Tab_35THIS AMENDATORY LOAN AGREEMENT, dated the 181h day of October 2016,
between the Alaska Municipal Bond Bank (the "Bank"), a body corporate and politic constituted
as an instrumentality of the State of Alaska (the "State") exercising public and essential
governmental functions, created pursuant to the provisions of Chapter 85, Title 44, Alaska
Statutes, as amended (the "Act"), having its principal place of business at Juneau, Alaska, and
the Northwest Arctic Borough, Alaska, a duly constituted home rule borough of the State (the
"Borough"):
WITNESSETH:
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, 2001 Series A ("2001 Series A Bonds") in the amount of $15,055,000,
evidenced by a Loan Agreement, dated August 1, 2001 (the "2001 Loan Agreement"), between
the Bank and the Borough; and
WHEREAS, as security for repayment of the Loan and as provided in the 2001 Loan
Agreement, the Borough issued its Northwest Arctic Borough General Obligation School Bonds,
2001 Series A, dated August 1, 2001 (the "2001 Municipal Bond"), of which the Bank was the
registered owner; and
WHEREAS, after the issuance of the 2001 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 2001 Series A Bonds and a corresponding portion of the
principal installments of the 2001 Municipal Bond; and
WHEREAS, in connection with the issuance of the 2007 Series One Bonds and the
refunding of a portion of the 2001 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 Northwest Arctic Borough General Obligation Refunding
Bond, 2007 Series A, dated January 31, 2007 (the "2007 Municipal Bond"), in exchange for the
refunded portion of the 2001 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 2001
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 Series A (the "2016 Municipal Bond" and
together with the 2007 Municipal Bond, the "Municipal Bond") and for the refunding of a
portion 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 amounts 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, 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 Borough represents that it has duly adopted all necessary ordinances or resolutions,
including Ordinance 99-07 amOl adopted by the Borough Assembly on January 25, 2000, and
Resolution 01-37, adopted by the Borough Assembly on July 24, 2001 (the "Borough's 2001
Ordinance"), and that the Borough's 2001 Ordinance is in full force and effect, and that it has
taken all proceedings required by law to enable it to enter into the 2001 Loan Agreement and
issue its 2001 Municipal Bond to the Bank and that the 2001 Municipal Bond constituted a
general obligation bond and the full faith and credit of the Borough is pledged for payment of the
principal of, and interest, on the 2001 Municipal Bond.
Page 2
The Borough represents that it has duly adopted all necessary ordinances or resolutions,
including Resolution No. 06-57, adopted on December 5, 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 Amendatory 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 16-43, adopted on September 15, 2016 (the "Borough
Refunding Resolution" and together with the Borough's 2001 Ordinance and the Borough's 2006
Resolution, the "Borough's Ordinance"), and has taken or will take all proceedings required by
law to enable it to enter into this Amendatory Loan Agreement and to issue its 2016 Municipal
Bond to the Bank and that the 2016 Municipal Bond will constitute a 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 14 of the Amended Loan Agreement is amended to include the following
paragraph:
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
5. Section 16 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.
Page 3
A new Section 22 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 either the 2007 Municipal Bond or the
2016 Municipal Bond remains outstanding. The Borough agrees that filings under this Section
22 shall be made in connection with CUSIP Nos. 01179P, 011798 and 01179R. Additional or
alternate CUSIP number(s) may be added from time to time by written notice from the Bank to
the Borough. The Borough agrees that if it shall receive from the Bank CUSIP number(s) in
addition to those set forth in this Section then it shall make its filings using both CUSIP numbers
herein stated and any additional CUSIP number(s).
7. A new Section 23 is added to the 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.
8. A new Section 24 is added to the Amended Loan Agreement, as follows:
(a) The Borough hereby certifies that all 2001 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 that to date all required rebate calculations relating
to the 2001 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 2001 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 2001 Municipal Bond,
9. A new Section 25 is added to the Amended Loan Agreement, as follows:
As heretofore amended and as amended hereby, the 2001 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 B
WIM
DWEN MITCHELL
Executive Director
NORTHWEST ARCTIC BOROUGH, ALASKA
Its:
Page 5
I *uui
Northwest Arctic Borough, Alaska
General Obligation Refunding Bond, 2007 Series A, issued on January 31, 2007 (the "2007
Municipal Bond")
Principal Sum of $1,035,000
Principal Interest
Principal Payment Date Amount Rate
December 1, 2016 $1,035,000 5.00%
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
Northwest Arctic Borough, Alaska
General Obligation Refunding Bond, 2016 Series A, issued on November 3, 2016 (the "2016
