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Tab_521 i.i g1 iY [IJI[.IIjt U i 'i VERIFICATION REPORT FOR THE GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR CAUSEY DEMGEN & MOORE P.C. Certified Public Accountants and Consultants CAUSEY DEMGEN & MOORE RC. Certified Public Accountants and Consultants 1125 Seventeenth Street - Suite 1450 Denver, Colorado 80202-2025 Telephone: (303) 296-2229 Facsimile: (303) 296-3731 www.causeycpas.com November 3, 2016 Alaska Municipal Bond Bank 333 Willoughby Avenue Juneau, Alaska 99811 Western Financial Group, LLC 3300 NW 185th Avenue, Suite 270 Portland, Oregon 97229 RBC Capital Markets, LLC 60 South Sixth Street, P15 Minneapolis, Minnesota 55402 Orrick, Herrington & Sutcliffe LLP 701 5th Avenue, Suite 5600 Seattle, Washington 98104 We have completed our engagement to verify the mathematical accuracy of (a) the computations relating to the adequacy of cash plus U.S. Treasury Securities to be held in separate escrow accounts to pay the debt service requirements of the following bonds (herein collectively referred to as the "Refunded Bonds") issued by the Alaska Municipal Bond Bank (herein referred to as the "Bond Bank"): • General Obligation School Bonds, 2006B (herein referred to as the "Refunded 2006B Bonds"), • General Obligation Bonds, 2006 Series Two (only those bonds described in Exhibit B-4) (herein referred to as the "Refunded 2006-2 Bonds"), General Obligation Bonds, 2007 Series One (only those bonds described in Exhibit C-4) (herein referred to as the "Refunded 2007-1 Bonds"), • General Obligation Bonds, 2007 Series Two (only those bonds described in Exhibit D-4) (herein referred to as the "Refunded 2007-2 Bonds" and collectively with the Refunded 2006B Bonds, Refunded 2006-2 Bonds, and Refunded 2007-1 Bonds as the "Currently Refunded Bonds"), • General Obligation Bonds, 2007 Series Three (only those bonds described in Exhibit E-4) (herein referred to as the "Refunded 2007-3 Bonds"), • General Obligation Bonds, 2007 Series Five (herein referred to as the "Refunded 2007-5 Bonds"), • General Obligation Bonds, 2008 Series One (only those bonds described in Exhibit G-5) (herein referred to as the "Refunded 2008-1 Bonds"), • General Obligation Bonds, 2008 Series Two (only those bonds described in Exhibit 11-4) (herein referred to as the "Refunded 2008-2 Bonds"), and Alaska Municipal Bond Bank November 3, 2016 Page 2 General Obligation Bonds, 2009 Series One (only those bonds described in Exhibit 1-4) (herein referred to as the "Refunded 2009-1 Bonds" and collectively with Refunded 2007-3 Bonds, Refunded 2007-5 Bonds, Refunded 2008-1 Bonds, and the Refunded 2008-2 Bonds as the "Advance Refunded Bonds"), and (b) the computations supporting the conclusion of Bond Counsel that the following bonds (herein referred to as the "2016 Bonds") to be issued by the Bond Bank are not "arbitrage bonds" under Section 148 of the Internal Revenue Code of 1986, as amended: • General Obligation Refunding Bonds, 2016 Series Three (herein referred to as the "2016-3 Bonds"), and • General Obligation Refunding Bonds, 2016 Series Four (herein referred to as the "2016-4 Bonds"). We express no opinion as to the attainability of the assumptions underlying the computations or the tax-exempt status of the 2016 Bonds. Our verification was performed solely on the information contained in certain schedules of proposed transactions provided by RBC Capital Markets, LLC (herein referred to as the "Underwriter"). In the course of our engagement to verify the mathematical accuracy of the computations in the schedules provided to us, we prepared Exhibits A through K attached hereto and made a part hereof. The scope of our engagement consisted of performing the procedures described herein. These procedures were performed in a manner that we deem to be appropriate. The accompanying exhibits of proposed transactions were prepared on the basis of assumptions underlying the computations and in accordance with the procedures described herein. We did not independently confirm the information used with outside parties. OUR UNDERSTANDING OF THE TRANSACTION The Bond Bank intends to issue the 2016 Bonds on November 3, 2016 to (1) currently refund the: Currently Refunded Bonds, (2) to advance refund the Advance Refunded Bonds, and to (3) finance certain capital improvements. A portion of the proceeds of the 2016 Bonds will be used to purchase a U.S. Treasury Security (State and Local Government Series) (herein referred to as the "2006B Security"), and to provide cash that will be placed into an escrow account (herein referred to as the "2006B Escrow Account"), to currently refund the Refunded 2006B Bonds. A portion of the proceeds of the 2016 Bonds, together with certain amounts to be contributed from the prior borrower debt service reserve fund associated with the Refunded 2006-2 Bonds, will be used to purchase U.S. Treasury Securities (State and Local Government Series) (herein referred to as the "2006-2 Securities"), and to provide cash that will be placed into an escrow account (herein referred to as the "2006-2 Escrow Account"), to currently refund the Refunded 2006-2 Bonds. Alaska Municipal Bond Bank - 2016-3&4 9716591 .doc Alaska Municipal Bond Bank November 3, 2016 Page 3 A portion of the proceeds of the 2016 Bonds, together with certain amounts to be contributed from the Bond Bank debt service reserve fund associated with the Refunded 2007-1 Bonds, will be used to purchase U.S. Treasury Securities (State and Local Government Series) (herein referred to as the "2007-1 Securities"), and to provide cash that will be placed into an escrow account (herein referred to as the "2007-1 Escrow Account"), to currently refund the Refunded 2007-1 Bonds. A portion of the proceeds of the 2016 Bonds, together with certain amounts to be contributed from the Bond Bank debt service reserve fund associated with the Refunded 2007-2 Bonds, will be used to purchase U.S. Treasury Securities (State and Local Government Series) (herein referred to as the "2007-2 Securities"), and to provide cash that will be placed into an escrow account (herein referred to as the "2007-2 Escrow Account"), to currently refund the Refunded 2007-2 Bonds. A portion of the proceeds of the 2016 Bonds, together with certain amounts to be contributed from the prior borrower debt service reserve fund associated with the Refunded 2007-3 Bonds, will be used to purchase U.S. Treasury Securities (State and Local Government Series) (herein referred to as the "2007-3 Securities"), and to provide cash that will be placed into an escrow account (herein referred to as the "2007-3 Escrow Account"), to advanced refund the Refunded 2007-3 Bonds. A portion of-the proceeds of the 2016 Bonds, together with certain amounts to be contributed from the prior borrower reserve fund associated with the Refunded 2007-5 Bonds, will be used to purchase U.S. Treasury Securities (State and Local Government Series) (herein referred to as the "2007-5 Securities"), and to provide cash that will be placed into an escrow account (herein referred to as the "2007-5 Escrow Account"), to advanced refund the Refunded 2007-5 Bonds. A portion of the proceeds of the 2016 Bonds will be used to purchase U.S. Treasury Securities (State and Local Government Series) (herein referred to as the "2008-1 Restricted Securities" that will be placed into an escrow account (herein referred to as the "2008-1 Escrow Account"), together with cash and a U.S. Treasury Security (State and Local Government Series) (herein referred to as the "2008-1 Bond Fund Security" and collectively with the 2008-1 Restricted Securities as the "2008-1 Securities") to be purchased or funded with certain amounts to be contributed from the bond fund associated with the Refunded 2008-1 Bonds, to advance refund the Refunded 2008-1 Bonds. A portion of the proceeds of the 2016 Bonds will be used to purchase U.S. Treasury Securities (State and Local Government Series) (herein referred to as the "2008-2 Securities"), and to provide cash that will be placed into an escrow account (herein referred to as the "2008-2 Escrow Account"), to advanced refund the Refunded 2008-2 Bonds. A portion of the proceeds of the 2016 Bonds, together with certain amounts to be contributed from the prior borrower debt service reserve fund associated with the Refunded 2009-1 Bonds, will be used to purchase U.S. Treasury Securities (State and Local Government Series) (herein referred to as the "2009-1 Securities" and collectively with the 2007-3 Securities, 2007-5 Securities, 2008-1 Securities and the 2008-2 Securities, as the "Restricted Securities"), and to provide cash that will be placed into an escrow account (herein referred to as the "2009-1 Escrow Account"), to advanced refund the Refunded 2009-1 Bonds. Alaska Municipal Bond Bank — 201 6-3&4 97 1659_I .doc Alaska Municipal Bond Bank November 3, 2016 Page 4 The Escrow Agent will redeem the Refunded 2006B Bonds on December 5, 2016 at a redemption price equal to 100% of par, plus accrued interest to such date. The Escrow Agent will pay the scheduled debt service requirements of the Refunded 2006-2 Bonds on December 1, 2016 and will redeem the Refunded 2006-2 Bonds on December 5, 2016 at a redemption price equal to 100% of par, plus accrued interest to such date. The Escrow Agent will pay the scheduled debt service requirements of the Refunded 2007-1 Bonds on December 1, 2016 and will redeem the Refunded 2007-1 Bonds on December 5, 2016 at a redemption price equal to 100% of par, plus accrued interest to such date. The Escrow Agent will pay the scheduled debt service requirements of the Refunded 2007-2 Bonds on December 1, 2016 and will redeem the Refunded 2007-2 Bonds on December 5, 2016 at a redemption price equal to 100% of par, plus accrued interest to such date. The Escrow Agent will pay the debt service requirements of the Refunded 2007-3 