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Tab_132TAX CERTIFICATE I, the undersigned officer of the City of Ketchikan, Alaska (the "City"), make this certification for the benefit of all persons interested in the exclusion from gross income for federal income tax purposes of the interest to be paid on the City's Port Revenue Refunding Bond, 2016 (the "Refunding Bond"), and the City's General Obligation Bond, 2016 (Harbor Improvements) (the "New Money Bond" and, together with the Refunding Bond, the "Bonds"), which are being issued and delivered simultaneously with the delivery of this certificate. I do hereby certify as follows in good faith on the date of issue of the Bonds: 1. Responsible Officer. I am the duly chosen, qualified and acting officer of the City for the office shown below my signature; as such, I am familiar with the facts herein certified and I am duly authorized to execute and deliver this certificate on behalf of the City. I am the officer of the City charged, along with other officers of the City, with responsibility for issuing the Bonds. 2. Code and Regulations. The Bonds are subject to the provisions of sections 141, 148, 149 and 150 of the Internal Revenue Code of 1986, as amended (the "Code"), and the Treasury Regulations (the "Regulations") promulgated under sections 141, 148, 149 and 150 of the Code. These provisions of the Code and Regulations impose restrictions on the use of bond- financed facilities and on the investment of bond proceeds. This certificate is being executed and delivered pursuant to sections 1.141-1 through 1.141-15, 1.148-0 through 1.148-11, 1.149(b)-i, 1.149(d)-I, 1.149(g)-i, 1.150-1 and 1.150-2 of the Regulations. 3. Definitions, The capitalized terms used in this certificate (unless otherwise defined) that are defined in Ordinance No. 06-1549, passed on June 1, 2006, and Resolution No, 06-2171, adopted on July 12, 2006, authorizing the City's Port Revenue Bond, 2006 (the "Refunded Bond"), and Resolution No. 16-2636, adopted on September 15, 2016, authorizing the refinancing of the Refunded Bond and the issuance of the Refunding Bond (together, the "Port Bond Legislation") shall for all purposes hereof have the meanings therein specified. The capitalized terms used in this certificate (unless otherwise defined) that are defined in Ordinance No. 12-1697, passed on April 5, 2012, and Resolution No. 16-2635, adopted on September 15, 2016, authorizing the issuance of the New Money Bond (together, the "Harbor Bond Legislation" and, together with the Port Bond Legislation, the "Bonds Legislation") shall for all purposes hereof have the meanings therein specified. All terms defined in the Code or Regulations shall for all purposes of this certificate have the same meanings as given to those terms in the Code and Regulations unless the context clearly requires otherwise. 4. Reasonable Expectations. The facts and estimates that are set forth in this certificate are accurate. The expectations that are set forth in this certificate are reasonable in light of such facts and estimates. There are no other facts or estimates that would materially change such expectations. The undersigned has to the extent necessary reviewed the certifications set forth herein with other representatives of the City as to such accuracy and reasonableness. The undersigned has also relied, to the extent appropriate, on pricing information provided by RBC Capital Markets (the "Underwriter") as underwriter of bonds issued by the Alaska Municipal Bond Bank (the "Bond Bank") and the Certificate of Exchange with respect to the Refunded. Bond executed by the City and the Bond Bank. The undersigned is aware of no fact, estimate or circumstance that would create any doubt regarding the accuracy or reasonableness of all or any portion of such certificate. 5. Description of Governmental Purp. The City is issuing the Bonds pursuant to the Bonds Legislation for the purposes of (a) refinancing the Refunded Bond through an exchange of bonds, (b) financing new money capital expenditures for harbor facilities of the City (the "2016 Harbor Project"), (c) paying the cost of acquiring a reserve fund surety policy and a municipal bond insurance policy for the Bond Bank's bonds (the "Credit Enhancement"), and (d) paying the costs of issuance of the Bonds. The Refunded Bond was issued for the purposes of funding (a) the acquisition, construction and equipping of improvements to the Port Facilities and related transportation and access improvements (the "2006 Port Project" and, together with the 2016 Harbor Project, the "Projects"), (b) funding the Reserve Account, and (c) paying the costs of issuance of the Refunded Bond. 6. The Refunded Bond, All of the sale and investment proceeds allocable to the Refunded Bond have been expended. No portion of the proceeds of the Refunded Bond was used to pay the principal of, or interest on, any other issue of governmental obligations, in addition, other than to the extent of preliminary expenditures (i.e., architectural, engineering, surveying, soil testing, reimbursement bond issuance, and similar costs that are incurred prior to commencement of acquisition, construction, or rehabilitation of a project, other than land