Municipal Bond")
Principal Sum of $4,470,000
Principal Payment Date Principal Interest
(December 1) Amount Rate
2016 $70,000 2.000%
2017 1,045,000 2.000
2018 1,075,000 4.000
2019 1,120,000 4.000
2020 1,160,000 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
ifl&eA.UUIilIU I IU IIU I
Page B-i
CITY AND BOROUGH OF SITKA
GENERAL OBLIGATION FINANCIAL SUMMARY
Municipal Financial Position 2011 2012 2013 2014 2015 Average
Property Tax Collections
Borrowers Property Tax Rate per $1,000 $6.00 $6.00 $6.00 $6.00 $6.00 $6.00
Municipal Levy $5,799,400 $5,904,617 $5,957,735 $5,901,738 76,032,826 $5,919,263
Current Year's Collections $5,753,039 $5,874,918 $5,893,492 $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 Rote 100.157. 100.087. 98.92% 99.00% 99.57% 99.54%
General Fund
Unreserved Ending Fund Balance 911,5116,475 $ 13,584,873 $ 14,268,394 $ 15,995,580 $ 14,725,675 $ 14,015,799
Expenditures $ 23,260,649 7 24,1175,729 $ 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 7 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
$ 66,807,401
-
5 b1,593,411 S 132,145,022 1, 131,94,3310 5 125,215,19)0 Revenue Debt - Enterprise Funds
Revenue Debt - Governmental Funds $ 165,750 $ 156,000 $ 146,250 $ 202,641 $ 189,425
General Obligation Debt - Governmental Funds $ 36,300,000 $ 32290,000 $ 31,020,000 $ 28,635,000 $ 25,990,000
General Obligation Debt - Enterprise Funds - - $ - -
Trial General Obligation Debt $ 36,300,000 $ 32,290,000 $ 31,020,001, $ 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
Governmental GO Dell/ Taxable Assessed Value 3,690s 3.2n9, 3.1005 2.91% 2.501,
Total Revenue and GO Debt/A.V. 10.69% 10.20% 13.72% 1401% 14
Genetal Obligauort Debt Per Capita $4,136 $3,507 $3,415 $3,152 52,8hb
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 8,773 8,9521 9,084 1 9,084 9,061 -0.25%
Taxable Assessed Value $ 985,073,129 $ 990,930,238 $ 1,001,066,784 $ 983,623000 $ 1,005,471,000 2.227,
Assessed Value Per Capita $ 112,285 $ 110,6941 $ 110,201 I $ 108,281 I $ 110,967
Top lo Tax Pavers asa%ofAssessed Value 7.64% -. 7.57% 7.579/ 757%7571.
The Oorough has not corepleted its fiscol year 2015 audit as at 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
INet Assets 50,257,420 65,303,394 82,971,633 107,964,376 124,991,510
Operating Revenues 11,401,523 11,611,319 12,077,554 14,240,772 17,118,321
Operating Expenses
Administrative and General 1,739,698 2,003,768 1,975,492 2,860,066 2,406,734
Operation and Maintenance 5,257,342 5,914,895 5,152,028 4,964,074 7,443,239
Depreciation 1,987,558 1,971,739 1,986,195 1,841,712 1,814,707
Operating Income 2,416,925 1,720,917 2,963,839 4,574,920 5,453,641
Nonoperating revenue (expense)
I 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
8 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 (> 125) 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
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
ASSETS
Plant In-Service (net of depreciation) 14,789,299 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 7,824365 939,917
Cash 3,733,467 4,735,101 6,599187 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 1,524898 1,036,361
Total Assets 19,975,567 20,344,919 25,736,942 29,798,858 30,539,916
LIABILITIES AND NET ASSETS
Revenue Bonds Payable 0 0 4,569,486 3,840,000 3,705,000
Other Liabilities 1,405,227 1,156,003 1,144,138 1,689,033 1,592,094
Total Liabilities 1,405,227 1,156,003 5,713,624 5,529,033 5,297,094
NET ASSETS 18,570,340 19,188,916 20,023,318 24269,825 25,242,822
Operating Revenues 2,854,858 3,154,885 3096,419 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&l 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
Property Tax Collections
Borrower's Property Tax Rate per $1,000 $10.51 $10.55 $10.55 $10.66 $10.76 $10.61
Municipal Levy $40,739,944 $41,751,673 $44,252,019 ¶45,108,992 ¶45,852,292 $43,540,984
Current Year's Collections $40,329,083 $41,431,682 ¶43,987,108 $44,818,184 $45,548,172 ¶43,222,846
Current Collection Rate 98.99% 99.23% 99.40% 99.36% 99.34% 99.26%
Total Year's Collections ¶40,728,566 $41,721,795 744,200,111 $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 Operating Res (GASB#54) ri,;29,5 3 .3,454,161 494,334 S 17,285,664 5 26,852,315 5 16,585,252
Expenditures $ 50,540,314 $ 51,283,781 $ 84,553,473 $ 86,380,150 $ 94,808,876 $ 73,513,319
Fund Balance/ Expenditures 3.42% 6.797 8.86% 20.01% 21.38% 12.09%
Total Revenues ¶ 66,008,466 ¶ 50,036,584 ¶ 88,778705 ¶ 97,936,255 $ 98,018,608 ¶ 80,155,584
Intergovernmental Revenues ¶ 14,313,000 ¶ 15,464,700 $ 30,635,700 $ 41,429,692 $ 32,072,000 $ 26,783,018
Percentage Intergovernmental 22% 31% 35% 42% 337. 32.42%
Overall Municipal Debt Position
T43,62%s52 3 41,93u,857 $ 4U,U90,906 S 36,43t,,443 Revenue Debt.. Enterprise Funds $45$58,34f
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 8 197,108,916 $ 179,987,429 ¶ 175,382,524 ¶ 168,965,994 $ 180,722,763
Govenid (20 Deht/ l,J'Ie A-'J 1 iRe 172% 3.28% 3.07% 2.79% 2,52
Tulal Revenue and GO DebtjA.V. 4.94% 4.42% 4.10% 3.86% 4.03'
General Obligation Debt Per Capita $4,242 64,113 $4,023 $3,696 $3,492
Total Revenue and GO Debt Per Capita $6,302 $5,548 $5,370 $5,116 $5,472
General Economic and Demographic Data 2011 1 2012 1 2013 1 2014 1 2015 Annual l-'opulabon
Taxable Assessed Value
Assessed Value Per Capita
Topll Tax Pavers asa% of Assessed Value
-
31,215
$ 3,989,344,944
$ 127,557
- 13.78%-13.73%
32,441
$ 4,071,713,732
$ 125,511
32,660 33,030 33,026 -0017.
