numbers herein stated and any additional
CUSIP number(s).
6. A new Section 22 is added to the Amended Loan Agreement, as follows:
The Borough 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 Borough'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 Borough agrees that all records required by
the preceding sentence shall be made available to the Bank upon request.
7. A new Section 23 is added to the Amended Loan Agreement, as follows:
(a) The Borough hereby certifies that all 1999 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 Borough hereby certifies to date that all required rebate calculations relating
to the 1999 Municipal Bond and the 2007 Municipal Bond have been timely performed and the
Borough has remitted any necessary amount(s) to the Internal Revenue Service.
(c) The Borough hereby certifies that (i) the 1999 Municipal Bond was issued
exclusively for new money purposes; and (ii) the 2007 Municipal Bond has not previously been
used to directly or indirectly advance refund a prior issue of any municipal bonds of the
Borough.
A new Section 24 is added to the Amended Loan Agreement, as follows:
The Borough agrees that it will provide the Bank with written notice of any default in
covenants under the Borough's Ordinance within thirty (30) days from the date thereof.
The Borough represents that the Borough's Ordinance is in full force and effect and has
not been amended, supplemented or otherwise modified, other than by the Borough Refunding
Resolution and as previously certified by the Borough to the Bank.
9. A new Section 25 is added to the Amended Loan Agreement, as follows:
As heretofore amended and as amended hereby, the 1999 Loan Agreement will remain in
full force and effect so long as the 2016 Municipal Bond remains outstanding.
Page 4
ALA
IN WITNESS WHEREOF, the parties hereto have executed this Amendatory Loan
Agreement as of the date first set forth above.
CITY AND BOROUGH OF SITKA, ALASKA
By:
ohn P. Sweeney III
Its: Chief Finance and Administrative Officer
Page 5
City and Borough of Sitka, Alaska
General Obligation Refunding Bond, 2016, issued on November 3, 2016 (the "2016 Municipal
Bond")
Principal Sum of $2,385,000
Principal Payment Date Principal Interest
(December 1) Amount Rate
2016 $755,000 5.000%
2016 30,000 2.000
2017 790,000 2.000
2018 810,000 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 A1
I :i :..
Page B-i
CITY AND BOROUGH OF SITKA
GENERAL OBLIGATION FINANCIAL SUMMARY
Municipal Financial Position 2011 2012 2013 2014 2015 Average
L'roperty Tax Collections
Borrowers Property Tax Rate per $1,000 $6.00 $6.00 $6.00 $6.00 $6.00 $6.00
Municipal Levy $5,799,400 $5,904,617 $5,957,735 $5,901,736 $6,032,826 7719,263
Current Year's Collections $5,753,039 $5,874,918 $5,893,452 $5,042,723 $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% 99.00% 99.57% 99.54%
General Fund
Unreserved Ending Fund Balance $ 11,505,475 5 13,584,573 $ 14,265,394 $ 15,595,551 3 14,720,6Th $ 14,115,793
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 $ 26,596,568
Intergovernmental Revenues $ 2,380,298 $ 2,659,323 $ 2,693,860 $ 2,771,990 $ 2,807,749 $ 2,662,644
Percentage Intergovernmental 10% 10% 10% 10% 10% 10.02%
Overall Municipal Debt Position
$ 65,537,401 $ 64,593,411 $ 13b,145,522 $ 105,949,303 5 123,213,5Th Revenue Debt- Enterprise Funds
Revenue Debt - Governmental Funds $ 165,750 $ 156,000 $ 146,250 189,4
General Obligation Debt - Governmental Funds $ 36,300,000 $ 32,290,000 $ 31,020,0011 28,635,000 $ 25,990,000
General Obligation Debt - Enterprise Funds $ - - - T--
Total General Obligation Debt $ 36,300,000 $ 32,290,000 $ 31,020,000 $ 28,635,000 $ 25,990,000
Total Revenue and General Obligation Debt $ 105,273,151 $ 101,039,411 $ 137,312,072 $ 137,777,641 $ 149,394,409
Uavernmenlal 5,0 Debt/ iaxabie Assessed Value 3.693 3.26 -Al 3.10% 2.91% 2.57
Total Revenue and GO Debt/A.V. 10.69% 10.20 -Al 13.72% 14.01% 14.8c
General Obligation Dell Per LaptIa 54,135 $3,607 $3,415 $3,152 $2,855
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 Annual Growth
Population 1 8,773
Taxable Assessed Value $ 985,073,129
Assessed Value Per Capita $ 112,285
Top l0 Tax Pavers as a% of Assessed Value --
8,952 9,084 1 9,084 9,061 -025%
$ 990,930,230 $ 1,001,066,784 $ 983,623,000 $ 1,005,471,000 2221,
$ 110,694 $ 110,201 1 $ 108,281 $ 110,967