Bonds on each scheduled payment date through and including September 1, 2017 and will redeem the Refunded 2007-3, at a redemption price equal to 100% of par, on September 1, 2017, which is the first optional redemption date for these bonds. The Escrow Agent will pay the debt service requirements of the Refunded 2007-5 Bonds on each scheduled payment date through and including September 1, 2017 and will redeem those Refunded 2007-5 Bonds maturing on September 1, 2018 and thereafter, at a redemption price equal to 100% of par, on September 1, 2017, which is the first optional redemption date for these bonds. The Escrow Agent will pay the debt service requirements of the Refunded 2008-I Bonds on each scheduled payment date through and including April 1, 2018 and will redeem those Refunded 2008-1 Bonds maturing on April 1, 2019 and thereafter, at a redemption price equal to 100% of par, on April 1, 2018, which is the first optional redemption date for these bonds. The Escrow Agent will pay the debt service requirements of the Refunded 2008-2 Bonds on each scheduled payment date through and including June 1, 2018 and will redeem the Refunded 2008-2, at a redemption price equal to 100% of par, on June 1, 2018, which is the first optional redemption date for these bonds. The Escrow Agent will pay the debt service requirements of the Refunded 2009-1 Bonds on each scheduled payment date through and including September 1, 2018 and will redeem those Refunded 2009-1 Bonds maturing on September 1, 2019 and thereafter, at a redemption price equal to 100% of par, on September 1, 2018, which is the first optional redemption date for these bonds. 2006B ESCROW ACCOUNT TRANSACTIONS We verified the mathematical accuracy of the accompanying calculations of the 2006B Escrow Account transactions proposed to advance refund the Refunded 2006B Bonds. Alaska Municipal Band Bunk - 2016-3&4 971659) don Alaska Municipal Bond Bank November 3, 2016 Page 5 The presently outstanding debt service requirements of the Refunded 2006B Bonds will be satisfied by the purchase of the 2006B Security (as described in Exhibit A-2) plus $10.27 in cash. The 2006B Security and cash will be placed in the 2006B Escrow Account and held therein until the Refunded 2006B Bonds are redeemed as previously described. We read a copy of the Official Statement for the Refunded 2006B Bonds insofar as these obligations are described with respect to principal outstanding, interest rates, maturity dates, and redemption provisions. We assumed this document to be accurate and all debt service payments on the Refunded 2006B Bonds to be current as of November 3, 2016. We compared the above information set forth in this Official Statement with the related information contained in the schedules provided to us and found the information to be consistent. We compared the subscribed interest rate of the 2006B Security (State and Local Government Series) to be purchased and placed in the 2006B Escrow Account with the maximum allowable interest rate as published in the SLGS Daily Rate Table by the Bureau of the Fiscal Service for October 18, 2016 and found the subscribed rate to be less than or equal to the maximum allowable rate that was in effect on the subscription date for this maturity date. Based on the procedures and information set forth above, the computations provided to us and represented in Exhibits A through A-3, which indicate that the cash and 2006B Security proposed to be placed in the 2006B Escrow Account by the Bond Bank will produce the amount necessary to provide for the timely payment of the proposed debt payment schedule on the Refunded 2006B Bonds, are mathematically correct. 2006-2 ESCROW ACCOUNT TRANSACTIONS We verified the mathematical accuracy of the accompanying calculations of the 2006-2 Escrow Account transactions proposed to advance refund the Refunded 2006-2 Bonds. The presently outstanding debt service requirements of the Refunded 2006-2 Bonds will be satisfied by the purchase of the 2006-2 Securities (as described in Exhibit B-2) plus $1.99 in cash. The 2006-2 Securities and cash will be placed in the 2006-2 Escrow Account and held therein until the Refunded 2006-2 Bonds are redeemed as previously described. We read a copy of the Official Statement for the Refunded 2006-2 Bonds insofar as these obligations are described with respect to principal amounts, interest rates, maturity dates, and redemption provisions. We assumed this document to be accurate and all debt service payments on the Refunded 2006-2 Bonds to be current as of November 3, 2016. We compared the above information set forth in this Official Statement with the related information contained in the schedules provided to us and found the information to be consistent. We compared the subscribed interest rates of the 2006-2 Securities (State and Local Government Series) to be purchased and placed in the 2006-2 Escrow Account with the maximum allowable interest rates as published in the SLGS Daily Rate Table by the Bureau of the Fiscal Service for Alaska Municipal Bond Bank —2016-3&4 971659_idoc Alaska Municipal Bond Bank November 3, 2016 Page 6 October 18, 2016 and found the subscribed rates to be less than or equal to the maximum allowable rates that were in effect on the subscription date for each applicable maturity date. Based on the procedures and information set forth above, the computations provided to us and represented in Exhibits B through B-3, which indicate that the cash and 2006-2 Securities proposed to be placed in the 2006-2 Escrow Account by the Bond Bank will produce the amounts necessary to provide for the timely payment of the proposed debt payment schedule on the Refunded 2006-2 Bonds, are mathematically correct. 2007-1 ESCROW ACCOUNT TRANSACTIONS We verified the mathematical accuracy of the accompanying calculations of the 2007-1 Escrow Account transactions proposed to advance refund the Refunded 2007-1 Bonds. The presently outstanding debt service requirements of the Refunded 2007-1 Bonds will be satisfied by the purchase of the 2007-1 Securities (as described in Exhibit C-2) plus $9.21 in cash. The 2007-1 Securities and cash will be placed in the 2007-1 Escrow Account and held therein until the Refunded 2007-1 Bonds are redeemed as previously described. We read a copy of the Official Statement for the Refunded 2007-1 Bonds insofar as these obligations are described with respect to principal amounts, interest rates, maturity dates, and redemption provisions. We assumed this document to be accurate and all debt service payments on the Refunded 2007-1 Bonds to be current as of November 3, 2016. We compared the above information set forth in this Official Statement with the related information contained in the schedules provided to us and found the information to be consistent. We compared the subscribed interest rates of the 2007-1 Securities (State and Local Government Series) to be purchased and placed in the 2007-1 Escrow Account with the maximum allowable interest rates as published in the SLGS Daily Rate Table by the Bureau of the Fiscal Service for October 18, 2016 and found the subscribed rates to be less than or equal to the maximum allowable rates that were in effect on the subscription date for each applicable maturity date. Based on the procedures and information set forth above, the computations provided to us and represented in Exhibits C through C-3, which indicate that the cash and 2007-1 Securities proposed to be placed in the 2007-1 Escrow Account by the Bond Bank will produce the amounts necessary to provide for the timely payment of the proposed debt payment schedule on the Refunded 2007-1 Bonds, are mathematically correct. 2007-2 ESCROW ACCOUNT TRANSACTIONS We verified the mathematical accuracy of the accompanying calculations of the 2007-2 Escrow Account transactions proposed to advance refund the Refunded 2007-2 Bonds. The presently outstanding debt service requirements of the Refunded 2007-2 Bonds will be satisfied by the purchase of the 2007-2 Securities (as described in Exhibit D-2) plus $3.57 in cash. The Alaska Municipal Bond Bank - 2016-3&4 971659 l,do Alaska Municipal Bond Bank November 3, 2016 Page 7 2007-2 Securities and cash will be placed in the 2007-2 Escrow Account and held therein until the Refunded 2007-2 Bonds are redeemed as previously described. We read a copy of the Official Statement for the Refunded 2007-2 Bonds insofar as these obligations are described with respect to principal amounts, interest rates, maturity dates, and redemption provisions. We assumed this document to be accurate and all debt service payments on the Refunded 2007-2 Bonds to be current as of November 3, 2016. We compared the above information set forth in this Official Statement with the related information contained in the schedules provided to us and found the information to be consistent. We compared the subscribed interest rates of the 2007-2 Securities (State and Local Government Series) to be purchased and placed in the 2007-2 Escrow Account with the maximum allowable interest rates as published in the SLGS Daily Rate Table by the Bureau of the Fiscal Service for October 18, 2016 and found the subscribed rates to be less than or equal to the maximum allowable rates that were in effect on the subscription date for each applicable maturity date. Based on the procedures and information set forth above, the computations provided to us and represented in Exhibits D through D-3, which indicate that the cash and 2007-2 Securities proposed to be placed in the 2007-2 Escrow Account by the Bond Bank will produce the amounts necessary to provide for the timely payment of the proposed debt payment schedule on the Refunded 2007-2 Bonds, are mathematically correct. 