$ 4,275,067,217 $ 4,379,714,933 $ 4,484,327,332 2.39%
$ 130,896 $ 132,598 $ 135,782
-
13.61%-13l'( - -- 13.82%
HARBOR ENTERPRISE FUND
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
SETS
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 10,554,614 9,581,172
Other Assets 764,741 847,869 543,407 679,907 1,718,645
al 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 - NPOJOPEB write off
Change in Net Assets 5,004,774 3,114,192 7,384,113 479,291 12,219,908
Population of City 31,275 32,441 32,660 33,064 33,064
Revenue Bond Coverage 1.19 1.79 1.21 1.67 2.60
D-5
~
CITY AND BOROUGH OF JUNEAU
PORT DEVELOPMENT SPECIAL REVENUE FUNI
It1IJth!4i"
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 2,859,078 2,555,051 2,819,979 2,863,133
2,555,051 2,628,580 2,819,979 2,859,078 2,863,133
(1,500,000) (7,310,000) (2,800,000) (2,925,000) (403,900)
1,055,051 (4,681,420) 19,979 (65,922) 2,459,233
31,275 32,441 32,660 33,064
City and Borough of Juneau
Conduit Debt
WILDFLOWER COURT (A not for profit organziation)
FINANCIAL SUMMARY
2011 2012 2013 2014 2015
• Audited Audited Audited Audited Audited
ASSETS
Plant In-Service 4,909,305 4,620,999 4,734,678 3,771,100 3,082,979
Cash 1,582,128 1,752,043 1,437,085 1,970,693 1,956,157
Restricted Assets 1,707,402 2,170,928 1,489,365 1,450,054 1,437,448
Other Assets 1,399,517 1,444,749 1,786,787 1,267,699 1,389,726
Total Assets 9,598,352 9,988,719 9,447,915 8,459,546 7,866,310
LIABILITIES AND NET ASSETS
Bond Debt 13,050,000 11,705,000 11,596,229 10,204,712 8,688,824
Other Liabilities 904,428 2,052,663 1,132,323 996,579 1,012,833
Total Liabilities 13,954,428 13,757,663 12,728,552 11,201,291 9,701,657
NET ASSETS (DEFICIT) (4,356,076) (3,768,944) 3,280,637 (2,741,745) (1,835,347)
Operating Revenues 10,859,195 10,841,324 11,057,791 11,447,862 11,445,168
Operating Expenses 9,894,353 9,594,317 9,666,530 9,961,681 9,745,914
Depreciation 832,579 780,765 935,689 1,008,253 841,433
Operating Income (Loss) 132,263 466,243 455,592 477,928 857,821
NonOperating Revenue (Expense) 61,553 120,890 32,713 60,964 48,577
Change in Net Assets 193,816 587,132 488,305 538,892 906,398
Revenue Bond Coverage 133 112 1-12 1M t18
In 2013 and 2014, Wildflower Court fell short of the required debt service coverage ratio of 1.15 times.
Pursuant to the loan agreement between the City and Borough of Juneau and Wildflower Court,
Wildflower Court worked with the City and Borough to identify measures to return the facility to
compliance with the required debt service coverage ratio in 2015.
D-7
S -
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 70,677,149 99,530,173 98,509,146
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) 3,610,234 14,405,416 1,579,634 3,306,366 4,119,820
Net Income (Loss) Before Contribution 1,824,904 1,775,536 4,401,288 (2,098,527) 5,194,623
Capital Contributions 89,002 471,910 134,658 0 0
Net Transfers-in (Out) 1,152,600 1,152,400 1,123,000 1,077,500 1,054,500
Special item - NPO/OPEB write off
Change in Net Assets 3,066,506 3,399,846 5,658,946 (1,021,027) 6,249,123
Population of City 31,275 32,441 32,660 33,064 33,064
Revenue Bond Coverage 363 3.00 7.34 2.50 8.97
1äUP00InSt55 6000509- General Fund
Gwro1 Obligation FDunciol Summary
I 1011 2002 1013 2510 ____
600w&P00tvTxRi0 peoSl.090 5430 54,50 53.50 54.50 $4,50 54,59
11mddp1 L' 529,055,2.74 SV,419,193 520,023,497 531,720,392 531352.014 530,747,334
CruMYot's Co10dio 529,630410 529,946,001 530352.436 53032596. 531242,025 53500,914
CiCofladtt 953325 90.4525j 953725 95.4525 95.2925 903025
529,047,44S 5343,401,010! 50,794,605 531465.476 531332596 530449,726
Tot1Co11onTat 09.9625 99,94% 09,0225 09242; 95,5925 991925
fi,,n1 Ernd
To1En4irgod9a1n 5 22,131,911 5 22,440333 3 23,310,953 5 24441372 S 26,135,634
&d40 Ed 4,1 S 21,454,055 5 225261.520 5 16296,145 5 191104,656 5 16;IN,6' 61 513,232,010
____ $ 2'2,163,956
3025
S 731342
30',
1 72,432425 573,374,301 $ 79,007,617
2225 2225 2125
573,553,576
251.