7.57% 7.57% 7.57% - - 7.57%
The Borough has net completed its fiscal year 2015 audit as of the data of the preparation of this table. -
D-1
City and Borough of Sitka
Electric Enterprise Fund
Financial Summary
2011 2012 2013 2014 2015
Assets
Cash 24,320,421 31,450,650 28,803,187 13,505,669 4,447,481
Restricted Assets 6,871,164 3,595,875 21,197,459 18,121,955 21,733,477
Other Assets 5,010,167 7,266,275 13,897,615 11,777,153 7,988,506
Construction in Progress 11,646,987 18,086,724 58,930,539 137,885,040 12,535,308
Utility Plant in Service 63,103,150 61,775,003 59,900,343 59,508,277 217,550,674
Total Assets 110,951,889 122,174,527 182,729,143 240,798,094 264,255,446
Liabilities and Net Assets
Liabilities
Other Liabilities 1,722,772 2,477,182 6,355,564 13,017,817 3,355,323
Revenue Bonds Payable 48,700,000 47,570,000 79,485,000 105,100,000 119,510,000
Deferred loss/premium on bonds 1,471,509 (1,711,547) 5,943,338 6,742,293 6,347,870
Revenue Note(s) Payable 8,800,188 8,535,498 7,973,608 7,973,608 10,050,744
Total Liabilities 60,694,469 56,871,133 99,757,510 132,833,718 139,263,936
Net Assets 50,257,420 65,303,394 82,971,633 107,964,376 124,991,510 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 SITE
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ETS
Plant In-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
I Assets 19,975,567 20,344,919 25,736,942 29,798,858 30,539,916
IILITIES AND NET ASSETS
Revenue Bonds Payable
Other Liabilities
Liabilities
NET ASSETS
Operating Revenues
Operation and Maintenance
Administrative and General
Depreciation
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Capital Contributions
Net Transfers-In (Out)
Special item - NPO/OPEB write off
Change in Net Assets
nofCity
Bond Coverage
Borough has not completed its fiscal
0 0 4,569,486 3,840,000 3,705,000
1,405,227 1,156,003 1,144,138 1,689,033 1,592,094
1,405,227 1,156,003 5,713,624 5,529,033 5,297,094
18,570,340 19,188,916 20,023,318 24,269,825 25,242,822
2,854,858 3,154,885 3,096,419 3,164,252 3,365,977
2,492,110 2,434,329 1,708,210 2,454,599 2,1 94,755
899,956 986,619 668,511 666,074 669,102
(537,208) (266,063) 719,698 43,579 502,120
46,509 155,306 156,844 776,434 375,830
(490,699) (110,757) 876,542 820,013 877,949
1,690,873 2,549,949 0 3,458,599 122,108
3,804,600 675,000 (42,141) (32,105) (27,060)
5,004,774 3,114,192 834,401 4,246,507 972,997
8,773 8,952 9,084 9,098
9,061 I
No Harbor No Harbor No payments of
Bonds Bonds P&l 5.16 5.31
2015 audit as of the date of the preparation of this table.
D-3
CITY AND BOROUGH OF JUNEAU
FINANCIAL SUMMARY
General Governmental Fund
Municipal Financial Position 2011 2012 2013 2014 2015 Average
Property Tax Collections _____________ _____________
Borrowers Property Tax Rate per $1,000 $10.51 $10.55 $10.55 $10.66 $10.76 $10.61
Municipal Levy $40,739,944 $41,751,673 $44,252,019 $45,108,992 $45,852,292 $43,540,984
Current Year's Collections $40,329,083 $41,431,682 $43,987,108 $44,818,184 $45,548,172 $43,222,846
Current Collection Rate 98.99% 99.23% 99.40% 99.36% 99.34% 99.26%
Total Year's Collections $40,728,566 $41,721,795 $44,200,111 $45,017,746 $45,548,172 $43,443,278
Total Collection Rate 99.97% 99.93% 99.88% 99.80% 99.34% 99.78%
General Fund ___________ __________
Unassigned Plus Emergency Opera ting Res (GASB#54) S 1,72385 $ 3,484,181 $ 7,494,734 6 17 2272,1 s,283,6b7 107333,232
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% 8.867 20.01% 21.38% 12.09%
Total Revenues $ 66,008,466 $ 50,036,584 —F —7-8,778—,M7 $ 97,936,255 -T-9-8,01T 608 7-9=57974—
Intergovernmental Revenues $ 14,313,000 $ 15,464,700 $ 30,635,700 $ 41,429,692 $ 32,072,000 $ 26,783,018
Percentage Intergovernmental 22% 317. 35% 42% 33% 32.42%
Overall Municipal Debt Position
$ 45,208,341 $ - 43,679,682 $ 41,906,067 $ 40,090,908 $ 38,436,443 Revenue Debt - Enterprise Funds
Revenue Debt - Governmental Funds $ 3,599,575 $ 2,861,747 $ 2,091,457 $ 6,807,086 $ 26,972,320
General Obligation Debt - Governmental Funds $ 148,301,000 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314,000
General Obligation Debt - Enterprise Funds - - - $ - -
Total General Obligation Debt $ 148,301,000 $ 133,446,000 $ 131,385,000 $ 122,068,000 $ 115,314,000
Total Revenue and General Obligation Debt $ 197,108,916 $ 179,987,429 $ 1757382,524 $ 168,965,994 $ 180,722,763