acquisition, site preparation, and similar costs incident to commencement of construction), no portion of the proceeds of the Refunded Bond was used to reimburse the City for any expenditures made by the City prior to the issuance date of the Refunded Bond. 7. The 2016 Harbor Projec The City has entered into or within six months of the issue date of the Bond will enter into a binding obligation to expend at least five percent of the net sale proceeds of the New Money Bond on the 2016 Harbor Project. Work on the construction and acquisition of the 2016 Harbor Project will proceed with due diligence to the completion thereof, and at least eighty five percent (85%) of the net sale proceeds derived from the sale of the New Money Bond will be expended within three years of the date hereof on the 2016 Harbor Project. 8. NQWongpIIj. The City only expended proceeds of the Refunded Bond, and will only expend proceeds of the Bonds, for (i) costs that would be chargeable to a capital account if the City's income were subject to federal income tax purposes, (ii) costs of issuance of the Refunded Bond and the Bonds, respectively, and (iii) cost of the Credit Enhancement. 9. Expenditure of Sale Proceeds of the Bond. The City sold the Bonds to the Bond Bank, The Bond Bank allocated a portion of the proceeds of the Bond Bank Bonds to acquisition of the Bonds, The sale proceeds from the issuance of the Refunding Bond in exchange for the Refunded Bond and the issuance of the New Money Bond will be deemed to be $33,518,869.55. (a) The sale proceeds of the Bonds will be expended as follows: (i) The amount of $31,264,456.41 will be deemed used to pay the principal of and interest on the Refunded Bond on the date hereof through the exchange of the -2- Bond for the Refunded Bond. No portion of the proceeds of the Bonds is expected to be used to pay any interest on, or principal of, any issue of governmental obligations other than the Bonds and. the Refunded Bond. (ii) The amount of $2,000,000.00 will be allocated to pay costs of the 2016 Harbor Project. (iii) The amount of $234337.58 will be used to pay costs of issuance of the Bonds. (iv) The amount of $20,075.56 will be used to pay the cost of acquiring the Credit Enhancement. (b) Prior Reserve Amount As of the date hereof, the City has $2,634,321.52 of proceeds of the Refunded Bond in the Reserve Account with respect to the Refunded Bond (the "Prior Reserve Amount"), of which $394,321,52wi11 be used on November 3, 2016, to discharge a portion of the Refunded Bond. That amount, when added to the amount of proceeds of the Refunded Bonds allocated to costs of issuance paid from proceeds of the Refunded Bond, does not exceed five percent of the proceeds of the Refunded Bond. (c) No Sale of Conduit Loan. No portion of the sale proceeds of the Bonds has been or will be used to acquire, finance, or refinance any conduit loan, (d) No Overissuance. The proceeds of the Bonds will not exceed the amount necessary to accomplish the governmental purposes of the Bonds. (e) Allocations and Accounting. The proceeds of the New Money Bond will be allocated to expenditures not later than 18 months after the later of the date the expenditure is made or the date the 2016 Harbor Project is placed in service, but in no event later than the date that is 60 days after the fifth anniversary of the date hereof. The allocation of proceeds will be made by consistently employing the direct-tracing method of accounting. No proceeds of the Bonds will be allocated to any expenditure to which proceeds of any other obligations have heretofore been allocated. 10. Pre-Issuance Accrued Interest. The Bonds are dated as of the initial date of delivery to the Bond Bank, and the City will receive no pre-issuance accrued interest on the Bonds. 11. Reserved. 12. Transferred Proceeds. Except for proceeds of the Refunded Bond on deposit in the Reserve Account that will become transferred proceeds of the Refunding Bond on November 3, 2016, there are no transferred proceeds with respect to the Bonds, because all of the proceeds of the Refunded Bond have been or will be expended prior to the first dates on which amounts are disbursed to pay principal of the Refunded Bond. 13. No Rei,lacernent Proceeds. Other than amounts described in this certificate, there are no amounts that have a sufficiently direct nexus to the Bonds or to the governmental -3- purposes of the Bonds, including the expected use of amounts to pay debt service on the Refunded Bond, that the amounts would have been used for that governmental purpose if the proceeds of the Bond were not used or to be used for that purpose Specifically, (a) No Sinking Funds. Other than to the extent described in this certificate, there is no debt service fund, redemption fund, reserve fund, replacement fund, or similar fund reasonably expected to be used directly or indirectly to pay principal or interest on the Bonds. (b) No Pledged Funds. Other than amounts described in this certificate, there is no amount that is directly or indirectly pledged to pay principal or interest on the Bonds, or to a guarantor of part or all of the Bonds, such that such pledge provides reasonable assurance that such amount will be available to pay principal or interest