Tol,.4 Ro,'m S 70,799293 S 71,205.437 5 74.135,493 S 74,943,074 S 75.764,295 $73,974,670
0000 S 0,533,331 S 9,749,464 5 00,392,037 $ 91454,453 $ 13354.054 510350.074
Per eIet00 poeumtethl 02 2 14 1 17 14
I fh'oB Municipal PoOl Position
010, Deb G0000 IOIYOO&
ReeuorDe9t-Ft,eFmu10 5 S 5 5 5
TobI R00ee 1)094 5 5 5 5
GlObli6u,tDt,eno,u,tol Yool, (Geo00ol Fuo4 e,dv) 5 33,910,000 5 30,230,CIXr 5 26350,900 5 45,095990 5 41,520,000
C,ol 09509440oo Debt. Etqo400 F00,!0 S S S S S
Total C- Ob1,!0oo Debt 5 33,010,000 5 30,230,000 5 26320,000 S 49,053,000 5 41220.500
& 53,910,990 9 30310,000 5 26,020,00'S $ 43,059350 $ 41,920.500
-.-----
Ge&1 Eeoournk esd Doote6rephk Pete 2011 2002 } 2013 201-1 2015 My
Popoleboo 95,400 56,369 56,736 56,062 57.147 03025
S 6,593,534,000 5 6,433,241.000 5 6,716,010,000 5 4,960,106,000 5 6302,443,500 .041,
A0,oedVPCop00 5 115,107 5 117,675 S 115,931 S 122,40515 121,309
Tep20Te.Pvr,eoe 25ofTefo1,k45'ai,,,' 237325 14597; 16W 179525 17.035
L1fltv) 0000400<004 "0*0
5) 2011,2004 ,0 2513 -v,d Food 341-C. 0 l30dNotoboo,vetletetko
ti. 000*o101011333392, 03544,337 *,d 03,34120700<00017000
lIouo, of .!=al oe to ,004* oouoed 0001boothood
902500<0,
060'. 5,2'.
po.oGO Debt
*10 vn,, n,tC 11.0 Al,'. (o,o0
000 0.00.. [ 1122 000 01
°3 046I 02'. '1325
G00orO4be6qu Debt Pot Cet* 2352 5134 5423 .412 5132
Tote1Ree,eadGOt5rbtPerCa5ile 5412k 5139. 5423 9792 9732
Central Peninsula General Hospital
FINANCIAL SUMMARY
211 2Qi2 2013 24 201
ASSETS
Capital Assets (net of depreciation) $67,842,931 $64,853,893 $69,429,959 $71387990 $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 18468,485
Other Assets 19,105,718 29,383,574 29,863,006 32,652905 38,942,891
Total Assets 122.330.313 134,095908 146,313,507 191,966,077 212,108,821
LIABILITIES AND NETASSETS
Revenue Bonds Payable - - 32,490000 33,890,000
GO Bonds Payable 35,990,000 32,255000 30,130,000 27,905.000 25670,000
Other Liabilities 10,965,610 18,041,771 18,176,258 20,336,761 24,137,535
Total Liabilities 48,955,610 50,296,771 48,306,258 80,731,761 83,697,535
NETASSETS 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 86771,449 99,255,770 102,247,165 104,364,018 117,067,440
Depreciation 8,056,595 8,004,562 7,959,305 8,066688 8,471,959
Operating Income (Loss) 6,451,031 9,589,273 13,744,799 14,283,006 18,470,166
Non-Operating Revenue (Expense) (1,105,595> (808,253) (1,541,657) (1,070,583) (1.300,456)
Net Income (Loss) Before Contribution 5,345,436 8,781,020 12,203,142 13,212,423 17,169,710
Capital Contributions 212,945 52.843 2,004,970 14,644 7,260
Change in Net Position 5,558,381 8833,863 14,208,112 13,227,067 17,176,970
D-1O
LOAN AGREEMENT
AGREEMENT, dated as of the 1st day of August 2001, 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 Northwest Arctic Borough, Alaska, a duly constituted home rule borough of the
State (the "Borough"):
WI TN ESSETH:
WHEREAS, pursuantto the Act, the Bank is authorized to make loans of money (the
"Loan" or "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 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 Borough is desirous of borrowing money from the Bank in the
amount of $15,055,000 and has submitted an application to the Bank for a Loan in the
amount of $15,100,000, and the Borough has duly authorized the issuance of its fully regis-
tered bond in the aggregate principal amount of $15,055,000 (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 Borough contains the information requested by
the Bank; and
WHEREAS, to provide for the issuance of bonds of the Bank in order to obtain from
time to time money with which to make Loans, the Bank has adopted the General Bond
Resolution on May 27, 1976, as amended (the "Genera( Bond Resolution"), authorizing the
making of such Loan to the Borough and the purchase of the Municipal Bond.