Govrrn,en1,l (77) t) ht/liil4e ,'\r,,d \.-',hn' 32'.7 7 .7777 3 7).) 33777)
lolal Revenue and GO Uebt/A.V. 4,9473 4,423, 4.18,, 3.663o 4.033
General Obligation Debt Per Capita $4,742 $4,113 $4,023 $3,696 $3,492
Total Revenue and CO Debt Per Capita $6,302 $5,548 $5,370 $5,116 $5,472
General Economic and Demographic Data 2011 2012 2013 2014 2015 Annual
Population 31,275
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 -U.U17
$ 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%
I,I
nlMr' *mLIt
2011 2012 2013 2014 2015
ASSETS
Plant In-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 50,214,768
Cash 4,728,522 4,660,755 3,466,374 4,030,992 3,975,676
Restricted Assets 10,702,703 11,196,479 10,946,328 10,554,514 9,581,172
Other Assets 764,741 847,869 543,407 679,907 1,718,645
Total Assets 59,912,595 63,049,001 69,229,451 70,011,080 83,007,814
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 9,700,000 9,691,595 9,380,434 9,033,637 9,758,734
Other Liabilities 2,110,290 2,140,909 1,401,365 2,050,500 3,105,738
Total Liabilities 11,810,290 11,832,504 10,781,799 11,084,137 12,864,472
NET ASSETS 48,102,305 51,216,497 58,447,652 58,926,943 70,143,342
Operating Revenues 2,854,858 3,154,885 3,173,272 3,508,430 4,202,862
Operation and Maintenance 2,492,110 2,434,329 2,498,178 2,814,717 3,347,050
Administrative and General - - - - -
Depreciation 899,956 986,619 968,761 1,003,707 1,150,701
Operating Income (Loss) (537,208) (266,063) (293,667) (309,994) (294,889)
Non-Operating Revenue (Expense) 46,509 155,306 (214,686) 128,433 501,698
Net Income (Loss) Before Contribution (490,699) (110,757) (508,353) (181,561) 206,809
Capital Contributions 1,690,873 2,549,949 7,392,466 660,852 5,788,674
Net Transfers-In (Out) 3,804,600 675,000 500,000 0 6,224,425
Special item - NPO/OPEB write off
____________
Change in Net Assets 5,004,774 3,114,192 7,384,113 479,291 12,219,908
i of City 31,275 32,441 32,660 33,064 33,064
Bond Coverage 1.19 1.79 1.21 1.67 2.60
D-5
t
I -.Tell • •
SUMM ARY
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation)
Construction Work in Progress
Cash
Restricted Assets
Other Assets
Total Assets
LIABILITIES AND NET ASSETS
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Operating Revenues
Operation and Maintenance
Administrative and General
Depreciation
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Capital Contributions
Net Transfers-In (Out)
Change in Net Assets
lation of
4,428,233 (208,085) (252,013) 71,012 2,709,760
314,814 269,712 484,639 294,257 408,137
4,743,047 61,627 232,626 365,269 3,117,897
- - 151,020 349,585 642,980
- - 151,020 349,585 642,980
4,743,047 61,627 81,606 15,684 2,474,917
2,557,851 2,634,080 2,825,479 2,864,578 2,868,633
2,800 5,500 5,500 5,500 5,500
2,628,580 2,819,979 2,555,051 2,859,078 2,863,133
2,555,051 2,628,580 2,819,979 2,859,078 2,863,133
(1,500,000) (7,31 0,000j (2,800,000) (2,925,000) (403,900)
1,055,051 (4,681,420) 19,979 (65,922) 2,459,233
31,275 32,441 32,660 33,064 33,064
'S
City and Borough of Juneau
Conduit Debt
WILDFLOWER COURT (A not for profit organziation)
FINANCIAL SUMMARY
2011 2012 2013 2014 2815
Audited Audited Audited Audited Audited
ASSETS
PlantIn-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 1,958,157
Restricted Assets 1,707,402 2,170,928 1,489,365 1,450,054 1,437,448
Other Assets 1,399,517 1,444,749 1,786,787 1,267,699 1,389,726
Total Assets 9,598,352 9,988,719 9,447,915 8,459,546 7,866,310
LIABILITIES AND NET ASSETS
• Bond Debt 13,050,000 11,705,000 11,596,229 10,204,712 8,688,824
Other Liabilities 904,428 2,052,663 1,132,323 996,579 1,012,833
Total Liabilities 13,954,428 13,757,663 12,728,552 11,201,291 9,701,657
NET ASSETS (DEFICIT) (4,356,076) (3,768,944) 3,280,637 (2,741,745) (1,835,347)
Operating Revenues 10,859,195 10,841,324 11,057,791 11,447,862 11,445,168
Operating Expenses 9,894,353 9,594,317 9,666,530 9,961,681 9,745,914
Depreciation 832,579 780,765 935,669 1,008,253 841,433
Operating Income (Loss) 132,263 466,243 455,592 477,928 857,821
Non-Operating Revenue (Expense) 61,553 120,890 32,713 60,964 48,577
Change in Net Assets 193,816 587,132 488,305 538,892 908,398
Revenue Bond Coverage 1.33 132 1.12 1.10 1.18
In 2013 and 2014, Wildflower Court fell short of the required debt service coverage ratio of 1.15 times.