on the Bonds if the City encounters financial difficulty. For purposes of this certification, an amount is treated as so pledged if it is held under an agreement to maintain the amount at a particular level for the direct or indirect benefit of the holders or the guarantor of the Bonds. (c) No Other Replacement Proceeds. There are no other replacement proceeds allocable to the Bonds because the City reasonably expects that the term of the Bonds will not be longer than is reasonably necessary for the governmental purposes of the Bonds. The City reasonably expects that the Bond would he issued to achieve the governmental purpose of the Bond independent of any arbitrage benefit. The Bond would have been issued if the interest on the Bond was included in gross income (assuming that the hypothetical taxable interest rate would be the same as the actual tax-exempt interest rate). (d) Weighted Average Economic Life. The weighted average maturity of the Bonds will not be greater than 120 percent of the weighted average estimated economic life of the portion of the Projects financed, determined in accordance with section 147(b) of the Code. Such weighted average estimated economic life is determined in accordance with the following assumptions: (a) The weighted average was determined by taking into account the respective cost of each of the assets financed by the Bonds; (b) the reasonably expected economic life of an asset was determined as of the later of the date hereof or the date on which such asset is expected to be placed in service (i.e., available for use for the intended purposes of such asset); (c) the economic lives used in making this determination are not greater than the useful lives used for depreciation under section 167 of the Code prior to the enactment of the current system of depreciation in effect under section 168 of the Code (i.e., the "mid-point lives") under the asset depreciation range ("ADR") system of section 167(m) of the Code, as set forth in Revenue Procedure 83-35, 1983-1 CD. 745, where applicable, and the "guideline lives" under Revenue Procedure 62-21, 1962-2 C.B. 418, in the case of structures; and (d) land or any interest therein has not been taken into account in determining the average reasonably expected economic life of such Projects, unless 25 percent or more of the net proceeds of the Bonds are to be used to finance land. This limitation is satisfied separately as to the Refunding Bond and the New Money Bond. 14, Yield on the Bonds. The Bonds were purchased by the Bond Bank from proceeds of the Bond Bank Bonds. The yield on the Bond Bank Bonds is 2.5 984%, based on the pricing information provided by the Underwriter. Pursuant to Treas. Reg. §1.148-4(a), the yield on the Bonds is equal to the yield on the Bond Bank Bonds. -4- 15. Tempora' Periods and Yield Restriction - Refunding Bond. The Refunding Bond is an exchange refunding of the Refunded Bond. Accordingly, the amount described in paragraph 7(a(i) will be used within 90 days of the date hereof to pay principal of and interest on the Refunded Bond. Therefore, such amount may be invested for an allowable temporary period. 16. Funds, (a) Debt Service Account, Pursuant to the Bond Ordinance, the City has established the debt service fund designated the "Debt Service Account" within the Bond Fund of the City (the "Debt Service Account"), which will be used primarily to achieve a proper matching of revenues and debt service on the Bonds, within each Bond Year. The revenues are anticipated to be sufficient to pay debt service each year on the Bonds. The Debt Service Account will be depleted at least once each year except for a reasonable carryover amount not to exceed the greater of (a) one year's earnings on the Debt Service Account or (b) one-twelfth of annual debt service. The City reasonably expects that any such revenues deposited in the Debt Service Account will be disbursed within 13 months of the date of receipt of such revenues by the City. Amounts on deposit in the Debt Service Account may be invested for an allowable temporary period of 13 months from the date such amount are deposited into the Debt Service Account, Any such amount not expended within such period will be invested at a yield not "materially higher" than the yield on the Bonds, except as set forth in paragraph 15 below. (b) Reserve Account. The Reserve Account established by the Port Bond Legislation and funded from proceeds of the Refunded Bond will be used to secure payment of debt service on the Refunding Bond in the event that the money in the Debt Service Account is insufficient. The City has contractually agreed with the Bond Bank that the amount in the Reserve Account will be invested in obligations the yield on which is not in excess of the yield on the Bond. (c) Harbor Project Fund, Amounts held in the Harbor Project Fund may be invested without regard to yield restriction for a temporary period of three years from the date hereof, and thereafter will be invested at a yield not in excess of the yield on the Bonds. 17, Reserved. 