2007-3 ESCROW ACCOUNT TRANSACTIONS We verified the mathematical accuracy of the accompanying calculations of the 2007-3 Escrow Account transactions proposed to advance refund the Refunded 2007-3 Bonds. The presently outstanding debt service requirements of the Refunded 2007-3 Bonds will be satisfied by the purchase of the 2007-3 Securities (as described in Exhibit E-2) plus $1.74 in cash. The 2007-3 Securities and cash will be placed in the 2007-3 Escrow Account and held therein until the Refunded 2007-3 Bonds are redeemed as previously described. We read a copy of the Official Statement for the Refunded 2007-3 Bonds insofar as these obligations are described with respect to principal amounts, interest rates, maturity dates, and redemption provisions. We assumed this document to be accurate and all debt service payments on the Refunded 2007-3 Bonds to be current as of November 3, 2016. We compared the above information set forth in this Official Statement with the related information contained in the schedules provided to us and found the information to be consistent. We compared the subscribed interest rates of the 2007-3 Securities (State and Local Government Series) to be purchased and placed in the 2007-3 Escrow Account with the maximum allowable interest rates as published in the SLGS Daily Rate Table by the Bureau of the Fiscal Service for October 18, 2016 and found the subscribed rates to be less than or equal to the maximum allowable rates that were in effect on the subscription date for each applicable maturity date. Alaska Municipal Bond Bank - 201-3&4 971659 l.doe Alaska Municipal Bond Bank November 3, 2016 Page 8 Based on the procedures and information set forth above, the computations provided to us and represented in Exhibits E through E-3, which indicate that the cash and 2007-3 Securities proposed to be placed in the 2007-3 Escrow Account by the Bond Bank will produce the amounts necessary to provide for the timely payment of the proposed debt payment schedule on the Refunded 2007-3 Bonds, are mathematically correct. 2007-5 ESCROW ACCOUNT TRANSACTIONS We verified the mathematical accuracy of the accompanying calculations of the 2007-5 Escrow Account transactions proposed to advance refund the Refunded 2007-5 Bonds. The presently outstanding debt service requirements of the Refunded 2007-5 Bonds will be satisfied by the purchase of the 2007-5 Securities (as described in Exhibit F-2) plus $2.45 in cash. The 2007-5 Securities and cash will be placed in the 2007-5 Escrow Account and held therein until the Refunded 2007-5 Bonds are redeemed as previously described. We read a copy of the Official Statement for the Refunded 2007-5 Bonds insofar as these obligations are described with respect to principal outstanding, interest rates, maturity dates, and redemption provisions. We assumed this document to be accurate and all debt service payments on the Refunded 2007-5 Bonds to be current as of November 3, 2016. We compared the above information set forth in this Official Statement with the related information contained in the schedules provided to us and found the information to be consistent. We compared the subscribed interest rates of the 2007-5 Securities (State and Local Government Series) to be purchased and placed in the 2007-5 Escrow Account with the maximum allowable interest rates as published in the SLGS Daily Rate Table by the Bureau of the Fiscal Service for October 18, 2016 and found the subscribed rates to be less than or equal to the maximum allowable rates that were in effect on the subscription date for each applicable maturity date. Based on the procedures and information set forth above, the computations provided to us and represented in Exhibits F through F-3, which indicate that the cash and 2007-5 Securities proposed to be placed in the 2007-5 Escrow Account by the Bond Bank will produce the amounts necessary to provide for the timely payment of the proposed debt payment schedule on the Refunded 2007-5 Bonds, are mathematically correct. 2008-1 ESCROW ACCOUNT TRANSACTIONS We verified the mathematical accuracy of the accompanying calculations of the 2008-1 Escrow Account transactions proposed to advance refund the Refunded 2008-1 Bonds. The presently outstanding debt service requirements of the Refunded 2008-1 Bonds will be satisfied by the purchase of the 2008-1 Securities (as described in Exhibit G-3) plus $5.49 in cash. The 2008-1 Securities and cash will be placed in the 2008-1 Escrow Account and held therein until the Refunded 2008-1 Bonds are redeemed as previously described. Alaska Municipal Bond Bank— 2016-3&4 971659_1.doc Alaska Municipal Bond Bank November 3, 2016 Page 9 We read a copy of the Official Statement for the Refunded 2008-1 Bonds insofar as these obligations are described with respect to principal amounts, interest rates, maturity dates, and redemption provisions. We assumed this document to be accurate and all debt service payments on the Refunded 2008-1 Bonds to be current as of November 3, 2016. We compared the above information set forth in this Official Statement with the related information contained in the schedules provided to us and found the information to be consistent. We compared the subscribed interest rates of the 2008-1 Securities (State and Local Government Series) to be purchased and placed in the 2008-1 Escrow Account with the maximum allowable interest rates as published in the SLGS Daily Rate Table by the Bureau of the Fiscal Service for October 18, 2016 and found the subscribed rates to be less than or equal to the maximum allowable rates that were in effect on the subscription date for each applicable maturity date. Based on the procedures and information set forth above, the computations provided to us and represented in Exhibits G through G-4, which indicate that the cash and 2008-1 Securities proposed to be placed in the 2008-1 Escrow Account by the Bond Bank will produce the amounts necessary to provide for the timely payment of the proposed debt payment schedule on the Refunded 2008-1 Bonds, are mathematically correct, 2008-2 ESCROW ACCOUNT TRANSACTIONS We verified the mathematical accuracy of the accompanying calculations of the 2008-2 Escrow Account transactions proposed to advance refund the Refunded 2008-2 Bonds. The presently outstanding debt service requirements of the Refunded 2008-2 Bonds will be satisfied by the purchase of the 2008-2 Securities (as described in Exhibit H-2) plus $1.86 in cash. The 2008-2 Securities and cash will be placed in the 2008-2 Escrow Account and held therein until the Refunded 2008-2 Bonds are redeemed as previously described. We read a copy of the Official Statement for the Refunded 2008-2 Bonds insofar as these obligations are described with respect to principal amounts, interest rates, maturity dates, and redemption provisions, We assumed this document to be accurate and all debt service payments on the Refunded 2008-2 Bonds to be current as of November 3, 2016. We compared the above information set forth in this Official Statement with the related information contained in the schedules provided to us and found the information to be consistent. We compared the subscribed interest rates of the 2008-2 Securities (State and Local Government Series) to be purchased and placed in the 2008-2 Escrow Account with the maximum allowable interest rates as published in the SLGS Daily Rate Table by the Bureau of the Fiscal Service for October 18, 2016 and found the subscribed rates to be less than or equal to the maximum allowable rates that were in effect on the subscription date for each applicable maturity date. Based on the procedures and information set forth above, the computations provided to us and represented in Exhibits H through H-3, which indicate that the cash and 2008-2 Securities proposed to be placed in the 2008-2 Escrow Account by the Bond Bank will produce the amounts necessary Alaska Municipal Bond Bank - 2016-3&4 971659_l.doo Alaska Municipal Bond Bank November 3, 2016 Page 10 to provide for the timely payment of the proposed debt payment schedule on the Refunded 2008-2 Bonds, are mathematically correct. 2009-1 ESCROW ACCOUNT TRANSACTIONS We verified the mathematical accuracy of the accompanying calculations of the 2009-1 Escrow Account transactions proposed to advance refund the Refunded 2009-1 Bonds. The presently outstanding debt service requirements of the Refunded 2009-1 Bonds will be satisfied by the purchase of the 2009-1 Securities (as described in Exhibit 1-2) plus $1.51 in cash. The 2009- 1 Securities and cash will be placed in the 2009-1 Escrow Account and held therein until the Refunded 2009-1 Bonds are redeemed as previously described. We read a copy of the Official Statement for the Refunded 2009-1 Bonds insofar as these obligations are described with respect to principal amounts, interest rates, maturity dates, and redemption provisions. We assumed this document to be accurate and all debt service payments on the Refunded 2009-1 Bonds to be current as of November 3, 2016. We compared the above information set forth in this Official Statement with the related information contained in the schedules provided to us and found the information to be consistent. We compared the subscribed interest rates of the 2009-1 Securities (State and Local Government Series) to be purchased and placed in the 2009-1 Escrow Account with the maximum allowable interest rates as published in the SLGS Daily Rate Table by the Bureau of the Fiscal Service for October 18, 2016 and found the subscribed rates to be less than or equal to the maximum allowable rates that were in effect on the subscription date for each applicable maturity date. Based on the procedures and information set forth above, the computations provided to us and represented in Exhibits I through 1-3, which indicate that the cash and 2009-1 Securities proposed to be placed in the 2009-1 Escrow Account by the Bond Bank will produce the amounts necessary to provide for the timely payment of the proposed debt payment schedule