Pursuant to the loan agreement between the City and Borough of Juneau and Wildflower Court,
Wildflower Court worked with the City and Borough to identify measures to return the facility to
compliance with the required debt service coverage ratio in 2015.
D-7
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 38,596,921 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
95ai P95105010 Borough - GSnUsI Fund
General Obligation Financial Summary
flaim i.1 I 2011 2012 i__. ..1.......... 2019
P.apyTCoIkd0ei
BomweesPr~.,peAvTaxRate 04.50 &L50 $350 5550 5350 51,50
11u11d4 L4,1V $29,058,274 50,419,J 530,825,497 531,750,292 531453,014 543
Cthnt?'s Collectiom 529,630410 529,946104 50352436 831,232596 531,142.025 W0286,934
CmttCcUii Rate 9933% 98.43% 413.57% 9948% 93.29% 9050%
520,4)47448 5341,401 054) 530,798.608 831465476 531332,590 5341409,725
To€dC65nd4on rate 99.95% 9945% 41932% 9924% 95.89% 98.691,
'hn1 Prn3
To61EndngF05d0sLuse S 21,U14514 S 14406153 $ 20,915 $ 24.SL372 S 20,030
Lm,., dEdm04,,d8.,1s,,s 5 21454,0S S 2120S $ 16.296,140 $ 13596,686 $ 16,144 o76
731633450 5 73347,04$] 5 72,452,435 $ 23,376,3411 $ 7427,557 53593,570
30%
$ 70,799,893 $ 71,105,637
22% 22% 31%
$ 74.233,493 8 74,945,074 5 78,763,253
25%
573,974.670
lven$10#vue 5 0,512.331 5 9,749,454 0 10.392,037 $ 0,405435 $ 133424,024 518.350.074
17% -- 14%
OsU MuSkOpsl Debt Position
RetD,69-
Tolsi R-6 T76t 5 S $ S S
Ct I ObligAtion, Debt'Gnu, 15d5suo&1Foo5onk5 5 3319105941 S 3020,000 5 2034203400 8 45,05534410 5 41,920,0041
S - 5 5 -S 5
TolslG,os,olObIIooDebt 8 33310000 8 30,200,0041 S 263420,000 5 45,053,000 11 41520,0%)
To01R.,15,o,sJCj,,tonDebt S 33,9103400 5 30.23010041 5 25520590 5 4510003400 5 41,02414'S
Covo,3C3J Do 4Val-e oo,-4 0.531, 0401
Di _____
0.40%
000 0,00'..
To0,11vn,,o and c0 ID,bt4A.V.(rnr,'4 8534 54,,1 40104 ,4,034 0.00%
S $36 1023 - 519
Tots18.n'GQt95rCanta 5612 $336 50%) 5792 0732
orI &on,rntk ossi Demog,dphlc Ds1 1 2011 2012 2013 2014 2015 Aoo.0Gowth
Rate
Population 33,400 56,3419 56,736 55,062 57,14', 0501,
As~4 Vslo,, 5 6,393,5353)00 5 6,633,241,000 5 6,716,010,4106 $ 5900.195,000 S 6,932,443,954' .0.4)'.
As—dVahieVee Capita 5 115,407 5 117,575 $ 211,353 $ 132405 S 121,509
1922', 14i5'. 1059% 1730% 17.054
45) -1613, v14 ,th2013 nnvn1 F,md 51,,uo is 20ot')oto Rwmau,tit.
t,nth 454005544051,00,455,041,837510 h4,)7s5'5sthfo,
4501)5005, du01nd9u thn,u,000st', 0540,01
Central Peninsula General Hospital
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
Capital Assets (net of depreciation) $67,842,931 $64,853,893 $69,429,959 $71,387,990 $93151047
Cash 21700302 27,803,487 35197,813 35,508,443 37638,411
Cash held for Plant Replacement 10,097,241 11,421,461 11,322,729 16,447,887 18,838950
Restricted Assets 3,584,121 633,493 500,000 4693,402 5069,037
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 NETASSETS
Revenue Bonds Payable - - - 32,490.000 33,890,000
GO Bonds Payable 35,990,000 32,255,000 30,130,000 27,905,000 25,670,000
Other Liabilities 10,965,610 18,041,771 18,176,258 20,336,761 24,137,536
Total Liabilities 46,955,610 50,296,771 48,306,258 80,731,761 83,697,535
NET ASSETS 75,374,703 83,799,137 98,007,249 111,234.316 128,411,286
Operating Revenues 101.279,075 116,849.605 123,951.269 126,713,712 144,009,565
Operating Expenses 86.771.449 99,255,770 102,247,165 104,364.018 117,067,440
Depreciation 8,056,595 8.004.562 7,959.305 8,066.688 8,471,959
Operating Income (Loss) 67451,031 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 Conthbutiorrs 212,945 52,843 2,004.970 14,644 7,260
Change in Net Position 5.558,381 8,833,663 14,208,112 13,227,067 17,176,970
D-10
LOAN AGREEMENT
AGREEMENT, dated as of the 1st day of April, 1999, 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 and Borough of Sitka, Alaska, a duly constituted home rule
municipality of the State (the "Municipality"):
WIT N ES SETH:
WHEREAS, pursuant to the Act, the Bank is authorized to make loans of money
(the "Loan" or "Loans") to governmental units; and
WHEREAS, the Municipality is a Governmental Unit as defined in the General
Bond Resolution of the Bank hereinafter mentioned and pursuant to the Act is authorized
to accept a Loan from the Bank to be evidenced by its municipal bonds purchased by
the Bank; and
WHEREAS, the Municipality is desirous of borrowing money from the Bank in the
amount of $11,000,000 and has submitted an application to the Bank for a Loan in such
amount, and the Municipality has duly authorized the issuance of its fully registered bond
in the aggregate principal amount of $11,000,000 (the 'Municipal Bond"), which bond is
to be purchased by the Bank as evidence of the Loan in accordance with this
Agreement; and
WHEREAS, the application of the Municipality contains the information required
by the Bank; and
WHEREAS, to provide for the issuance of bonds of the Bank in order to obtain
