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STATE OF ALASKA
ALEUTIANS EAST BOROUGH, ALASKA
GENERAL OBLIGATION REFUNDING BOND, 2007
REGISTERED OWNER: ALASKA MUNICIPAL BOND BANK
PRINCIPAL AMOUNT: ONE MILLION SIX HUNDRED FIFTY THOUSAND DOLLARS
The Aleutians East Borough, Alaska (the "Borough"), a municipal corporation of the State of
Alaska, hereby acknowledges itself to owe and for value received promises to pay to the registered
owner set forth above (the "Registered Owner"), or its registered assigns, the principal amount set
forth above in the following installments on December 1 of each of the following years, and to pay
interest on each such principal installment from the date hereof until paid or provision for payment
thereof has been made, payable on June 1, 2007 and semiannually thereafter on the first day of
June and December of each year, at the following rates per annum:
Year Principal Installment Interest Rate
2007 $ 65,000 3.75%
2008 65,000 3.75
2009 70,000 3.75
2010 70,000 3.75
2011 285,000 3.75
2012 300,000 4.00
2013 315,000 4.00
2014 325,000 4.00
2015 75,000 4.00
2016 80,000 4.00
For so long as the Alaska Municipal Bond Bank Authority (the "Bond Bank") is the
Registered Owner, payments of principal hereof and interest hereon shall be made as provided in
the loan agreements between the Bond Bank and the Borough relating to this bond, as amended
(the "Amended Loan Agreements"). In the event that the Bond Bank is no longer the Registered
Owner, payments of principal hereof and interest hereon will be made by check or draft mailed by
first class mail to the Registered Owner at the address for such Registered Owner appearing on
the Bond Register on the 15th day of the month preceding the payment date, provided that the final
installment of principal of and interest on this bond will be payable at the office of the Borough
Administrator. (the "Registrar") upon surrender of this bond to the Registrar. Interest on this bond
shall be computed on the basis of a 360-day year composed of twelve 30-day months.
This bond is one of the General Obligation Refunding Bonds, 2007 of the Borough (the
"Bonds"), together aggregating $21,095,0000 in principal amount and constituting bonds
authorized for the purpose of refunding certain outstanding general obligation bonds of the
Borough, and issued under Resolution No. 07-15 of the Borough titled:
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A RESOLUTION OF THE ASSEMBLY OF THE ALEUTIANS EAST BOROUGH,
ALASKA, AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION
REFUNDING BONDS OF THE BOROUGH, IN THE PRINCIPAL AMOUNT OF NOT
TO EXCEED EIGHTEEN MILLION DOLLARS ($21,095,0000), IN ONE OR MORE
SERIES, TO REFUND CERTAIN OUTSTANDING GENERAL OBLIGATION
BONDS OF THE BOROUGH; AUTHORIZING THE EXECUTION OF CERTAIN
DOCUMENTS IN ACCORDANCE THEREWITH; AND PLEDGING THE FULL
FAITH AND CREDIT OF THE ALEUTIANS EAST BOROUGH TO THE PAYMENT
THEREOF
and Resolution No. 07-18 of the Borough titled:
A RESOLUTION OF THE ASSEMBLY OF THE ALEUTIANS EAST BOROUGH,
ALASKA, AMENDING RESOLUTION NO. 07-15 OF THE BOROUGH TO
INCREASE THE AMOUNT OF GENERAL OBLIGATION REFUNDING BONDS OF
THE BOROUGH AUTHORIZED TO BE ISSUED UNDER THAT RESOLUTION TO
A PRINCIPAL AMOUNT NOT TO EXCEED TWENTY-TWO MILLION DOLLARS
($22,000,000)
(together, the "Resolution").
The principal installments of this bond due on or after December 1, 2017, shall be subject to
prepayment, at the Borough's option, on and after December 1, 2016, in whole or in part, at a
prepayment price of 100% of the principal amount to be prepaid, plus accrued interest to the date
fixed for prepayment. If less than all the principal installments of the Bonds are to be prepaid, the
principal installments to be prepaid shall be determined by the Borough. Notice of any such
prepayment shall be sent by the Borough not less than 50 days prior to the date fixed for
prepayment by first class mail to the Registered Owner of each Bond at such Registered Owner's
address as it then appears on the Bond Register. Notice of prepayment having been duly given
and money for prepayment being held by the Borough, interest on the principal installments to be
prepaid shall cease to accrue on the date fixed for prepayment.