on the Refunded 2009-1 Bonds, are mathematically correct. inuimx.si rui,iri :is)i Ii We verified the mathematical accuracy of the accompanying computations of the yield on the 2016 Bonds as of November 3, 2016. For purposes of this calculation, yield is defined as the rate of interest which, using the assumptions and procedures set forth herein, discounts the combined adjusted payments to be made on the 2016 Bonds to an amount equal to the aggregate target purchase price of the 2016 Bonds. The computations were made using a 360-day year with interest compounded semi-annually and treated $150,000.00 as the surety premium, $13,299,425.30 as the net original issue premium (which results in an aggregate target purchase price of $122,984,425.30). As instructed by Bond Counsel, the bond insurance premium of $9,700.00 is not a qualified guaranty fee for yield purposes. Alaska Municipal Band Bank— 2016-3&4 971659j.doc Alaska Municipal Bond Bank November 3, 2016 Page 11 In conducting our verification, we assumed that the re-offering prices of the 2016 Bonds are as described in Exhibits J-1 and J-2, that (1) the 2016-3 Bonds stated to mature on or before December 1, 2027 are not optionally callable prior to maturity, (2) the 2016-4 Bonds stated to mature on or before December 1, 2026 are not optionally callable prior to maturity, and (3) the 2016-3 Bonds stated to mature on December 1, 2028 and thereafter and the 2016-4 stated to mature on December 1, 2027 and thereafter, are optionally callable at par on and after December 1, 2026. For the 2016-3 Bonds maturing on December 1, 2028 and each maturity of the 2016-4 Bonds stated to mature on December 1, 2027 through and including December 1, 2035 (which represent the only callable maturities with reoffering prices in excess of the safe harbor limit of 102.500%) (herein referred to as the "Callable Premium Bonds"), we tested to determine whether the lowest yield on each such bond is achieved by treating each such bond (1) as being redeemed on December 1, 2026 at par or (2) as being retired on its stated maturity date. We assumed that all other maturities of the 2016 Bonds would be retired on the dates and in the amounts set forth in Exhibits J-1 and J-2. Based upon the assumptions, procedures and information set forth above, the computations provided to us and represented in Exhibits J and J-2, which indicate that the yield on the 2016 Bonds, assuming that each Callable Premium Bond is redeemed at par on December 1, 2026, is 2.59845%, are mathematically correct. YIELD ON THE PORTION OF THE RESTRICTED SECURITIES PURCHASED WITH 2016 BOND PROCEEDS We verified the mathematical accuracy of the accompanying computation of the yield on the portion of the Restricted Securities purchased with 2016 Bond Proceeds based on an assumed settlement date of November 3, 2016 and a purchase price of $33,522,203.29. For purposes of this calculation, yield is defined as the rate of interest which, using the assumptions and procedures set forth herein, discounts the cash receipts from the portion of the Restricted Securities purchased with 2016 Bond proceeds to an amount equal to the purchase price of the portion of the Restricted Securities purchased with 2016 Bond proceeds. The computations were made using a 360-day year with interest compounded semi-annually and were based on the dates the funds are to be received in the escrow accounts and assume that all cash balances are not reinvested. Based upon the procedures and information set forth above, the computations provided to us and represented in Exhibit K, which indicate that the yield on the portion of the Restricted Securities purchased with 2016 Bond proceeds is 0.67510% (which is less than the yield on the 2016 Bonds), are mathematically correct. LSJi 51) h i :1 F3 a It is understood that this report is solely for the information of and assistance to the addressees hereof in connection with the issuance of the 2016 Bonds and is not to be used, relied upon, circulated, quoted or otherwise referred to for any other purpose without our written consent, except that (i) reference may be made to the report in the Official Statement for the 2016 Bonds, (ii) reference may be made to the report in the purchase contract or in any closing documents pertaining to the issuance of the 2016 Bonds, (iii) the report may be used in its entirety as an exhibit to the Alaska Municipal Bond Bank -2016-3&4 97169Idoc Alaska Municipal Bond Bank November 3, 2016 Page 12 escrow agreement for the Refunded Bonds, (iv) the report may be included in the transcripts pertaining to the issuance of the 2016 Bonds, (v) the report may be relied upon by Bond Counsel in connection with its opinions concerning the Refunded Bonds and the 2016 Bonds, (vi) the report may be relied upon by any rating agency or bond insurer that shall have rated or insured or that will rate or insure the Refunded Bonds or the 2016 Bonds, and (vii) the report may be relied upon by the Escrow Agent for the Refunded Bonds. The scope of our engagement is deemed by the addressees hereto to be sufficient to assist such parties in evaluating the mathematical accuracy of the various computations cited above. The sufficiency of this scope is solely the responsibility of the specified users of this report and should not be taken to supplant any additional inquiries or procedures that the users would undertake in their consideration of the issuance of the bonds related to the transaction described herein. We make no representation regarding the sufficiency of the scope of this engagement. This report should not be used by any party who does not agree to the scope set forth herein and who does not take responsibility for the sufficiency and appropriateness of such scope for their purposes. We have no obligation to update this report because of events, circumstances, or transactions occurring subsequent to the date of this report. Very truly yours, /fl419I*1 i /Z'e# I Alaska Municipal Bond Bask 2016-3&4 971659_I .doc EXHIBIT A ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR 2006B ESCROW ACCOUNT CASH FLOW AS OF NOVEMBER 3, 2016 Cash Cash Receipt From Disbursement the 2006B From the 2006B Security Escrow Account Cash Date (Exhibit A-i) (Exhibit A-3) Balance Beginning Balance: $10.27 05-Dec-16 $18,759,934.47 $18,759,934.74 10.00 $18,759,934.47 $18,759,934.74 EXHIBIT A-i ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR CASH RECEIPT FROM THE 2006B SECURITY AS OF NOVEMBER 3, 2016 $18,755,988.00 0.240000% Total Payment SLGS (1) Cash Date 05-Dec-16 Receipt 05-Dec-16 $18,759,934.47 $18,759,934.47 $18,759,934.47 $18,759,934.47 (1) U.S. Treasury Certificate of Indebtedness (State and Local Government Series). EXHIBIT A-2 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DESCRIPTION OF THE 2006B SECURITY AS OF NOVEMBER 3, 2016 Settlement Maturity Par Coupon Total Date Date Amount Rate Price Cost SLGS 03-Nov-16 05-Dec-16 $18,755,988.00 0.240% 100,000000% $18,755,988.00 $18,755,988.00 $18,755,988.00 EXHIBIT A-3 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR ESCROW ACCOUNT DISBURSEMENT REQUIREMENTS FOR THE REFUNDED 2006B BONDS AS OF NOVEMBER 3, 2016 Payment For Payment Principal Date Rate Redeemed Interest Total 05-Dec-16 Various $18,560,000.00 $199,934.74 $18,759,934.74 $18,560,000.00 $199,934.74 $18,759,934.74 EXHIBIT A-4 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DEBT SERVICE REQUIREMENTS FOR THE REFUNDED 2006B BONDS ASSUMING NO OPTIONAL REDEMPTIONS PRIOR TO MATURITY AS OF NOVEMBER 3, 2016 (FOR INFORMATIONAL PURPOSES ONLY) Payment Payment For Total Debt Date Rate Principal Interest Payment 01-Mar-17 $382,853.75 $382,853.75 01-Sep-17 4.000% $3,385,000.00 382,853.75 3,767,853.75 01-Mar-18 315,153.75 315,153.75 01-Sep-18 4.100% 3,545,000.00 315,153.75 3,860,153.75 01-Mar-19 242,481.25 242,481.25 01-Sep-19 4.125% 3,680,000.00 242,481.25 3,922,481.25 01-Mar-20 166,581.25 166,581.25 01-Sep-20 4.125% 3,770,000.00 166,581.25 3,936,581.25 01-Mar-21 88,825.00 88,825.00 01-Sep-21 4.250% 4,180,000.00 88,825.00 4,268,825,00 $18,560,000.00 $2,391,790.00 $20,951,790.00 EXHIBIT B ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR 2006-2 ESCROW ACCOUNT CASH FLOW AS OF NOVEMBER 3, 2016 Cash Cash Receipts From Disbursements the 2006-2 From the 2006-2 Securities Escrow Account Cash Date (Exhibit B-i) (Exhibit B-3) Balance Beginning Balance: $1.99 01-Dec-16 $846,562.00 $846,562.50 1.49 05-Dec-16 32,628,812.02 32,628,812.50 1,01 $33,475,374.02 $33,475,375.00 EXHIBIT B-i ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR CASH RECEIPTS FROM THE 2006-2 SECURITIES AS OF NOVEMBER 3, 2016 $846,562.00 $32,621,948.00 0,000000% 0.240000% Total Payment SLGS (1) SLGS (1) Cash Date 01-Dec-16 05-Dec-16 Receipts 01-Dec-16 $846,562.00 $846,562.00 05-Dec-16 $32,628,812.02 32,628,812.02 $846,562.00 $32,628,812.02 $33,475,374.02 (1) 15.5, Treasury Certificate of Indebtedness (State and Local Government Series). EXHIBIT B-2 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DESCRIPTION OF THE 2006-2 SECURITIES AS OF NOVEMBER 3, 2016 Settlement Maturity Par Coupon Total Type Date Date Amount Rate Price Cost SLGS 03-Nov-16 01-Dec-16 $846,562.00 0.000% 100.000000% $846,562.00 SLGS 03-Nov-16 05-Dec-16 32,621,948.00 0.240% 100,000000% 32,621,948.00 $33,468,510.00 $33,468,510.00 EXHIBIT B-3 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR ESCROW ACCOUNT DISBURSEMENT REQUIREMENTS FOR THE REFUNDED 2006-2 BONDS AS OF NOVEMBER 3, 2016 Payment For Payment Principal Date Rate Redeemed Interest Total 01-Dec-16 $846,562.50 $846,562.50 05-Dec-16 Various $32,610,000.00 18,812.50 32,628,812.50 $32,610,000.00 $865,375.00 $33,475,375.00 EXHIBIT B-4 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DEBT SERVICE REQUIREMENTS FOR THE REFUNDED 2006-2 BONDS ASSUMING NO OPTIONAL REDEMPTIONS PRIOR TO MATURITY AS OF NOVEMBER 3, 2016 (FOR INFORMATIONAL PURPOSES ONLY) Payment Payment