from time to time monies with which to make Loans, the Bank has adopted the General
Bond Resolution on May 27, 1976, as amended (the "General Bond Resolution"),
authorizing the making of such Loan to the Municipality and the purchase of the
Municipal Bond;
NOW, THEREFORE, the parties agree:
1. The Bank hereby makes the Loan and the Municipality accepts the Loan
in the amount of $11,000,000. As evidence of the Loan made to the Municipality and
such money borrowed from the Bank by the Municipality, the Municipality hereby sells
to the Bank 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 7 hereof for the Municipality to 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 Municipality 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
Bank.
3. Subject to any applicable legal limitations, the amounts to be paid by the
Municipality pursuant to this Loan Agreement representing interest due on its Municipal
Bond (the "Municipal Bond Interest Payments") shall be computed at the same rate or
rates of interest borne by the corresponding maturities of the bonds sold by the Bank in
order to obtain the monies with which to make the Loan and to purchase the Municipal
Bond (the "Loan Obligations") and, unless required under Section 7 hereof to be paid at
least seven business days before the interest payment date, shall be paid by the
Municipality 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 Municipality pursuant to this Loan
Agreement representing principal due on its Municipal Bond (the "Municipal Bond
Principal Payments"), unless required under Section 7 hereof to be paid at least seven
business days before the maturity date, shall be scheduled by the Bank 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. In the event the amounts referred to in Sections 3 and 4 hereof to be paid
by the Municipality pursuant to this Loan Agreement are not made available at any time
specified herein, the Municipality agrees that any money payable to it by any department
or agency of the State may be withheld from it and paid over directly to the Trustee
acting under the General Bond Resolution, and this Loan Agreement shall be full
warrant, authority and direction to make such payment upon notice to such department
or agency by the Bank, with a copy provided to the Municipality, 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 Municipality on the Municipal Bond for the corresponding year
pursuant to Section 1 hereof, 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 maturity of the Municipal Bond is equal to the
interest rate paid by the Bank 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 Bank shall present
to the Municipality for the Municipality's approval, a revised schedule of maturity
amounts and interest rates for the Municipal Bond. If approved by the Municipality the
AMB/GeneraI Obligation Bonds, 1999 Series A (City and Borough of Silia)
Loan Agreement with the City and Borough of Sitica
AFF066A513742,1656 Page 2 of 8
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.
7. The Municipality is obligated to pay to the Bank Fees and Charges. Such
Fees and Charges actually collected from the Municipality shall be in an amount
sufficient, together with the Municipality's Allocable Proportion of other monies available
therefor under the provisions of the General 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 and amounts applied therefor from amounts transferred to the Operating Fund
pursuant to paragraph (3) of Section 603 of the General Bond Resolution:
(a) to pay, as the same become due, the Municipality's Allocable Proportion
of the Administrative Expenses of the Bank; and
(b) to pay, as the same become due, the Municipality's Allocable Proportion
of the fees and expenses of the Trustee and paying agent for the Loan Obligations.
The Municipality's Allocable Proportion as used herein shall mean the proportion-
ate 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 Municipality's Allocable Proportion of the fees and
expenses of the Trustee and paying agent for the Loan Obligations is reduced in
consideration of the Municipality so making funds available, the Municipality shall make
funds available to the Trustee for each Municipal Bond Interest Payment and Municipal
Bond Principal Payment at least seven business days before the respective principal or
interest payment date.
8. The Municipality is obligated to make the Municipal Bond Principal
Payments scheduled by the Bank. 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 Municipality is obligated to make the Municipal Bond Interest Payments
scheduled by the Bank on a semi-annual basis commencing the date indicated on
Exhibit A, and to pay any Fees and Charges imposed by the Bank within 30 days of
receiving the invoice of the Bank therefor.