NOW, THEREFORE, the parties agree:
1. The Bank hereby makes the Loan and the Borough accepts the Loan in the
principal amount of $15,055,000. As evidence of the Loan made to the Borough and such
money borrowed from the Bank by the Borough, the Borough hereby sells to the Bank the
Municipal Bond in the principal amount, with the principal installment payments, and
bearing interest from its date at the rate or rates per annum, stated in Exhibit "A" appended
hereto. For purposes of this Loan Agreement, the interest on the Municipal Bond will be
computed without regard to the provision in Section 7 hereof for the Borough to make
funds available to the Trustee acting under the General Bond Resolution for the payment
of principal and interest at least sever, business days prior to each respective principal and
interest payment date.
2. The Borough represents that it has duly adopted or will adopt all necessary
ordinances or resolutions, including Resolution 0137, adopted by the Borough Assembly
on July 24, 2001 (the "Borough's Resolution"), and has taken or will take all proceedings
required by law to enable it to enter into this Loan Agreement and issue its Municipal Bond
to the Bank and that the Municipal Bonds will constitute general obligation bonds and the
full faith and credit of the Borough is pledged for payment of the principal of, and interest,
on the Municipal Bonds.
3. Subject to any applicable legal limitations, the amounts to be paid by the
Borough pursuant to this Loan Agreement representing interest due on its Municipal Bond
(the "Municipal Bond Interest Payments") shall be computed at the same rate or rates of
interest borne by the corresponding maturities of the bonds sold by the Bank in order to
obtain the money with which to make the Loan and to purchase the Municipal Bond (the
"Loan Obligations") and, unless required under Section 7 hereof, to be paid at least seven
business days before the interest payment date, shall be paid by the Borough 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 Borough 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 Borough pursuant to this Loan Agreement are not made available at any time specified
herein, the Borough 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 Borough, 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 Borough 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
Borough on any principal installment of the Municipal Bond is equal to the interest rate paid
by the Bank on the corresponding principal installment of Bank's refunding bonds and (ii)
AMHBfGeneraI Obligation Bonds, 2001 Series A
Loan Agreement
J;DOCS37421659Lcan Agrømont.wpd Page 2
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 Borough for the
Borough's approval, a revised schedule of principal installment amounts and interest rates
for the Municipal Bond. If approved by the Borough the revised schedule shall be attached
hereto as Exhibit "A" and incorporated herein in replacement of the previous Exhibit "A"
detailing said principal installment amounts and interest rates.
7. The Borough is obligated to pay to the Bank Fees and Charges. Such Fees
and Charges actually collected from the Borough shall be in an amount sufficient, together
with the Borough's Allocable Proportion of other money available therefor under the
provisions of the General Bond Resolution, and other money available therefor, including
any specific grants made by the United States of America or any agency or instrumentality
thereof or by the State or any agency or instrumentality thereof and amounts applied
therefor from amounts transferred to the Operating Fund pursuant to paragraph (3) of
Section 603 of the General Bond Resolution:
(a) to pay, as the same become due, the Borough's Allocable Proportion of the
Administrative Expenses of the Bank; and
(b) to pay, as the same become due, the Borough's Allocable Proportion of the
fees and expenses of the Trustee and paying agent for the Loan Obligations.
The Borough'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 underthe 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 Borough's Allocable Proportion of the fees and
expenses of the Trustee and paying agent for the Loan Obligations is reduced in
consideration of the Borough so making funds available, the Borough 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 Borough 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
Borough 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
AMBB/Generat Ob1atioct Bonds, 2001 Series A
Loan Agreement
J:POCS7421691oan AremenLwpd Page 3
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 Borough shall not redeem prior to maturity
any portion of the Municipal Bond in an amount greater than the Loan Obligations which
are then outstanding and which are then redeemable, and in the event of any such sale
or redemption, the same shall be in an amount not less than the aggregate of (I) the
principal amount of the Municipal Bond (or portion thereof) to be redeemed, (ii) the interest
to accrue on the Municipal Bond (or portion thereof) to be redeemed to the next
redemption date thereof not previously paid, (iii) the applicable premium, if any, payable
on the Municipal Bond (or portion thereof) to be redeemed, and (iv) the cost and expenses
of the Bank in effecting the redemption of the Municipal Bond (or portion thereof) to be
redeemed. The Borough 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
Borough 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 Borough 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
Borough 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 Borough 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
Borough shall furnish to the Bank evidence satisfactory to the Bank which shalt set forth,
among other things, that the Municipal Bond will constitute a valid general obligation of the
Borough.