18. Description of the Proiects Financed or Refinanced by the Bonds. (a) General. On the date of this certificate, the best estimate of the City is that the 2016 Harbor Project that the City expects to finance with the New Money Bond consists of a representative portion of the components and related costs of construction shown in Exhibit A hereto. The City has commenced construction on certain of the components of the 2016 Harbor Project and expects to use $1,513000 of proceeds of the New Money Bond to reimburse itself for costs of the 2016 Harbor Project. (b) Use of the rQjects. All of the components of the Projects (i) have been and will be at all times available on a regular basis to the general public use or (ii) have been and will be at all times for use by common carriers, charter carriers or other entities that directly serve the general public. Further, all of the components of the Project are either: -5- (A) directly related and essential to the operation of a dock and wharf facility, or (B) functionally related and subordinate to the facilities described in (A) above which are (1) of a character and size commensurate with the character and size of the related dock and wharf facilities, taking into account the current and projected use of such dock and wharf facilities and (2) located at or adjacent to one of the dock and wharf facilities. (c) Ownership and Leasing of the Project. The City has been and will be the owner for federal income tax purposes of all components of the Projects from the date such facilities were first placed in service and so long as the Bonds remain outstanding. The City has entered or may enter into licensing and/or leasing arrangements with various water carriers for rights to use certain facilities at the Projects during specified times. In addition, the City has entered or may enter into certain leasing arrangements for concessions at the dock and wharf facilities included in the Projects. In the event of such arrangements, each lessee or licensee thereunder will: (i) in the case of any U.S. licensee or lessee, execute an irrevocable election not to claim depreciation or any investment credit with respect to such leased property, (ii) not have the use of any such leased property for a term that exceeds 80 percent of the reasonably expected economic life of such leased property (determined as set forth with respect to each component under Section 2(e) below), and (iii) have no option to purchase the leased property other than at fair market value (as of the time the option is exercised). Any office space made available in one of the terminals included in the Projects (A) will be located within such terminal or an existing facility at the related dock and wharf facility and not within a separate office building or office wing of a mixed-use building and (B) will be directly related to the day-to-day operations of the portion of such terminal being used by such lessee. (d) Weighted Average Useful Life of Project Components. The weighted average maturity of the Bonds (i.e. 11.339 years) is not greater than 120 percent of the weighted average estimated economic life of the Projects. Such weighted average estimated economic life is determined in accordance with the following assumptions: (i) the weighted average was determined by taking into account the respective costs of each asset itemized in Exhibit A hereto; (ii) the reasonably expected economic life of an asset was determined as of the later of the date hereof or the date on which such asset was placed in service (i.e., available for use for the intended purposes of such asset); (iii) the economic lives used are set forth in Exhibit A hereto which lives are not greater than the useful lives used for depreciation under section 167 of the Code prior to the enactment of the current system of depreciation in effect under section 168 of the Code (i.e., the "mid-point lives") under the asset depreciation range ("ADR") system of section 167(m) of the Code, as set forth in Revenue Procedure 83-35, 1983-1 C.B. 745, where applicable, and the "guideline lives" under Revenue Procedure 62-21, 1962-2 CB, 418, in the case of structures; and (iv) land or any interest therein has not been taken into account in determining the average reasonably expected economic life of such Project. (e) Ownership and Leasing of the Projects. The City will be the owner for federal income tax purposes of all components of the Projects that the City expects to finance or refinance with the Bonds so long as the Bonds remain outstanding. The City has or intends to enter into licensing and/or leasing arrangements with various carriers for rights to use Certain facilities at the City during specified times. To the extent required by current Regulations, in such event, each lessee or licensee thereunder will: (i) in the case of any U.S. licensee or lessee, execute an irrevocable election not to claim depreciation or any investment credit with respect to such leased property, (ii) not have the use of any such leased property for a term which exceeds 80 percent of the reasonably expected economic life of such leased property (determined as set forth with respect to each component under paragraph 9(d) above), and (iii) have no option to purchase the leased property other than at fair market value (as of the time the option is exercised). (f) Definition of Qualifying Costs. For purposes of this