9. The Bank shall not sell and the Municipality shall not redeem prior to
maturity any portion of the Municipal Bond in an amount greater than the Loan
Obligations which are then outstanding and which are then redeemable, and in the event
of any such sale or redemption, the same shall be in an amount not less than the
AMBBfGeneraI Obligation Bonds, 1999 Series A (City and Borough of Sitka)
Loan Agreement with the City and Borough of Sltka
AFF05I374.1656 Page 3 of 8
aggregate of (I) the principal amount of the Municipal Bond (or portion thereof) to be
redeemed (ii) the interest to accrue on the Municipal Bond (or portion thereof) to be
redeemed to the next redemption date thereof not previously paid, (iii) the applicable
premium, if any, payable on the Municipal Bond (or portion thereof) to be redeemed, and
(iv) the cost and expenses of the Bank in effecting the redemption of the Municipal Bond
(or portion thereof) to be redeemed. The Municipality 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 Municipality shall be obligated to pay or the Bank shall receive under
item (i) above shall be the principal amount of such refunding bonds outstanding.
In the event the Loan Obligations have been refunded and the interest the Bank
is required to pay on the refunding bonds is less than the interest the Bank was required
to pay on the Loan Obligations, the amount which the Municipality shall be obligated to
pay or the Bank shall receive under item (ii) above shall be the amount of interest to
accrue on such refunding bonds outstanding.
In the event the Loan Obligations have been refunded, the amount which the
Municipality shall be obligated to pay or the Bank shall receive under item (iii) above,
when the refunded Loan Obligations are to be redeemed, shall be the applicable
premium, if any, on the Loan Obligations to be redeemed.
Nothing in this Section shall be construed as preventing the Municipality from
refunding the Municipal Bond in exchange for a new Municipal Bond in conjunction with
a refunding of the Loan Obligations.
10. Simultaneously with the delivery of the Municipal Bond to the Bank, the
Municipality shall furnish to the Bank evidence satisfactory to the Bank which shall set
forth, among other things, that the Municipal Bond will constitute a valid general
obligation of the Municipality.
11. Invoices for payments under this Loan Agreement shall be addressed to
the City and Borough of Sitka at 100 Lincoln Street, Sitka, Alaska 99834, Attention:
Finance Director. The Municipality 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:
AMBB/Generat Obligation Bonds, 1999 Series A (City and Borough of Sitka)
Loan Agreement with the City and Borough of Sitka
AFFO6SA5I8TI2.1655 Page 4 of 8
(a) Any representation, warranty or other statement made by the Municipality
(
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 Municipality has violated commitments made by it in the terms of this
Loan Agreement.
(c) The financial position of the Municipality has, in the opinion of the Bank,
suffered a materially adverse change between the date of this Loan Agreement and the
scheduled time of delivery of the Municipal Bond to the Bank.
13. The obligation of the Bank under this Loan Agreement is contingent upon
delivery of its 1999 Series A General Obligation Bonds (the "1999 Series A Bonds") and
receipt of the proceeds thereof.
14. The Municipality 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 Municipality shall not permit any of the proceeds of the Municipal Bond, or
any facilities financed with such proceeds, to be used in any manner that would cause
the Municipal Bond to constitute a "private activity bond" within the meaning of Section
141 of the Code.
The Municipality 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 Municipality, 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 Municipality shall indemnify and hold harmless the Bank
from any obligation of the Municipality to make rebate payments to the United States
under said Section 148 arising from the Municipality's use or investment of the proceeds
of the Municipal Bond,
15. The Bank shall cause to be prepared an Official Statement (the "Official
Statement") for the 1999 Series A Bonds. The Municipality shall provide promptly to the
Bank the information concerning the Municipality and the Municipal Bond (i) that the
Bank requests for inclusion in the Official Statement, or (ii) that the Municipality
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 Municipality shall provide to the Bank a certificate, dated the date of issue of the
AMBB/General Obligation Bonds, 1999 Series A (City and Borough of Sitka)
Loan Agreement with the City and Borough of Sltka
AFF066A513742.1656 Page 5 of 8
1999 Series A Bonds, of an authorized officer of the Municipality 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 circum-
stances under which they were made, not misleading in any material respect; and (ii) to
the best knowledge of such officer, no event affecting the Municipality 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 Municipality will undertake in the Disclosure Certificate for the benefit of the
Beneficial Owners of the 1999 Series A Bonds to provide or cause to be provided to
each nationally recognized municipal securities information repository ("NRMSIR") and
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 Municipality will provide to each NRMSIR or to the Municipal Securities
Rulemaking Board, and to the SID, timely notice of a failure by the Municipality to
provide required annual financial information on or before the date specified below. The
annual financial information that the Municipality will provide will consist of annual
financial statements for the Municipality, prepared in accordance with generally accepted
accounting principles, as such principles may be changed from time to time; and will be
provided not later than nine months after the end of each fiscal year of the Municipality,
as such fiscal year may be changed from time to time, commencing with the
Municipality's fiscal year ending June 30, 1999.
16. If any provision of this Loan Agreement shall for any reason be held to be
invalid or unenforceable, the invalidity or urienforceability 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.
17. 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.
18. 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.
AMBB/Generai Obligation Bonds, 1999 Series A (City and Borough of Sitka)
Loan Agreement with the City and Borough of Sitka
AFF056A513742,1656 Page 6 of 8
19. In this Loan Agreement, unless otherwise defined herein, all capitalized
terms which are defined in Article I of the General Bond Resolution shalt have the same
meanings, respectively, as such terms are given in Article 1 of the General Bond
Resolution.
