Loading...
Tab_134UNITED STATES OF AMERICA NO. I $28,565,000 STATE OF ALASKA CITY OF KETCHIKAN PORT REVENUE REFUNDING BOND, 2016 INTEREST RATE: MATURITY DATE: SEE BELOW DECEMBER 1, 2035 REGISTERED OWNER: ALASKA MUNICIPAL BOND BANK PRINCIPAL AMOUNT: TWENTY-EIGHT MILLION FIVE HUNDRED SIXTY-FIVE THOUSAND AND NO/I 00 DOLLARS The City of Ketchikan, Alaska (the "City"), a municipal corporation organized and existing under and by virtue of the laws and Constitution of the State of Alaska and the City's charter, hereby acknowledges itself to owe and for value received promises to pay to the Registered Owner identified above, or registered assigns, the Principal Amount indicated above in accordance with the installment payment schedule set forth below (unless prepaid prior thereto as provided herein), together with interest on such installments from the date hereof or the most recent date to which interest has been paid or duly provided for, at the interest rates set forth below, on December 1 as follows: Principal Installment Payment Year Principal Installment Interest (December 1) Amount Rate 2016 $ 930,000 4.75% And in the following additional installments on December 1 of each of the following years, together with interest on such installments (calculated on the basis of a 360-day year consisting of twelve 30-day months) at the following rates, payable on December 1, 2016, and semiannually thereafter on the first days of each June and December until such installments have been paid, or such payment has been duly provided for as follows: Principal Installment Payment Year Principal Installment Interest (December 1) Amount Rate 2016 $ 610,000 2,00% 2017 895,000 3.00 2018 930,000 5.00 2019 980,000 5,00 2020 1,025,000 5.00 2021 1,075,000 5,00 2022 1,130,000 5.00 2023 1,185,000 5.00 2024 1,245,000 5.00 2025 1,305,000 5.00 2026 1,370,000 5.00 2027 1,440,000 5.00 2028 1,515,000 5,00 2029 1,585,000 5.00 2030 1,670,000 5.00 2031 1,750,000 5.00 2032 1,840,000 5.00 2033 1,930,000 5.00 2034 2,030,000 5.00 2035 2,125,000 5.00 TOTAL 27,635,000 Page 1 of D005SF/133417v1/200661-0032 Principal of, interest, and premium, if any, on this Bond are payable solely out of the special fund of the City known as the "Port Revenue Bond Fund" (the "Bond Fund") established pursuant to Ordinance No, 06-1549 of the City (the "Bond Ordinance"). Both principal of and interest on this Bond are payable in lawful money of the United States of America. Installments of principal of and interest on this Bond are payable by check or draft of the City's Finance Director (the "Registrar") mailed (on the date such interest is due) to the Registered Owner hereof at the address appearing on the records maintained by the Registrar as of the fifteenth day of the month preceding the interest payment date. The final installment of principal of and interest on this Bond shall be paid to the Registered Owner hereof upon presentation and surrender of this bond at the office of the Registrar in Ketchikan, Alaska. Notwithstanding the foregoing, so long as the Alaska Municipal Bond Bank (the "Bond Bank") is the Registered Owner of this Bond, payments of principal of and interest on this Bond shall be made to the Bond Bank in accordance with the Loan Agreement between the Bond Bank and the City dated as of July 1, 2006, as amended by that certain Amendatory Loan Agreement dated as of October 18, 2016 (together, the "Loan Agreement"). This Bond is issued under and pursuant to the Bond Ordinance and Resolution No. 06-2171 of the City Council (collectively, the "Bond Legislation"), and under the authority of and in full compliance with the Constitution and laws of the State of Alaska and the City's Charter. This Bond is issued to finance the costs of certain capital improvements to Port Facilities of the City. Capitalized terms used and not otherwise defined on this Bond shall have the meanings given such terms in the Bond Legislation. This Bond is subject to prepayment as provided in the Bond Legislation and the Loan Agreement. By the Bond Legislation, the City has pledged to set aside from the Port Revenue Fund, and to pay into the Bond Fund and Debt Service Account and Reserve Account therein, the various amounts required by the Bond Legislation to be paid into and maintained in said fund and accounts, all within the times provided by the Bond Legislation, The City has further pledged and bound itself to pay into the Port Revenue Fund as collected, all of the Port Revenue, Said amounts so pledged to be paid out of the Port Revenue Fund into the Bond Fund and the accounts therein are hereby declared to be a prior lien and charge upon the money in the Port Revenue Fund superior to all other charges of any kind or nature except the Costs of Maintenance and Operation and equal in rank to any charges that may be made on the Port Revenue Fund to pay and secure the payment of any Future Parity Bonds. The obligations of the City under the Bond Legislation may be discharged upon the making of provision for the payment of this Bond on the terms and conditions set forth in the Bond Legislation and the Loan Agreement. This Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Bond Legislation until the Certificate of Authentication hereon shall have been manually signed by the Registrar. It is hereby certified, recited and declared that the Bond is issued pursuant to and in strict compliance with the constitution and laws of the State of Alaska, and the Charter, ordinances and resolutions of the City of Ketchikan, and that all acts, conditions and things required to exist, to have happened and to have been performed precedent to and in the issuance of this Bond do exist, have happened and have been performed. IN WITNESS WHEREOF, the City of Ketchikan, Alaska, has caused this Bond to be signed on behalf of the City with the manual or facsimile signature of the Mayor, to be attested by the manual or facsimile signature of the City Clerk, and the seal of the City to be imprinted or impressed hereon, as of this 3'' day of November, 2016. CITY OF KETCHIKAN, ALASKA (SEAL) Attest: ,A,740A~ n , . . 4Z M-Z— City beek Page 2 of 3 DOCSSF/133417v1/200661-0032 By Mayor