For Total Debt Date Rate Principal Interest Payment 01-Dec-16 $846,562.50 $846,562.50 01-Jun-17 846,562.50 846,562.50 01-Dec-17 5.500% $975,000.00 846,562.50 1,821,562.50 01 Jun- I 8 819,750.00 819,750.00 01-Dec-18 5.500% 1,025,000.00 819,750.00 1,844,750.00 01-Jun-19 791,562.50 791,562.50 01-Dee-19 5.500% 1,085,000.00 791,562,50 1,876,562.50 01-Jun-20 761,725.00 761,725.00 01-Dec-20 5.500% 1,140,000.00 761,725.00 1,901,725.00 01-Jun-21 730,375,00 730,375.00 01-Dec-21 5.500% 1,205,000.00 730,375.00 1,935,375.00 01-Jun-22 697,237.50 697,237.50 01-Dec-22 5.500% 1,270,000.00 697,237.50 1,967,237.50 01-Jun-23 662,312.50 662,312.50 01-Dec-23 5.500% 1,340,000.00 662,312.50 2,002,312.50 01-Jun-24 625,462.50 625,462.50 01-Dec-24 5.500% 1,415,000.00 625,462.50 2,040,462.50 01-Jun-25 586,550.00 586,550.00 01-Dec-25 5,500% 1,495,000.00 586,550.00 2,081,550.00 01-Jun-26 545,437.50 545,437,50 01-Dec-26 5,500% 1,575,000,00 545,437.50 2,120,437.50 01-Jun-27 502,125,00 502,125,00 01-Dec-27 5.000% 1,660,000.00 502,125.00 2,162,125,00 01-Jun-28 460,625.00 460,625,00 01-Dec-28 5.000% 1,745,000.00 460,625.00 2,205,625.00 01-Jun-29 417,000,00 417,000.00 01-Dec-29 5.000% 1,830,000.00 417,000.00 2,247,000.00 01-Jun-30 371,250.00 371,250.00 01-Dec-30 5.000% 1,925,000.00 371,250.00 2,296,250.00 01-Jun-31 323,125.00 323,125,00 01-Dec-31 5.000% 2,020,000.00 323,125.00 2,343,125,00 01-Jun-32 272,625.00 272,625.00 01-Dec-32 5,000% 2,120,000.00 272,625.00 2,392,625.00 01-Jun-33 219,625,00 219,625.00 01-Dec-33 5.000% 2,225,000.00 219,625.00 2,444,625.00 01-Jun-34 164,000.00 164,000.00 01-Dec-34 5.000% 2,340,000.00 164,000.00 2,504,000.00 01-Jun-35 105,500.00 105,500.00 01-Dec-35 5,000% 4,220,000.00 105,500.00 4,325,500.00 $32,610,000.00 $20,652,262.50 $53,262,262.50 EXHIBIT C ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR 2007-1 ESCROW ACCOUNT CASH FLOW AS OF NOVEMBER 3, 2016 Cash Cash Receipts From Disbursements the 2007-1 From the 2007-1 Securities Escrow Account Cash Date (Exhibit C-i) (Exhibit C-3) Balance Beginning Balance: $9.21 01-Dec-16 $246,517.00 $246,515.63 10.58 05-Dec-16 11,235,474.57 11,235,478.13 7.02 $11,481,991.57 $11,481,993.76 EXHIBIT C-i ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR CASH RECEIPTS FROM THE 2007-1 SECURITIES AS OF NOVEMBER 3, 2016 $246,517.00 $11,233,111.00 0.000000% 0.240000% Total Payment SLGS (1) SLGS (1) Cash Date 01-Dec-16 05-Dec-16 Receipts 01-Dec-16 $246,517.00 $246,517.00 05-Dec-16 $11,235,474.57 11,235,474.57 $246,517.00 $11,235,474.57 $11,481,991.57 (1) U.S. Treasury Certificate of Indebtedness (State and Local Government Series). EXHIBIT C-2 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DESCRIPTION OF THE 2007-1 SECURITIES AS OF NOVEMBER 3, 2016 Settlement Maturity Par Coupon Total Type Date Date Amount Rate Price Cost SLGS 03-Nov-16 01-Dec-16 $246,517.00 0.000% 100.000000% $246,517.00 SLGS 03-Nov-16 05-Dec-16 11,233,111.00 0.240% 100.000000% 11,233,111.00 $11,479,628.00 $11,479,628.00 EXHIBIT C-3 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR ESCROW ACCOUNT DISBURSEMENT REQUIREMENTS FOR THE REFUNDED 2007-1 BONDS AS OF NOVEMBER 3, 2016 Payment For Payment Principal Date Rate Redeemed Interest Total 01-Dec-16 $246,515.63 $246,515.63 05-Dec-16 Various $11,230,000.00 5,478.13 11,235,478.13 $11,230,000.00 $251,993.76 $11,481,993.76 EXHIBIT C-4 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DEBT SERVICE REQUIREMENTS FOR THE REFUNDED 2007-1 BONDS ASSUMING NO OPTIONAL REDEMPTIONS PRIOR TO MATURITY AS OF NOVEMBER 3, 2016 (FOR INFORMATIONAL PURPOSES ONLY) Payment Payment For Total Debt Date Rate Rate Principal Principal Interest Payment 01-Dec-16 $246,515.63 $246,515.63 01-Jun-17 246,515.63 246,515.63 01-Dec-17 5.000% 4.125% $1,515,000.00 $1,285,000.00 246,515.63 3,046,515.63 01-Jun-18 182,137.50 182,137,50 01-Dec-18 4.125% 5.000% 1,430,000.00 1,915,000.00 182,137.50 3,527,137.50 01-Jun-19 104,768,75 104,768.75 01-Dec-19 4.000% 1,760,000.00 104,768.75 1,864,768.75 01-Jun-20 69,568.75 69,568.75 01-Dec-20 4.125% 2,320,000.00 69,568.75 2,389,568.75 01-Jun-21 21,718.75 21,718.75 01-Dec-21 4.250% 425,000.00 21,718,75 446,718.75 01-Jun-22 12,687,50 12,687.50 01-Dec-22 4.375% 75,000,00 12,687.50 87,687.50 01-Jun-23 11,046.88 11,046.88 01-Dec-23 4.375% 80,000.00 11,046.88 91,046.88 01-Jun-24 9,296.88 9,296.88 01-Dec-24 4,375% 80,000.00 9,296.88 89,296.88 01-Jun-25 7,546.88 7,546.88 01-Dec-25 4.375% 85,000.00 7,546.88 92,546.88 01-Jun-26 5,687.50 5,687.50 01-Dec-26 4.375% 260,000.00 5,687.50 265,687.50 $8,030,000.00 $3,200,000.00 $1,588,465.67 $12,818,465.67 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR 2007-2 ESCROW ACCOUNT CASH FLOW AS OF NOVEMBER 3, 2016 Cash Cash Receipts From Disbursements the 2007-2 From the 2007-2 Securities Escrow Account Cash Date (Exhibit D4) (Exhibit D-3) Balance Beginning Balance; $3.57 01-Dec-16 $512,681.00 $512,681.25 3.32 05-Dec-16 23,086,391.61 23,086,392.92 2.01 $23,599,072.61 $23,599,074.17 EXHIBIT D-1 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR CASH RECEIPTS FROM THE 2007-2 SECURITIES AS OF NOVEMBER 3, 2016 $512,681.00 $23,081,535.00 0.000000% 0.240000% Total Payment SLGS (1) SLGS (1) Cash Date 01-Dec-16 05-Dec-16 Receipts 01-Dec-16 $512,681.00 $512,681.00 05-Dec-16 $23,086,391.61 23,086,391.61 $512,681.00 $23,086,391.61 $23,599,072.61 (1) U.S. Treasury Certificate of Indebtedness (State and Local Government Series). EXHIBIT D-2 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DESCRIPTION OF THE 2007-2 SECURITIES AS OF NOVEMBER 3, 2016 Settlement Maturity Par Coupon Total Type Date Date Amount Rate Price Cost SLGS 03-Nov-16 01-Dec-16 $512,681.00 0,000% 100.000000% $512,681.00 SLGS 03-Nov-16 05-Dec-16 23,081,535.00 0.240% 100.000000% 23,081,535.00 $23,594,216.00 $23,594,216.00 EXHIBIT D-3 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR ESCROW ACCOUNT DISBURSEMENT REQUIREMENTS FOR THE REFUNDED 2007-2 BONDS AS OF NOVEMBER 3, 2016 Payment For Payment Principal Date Rate Redeemed Interest Total 01-Dec-16 $512,681.25 $512,681.25 05-Dec-16 Various $23,075,000.00 11,392.92 23,086,392.92 $23,075,000.00 $524,074.17 $23,599,074.17 u:tmzaisiiE] ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DEBT SERVICE REQUIREMENTS FOR THE REFUNDED 2007-2 BONDS ASSUMING NO OPTIONAL REDEMPTIONS PRIOR TO MATURITY AS OF NOVEMBER 3, 2016 (FOR INFORMATIONAL PURPOSES ONLY) Payment Payment For Total Debt Date Rate Principal Interest Payment 01-Dec-16 $512,681.25 $512,681.25 01-Jun-17 512,681.25 512,681.25 01-Dec-17 4.000% $940,000.00 512,681.25 1,452,681.25 01-Jun-18 493,881,25 493,881.25 01-Dec-18 5.000% 1,030,000.00 493,881.25 1,523,881.25 01-Jun-19 468,131.25 468,131.25 01-Dec-19 5.000% 1,105,000.00 468,131.25 1,573,131.25 01-Jun-20 440,506.25 440,506.25 01-Dec-20 5.000% 1,830,000.00 440,506.25 2,270,506,25 01-Jun-21 394,756.25 394,756.25 01-Dec-21 4,000% 1,925,000.00 394,756,25 2,319,756.25 01-Jun-22 356,256.25 356,256.25 01-Dec-22 4.000% 2,270,000.00 356,256.25 2,626,256.25 01-Jun-23 310,856.25 310,856.25 01-Dec-23 4.500% 2,525,000.00 310,856.25 2,835,856.25 01-Jun-24 254,043.75 254,043.75 01-Dec-24 4.125% 1,910,000.00 254,043.75 2,164,043.75 01-Jun-25 214,650.00 214,650.00 01-Dec-25 4.500% 2,040,000.00 214,650.00 2,254,650.00 01-Jun-26 168,750.00 168,750.00 01-Dec-26 4.500% 2,160,000.00 168,750.00 2,328,750.00 01-Jun-27 120,150.00 120,150.00 01-Dec-27 4.500% 2,275,000.00 120,150.00 2,395,150.00 01-Jun-28 68,962.50 68,962.50 01-Dec-28 4.500% 3,065,000.00 68,962.50 3,133,962.50 $23,075,000.00 $8,119,931.25 $31,194,931.25 EXHIBIT E ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR 2007-3 ESCROW ACCOUNT CASH FLOW AS OF NOVEMBER 3, 2016 Cash Cash Receipts From Disbursements the 2007-3 From the 2007-3 Securities Escrow Account Cash Date (Exhibit E-1) (Exhibit E-3) Balance Beginning Balance: $1.74 01-Mar-17 $57,375.15 $57,375.00 1.89 01-Sep-17 2,352,374.11 2,352,375.00 1.00 $2,409,749.26 $2,409,750.00 EXHIBIT E-1 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR CASH RECEIPTS FROM THE 2007-3 SECURITIES AS OF NOVEMBER 3, 2016 $57,314.00 $2,341,332.00 Cash Receipts Cash Receipts 0.330000% 0.570000% Total Attributable to the Attributable to the Payment SLGS (1) SLGS (1) Cash DSRF Contribution 2016 Bond Proceeds Date 01-Mar-17 01-Sep-17 Receipts at 4.26005% at 95.73995% 01-Mar-17 $57,375.15 $57,375.15 $2,444.21 $54,930.94 01-Sep-17 $2,352,374.11 2,352,374.11 100,212.36 2,252,161.75 $57,375.15 $2,352,374.11 $2,409,749.26 $102,656.57 $2,307,092.69 (1) U.S. Treasury Certificate of Indebtedness (State and Local Government Series). Cash Deposit $1.74 Cost of the Securities 2,398,646.00 Total Cost $2,398,647.74 DSRF Contribution $102,183.64 DSRF Contribution as % of Total Cost 4.26005% 2016 Bond Proceeds $2,296,464.10 2016 Bond Proceeds as % of Total Cost 95.73995% Cost the Securities Allocable to: DSRF Contribution $102,183.57 2016 Bond Proceeds 2,296,462,43 Total Cost $2,398,646.00 EXHIBIT E-2 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DESCRIPTION OF THE 2007-3 SECURITIES AS OF NOVEMBER 3, 2016 Settlement Maturity Par Coupon Total Type Date Date Amount Rate Price Cost SLGS 03-Nov-16 01-Mar-17 $57,314.00 0.330% 100,000000% $57,314.00 SLGS 03-Nov-16 01-Sep-17 2,341,332.00 0.570% 100.000000% 2,341,332.00 $2,398,646.00 $2,398,646.00 EXHIBIT E-3 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR ESCROW ACCOUNT DISBURSEMENT REQUIREMENTS FOR THE REFUNDED 2007-3 BONDS AS OF NOVEMBER 3, 2016 Payment For Payment Principal Date Rate Redeemed Interest Total 01-Mar-17 $57,375.00 $57,375.00 01-Sep-17 5.000% $2,295,000.00 57,375,00 2,352,375.00 $2,295,000.00 $114,750.00 $2,409,750.00 EXHIBIT E-4 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DEBT SERVICE REQUIREMENTS FOR THE REFUNDED 2007-3 BONDS ASSUMING NO OPTIONAL REDEMPTIONS PRIOR TO MATURITY AS OF NOVEMBER 3, 2016 (FOR INFORMATIONAL PURPOSES ONLY) Payment Payment For Total Debt Date Rate Principal Interest Payment 