AMBBfGeneral Obligation Bonds, 2001 Series A
Loan Agreement
J?DOT4216651,on PQtazmant,wpd Page 4
11. Invoices for payments under this Loan Agreement shall be addressed to the
Northwest Arctic Borough at P.O. Box 1110, Kotzebue, Alaska 99752, Attention: Finance
Director. The Borough shall give the Bank and the corporate trust office of the Trustee
under the General Bond Resolution at least 30 days' written notice of any change in such
address.
12. Prior to payment of the amount of the Loan or any portion thereof, and the
delivery of the Municipal Bond to the Bank or its designee, the Bank shall have the right
to cancel all or any part of its obligations hereunder if:
(a) Any representation, warranty or other statement made by the Borough 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 Borough has violated commitments made by it in the terms of this Loan
Agreement.
(C) The financial position of the Borough 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 2001 Series A General Obligation Bonds (the "2001 Series A Bonds") and
receipt of the proceeds thereof.
14. The Borough agrees that it will provide the Bank with written notice of any
default in covenants under the Borough Resolution within 30 days from the date thereof.
15. The Borough 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 Borough 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 Borough 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
Borough, 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
AMBB/General Obligation Bonds, 2001 Series A
Loan Agreement
J;tD0CS37421669Laan Arementwpd Page 5
effect. The Borough shall indemnify and hold harmless the Bank from any obligation of the
Borough to make rebate payments to the United States under said Section 148 arising
from the Borough's use or investment of the proceeds of the Municipal Bond.
16. The Bank shall cause to be prepared an Official Statement (the "Official
Statement") for the 2001 Series A Bonds. The Borough shall provide promptly to the Bank
the information concerning the Borough and the Municipal Bond (the "Municipal Informa-
tion") (i) that the Bank requests for inclusion in the Official Statement, or (ii) that the
Borough considers to be material to the purposes for which the Official Statement is to be
used.
As a condition to the payment of the amount of the Loan or any portion thereof, the
Borough shall provide to the Bank a certificate, dated the date of issue of the 2001 Series
A Bonds, of an authorized officer of the Borough 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 underwhich they
were made, not misleading in any material respect; and (ii) to the best knowledge of such
officer, no event affecting the Borough 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 Borough will undertake in the Disclosure Certificate for the benefit of the
Beneficial Owners of the 2001 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 which shall be substantially similar to the financial
information found in Appendix D to the Official Statement 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 Borough will provide to each NRMSIR or to the Municipal
Securities Rulemaking Board, and to the SID, timely notice of a failure by the Borough to
provide required annual financial information on or before the date specified below. The
annual financial information that the Borough will provide will consist of annual financial
statements for the Borough, 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 Borough, as such fiscal year
may be changed from time to time, commencing with the Borough's fiscal yearending June
30, 2001.
17. If any provision of this Loan Agreement shall for any reason be held to be
invalid or unenforceable, the invalidity or unenforceability of such provision shall not affect
any of the remaining provisions of this Loan Agreement and this Loan Agreement shall be
AMBWGeneraI Obligation Bonds, 2001 Series A
Loan Agreement
cs?1e6st.ar AgreemeRtmpd Page 6
construed and enforced as if such invalid or unenforceable provision had not been
contained herein.
18. This Loan Agreement may be executed in one or more counterparts, any of
which shall be regarded for all purposes as an original and all of which constitute but one
and the same instrument. Each party agrees that it will execute any and all documents or
other instruments, and take such other actions as are necessary, to give effect to the terms
of this Loan Agreement.
19. No waiver by either party of any term or condition of this Loan Agreement
shall be deemed or construed as a waiver of any other term or condition hereof, nor shall
a waiver of any breach of this Loan Agreement be deemed to constitute a waiver of any
subsequent breach, whether of the same or of a different section, subsection, paragraph,
clause, phrase or other provision of this Loan Agreement.
20. In this Loan Agreement, unless otherwise defined herein, all capitalized terms
which are defined in Article I of the General Bond Resolution shall have the same
meanings, respectively, as such terms are given in Article I of the General Bond
Resolution.
21, This Loan Agreement merges and supersedes all prior negotiations,
representations and agreements between the parties hereto relating to the subject matter
hereof and constitutes the entire agreement between the parties hereto in respect thereof.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
the day and year first above written.
[S EA U
• By
• • EVEIJ. MITCHELL
• Executive Director
NORTHWEST ARCTIC BOROUGH, ALASKA
W—A
A11411111P.2iii; V~~-e
Borough Mayor
AMBB/General Obligation Bends, 2001 Series A
Loan Agreement
J:\D0C5\37421669tLoan Areomeiit,wpd Page 7
Northwest Arctic Borough, Alaska
General Obligation School Bonds, 2001 Series A
Principal Date Principal Interest
(March 15)Amount Rate
2003 $90,000 5.00%
2004 545,000 5.00
2005 570,000 4.90
2006 600,000 4.75
2007 625,000 4.75
2008 655,000 4.75
2009 690,000 4.75
2010 720,000 4.75
2011 755,000 4.75
2012 790,000 4.40
2013 825,000 4.50
2014 865,000 4.60
2015 905,000 4.70
2016 945,000 4.75
2017 1,000,000 4.80
2018 1,040,000 4.90
2019 1090,000 4.90
2020 1,145,000 5.00
2021 1,200,000 5.00
The Bonds shall mature on March 15 in each of the years, and in the principal amounts set
forth above. Interest on the Bonds shall be payable on September 15, 2002, and
thereafter on March 15 and September 15 of each year.