certificate, a cost of the Project that the City expects to finance with the Bonds shall be treated as a "Qualifying Cost" if such cost is (i) expended for or attributable to a cost of such Project incurred by the City after the dates referred to in paragraph 6(b) above, and before completion of such Project which will be used for the acquisition, construction, reconstruction or improvement of land or property of a character subject to the allowance for depreciation under section 167 of the Code, or (ii) is expended for interest on that would properly be charged to the capital account for bond-financed property in accordance with section 263(a) of the Code for the period commencing on the date the interest commenced to accrue with respect to the cost of a particular item of property and ending on (A) in the case of real property, the date on which the development or construction work on such property was completed, and (B) in the case of personal property, the date on which such item of property was installed or first put in use (whichever occurred later). (g) Limitation on Issuance Costs, An amount of sale and investment proceeds that is not greater than two percent of the aggregate issue price of the Bonds will be used to pay the costs of issuance with respect to the Bonds. For purposes of this certificate, the term "Costs of Issuance" with respect to the Bonds includes all costs incurred in connection with the issuance of the Bonds, including but not limited to, Underwriter's compensation, counsel fees, financial advisor fees, rating agency fees, initial trustee fees, paying agent or certifying and authenticating agent fees, accounting fees, printing costs, costs incurred in connection with required public approval process, any costs of engineering and feasibility studies necessary to the issuance of the Bonds (as opposed to studies related to completion of the 2016 Harbor Project, but not to its financing) and similar costs that constitute issuance costs under section 147(g) of the Code. (h) Net Proceeds Expenditure. The "Net Proceeds" of the Bonds for purposes of this certificate will equal the issue price of the Bond of $33,518,869.55. The Net Proceeds of the Bonds will, pursuant to the terms of the Bonds Legislation, be expended to finance and refinance the Projects. At least 95 percent of the Net Proceeds of the Bonds, and at least 95 percent of the Net Proceeds of the Refunded Bond, will be or were used, as applicable, to pay Qualifying Costs of the Projects. No more than 5 percent of such Net Proceeds of the Bonds will be spent on or attributable to Costs of Issuance (which will also not exceed 2 percent of the sale proceeds of the Bonds) or costs of the Projects that are not Qualifying Costs. (i) Used Property. No portion of the Net Proceeds of the Bonds will be used, and no portion of the Net Proceeds of the Refunded Bond were used, for the acquisition of any property (or an interest therein) unless (i) the first use of such property was pursuant to such acquisition or (ii) the applicable rehabilitation exception contained in section 147(d)(2) of the Code with respect to such property was met. -7- (j) Acquisition of Land. No portion of the Net Proceeds of the Bonds will be used for the acquisition of land. No portion of the Net Proceeds of the Refunded Bond were used for the acquisition of land. 19. No Guaranteed Investment Contract or Certificate of Deposit. None of the gross proceeds of the Bonds will be invested in any guaranteed investment contract or certificate of deposit. 20. Issue, There are no other obligations that (a) are sold at substantially the same time as the Bonds (i.e., within 15 days), (b) are sold pursuant to the same plan of financing with the Bonds, and (c) will be paid out of substantially the same source of funds as the Bonds. 21. Compliance With Rebate Requirements, The City has covenanted in the Bonds Legislation that it will take all necessary steps to comply with the requirement that rebatable arbitrage earnings on the investment of the gross proceeds of the Bonds, if any, within the meaning of section 148(f) of the Code be rebated to the federal government. Specifically, the City will (a) maintain records regarding the investment of the gross proceeds of the Bonds as may be required to calculate such rebatable arbitrage earnings separately from records of amounts on deposit in the funds and accounts of the City which are allocable to other bond issues of the City or moneys which do not represent gross proceeds of any bonds of the City, (b) calculate at such intervals as may be required by applicable Regulations, the amount of rebatable arbitrage earnings, if any, earned from the investment of the gross proceeds of the Bonds and (c) pay, not less often than every fifth anniversary date of the delivery of the Bonds and within 60 days following the final maturity of the Bonds, or on such other dates required or permitted by applicable Regulations, all amounts required to be rebated to the federal government. Further, the City will not indirectly pay any amount otherwise payable to the federal government pursuant to the foregoing requirements to any person other than the federal government by entering into any investment arrangement with respect to the gross proceeds of the Bonds that might result in a reduction in the amount required to be paid to the federal government because such arrangement results in a smaller profit or a larger loss than would have resulted if the arrangement had been at arm's-length and had the yield on the issue not been relevant to either party. 