20. 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
[S E A L]
DE'JEN MITCHELL
Acting Executive Director
AMBBlGeneraI Obligation Bonds, 1999 Series A (City and Borough of Sitka)
Loan Agreement with the City and Borough of Sitica
AFF066A513742.1656 Page 7 of 8
CITY AND BOROUGH OF SITKA, ALASKA
By(2 L JJ
Fin nce Director
AMBB/General Obligation Bonds, 1999 Series A (City and Borough of Silica)
Loan Agreement with the City and Borough or Sltka
AFF056A5/3142.1656 Page 8 of 8
MINNOW 10
'A I I
City and Borough of $itka, Alaska
General Obligation Bond, 1999
Maturity Principal Interest
Date Amount Rate
2000 $235,000 5.50%
2001 360,000 5.50
2002 380,000 5.50
2003 400,000 5.50
2004 420,000 5.125
2005 440,000 4.375
2006 460,000 4.375
2007 480,000 4.375
2008 505,000 4.50
2009 525,000 4.50
2010 550,000 4.50
2011 575,000 4.50
2012 600,000 4.60
2013 625,000 4.60
2014 655,000 4.70
2015 685,000 4.80
2016 720,000 5.00
2017 755,000 5.00
2018 795,000 5.00
2019 835,000 5.00
The Bonds shall mature on April 1 in each of the years, and in the principal
amounts set forth above. Interest on the Bonds shall be payable on
October 1, 1999, and thereafter on April 1 and October 1 of each year.
Redemption Terms
The Bonds maturing on or after April 1, 2010, are subject to
redemption in whole or in part at the option of the Alaska Municipal Bond
Bank on any date on or after April 1, 2009, at a price of 100% of the
principal amount thereof to be redeemed plus accrued interest to the date
of redemption. The Alaska Municipal Bond Bank may exercise the optional
redemption either as a result of redemption by the City and Borough of
Sitka or in order to achieve debt service savings through the refunding of
outstanding Bonds. The City and Borough of Sitka may exercise its
optional redemption on terms identical to the redemption provisions
associated with the Alaska Municipal Bond Bank bonds sold on behalf of
the City and Borough of Sitka.
Loan Agreement Exhibit A
IFFD66Ai3742.1656
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 and Borough of Sitka, Alaska, a duly constituted unified home
rule municipality 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 Creating And
Establishing An Issue Of Bonds Of The Alaska Municipal Bond Bank; Providing For The
Issuance From Time To Time Of Said Bonds; Providing For The Payment Of Principal Of
And Interest On Said Bonds; And Providing For The Rights Of The Holders Thereof,"
adopted July 13, 2005 (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
General Obligation Bonds, 1999 Series A (1999 Series A Bonds") in the amount of
$11,000,000, evidenced by a Loan Agreement dated as of April 1, 1999 (the "Loan
Agreement") between the Bank and the City, and by the General Obligation Bond, 1999
of the City, dated April 1, 1999 (the "Municipal Bond") and purchased by the Bank; and
WHEREAS, the Bank has determined that refunding a portion of the 1999 Series
A Bonds will reduce the combined principal and interest payments thereon and on the
Municipal Bond; 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 1999 Series A
Bonds (the "Refunding 1999 Series A Bonds"); and
WHEREAS, to effect the proposed refunding and resulting debt service savings on
a portion of the 1999 Series A Bonds and the Municipal Bond, 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 Bond as provided herein; and
NOW, THEREFORE) the parties agree as follows:
1. The Bank will refund a portion of the outstanding 1999 Series A Bonds as
provided in the Series Resolution. The amounts of the principal installments of the
Municipal Bond corresponding to the refunded maturities of the 1999 Series A 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 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 15 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 Bond is 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.
AMBB/Genaral Obligation Bonds, 2007 Series One
Amendatory Loan Agreement Sltka
0o37421704tMiandatoy Agicomont . SWczirnpd Page 2
IN WITNESS WHEREOF, the parties hereto have executed this Amendatory Loan
Agreement as of the date first set forth above.
ALASKA MUNI1P,Ag BOND BANK
i Fj flfA [SEAL)
DENJ!MITCH
Eikecutive Director
CITY ANp'ç)1O UGH OF SITKA, ALASKA
Finance
AMBB/General Obligation Bonds, 2007 Series One
Amendatory Loan Agreement. Sltka
I0ocs3742704ndLsyAoomenl -SiLka.wpd Page 3
EXHIBIT A
AMENDED MATURITY SCHEDULE
City and Borough of Sitka, Alaska
City and Borough of Sitka, General Obligation Bond, 1999 (As Amended)
$1,510,000
Principal Payment Date
(April 1)
2007
2008
2009
Principal Interest
Amount Rate
$480,000 4.375%
505,000 4.50
525,000 4.50
$6,775,000
Principal Principal
Payment Date Principal Interest Payment Date Principal Interest
Lgecember 1) Amount Rate (December 11 Amount Rate
2009 $555000 4.00% 2014 $385,000 3.875%
2010 575,000 4.00 2015 715,000 5.50
2011 600,000 4.00 2016 755,000 5.00
2012 620,000 4.00 2017 420,000 5.00
2013 650,000 5.50 2017 375,000 4.125
2014 295,000 4.00 2018 350,000 4,125
2018 480,000 5.00
Prepayment Terms: The principal installments due on or after December 1, 2017 are
subject to prepayment in whole or in part at the option of the City on any date on or after
December 1, 2016 at a price of 100% of the principal amount thereof to be prepaid plus
accrued interest to the date of repayment.