Redemption Terms: The Bonds maturing on and after March 15, 2012, are subject to
redemption on and after March 15, 2011, at the option of the Borough at a price of 100%
of the principal amount thereof, in whole or in part, on any date, to be redeemed plus
accrued interest to the date of redemption.
AMBB/Gerieral Ob1Fgaton Bonds 2001 Series A
Loan Agreement - Exhibit A
J\POCS\37421669\Laan Agreenieniwpd Page A-I
AMENDATORY LOAN AGREEMENT
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 Northwest Arctic Borough, Alaska, a duly constituted home rule
borough of the State (the "Borough"):
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 Borough 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 Borough from the proceeds of the Bank's
General Obligation Bonds, 2001 Series A ("2001 Series A Bonds") in the amount of
$15,475,000, evidenced by a Loan Agreement dated as of August 1, 2001 (the "Loan
Agreement") between the Bank and the Borough, and by the General Obligation School
Bond, 2001 Series A of the Borough, dated August 1, 2001 (the "Municipal Bonds") and
purchased by the Bank; and
WHEREAS, the Bank has determined that refunding a portion of the 2001 Series
A 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 2001 Series A
Bonds (the "Refunding 2001 Series A Bonds"); and
WHEREAS, to effect the proposed refunding and resulting debt service savings on
the 2001 Series A 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 2001 Series A Bonds as
provided in the Series Resolution. The amounts of the principal installments of the
Municipal Bonds corresponding to the refunded maturities of the 2001 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 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 Borough 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 0 to the Official Statement and
attached hereto as Exhibit B.
AMBB/Genec& Obligation Bonds, 2007 Series O n e
Amendatory Loan Agreeit - NAB
;\Dos7421 ?4 )oflu.ky ArernonT Page 2
IN WITNESS WHEREOF, the parties hereto have executed this Amendatory Loan
Agreement as of the date first set forth above.
ALASKA MUNICiPAL. 'ONDjANK
[SEAL]
D1EN J. MITCHI
Eecutive Director
NORTHWEST ARCTIC BOROUGH, ALASKA
SIIKAURAQ N&ARTRAYDiMG
Mayor
ATTEST:
HELENA HILDRETH
Borough Clerk
AM8/Gnc3r& Obligation Bonds, 2007 Series One
Amendatory Loan Agreement - NAB
1;0OC&742170efldtcyA9fCCfl)eflt . NAB.pd A-i
EXHIBIT A
AMENDED MATURITY SCHEDULE
Northwest Arctic Borough, Alaska
Northwest Arctic Borough, General Obligation School Bond, 2001 Series A (As Amended)
$9,580,000
Principal Principal
Payment Date Principal Interest Payment Date Principal Interest
(March 15) Amount Rate (March 15) Amount Rate
2003 $90000 5.00% 2010 $720000 4.75%
2004 545,000 5.00 2011 755,000 4.75
2005 570,000 4.90 2012 790,000 4.40
2006 600,000 4.75 2013 825,000 4.50
2007 625,000 4.75 2014 865,000 4.60
2008 655,000 4.75 2015 905,000 4.70
2009 690,000 4.75 2016 945,000 4,75
Redemption Terms: The Bonds maturing on or after March 15, 2012, are subject to
redemption on or after March 15, 2011, at the option of the Borough at a price of 100% of
the principal amount thereof, in whole or in part, on any date, to be redeemed plus accrued
interest to the date of redemption.
$5,675,000
Principal Principal
Payment Date Principal Interest Payment Date Principal Interest
(December 1) Amount Rate (December l Amount. Rate
2007 $5,000 4.00% 2015 $5,000 5.50%
2008 5,000 4.00 2016 1,035,000 5.00
2009 5,000 4.00 2017 600,000 5.00
2010 5,000 4.00 2017 475,000 4.125
2011 5,000 4.00 2018 480,000 4.125
2012 5,000 4,00 2018 645,000 5.00
2013 5,000 5.50 2019 1,175,000 4.00
2014 5,000 4.00 2020 1,220,000 4.125
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.
