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
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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
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DOCSSF/133417v1/200661-0032
By
Mayor