AM8 B/General Obilgation Bonds, 2007 Series One
Amendatory Loan Agreement Sitka
. sw(n.%pd Page A-I
Exhibit B
AMBBfGenoral Qbllga!ion Bonds, 2007 Series One
Amendatory Loan Agreement - Sltko
l:\DoGM37421704M1enda1oy Ag reement Silk.wpd -
CITY OF KETC}-IIKAN
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 1,838,1 96 30,078,405 12,211495
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 6,846,446
93,906,411 93,704,317 1287451,518 120,834,705
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
67,986991 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 4,393,991
6,248,245 6,113,112 5,971,682 6,238,429
650,000 650,000 650,000 650,000
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
Revenue Bond Coverage
* Water is only provided within the City
1,712,292 403,480 2,065,513 158,216 Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Contributions
Transfer of Net Assets - Swan
Lake -Lake Tyee Intertie Project
Change in Net Assets
Population of Service Area *
Population of City
# of Electric Customers
# of Telephone Access Lines
# of Water Customers
(736,471) (1,139,856)
975,821 (736,376)
257,521 1,099,417
882,370 (1,345,877)
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
17011
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 10,072444 10,282,616 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 18,508,331 17,979460 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 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 4,461,247 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 (504,156) 3,295,979 272,577
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 NIA 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
FINANCIAL SUMMARY
Municipal Financial Position 2003 2004 2005 2006 1 Avera e
Property Tax Collections
Borrower's Property Tax Rate per $3,000 $3.12 $3.12 $3.12 $3.12 $3.12
Municipal Levy $634,287 $666,848 $733,298 $792,210 $694,613
Current Year's Collections $618,356 $650,763 $717,697 $806,888 $682,430
Current Collection Rate 97.49% 97,59% 97870/. 98.20% 97.36%
Total Years Collections $644,892 $669,065 $733,301 $802,200 $699,988
Total Collection Rate 101.67% 100.33% 100.00% 10100% 100.73%
General Fund
Unreserved Ending Fund Balance $ 4,966,740 $ 5,188,880 $ 51 389,198 $ 4,586,941
Expenditures $ 7,037,554 S 7,037,318 $ 8,108,290 $ 10,339,110
Fund Balance/ Expenditures 71% 74% 66% 44% 66%
Total Revenues $ 7,125,917 $ 7,398,160 S 8,247,828 $ 8,008,048
Intergovernmental Revenues $ 973,170 $ 829,535 $ 984,920 $ 966,532
Percentage Intergovernmental 14% 111". 121Y. 12% 13%
Civera-ITNFu—nicipal Debt P osition
S 5,974,587
.
$ 5,673,722 $ 6,410,000
-
$ 10,590,000 Revenue Debt - Enterprise Funds
General Obligation Debt Governmental Funds 5 7,223,262 $ 7,069,933 $ 6,348,571 $ 5,576,146
General Obligation Debt - Enterprise Funds $ 1,386,738 $ 665,068 $ 521,429 $ 373,854
Total General Obligation Debt $ 8,610,000 $ 7,735,001 $ 6,870,000 5 5,950,000
Total Revenue and General Obli ation Debt $14,584,587 .5 13,408,723 $ 13,280,000 .5 16,540,000
y •.ç;- \, .Y7" . - '" -'
Governmental GO Debt Assessed Value (mry) 3.17% 2.57% 2.12%
Enterprise GO Debt Assessed Value mrv 0.30% 0.21% 0.14%
Total General Obligation Debt/A.V. mrv 147% 2.78% 2.26%
Total Revenue and GO Debt/A.V. mry 6.01% 5.37% 6.28%
General Obligation DebtPerCa its . $2,830 $2,705 $2,283
Total Revenue and GO Debt Per Capita ,906 $5,228 $6,347
General Economic and Demographic Data 2003 2004 2005 2006 Annual Growth
Rate
Population
Assessed Value
Assessed Value Per Capita
Top 10 Tax Payers as a % of Assessed Value
2,794 2,733 2,540 2,606 2.60%
$ 216,698,235 S 223,202,115 $247,172,838 S 263,528,934 6.62%
S 77,558 .5 81,669 $ 97,312 $ 101,124
25.84% 18.48 0,4 16.69% 17.00%
Harbor Enterprise Fund-Specific Data
Total Revenues $1,831,275 $1,846,2761 $1,943,424 $2,394,604
Total Operating Expenses $1,237,187 $1,149,7011 $1,310,211 $1,434,638
Net Revenue Available for Debt Service $594,088 $696,5751 $633,213 $959,966
Annual Debt Service Payments $243,5681 $243,6181 $255,542 $320,741
Debt Coverage 2.441 2.861 2.481 2.99
Gen eral 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
(mry): most recent year; * Unaudited/estimates
D-3