AMSB/General Obligation Bonds, 2007 Series One
Amendatory Loan Agreement - NAB A 7
,' eemere ' -
AMBB/General Obligation Bonds, 2007 Series One
Amendatory Loan Agreement - NAB
\Dac5\3742 7O4Ar,onaIory Ag'Oriiet NAB.pd
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
Change in Net Assets
Population of Service Area
Population of City
# of Electric Customers
# of Telephone Access Lines
# of Water Customers
Revenue Bond Coverage
Water is only provided within the Cit
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 12,2111495
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 .317 128,451,518 120,8341705
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
67,986,991 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 4,393,991
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, 83,143) (1,504,093)
975,821 (736,376) 882,370 (1.345,877)
257,521 1,099,417 16,761,341 2,661,328
(28,310,596)
1,233,342 _(_27,947,555) 17,643,711 1,315,451
13,125 13,093 13,685 13,683
7,685 7,691 8,002 7,845
7,202 7,161 7,178 7,171
9,840 10,131 10,653 11,259
2,928 2,905 2,851 2,847
3.33 2.22 3.02 1.85
CITY OF KETCHIKAN
KETCHIKAN PUBLIC UTILITIES ENTERPRISE FUND
FINANCIAL SUMMARY
D-1
CITY OF KETCI-IIKAN
PORT FINANCIAL SUMMARY
November 30
2006 2005 2004 2003 2002
Unaudited Audited Audited Audited Audited
$5,092,853 $7,066,674 $5,121,067 $2,895,450 $2,163,498
9,184,461 9,762,409 10,072,444 10,282,618 9,137,592
24,963,293 1,632,135 2,686,197 2,276,353 358,360
21,324,432
41,405 47,113 99,752 129,455 95,360
60,606,444 18,508,331 - 17,979,460 15,583,876
-
12,354,800
1,685,000 1,880,000 2,065,000 2,245,000 2,415,000
38,500,000
3,070,898 3,759,032 2,641,005 3,261,400 114,355
43,255,898 5,639,032 4,606,005 5,506,400 2,529,355
17,350,546 12,869,299 13,373,455 10,077,476 9,825,445
6,461,113 7,096,948 5,000,010 1,774,457 1,661,674
1,055,883 1,945,688 792,954 828,052 595,557
577,948 618,708 632,143 610,454 616,198
93,592 102,100 102,100 102,100 102,100
4,733,690 4,430,452 3,472,813 233,851 347,821
(252,443)_- (66,390) (183,70 (22,824) (100,244)
4,481,247 4,362,062 3,289,107 211,027 247,577
ASSETS
Cash
Port Facilities (net)
Construction Work in Progress
Restricted Assets
Other Assets
Total Assets
LIABILITIES AND NET ASSETS
General Obligation Bonds Payable
Revenue Bonds Payable
Other Liabilities
Total Liabilities
NET ASSETS
Operating Revenues
Operation and Maintenance
Depreciation
Payment in Lieu of Taxes/Taxes
Operating Income (Loss)
Non-Operating Revenue (Expense)
Net Income (Loss) Before Contribution
Contributions 12,251 6,872 41,004 25,000
Extraordinary Item (2,432,884)
Transfers (2,445,585)
Change in Net Assets 4,481,247 _J5 3,295,979 252,031 272,577
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
FINANCIAL SUMMARY
Municipal Financial Position 2003 2004 2005 2006 * Average
Froperty Tax Collections
Borrowers Property Tax Rate per $1,000 $3.12 $3.12 $3.12 $3.12 $3.12
Municipal Levy $634,287 $666,848 $733,298 $792,210 $694,613
Current Years Collections $618,356 $650,763 $717,697 $806,888 $682,430
Current Collection Rate 97,49% 97.5917. 97.877. 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% 101.00% 100.737.
General Fun d
Unreserved Ending Fund Balance $ 4,966,740 $ 51188,880 $ 5,389,198 $ 4,586,941
Expenditures $ 7,037,554 $ 7,037,318 S 8,108,290 $ 10,339,110
Fund Balance/ Expenditures 71% 74% 66% 44% 66%
Total Revenues $ 7,125,917 $ 7,398,160 $ 8,247,8291 $ 8,008,048
Intergovernmental Revenues $ 973,170 $ 829,535 $ 984,920 $ 966,532
Percentage Inter overnmcntal 14% 11% 1TT 12% 13%
Overall Municipal Dc 5t Position - ' : -
Revenue Debt - Enterprise Funds $ 5,974,587 $ 5,673,722 $ 6,410,000 $ 10.590,000
General Obligation Debt - Governmental Funds $ 7,223,262 $ 7,069,933 $ 6,348,571 $ 5,576,146
General Obli a Lion Debt - Enterprise Funds $ 1,386,738 $ 665,068 $ 521,429 373,854
Tota General Obli Stion Debt $ 8,610,000 7,735,001 6,870,000 $ 51950,000
$ 16,540,000 Total Revenue and General Obligation Debt $ 14,584,587 $ 13,408,723 $ 13,280,000
3,17%1 2.57% 2.12% Governmental CO Debt Assessed Value (mrv
Enter riseGODebt Assessed Value mry 0.30% 0.21% 0.14%
Total General Obli ation Debt A.V. 3.47%
6.01%
S2,830
$4,906
2.78% 2.26%
Total Revenue and GO Debt .A.V. 5.37% 6.25%
.General Obligation Debt Per Ca ita $2,705 $2,283
Total Revenue and GO Debt Per Capita $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 Psi era as a % of Assessed Value
2,794 2,733 2,540 2,606 2.60%
1 $ 216,698,235 S 223,202,115 $ 247,172,838 $ 263,528,984
-
6.62%
$ 77,558 S 81,669 $ 97,312 $ 101,124
17.00% 25.84%1 18.48% 16.69%
Harbor Enterprise Fund-Specific Data
Total Revenues $1,831,275 $1,846,276 $1,943,424 $2,394,604
Total Operating Expenses $1,237,187 $1,149,701 $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 $255,5421 20,741
Debt Coverage 41 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
(mry: most recent vear,' Unaudited/estimates
D-3