01-Mar-17 $57,375.00 $57,375.00 01-Sep-17 57,375,00 57,375,00 01-Mar-18 57,375.00 57,375.00 01-Sep-18 5.000% $185,000.00 57,375.00 242,375.00 01-Mar-19 52,750.00 52,750.00 01-Sep-19 5.000% 190,000.00 52,750.00 242,750.00 01-Mar-20 48,000,00 48,000.00 01-Sep-20 5.000% 200,000.00 48,000,00 248,000.00 01-Mar-21 43,000.00 43,000.00 01-Sep-21 5.000% 210,000.00 43,000.00 253,000.00 01-Mar-22 37,750.00 37,750.00 01-Sep-22 5.000% 220,000.00 37,750.00 257,750.00 01-Mar-23 32,250.00 32,250.00 01-Sep-23 5.000% 235,000.00 32,250.00 267,250,00 01-Mar-24 26,375.00 26,375,00 01-Sep-24 5.000% 245,000.00 26,375.00 271,375,00 01-Mar-25 20,250,00 20,25000 01-Sep-25 5.000% 255,000.00 20,250.00 275,250,00 01-Mar-26 13,875.00 13,875.00 01-Sep-26 5.000% 270,000.00 13,875.00 283,875.00 01-Mar-27 7,125.00 7,125.00 01-Sep-27 5.000% 285,000.00 7,125.00 292,125.00 $2,295,000.00 $792,250.00 $3,087,250.00 EXHIBIT F ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR 2007-5 ESCROW ACCOUNT CASH FLOW AS OF NOVEMBER 3, 2016 Cash Cash Receipts From Disbursements the 2007-5 From the 2007-5 Securities Escrow Account Cash Date (Exhibit F-i) (Exhibit F-3) Balance Beginning Balance: $2.45 01-Mar-17 $121,676.67 $121,675.63 3.49 01-Sep-17 5,311,674,14 5,311,675,63 2.00 $5,433,350.81 $5,433,351.26 EXHIBIT F-i ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR CASH RECEIPTS FROM THE 2007-5 SECURITIES AS OF NOVEMBER 3, 2016 $121,547.00 $5,286,741.00 Cash Receipts Cash Receipts 0.330000% 0.570000% Total Attributable to the Attributable to the Payment SLGS (1) SLGS (1) Cash DSRF Contribution 2016 Bond Proceeds Date 01-Mar-17 01-Sep-17 Receipts at 8.05433% at 91.94567% 01-Mar-17 $121,676.67 $121,676.67 $9,800.24 $111,876.43 01-Sep-17 $5,311,674.14 5,311,674.14 427,819.75 4,883,854.39 $121,676.67 $5,311,674.14 $5,433,350.81 $437,619.99 $4,995,730.82 (1) U.S. Treasury Certificate of Indebtedness (State and Local Government Series). Cash Deposit $2.45 Cost of the Securities 5,408,288.00 Total Cost $5,408,290.45 DSRF Contribution $435,601.55 DSRF Contribution as % of Total Cost 8.05433% 2016 Bond Proceeds $4,972,688.90 2016 Bond Proceeds as % of Total Cost 91.94567% Cost the Securities Allocable to: DSRF Contribution $435,601.35 2016 Bond Proceeds 4,972,68665 Total Cost $5,408,288.00 EXHIBIT F-2 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DESCRIPTION OF THE 2007-5 SECURITIES AS OF NOVEMBER 3, 2016 Settlement Type Date SLGS 03-Nov-16 SLGS 03-Nov-16 Maturity Par Date Amount 01-Mar-17 $121,547.00 01-Sep-17 5,286,741.00 $5,408,288.00 Coupon Total Rate Price Cost 0.330% 100.000000% $121,547.00 0.570% 100,000000% 5,286,741.00 $5,408,288.00 EXHIBIT F-3 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR ESCROW ACCOUNT DISBURSEMENT REQUIREMENTS FOR THE REFUNDED 2007-5 BONDS AS OF NOVEMBER 3, 2016 Payment For Payment Maturing Principal Date Rate Principal Redeemed Interest Total 01-Mar-17 $121,675.63 $121,675.63 01-Sep-17 Various $130,000.00 $5,060,000.00 121,675,63 5,311,675.63 $130,000.00 $5,060,000.00 $243,351.26 $5,433,351.26 EXHIBIT F-4 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DEBT SERVICE REQUIREMENTS FOR THE REFUNDED 2007-5 BONDS ASSUMING NO OPTIONAL REDEMPTIONS PRIOR TO MATURITY AS OF NOVEMBER 3, 2016 (FOR INFORMATIONAL PURPOSES ONLY) Payment Payment For Total Debt Date Rate Principal Interest Payment 01-Mar-17 $121,675.63 $121,675.63 01-Sep-17 6.000% $130,000.00 121,675.63 251,675.63 01-Mar-18 117,775.63 117,775,63 01-Sep-18 6.000% 135,000.00 117,775.63 252,775.63 01-Mar-19 113,725.63 113,725.63 01-Sep-19 4.000% 145,000.00 113,725.63 258,725.63 01-Mar-20 110,825.63 110,825.63 01-Sep-20 4.125% 150,000.00 110,825.63 260,825.63 01-Mar-21 107,731.88 107,731.88 01-Sep-21 4.250% 160,000.00 107,731.88 267,731.88 01-Mar-22 104,331.88 104,331.88 01-Sep-22 4.300% 165,000.00 104,331.88 269,331.88 01-Mar-23 100,784.38 100,784.38 01-Sep-23 4.400% 175,000.00 100,784.38 275,784.38 01-Mar-24 96,934.38 96,934.38 01-Sep-24 4.500% 180,000.00 96,934.38 276,934.38 01-Mar-25 92,884.38 92,884.38 01-Sep-25 4.500% 190,000.00 92,884.38 282,884.38 01-Mar-26 88,609.38 88,609.38 01-Sep-26 4.500% 200,000.00 88,609.38 288,609.38 01-Mar-27 84,109.38 84,109.38 01-Sep-27 4.625% 205,000.00 84,109.38 289,109.38 01-Mar-28 79,368.75 79,368.75 01-Sep-28 4.625% 215,000.00 79,368.75 294,368.75 01-Mar-29 74,396.88 74,396.88 01-Sep-29 4.625% 285,000.00 74,396,88 359,396.88 01-Mar-30 67,806.25 67,806.25 01-Sep-30 4.750% 300,000.00 67,806.25 367,806.25 01-Mar-31 60,681.25 60,681.25 01-Sep-31 4.750% 315,000.00 60,681.25 375,681.25 01-Mar-32 53,200.00 53,200.00 01-Sep-32 4.750% 330,000.00 53,200.00 383,200.00 01-Mar-33 45,362.50 45,362.50 01-Sep-33 4,750% 350,000.00 45,362.50 395,362.50 01-Mar-34 37,050.00 37,050.00 01-Sep-34 4.750% 360,000.00 37,050.00 397,050.00 01-Mar-35 28,500.00 28,500.00 01-Sep-35 4.750% 380,000.00 28,500.00 408,500.00 01-Mar-36 19,475.00 19,475.00 01-Sep-36 4.750% 400,000.00 19,475.00 419,475.00 01-Mar-37 9,975.00 9,975.00 01-Sep-37 4.750% 420,000.00 9,975.00 429,975.00 $5,190,000.00 $3,230,407.62 $8,420,407.62 EXHIBIT G ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR 2008-1 ESCROW ACCOUNT CASH FLOW AS OF NOVEMBER 3, 2016 Cash Cash Receipts From: Disbursements 2008-1 Bond 2008-1 Restricted From the 2008-1 Fund Security Securities Total Escrow Account Cash Date (Exhibit C-i) (Exhibit G-2) Receipts (Exhibit G-4) Balance Beginning Balance: $5.49 01-Apr-17 $272,826.07 $592,243.38 $865,069.45 $865,070.00 4.94 01-Oct-17 487,670.15 487,670.15 487,670.00 5.09 01-Apr-18 21,207,667.90 21,207,667.90 21,207,670.00 2.99 $272,826.07 $22,287,581.43 $22,560,407.50 $22,560,410.00 EXHIBIT G-1 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR CASH RECEIPT FROM THE 2008-1 BOND FUND SECURITY AS OF NOVEMBER 3, 2016 $272,403.51 0.380000% Total Payment SLGS (1) Cash Date 01-Apr-17 Receipt 01-Apr-17 $272,826.07 $272,826.07 $272,826.07 $272,826.07 (1) U.S. Treasury Certificate of Indebtedness (State and Local Government Series). EXHIBIT G-2 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR CASH RECEIPTS FROM THE 2008-1 RESTRICTED SECURITIES AS OF NOVEMBER 3, 2016 $531,724.49 $412,504.00 $21,134,753.00 0.380000% 0.600000% 0.690000% Total Payment SLGS (1) SLGS (1) SLGS (2) Cash Date 01-Apr-17 01-Oct-17 01-Apr-18 Receipts 01-Apr-17 $532,549.32 $59,694.06 $592,243.38 01-Oct-17 $414,755.25 72,914.90 487,670,15 01-Apr-18 21,207,667.90 21,207,667.90 $532,549.32 $414,755.25 $21,340,276.86 $22,287,581.43 (1) U.S. Treasury Certificate of Indebtedness (State and Local Government Series). (2) U.S. Treasury Note or Bond (State and Local Government Series). Settlement Maturity Par Type Date Date Amount 2008-1 Bond Fund Security: SLGS 03-Nov-16 01-Apr-17 $272,403.51 $272,403.51 Total Price Cost 100.000000% $272,403.51 $272,403.51 Coupon Rate 0.380% EXHIBIT G-3 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DESCRIPTION OF THE 2008-1 SECURITIES AS OF NOVEMBER 3, 2016 2008-1 Restricted Securities: SLGS 03-Nov-16 SLGS 03-Nov-16 SLGS 03-Nov-16 01-Apr-17 531,724.49 01-Oct-17 412,504.00 01-Apr-18 21,134,753.00 $22,078,981.49 $22,351,385.00 0,380% 100.000000% 531,724,49 0.600% 100.000000% 412,504,00 0.690% 100.000000% 21,134,753,00 $22,078,981.49 $22,351,385.00 EXHIBIT G-4 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR ESCROW ACCOUNT DISBURSEMENT REQUIREMENTS FOR THE REFUNDED 2008-1 BONDS AS OF NOVEMBER 3, 2016 Payment For Payment Maturing Principal Date Rate Principal Redeemed Interest Total 01-Apr-17 4.000% $370,000.00 $495,070.00 $865,070.00 01-Oct-17 487,670.00 487,670.00 01-Apr-18 Various 380,000.00 $20,340,000.00 487,670.00 21,207,670.00 EXHIBIT G-5 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DEBT SERVICE REQUIREMENTS FOR THE REFUNDED 2008-1 BONDS ASSUMING NO OPTIONAL REDEMPTIONS PRIOR TO MATURITY AS OF NOVEMBER 3,2016 (FOR INFORMATIONAL PURPOSES ONLY) Payment Payment For Total Debt Date Rate Principal Interest Payment 01-Apr-17 4,000% $370,000.00 $495,070.00 $865,070.00 01-Oct-17 487,670.00 487,670.00 01-Apr-18 4.000% 380,000.00 487,670.00 867,670.00 01-Oct-18 480,070.00 480,070.00 01-Apr-19 4.000% 1,345,000.00 480,070.00 1,825,070.00 01-Oct-19 453,170.00 453,170.00 01-Apr-20 4.250% 1,400,000.00 453,170.00 1,853,170.00 01-Oct-20 423,420.00 423,420.00 01-Apr-21 4.250% 1,460,000.00 423,420.00 1,883,420.00 01-Oct-21 392,395.00 392,395.00 01-Apr-22 4.375% 1,520,000.00 392,395.00 1,912,395.00 01-Oct-22 359,145.00 359,145.00 01-Apr-23 4.500% 1,590,000.00 359,145.00 1,949,145.00 01-Oct-23 323,370.00 323,370.00 01-Apr-24 4.700% 1,655,000.00 323,370.00 1,978,370.00 01-Oct-24 284,477.50 284,477.50 01-Apr-25 4.800% 1,740,000.00 284,477.50 2,024,477.50 01-00-25 242,717.50 242,717.50 01-Apr-26 4.900% 1,825,000.00 242,717.50 2,067,717.50 01-Oct-26 198,005.00 198,005.00 01-Apr-27 5.000% 1,915,000.00 198,005.00 2,113,005.00 01-Oct-27 150,130.00 150,130.00 01-Apr-28 5.000% 2,010,000.00 150,130.00 2,160,130.00 01-Oct-28 99,880.00 99,880.00 01-Apr-29 5.000% 305,000.00 99,880.00 404,880.00 01-Oct-29 92,255.00 92,255.00 01-Apr-30 5.100% 320,000.00 92,255.00 412,255.00 01-Oct-30 84,095.00 84,095.00 01-Apr-31 5.100% 340,000.00 84,095.00 424,095.00 01-00-31 75,425.00 75,425.00 01-Apr-32 5.100% 355,000.00 75,425.00 430,425.00 01-Oct-32 66,372.50 66,372.50 01-Apr-33 5.100% 375,000.00 66,372.50 441,372.50 01-Oct-33 56,810.00 56,810.00 01-Apr-34 5.200% 395,000.00 56,810.00 451,810.00 01-Oct-34 46,540.00 46,540.00 01-Apr-35 5.200% 415,000.00 46,540.00 461,540.00 01-Oct-35 35,750.00 35,750.00 01-Apr-36 5.200% 435,000.00 35,750.00 470,750.00 01-Oct-36 24,440.00 24,440.00 01-Apr-37 5.200% 460,000.00 24,440.00 484,440.00 01-Oct-37 12,480.00 12,480.00 01-Apr-38 5.200% 480,000.00 12,480.00 492,480.00 $21,090,000.00 $9,272,305.00 $30,362,305.00 EXHIBIT 11 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR 2008-2 ESCROW ACCOUNT CASH FLOW AS OF NOVEMBER 3, 2016 Cash Cash Receipts From Disbursements the 2008-2 From the 2008-2 Securities