This bond is transferable as provided in the Resolution, (i) only upon the Bond Register,
and (ii) upon surrender of this bond together with a written instrument of transfer duly executed by
the Registered Owner or the duly authorized attorney of the Registered Owner, and thereupon a
new fully registered Bond or Bonds in the same aggregate unpaid principal amount and maturity
shall be issued to the transferee in exchange therefor as provided in the Resolution upon the
payment of charges, if any, as therein prescribed. The Borough may treat and consider the person
in whose name this Bond is registered as the absolute owner hereof for the purpose of receiving
payment of, or on account of, the principal or prepayment price, if any, hereof and interest due
hereon and for all other purposes whatsoever.
This bond is a direct and general obligation of the Borough, and the full faith and credit of
the Borough are pledged to the payment of the principal hereof and interest hereon. The Borough
has irrevocably pledged and covenanted to levy and collect taxes upon all taxable property within
the Borough without limitation as to rate or amount, in amounts sufficient, together with other funds
legally available therefor, to pay the principal hereof and interest hereon as the same become due
and payable.
Reference is hereby made to the Resolution and any resolution supplemental thereto for a
description of the rights of the Registered Owner of this bond and of the rights and obligations of
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the Borough thereunder, to all of the provisions of which Resolution the Registered Owner of this
bond, by acceptance hereof, assents and agrees.
IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts or things required by the
constitution or statutes of the State of Alaska or the ordinances or resolutions of the Borough to
exist, to have happened or to have been performed precedent to or in the issuance of this bond,
exist, have happened and have been performed, and that the series of Bonds of which this is one,
together with all other indebtedness of the Borough, is within every debt and other limit prescribed
by said constitution, statutes, ordinances or resolutions.
IN WITNESS WHEREOF, the ALEUTIANS EAST BOROUGH, ALASKA, has caused this
bond to be signed in its name and on its behalf by its Mayor and its corporate seal to be hereunto
impressed or otherwise reproduced and attested by its Clerk, all as of the 5th day of April, 2007.
ALEUTIANS EAST BOROUGH, ALASKA
ey Mac k,a
ATTEST:
Tina Anderson, Borough Clerk
Page 3of3
No. R-I $17,155,000
UNITED STATES OF AMERICA
STATE OF ALASKA
ALEUTIANS EAST BOROUGH
GENERAL OBLIGATION REFUNDING BOND, 2016
REGISTERED OWNER: ALASKA MUNICIPAL BOND BANK
PRINCIPAL AMOUNT: SEVENTEEN MILLION ONE HUNDRED FIFTY-FIVE
THOUSAND AND NO/I 00 DOLLARS
The Aleutians East Borough, Alaska (the "Borough"), a municipal corporation of the
State of Alaska, hereby acknowledges itself to owe and for value received promises to pay to
the registered owner set forth above (the "Registered Owner"), or its registered assigns, the
principal amount set forth above in the following installments on December 1 of each of the
following years, and to pay interest on each such principal installment from the date hereof until
paid or provision for payment thereof has been made, payable on December 1, 2016 and
semiannually thereafter on June 1 and December 1 of each year, at the following rates per
annum:
Principal Interest
Year Installment Rate
2016 $265,000 2.00%
2017 770,000 2.00
2018 840,000 4.00
2019 890,000 4.00
2020 935,000 4.00
2021 990,000 4.00
2022 1,305,000 5.00
2023 1,525,000 5.00
2024 1,680,000 5.00
2025 1,815,000 5.00
2026 1,935,000 5.00
2027 2,050,000 5.00
2028 2,155,000 5.00
For so long as the Alaska Municipal Bond Bank (the "Bond Bank") is the Registered
Owner, payments of principal hereof and interest hereon shall be made as provided in the loan
agreement between the Bond Bank and the Borough relating to this bond, as amended. In the
event that the Bond Bank is no longer the Registered Owner, payments of principal hereof and
interest hereon will be made by check or draft mailed by first class mail to the Registered Owner
at the address for the Registered Owner appearing on the Bond Register on the 15th day of the
month preceding the payment date, provided that the final installment of principal of and interest
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5156234.1
on this bond will be payable at the office of the Borough Administrator (the "Registrar") upon
surrender of this bond to the Registrar. Interest on this bond shall be computed on the basis of a
360-day year composed of twelve 30-day months.