22. Not an Abusive Transaction. (a) General. No action taken in connection with the issuance of the Bonds will enable the City to (i) exploit, other than during an allowable temporary period, the difference between tax-exempt and taxable interest rates to obtain a material financial advantage (including as a result of an investment of any portion of the gross proceeds of the Bonds over any period of time, notwithstanding that, in the aggregate, the gross proceeds of the Bonds are not invested in higher yielding investments over the term of the Bonds), and (ii) issue more bonds, issue bonds earlier, or allow bonds to remain outstanding longer than is otherwise reasonably necessary to accomplish the governmental purposes of the Bonds. To the best of our knowledge, no actions have been taken in connection with the issuance of the Bonds other than actions that would have been taken to accomplish the governmental purposes of the Bonds if the interest on the Bonds was not excludable from gross income for federal income tax purposes (assuming the hypothetical taxable interest rate would be the same as the actual tax-exempt interest rate on the Bonds). (b) No Rerefunding, No portion of the Refunded Bond has been refunded or defeased other than by reason of the issuance of the Bonds. (c) No Sinking Fund. No portion of the Bonds has a term that has been lengthened primarily for the purpose of creating a sinking fund or similar fund with respect to the Bonds. (d) No Noncallable Bonds, The Refunded Bond does not include any nonc.allable Refunded Bond that has been refunded to invest proceeds in the Escrow Fund allocable to the noncallable Refunded Bond at a yield that is higher than the yield on the Bonds and thereby eliminate significant amounts of negative arbitrage in the Escrow Fund, (e) No Window Refunding. No portion of the Bonds has been structured with maturity dates the primary purpose of which is to make available released revenues that will enable the City to avoid transferred proceeds or to make available revenues that may be invested to be ultimately used to pay debt service on another issue of obligations. (f) No Sale of Conduit Loan, No portion of the gross proceeds of the Refunded Bond or the Bonds haves been or will be used to acquire, finance, or refinance any conduit loan. 23. No Arbitrage. On the basis of the foregoing facts, estimates and circumstances, it is expected that the gross proceeds of the Bonds will not be used in a manner that would cause the Bonds to be an "arbitrage bond" within the meaning of section 148 of the Code and the Regulations. To the best of the knowledge and belief of the undersigned, there are no other facts, estimates or circumstances that would materially change such expectations. 24. Weighted Average Maturity. The weighted average maturity of the Bonds is the sum of the products of the issue price of each maturity of the Bonds and the number of years to maturity, divided by the aggregate sale proceeds of the Bonds. 25. Bond is Not a Hedge Bond. (a) Not more than 50 percent of the proceeds of the Refunded Bond was invested in nonpurpose investments (as defined in section 148(f)(6)(A) of the Code) having a substantially guaranteed yield for four years or more within the meaning of section 1 49(g)(3)(A)(ii) of the Code. Further, the City reasonably expected at the time of issuance of the Refunded Bond that at least 85 percent of the spendable proceeds of the Refunded Bond would be used to carry out the governmental purposes of such issue within the three-year period beginning on the date the Refunded Bond was issued. -9- (b) Not more than 50 percent of the proceeds of the New Money Bond will be invested in nonpurpose investments (as defined in section 1 48(f(6)(A) of the Code) having a substantially guaranteed yield for four years or more within the meaning of section 149(g)(3)A(ii) of the Code. Further, the City reasonably expects that at least 85 percent of the spendable proceeds of the Bonds will be used to carry out the governmental purposes of such issue within the three-year period beginning on the date hereof. Dated November 3 2016. CITY (7F I?FTCHIKAT%T , LASKA Robert E. Newell, Jr.. hriance Director -10- iai:i i:ii AMT PROJECT FINANCED BY THE REFUNDED BOND Original Expected Description Amount Useful Life Dock Street Dock $ 2,838,947 30 Ryus Float and Gangway 306,780 30 Berth H Platform 7,011,347 30 Berth III Marine 13,729,756 30 Restroom & Covered Shelter 2,644,933 30 Promenade 3,437,485 30 Casey Moran Floats, 6,269,252 30 $ 36,238,500 Remaining weighted average useful life = 20 AMT PROJECT FINANCED BY THE BOND (NEW MONEY) Original Expected Useful Description Amount Life Hole-in-the-Wall Harbor (replace or repair/upgrade ramps, pilings, floats, and utilities and breakwater) $ 1,513,000 35 Bar Harbor, north marina (replace ramp and upgrade electrical service) 487,000 35 $ 2,000,000 NIN