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Tab_7103iiit]i1] H, 000M jJI I 11'II V..'% 1*11] 1 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: Page 1 of 3 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 Page 2 of 3 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 Page 1 of 3 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 Page 2 of 3 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 Page 3 of 3 515623 45.1