This bond is issued for the purpose of refunding certain principal installments of an
outstanding general obligation bond of the Borough under Resolution 17-05 of the Borough
titled:
A RESOLUTION OF THE ASSEMBLY OF THE ALEUTIANS EAST BOROUGH,
ALASKA, AUTHORIZING THE ISSUANCE OF A GENERAL OBLIGATION
REFUNDING BOND OF THE BOROUGH TO REFUND CERTAIN PRINCIPAL
INSTALLMENTS OF AN OUTSTANDING GENERAL OBLIGATION BOND OF
THE BOROUGH; AUTHORIZING THE EXECUTION OF CERTAIN
DOCUMENTS IN ACCORDANCE THEREWITH; AND PLEDGING THE FULL
FAITH AND CREDIT OF THE BOROUGH TO THE PAYMENT THEREOF
(the "Resolution").
The principal installment of this bond due on December 1, 2028, is subject to
prepayment, at the Borough's option, on any date on or after December 1, 2026 in whole or in
part, at a prepayment price of 100% of the principal amount to be prepaid, plus accrued interest
to the date fixed for prepayment. Notice of any such prepayment shall be sent by the Borough
not less than 50 days prior to the date fixed for prepayment by first class mail to the Registered
Owner at the Registered Owner's address as it then appears on the Bond Register. Notice of
prepayment having been duly given and the prepayment having been duly effected, interest on
the principal installment to be prepaid shall cease to accrue on the date fixed for prepayment.
This bond is transferable as provided in the Resolution, (i) only upon the Bond Register,
and (ii) upon surrender of this bond together with a written instrument of transfer duly executed
by the Registered Owner or the duly authorized attorney of the Registered Owner, and
thereupon a new fully registered Bond in the same unpaid principal amount shall be issued to
the transferee in exchange therefor as provided in the Resolution upon the payment of charges,
if any, as therein prescribed. The Borough may treat and consider the person in whose name
this bond is registered as the absolute owner hereof for the purpose of receiving payment of, or
on account of, the principal or prepayment price, if any, hereof and interest due hereon and for
all other purposes whatsoever.
This bond is a direct and general obligation of the Borough, and the full faith and credit
of the Borough are pledged to the payment of the principal hereof and interest hereon. The
Borough has irrevocably pledged and covenanted that it will levy and collect taxes upon all
taxable property within the Borough without limitation as to rate or amount, in amounts
sufficient, together with other funds legally available therefor, to pay the principal of and interest
on this bond as the same become due and payable.
Reference is hereby made to the Resolution and any resolution supplemental thereto for
a description of the rights of the Registered Owner of this bond and of the rights and obligations
of the Borough thereunder, to all of the provisions of which Resolution the Registered Owner of
this bond, by acceptance hereof, assents and agrees.
IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts or things required by
the constitution or statutes of the State of Alaska or the ordinances or resolutions of the
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51562345.1
Borough to exist, to have happened or to have been performed precedent to or in the issuance
of this bond, exist, have happened and have been performed, and that this bond, together with
all other indebtedness of the Borough, is within every debt and other limit prescribed by said
constitution, statutes, ordinances or resolutions.
IN WITNESS WHEREOF, THE ALEUTIANS EAST BOROUGH, ALASKA, has caused
this bond to be signed in its name and on its behalf by its Mayor and its corporate seal to be
hereunto impressed or otherwise reproduced and attested by its Clerk, all as of the 3rd day of
November, 2016.
ALEUTIANS EAST BOROUGH, ALASKA
[S E A L]
/
Stanley Mack Mayor
ATTEST:
Tina Anderson, Borough Clerk
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515623 45.1