Escrow Account Cash Date (Exhibit H-i) (Exhibit 11-3) Balance Beginning Balance: $1.86 01-Dec-16 $73,055.00 $73,055.00 1.86 01-Jun-17 73,054.95 73,055.00 1.81 01-Dec-17 73,054.65 73,055.00 1.46 01-Jun-18 3,133,054.54 3,133,055,00 1.00 $3,352,219.14 $3,352,220.00 EXHIBIT H-i ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR CASH RECEIPTS FROM THE 2008-2 SECURITIES AS OF NOVEMBER 3, 2016 $73,055.00 $59,715.00 $61,622.00 $3,121,816.00 0.000000% 0.460000% 0.630000% 0.720000% Total Payment SLGS (1) SLGS (1) SLGS (2) SLGS (2) Cash Date 01-Dec-16 01-Jun-17 01-Dec-17 01-Jun-18 Receipts 01-Dec-16 $73,055.00 $73,055.00 01-Jun-17 $59,873.04 $223.81 $12,958.10 73,054.95 01-Dec-17 61,816.11 11,238.54 73,054.65 01-Jun-18 3,133,054.54 3,133,054.54 $73,055.00 $59,873.04 $62,039.92 $3,157,251.18 $3,352,219.14 (1) U.S. Treasury Certificate of Indebtedness (State and Local Government Series). (2) U.S. Treasury Note or Bond (State and Local Government Series). EXHIBIT 11-2 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DESCRIPTION OF THE 2008-2 SECURITIES AS OF NOVEMBER 3, 2016 Type Settlement Date Maturity Date Par Amount Coupon Rate SLGS 03-Nov-16 01-Dec-16 $73,055.00 0.000% SLGS 03-Nov-16 01-Jun-17 59,715.00 0.460% SLGS 03-Nov-16 01-Dec-17 61,622.00 0.630% SLGS 03-Nov-16 01-Jun-18 3,121,816.00 0.720% $3,316,208.00 Total Price Cost 100,000000% $73,055.00 100.000000% 59,715.00 100.000000% 61,622.00 100.000000% 3,121,816.00 $3,316,208.00 EXHIBIT 11-3 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR ESCROW ACCOUNT DISBURSEMENT REQUIREMENTS FOR THE REFUNDED 2008-2 BONDS AS OF NOVEMBER 3, 2016 Payment For Payment Date Rate Principal Redeemed Interest Total 01-Dec-16 $73,055.00 $73,055.00 01-Jun-17 73,055.00 73,055,00 01-Dec-17 73,055.00 73,055.00 01-Jun-18 Various $3,060,000.00 73,055.00 3,133,055.00 $3,060,000.00 $292,220.00 $3,352,220.00 EXHIBIT 11-4 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DEBT SERVICE REQUIREMENTS FOR THE REFUNDED 2008-2 BONDS ASSUMING NO OPTIONAL REDEMPTIONS PRIOR TO MATURITY AS OF NOVEMBER 3, 2016 (FOR INFORMATIONAL PURPOSES ONLY) Payment Payment For Total Debt Date Rate Principal Interest Payment 01-Dec-16 $73,055.00 $73,055.00 01-Jun-17 73,055.00 73,055.00 01-Dec-17 73,055.00 73,055.00 01-Jun-18 73,055.00 73,055.00 01-Dec-18 73,055.00 73,055.00 01-Jun-19 4.400% $245,000.00 73,055.00 318,055.00 01-Dec-19 67,665.00 67,665.00 01-Jun-20 4.500% 260,000.00 67,665.00 327,665.00 01-Dec-20 61,815.00 61,815.00 01-Jun-21 4.600% 270,000.00 61,815.00 331,815.00 01-Dec-21 55,605,00 55,605.00 01-Jun-22 4.700% 285,000.00 55,605,00 340,605,00 01-Dec-22 48,907.50 48,907.50 01-Jun-23 4.750% 295,000.00 48,907.50 343,907.50 01-Dec-23 41,901.25 41,901.25 01-Jun-24 4.800% 310,000.00 41,901.25 351,901.25 01-Dec-24 34,461,25 34,461.25 01-Jun-25 4850% 325,000.00 34,461.25 359,461.25 01-Dec-25 26,580,00 26,580,00 01-Jun-26 4.900% 340,000.00 26,580.00 366,580,00 01-Dec-26 18,250.00 18,250,00 01-Jun-27 5,000% 355,000.00 18,250.00 373,250.00 01-Dec-27 9,375,00 9,375.00 01-Jun-28 5.000% 375,000.00 9,375.00 384,375.00 $3,060,000.00 $1,167,450.00 $4,227,450.00 EXHIBIT I ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR 2009-1 ESCROW ACCOUNT CASH FLOW AS OF NOVEMBER 3, 2016 Cash Cash Receipts From Disbursements the 2009-1 From the 2009-1 Securities Escrow Account Cash Date (Exhibit 14) (Exhibit 1-3) Balance Beginning Balance: $1.51 01-Mar-17 $23,606.35 $23,606.25 1.61 01-Sep-17 48,605.89 48,606.25 1.25 01-Mar-18 22,981.12 22,981.25 1.12 01-Sep-18 847,981.13 847,981.25 1,00 $943,174.49 $943,175.00 EXHIBIT 1-1 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR CASH RECEIPTS FROM THE 2009-1 SECURITIES AS OF NOVEMBER 3, 2016 $21,447.00 $45,116.00 $19,704.00 $844,771.00 Cash Receipts Cash Receipts 0330000% 0570000% 0.680000% 0.760000% Total Attributable to the Attributable to the Payment SLGS (1) SLGS (1) SLGS (2) SLGS (2) Cash DSRF Contribution 2016 Bond Proceeds Date 01-Mar-17 01-Sep-17 01-Mar-18 01-Sep-18 Receipts at 7.85932% at 92.14068% 01-Mar-17 $21,469.88 $43.68 $2,092.79 $23,606.35 $1,855.30 $21,751.05 01-Sep-17 $45,328.77 66.99 3,210.13 48,605.89 3,820.09 44,785.80 01-Mar-18 19,770.99 3,210,13 22,981.12 1,806.16 21,174.96 01-Sep-18 847,981.13 847,981.13 66,645.57 781,335.56 $21,469.88 $45,328.77 $19,881.66 $856,494.18 $943,174.49 $74,127.13 $869,047.36 (I) U.S. Treasury Certificate of Indebtedness (State and Local Government Series). (2) U.S. Treasury Note or Bond (State and Local Government Series). Cash Deposit $1.51 Cost of the Securities 931,038.00 Total Cost $931,039.51 DSRF Contribution $73,173.40 DSRF Contribution as % of Total Coat 7.85932% 2016 Bond Proceeds $857,866.11 2016 Band Proceeds as % of Total Cost 92.14068% Cost the Securities Allocable to: DSRF Contribution $73,173.28 2016 Bond Proceeds 857,864.72 Total Cost $931,038.00 EXHIBIT 1-2 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DESCRIPTION OF THE 20094 SECURITIES AS OF NOVEMBER 3, 2016 Settlement Maturity Par Coupon Total Type Date Date Amount Rate Price Cost SLGS 03-Nov-16 01-Mar-17 $21,447.00 0,330% 100.000000% $21,447.00 SLGS 03-Nov-16 01-Sep-17 45,116.00 0.570% 100.000000% 45,116.00 SLGS 03-Nov-16 01-Mar-18 19,704.00 0.680% 100.000000% 19,704.00 SLGS 03-Nov-16 01-Sep-18 844,771.00 0.760% 100.000000% 844,771.00 $931,038.00 $931,038.00 EXHIBIT 1-3 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR ESCROW ACCOUNT DISBURSEMENT REQUIREMENTS FOR THE REFUNDED 2009-1 BONDS AS OF NOVEMBER 3, 2016 Payment For Payment Maturing Principal Date Rate Principal Redeemed Interest Total 01-Mar-17 $23,606.25 $23,606.25 01-Sep-17 5.000% $25,000.00 23,606.25 48,606.25 01-Mar-18 22,981.25 22,981.25 01-Sep-18 Various 25,000.00 $800,000.00 22,981.25 847,981.25 $50,000.00 $800,000.00 $93,175.00 $943,175.00 EXHIBIT 1-4 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR DEBT SERVICE REQUIREMENTS FOR THE REFUNDED 2009-1 BONDS ASSUMING NO OPTIONAL REDEMPTIONS PRIOR TO MATURITY AS OF NOVEMBER 3, 2016 (FOR INFORMATIONAL PURPOSES ONLY) Payment Payment For Total Debt Date Rate Principal Interest Payment 01-Mar-17 $23,606.25 $23,606.25 01-Sep-17 5.000% $25,000.00 23,606.25 48,606.25 01-Mar-18 22,981.25 22,981.25 01-Sep-18 5.000% 25,000.00 22,981.25 47,981.25 01-Mar-19 22,356.25 22,356.25 01-Sep-19 5.000% 25,000.00 22,356.25 47,356.25 01-Mar-20 21,731.25 21,731.25 01-Sep-20 5,000% 25,000.00 21,731.25 46,731.25 01-Mar-21 21,106.25 21,106.25 01-Sep-21 5.000% 30,000.00 21,106.25 51,106.25 01-Mar-22 20,356.25 20,356.25 01-Sep-22 5.000% 30,000.00 20,356.25 50,356.25 01-Mar-23 19,606.25 19,606,25 01-Sep-23 5.250% 30,000.00 19,606.25 49,606.25 01-Mar-24 18,818.75 18,818,75 01-Sep-24 5.250% 30,000.00 18,818.75 48,818.75 01-Mar-25 18,031.25 18,031.25 01-Sep-25 5.375% 35,000.00 18,031.25 53,031.25 01-Mar-26 17,090.63 17,090,63 01-Sep-26 5.500% 35,000.00 17,090,63 52,090.63 01-Mar-27 16,128.13 16,128.13 01-Sep-27 5.500% 40,000.00 16,128.13 56,128.13 01-Mar-28 15,028.13 15,028.13 01-Sep-28 5.500% 40,000.00 15,028.13 55,028.13 01-Mar-29 13,928,13 13,928.13 01-Sep-29 5.625% 40,000.00 13,928.13 53,928,13 01-Mar-30 12,803,13 12,803.13 01-Sep-30 5.750% 45,000.00 12,803.13 57,803.13 01-Mar-31 11,509.38 11,509.38 01-Sep-31 5.750% 45,000,00 11,509.38 56,509.38 01-Mar-32 10,215,63 10,215.63 01-Sep-32 5.750% 50,000.00 10,215,63 60,215.63 01-Mar-33 8,778.13 8,778.13 01-Sep-33 5.750% 55,000.00 8,778.13 63,778.13 01-Mar-34 7,196.88 7,196.88 01-Sep-34 5.875% 55,000.00 7,196.88 62,196,88 01-Mar-35 - 5,581.25 5,581,25 01-Sep-35 5.875% 60,000.00 5,581.25 65,581.25 01-Mar-36 3,818.75 3,818.75 01-Sep-36 5.875% 65,000.00 3,818.75 68,818.75 01-Mar-37 1,909.38 1,909.38 01-Sep-37 5.875% 65,000.00 1,909.38 66,909.38 $850,000.00 $625,162.60 $1,475,162.60 EXHIBIT J ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR YIELD ON THE 2016 BONDS AS OF NOVEMBER 3,2016 Present Value at Payment For November 3, 2016 2016-3 2016-4 Callable Using a Semi-Annually Payment Bonds Bonds Premium Bond Total Debt Compounded Yield of Date (Exhibit 3-1) (Exhibit J-2) Adjustments Payment 2.59845% 01-Dec-16 $718,633.96 $721,432.22 $1,440,066.18 $1,437,177.42 01-Jun-17 1,658,046.89 710,250.00 2,368,296,89 2,333,232.09 01-Dec-17 8,808,046.89 1,660,250.00 10,468,296.89 10,181,029.39 01-Jun-18 1,586,546.89 696,000.00 2,282,546.89 2,191,438.22 01-Dec-18 10,696,546.89 1,686,000.00 12,382,546.89 11,735,818.03 01-Jun-19 1,404,346.89 671,250.00 2,075,596.89 1,941,959.91 01-Dec-19 9,624,346.89 1,716,250.00 11,340,596.89 10,474,348.63 01-Jun-20 1,239,946.89 645,125.00 1,885,071.89 1,718,750.71 01-Dec-20 10,344,946.89 1,735,125.00 12,080,071.89 10,872,974.16 01-Jun-21 1,057,846.89 617,875.00 1,675,721.89 1,488,931.24 01-Dec-21 9,287,846.89 1,762,875.00 11,050,721.89 9,692,977.67 01-Jun-22 893,246.89 589,250.00 1,482,496.89 1,283,672.44 01-Dec-22 5,383,246.89 1,794,250.00 7,177,496.89 6,135,179.90 01-Jun-23 780,996.89 559,125.00 1,340,121.89 1,130,817.32 01-Dec-23 5,665,996.89 1,819,125.00 7,485,121.89 6,235,063.65 01-Jun-24 658,871.89 527,625.00 1,186,496.89 975,668.94 01-Dec-24 5,108,871.89 1,852,625.00 6,961,496.89 5,651,091.95 01-Jun-25 547,621.89 494,500.00 1,042,121.89 835,107.00 01-Dec-25 5,282,621.89 1,884,500.00 7,167,121.89 5,669,728.42 01-Jun-26 429,246.89 459,750.00 888,996.89 694,243.10 01-Dec-26 5,434,246.89 1,919,750.00 $19,685,000.00 27,038,996.89 20,844,705.69 01-Jun-27 304,121.89 423,250.00 (492,125.00) 235,246.89 179,028.82 01-Dec-27 5,159,121.89 1,958,250.00 (2,027,125.00) 5,090,246.89 3,824,122.23 01-Jun-28 182,746.89 384,875.00 (453,750.00) 113,871.89 84,450.71 01-Dec-21 2,937,746.89 1,999,875.00 (4,823,750.00) 113,871.89 83,367.58 01-Jun-29 113,871.89 344,500.00 (344,500,00) 113,871.89 82,298.33 01-Dec-29 788,871.89 2,034,500.00 (2,034,500.00) 788,871.89 562,826.91 01-Jun-30 103,746.89 302,250.00 (302,250,00) 103,746.89 73,069.70 01-Dec-30 803,746.89 2,082,250.00 (2,082,250.00) 803,746.89 558,824.45 01-Jun-31 92,809.39 257,750.00 (257,750,00) 92,809.39 63,700.36 01-Dec-31 812,809.39 2,122,750.00 (2,122,750,00) 812,809.39 550,722.14 01-Jun-32 81,559.39 211,125.00 (211,125.00) 81,559.39 54,552.12 01-Dec-32 831,559.39 2,171,125.00 (2,171,125.00) 831,559.39 549,066.34 01-Jun-33 69,371.89 162,125.00 (162,125.00) 69,371.89 45,217.75 01-Dec-33 854,371.89 2,217,125.00 (2,217,125.00) 854,371.89 549,751.25 01-Jun-34 56,615.64 110,750.00 (110,750.00) 56,615.64 35,962.47 01-Dec-34 851,615.64 2,275,750.00 (2,275,750.00) 851,615.64 534,011.52 01-Jun-35 43,200.01 56,625.00 (56,625.00) 43,200.01 26,741.43 01-Dec-35 868,200.01 2,321,625.00 (2,321,625.00) 868,200.01 530,535.57 01-Jun-36 29,278.13 29,278.13 17,661.68 01-Dec-36 889,278.13 889,278.13 529,565.96 01-Jun-37 14,765.63 14,765.63 8,680.17 01-Dec-37 889,765.63 889,765.63 516,351.93 $103,391,247.04 $45,959,432.22 ($4,782,000.00) $144,568,679.26 $122,984,425.30 Dated Date: 03-Nov-16 Delivery Date: 03-Nov-1 6 The above aggregate present value of the future payments equals the following: 2016-3 Bonds 2016-4 Bonds Total Par Value of the Issue $80,435,000.00 $29,400,000.00 $109,835,000.00 Net Original Issue Premium 9,180,555.75 4,118,869.55 13,299,425.30 Surety Premium (150,000.00) Proceeds on Delivery Date $89,615,555.75 $33,518,869.55 $122,984,425.30 EXHIBIT J-1 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR 2016-3 BOND DEBT SERVICE REQUIREMENTS AND PRODUCTION AS OF NOVEMBER 3, 2016 Original Issue Payment Payment For Total Debt Reoffering Premium! Total Date Rate Principal Interest Payment Price (Discount) Production 01-Dec-16 2,000% $460,000.00 $258,633.96 $718,633.96 100.084% $386.40 $460,386.40 01-Jun-17 1,658,046.89 1,658,046.89 01-Dec-17 2.000% 7,150,000.00 1,658,046.89 8,808,046.89 100,982% 70,213,00 7,220,213,00 01-Jun-18 1,586,546.89 1,586,546.89 01-Dec-18 4.000% 9,110,000.00 1,586,546.89 10,696,546,89 105,516% 502,507.60 9,612,507.60 01-Jun-19 1,404,346.89 1,404,346.89 01-Dec-19 4,000% 8,220,000,00 1,404,346.89 9,624,346.89 107.679% 631,213,80 8,851,213,80 01-Jun-20 1,239,946.89 1,239,946.89 01-Dec-20 4.000% 9,105,000.00 1,239,946.89 10,344,946.89 109.561% 870,529.05 9,975,529.05 01-Jun-21 1,057,846.89 1,057,846.89 01-Dec-21 4.000% 8,230,000,00 1,057,846,89 9,287,846.89 111.194% 921,266.20 9,151,266.20 01-Jun-22 893,246.89 893,246.89 01-Dec-22 5.000% 4,490,000.00 893,246.89 5,383,246.89 118.216% 817,898.40 5,307,898.40 01-Jun-23 780,996.89 780,996.89 01-Dec-23 5.000% 4,885,000,00 780,996.89 5,665,996.89 119.414% 948,373.90 5,833,373.90 01-Jun-24 658,871.89 658,871.89 01-Dec-24 5.000% 4,450,000.00 658,871.89 5,108,871.89 120.452% 910,114,00 5,360,114.00 01-Jun-25 547,621.89 547,621.89 01-Dec-25 5.000% 4,735,000.00 547,621.89 5,282,621.89 121.274% 1,007,323,90 5,742,323.90 01-Jun-26 429,246,89 429,246.89 01-Dec-26 5.000% 5,005,000,00 429,246.89 5,434,246.89 122.048% 1,103,502,40 6,108,502.40 01-Jun-27 304,121.89 304,121.89 01-Dec-27 5.000% 4,855,000.00 304,121.89 5,159,121.89 121.358% 1,036,930,90 5,891,930.90 01-Jun-28 182,746.89 182,746.89 01-Dec-28 5.000% 2,755,000.00 182,746.89 2,937,746.89 119.587% 539,621.85 3,294,621,85 01-Jun-29 113,871.89 113,871,89 01-Dec-29 3,000% 675,000.00 113,871.89 788,871.89 98.612% (9,369.00) 665,631.00 01-Jun-30 103,746.89 103,746.89 01-Dec-30 3.125% 700,000.00 103,746,89 803,746.89 98.595% (9,835.00) 690,165.00 01-Jun-31 92,809.39 92,809.39 01-Dec-31 3.125% 720,000.00 92,809.39 812,809.39 97.699% (16,567.20) 703,432.80 01-Jun-32 81,559.39 81,559,39 01-Dec-32 3,250% 750,000.00 81,559.39 831,559.39 97.559% (18,307.50) 731,692.50 01-Jun-33 69,371.89 69,371.89 01-Dec-33 3.250% 785,000.00 69,371.89 854,371.89 97.559% (19,161.85) 765,838.15 01-Jun-34 56,615.64 56,615.64 01-Dec-34 3.375% 795,000.00 56,615.64 851,615.64 96,838% (25,137.90) 769,862.10 01-Jun-35 43,200.01 43,200,01 01-Dec-35 3,315% 825,000,00 43,200.01 868,200,01 96.838% (26,086.50) 798,913.50 01-Jun-36 29,278.13 29,218.13 01-Dec-36 3.375% 860,000,00 29,278.13 889,278.13 96.838% (27,193.20) 832,806.80 01-Jun-37 14,765,63 14,765,63 01-Dec-37 3,375% 875,000.00 14,765.63 889,765.63 96,838% (27,667.50) 847,332.50 $80,435,000.00 $22,956,247.04 $103,391,247.04 $9,180,555.75 $89,615,555.75 EXHIBIT J-2 ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR 2016-4 BOND DEBT SERVICE REQUIREMENTS AND PRODUCTION AS OF NOVEMBER 3, 2016 Original Issue Payment Payment For Total Debt Reoffering Premium! Total Date Rate Principal Interest Payment Price (Discount) Production 01-Dec-16 2.000% $610,000.00 $111,432.22 $721,432.22 100.077% $469.70 $610,469.70 01-Jun-17 710,250.00 710,250.00 01-Dec-17 3,000% 950,000.00 710,250.00 1,660,250.00 101,888% 17,936.00 967,936.00 01-Jun-18 696,000.00 696,000.00 01-Dec-18 5.000% 990,000,00 696,000.00 1,686,000.00 107.303% 72,299.70 1,062,299.70 01-Jun-19 671,250.00 671,250.00 01-Dec-19 5,000% 1,045,000.00 671,250.00 1,716,250.00 110.043% 104,949.35 1,149,949,35 01-Jun-20 645,125.00 645,125,00 01-Dec-20 5.000% 1,090,000.00 645,125,00 1,735,125,00 112.441% 135,606.90 1,225,606.90 01-Jun-21 617,875.00 617,875.00 01-Dec-21 5.000% 1,145,000.00 617,875.00 1,762,875.00 114,519% 166,242.55 1,311,242.55 01-Jun-22 589,250.00 589,250.00 01-Dec-22 5.000% 1,205,000.00 589,250.00 1,794,250.00 116.216% 195,402.80 1,400,402.80 01-Jun-23 559,125.00 559,125.00 01-Dec-23 5.000% 1,260,000.00 559,125.00 1,819,125.00 117.113% 215,623.80 1,475,623,80 01-Jun-24 527,625.00 527,625,00 01-Dec-24 5.000% 1,325,000.00 527,625.00 1,852,625,00 118.021% 238,778.25 1,563,778.25 01-Jun-25 494,500.00 494,500,00 01-Dec-25 5.000% 1,390,000.00 494,500.00 1,884,500,00 118.582% 258,289.80 1,648,289,80 01-Jun-26 459,750.00 459,750.00 01-Dec-26 5.000% 1,460,000.00 459,750.00 1,919,750.00 119,102% 278,889.20 1,738,889.20 01-Jun-27 423,250,00 423,250.00 01-Dec-27 5.000% 1,535,000.00 423,250,00 1,958,250.00 117.756% 272,554,60 1,807,554.60 01-Jun-28 384,875.00 384,875.00 01-Dec-28 5.000% 1,615,000.00 384,875,00 1,999,875.00 116.523% 266,846.45 1,881,846.45 01-Jun-29 344,500.00 344,500.00 01-Dec-29 5.000% 1,690,000.00 344,500.00 2,034,500,00 115.772% 266,546.80 1,956,546.80 01-Jun-30 302,250.00 302,250.00 01-Dec-30 5.000% 1,780,000,00 302,250.00 2,082,250,00 114.934% 265,825.20 2,045,825.20 01-Jun-31 257,750.00 257,750.00 01-Dec-31 5.000% 1,865,000,00 257,750.00 2,122,750.00 114.287% 266,452.55 2,131,452.55 01-Jun-32 211,125.00 211,125.00 01-Dec-32 5.000% 1,960,000.00 211,125.00 2,171,125,00 113.736% 269,225.60 2,229,225,60 01-Jun-33 162,125.00 162,125,00 01-Dec-33 5.000% 2,055,000.00 162,125.00 2,217,125,00 113.188% 271,013.40 2,326,013.40 01-Jun-34 110,750.00 110,750,00 01-Dec-34 5.000% 2,165,000.00 110,750.00 2,275,750.00 112.734% 275,691.10 2,440,691,10 01-Jun-35 56,625.00 56,625.00 01-Dec-35 5.000% 2,265,000.00 56,625,00 2,321,625.00 112,372% 280,225.80 2,545,225.80 $29,400,000.00 $16,559,432.22 $45,959,432.22 $4,118,869.55 $33,518,869.55 n*i :u i;ilici ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR YIELD ON THE PORTION OF THE RESTRICTED SECURITIES PURCHASED WITH 2016 BOND PROCEEDS AS OF NOVEMBER 3, 2016 Cash Receipts from the Portion of the Restricted Securities Present Value at Purchased with 2016 Bond Proceeds to Refund the: November 3, 2016 Refunded Refunded Refunded Refunded Refunded Using a Semi-Annually 2007-3 Bonds 2007-5 Bonds 2008-1 Bonds 2008-2 Bonds 2009-1 Bonds Compounded Yield of Date (Exhibit E-i) (Exhibit F-i) (Exhibit G-2) (Exhibit H-i) (Exhibit I-i) Total 0.67510% 01-Dec-16 $73,055.00 $73,055.00 $73,016.72 01-Mar-17 $54,930.94 $111,876.43 $21,751.05 188,558.42 188,142.34 01-Apr-17 $592,243.38 592,243.38 590,604.72 01-Jun-17 73,054.95 73,054.95 72,771.03 01-Sep-17 2,252,161.75 4,883,854.39 44,785.80 7,180,801.93 7,140,852.79 01-Oct-17 487,670.15 487,670.15 484,684.79 01-Dec-17 73,054.65 73,054.65 72,525.92 01-Mar-18 21,174.96 21,174.96 20,986.32 01-Apr-18 21,207,667.90 21,207,667,90 21,006,933.28 01-Jun-18 3,133,054.54 3,133,054.54 3,099,915.61 01-Sep-18 781,335.56 781,335.56 771,769.77 $2,307,092.69 $4,995,730.82 $22,287,581.43 $3,352,219.14 $869,047.36 $33,811,671.44 $33,522,203.29 Cost of the Restricted Securities Purchased with 2016 Bond Proceeds to Refund the: Refunded 2007-3 Bonds $2,296,462.43 Refunded 2007-5 Bonds 4,972,686.65 Refunded 2008-1 Bonds 22,078,981.49 Refunded 2008-2 Bonds 3,316,208.00 Refunded 2009-1 Bonds 857,864.72 $33,522,203.29 EXHIBIT L ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION REFUNDING BONDS, 2016 SERIES THREE AND 2016 SERIES FOUR ESTIMATED SOURCES AND USES OF FUNDS AS OF NOVEMBER 3, 2016 Sources of Funds: Par Value of Bonds $109,835,000.00 Net Original Issue Premium 13,299,425.30 Borrower Reserve Fund Contribution: Refunded 2006-2 Bonds 394,321.52 Refunded 2007-3 Bonds 102,183,64 Refunded 2007-5 Bonds 435,601.55 Refunded 2009-1 Bonds 73,173.40 Bond Fund Contribution: Refunded 2008-I Bonds 272,409,00 Bond Bank for COI Contribution: Refunded 2006-B Bonds 49,868.67 New Money 11,594.23 Bond Bank Reserve Contribution: Refunded 2006-2 Bonds 1,809,734.06 Refunded 2007-1 Bonds 1,216,161.21 Refunded 2007-2 Bonds 700,610,83 Bond Bank Surety 75,000.00 Total Sources of Funds $128,275,083.41 Uses of Funds: Beginning Cash Balance for the: 2006-B Escrow Account $10.27 2006-2 Escrow Account 1.99 2007-1 Escrow Account 9.21 2007-2 Escrow Account 3.57 2007-3 Escrow Account 1.74 2007-5 Escrow Account 2.45 2008-1 Escrow Account 5.49 2008-2 Escrow Account 1.86 2009-1 Escrow Account 1.51 Cost of the: 2006-B Securities 18,755,988.00 2006-2 Securities 33,468,510,00 2007-1 Securities 11,479,628.00 2007-2 Securities 23,594,216.00 2007-3 Securities 2,398,646.00 2007-5 Securities 5,408,288.00 2008-1 Securities 22,351,385.00 2008-2 Securities 3,316,208.00 2009-1 Securities 931,038.00 Project Fund Deposit 5,000,000.00 Borrower Reserve Fund Deposit 461,581.28 Surety Premium 150,000.00 Bond Insurance 9,700,00 Underwriter's Discount 334,923.07 Issuance Costs 570,018.00 Additional Proceeds 44,915.97 Total Uses of Funds $128,275,083.41