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I, AIMEE KNIAZIOWSKI, City Manager of the City of Kodiak, Alaska (the
"Issuer"), HEREBY CERTIFY that:
1. Pursuant to Resolution 2016-32(SUB) of the Issuer, I have approved the
aggregate principal amount, maturity amounts, interest rates, dated date, principal and
interest payment dates, record dates for principal and interest payments, redemption
terms, and other details of the Issuer's Harbor Revenue Refunding Bond, Series 2016A
(the "2016A Bond") as set forth in Schedule X attached hereto, and I have executed on
behalf of the Issuer the Amendatory Loan Agreement dated October 18, 2016 (the
"Amendatory Loan Agreement"), amending the Loan Agreement dated as of
December 1, 2007 (the "Loan Agreement"), between the Issuer and the Alaska
Municipal Bond Bank.
2. Pursuant to Resolution 201632(SUB) of the Issuer, I have designated the
Issuer's Harbor Revenue Bond, 2007A (the "2007A Bond") maturing in the years 2017
through 2037 to be refunded by exchange for the 2016A Bond, and find that the
refunding of the maturities of the 2007A Bond so designated realizes a debt service
savings of at least three percent of their principal amount, net of all issuance costs and
underwriting discount, on a present value basis.
3. No litigation is pending, or to my knowledge threatened, against the Issuer
in any court affecting the corporate existence of the Issuer, or the titles of its officers to
their respective offices, or seeking to restrain or enjoin the issuance, sale or delivery of
the 2016A Bond, or in any manner questioning the authority or proceedings for the
authorization or issuance of the 2016A Bond, or the right of the Issuer to collect
revenues and other moneys pledged or to be pledged to pay the principal of and
interest on the 2016A Bond, or the pledge thereof, in any way contesting or affecting the
validity or enforceability of the 2016A Bond, the Loan Agreement, or the Amendatory
Loan Agreement.
4. The Annual Debt Service in each Fiscal Year on all Harbor Revenue
Bonds to be Outstanding after the issuance of the 2016A Bond will not be greater than
the Annual Debt Service in the same Fiscal Year if the refunding of the 2007A Bond did
not occur.
DATED this 3rd day of November, 2016.
CITY OF KODIAK, ALASKA
AIMEE KNIAZIOWSKI, City Manager *
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Date: Dated November 3, 2016.
Interest Payment Dates: Installments of interest on the Bond shall be payable
on December 1, 2016 and semiannually thereafter on the first days of June and
December of each year.
Record Dates: The 15th day of the month next preceding the applicable interest
payment date.
Maturities and Interest Rates: Installments of principal of the Bond mature on
December 1 in each of the years in the respective amounts, and bear interest at the
rates, as follows:
Principal Interest Principal Interest
Year Amount Rate Year Amount Rate
2017 $55,000 2.00% 2028 $ 85,000 5.00%
2018 50,000 4.00 2029 90,000 3.00
2019 55,000 4.00 2030 90,000 3.125
2020 55,000 4.00 2031 95,000 3.125
2021 60,000 4.00 2032 100,000 3.250
2022 60,000 5.00 2033 100,000 3.250
2023 65,000 5.00 2034 100,000 3.375
2024 65,000 5.00 2035 110,000 3.375
2025 70,000 5.00 2036 110,000 3.375
2026 75,000 5.00 2037 115,000 3.375
2027 75,000 5.00
Redemption Provisions: Installments of principal of the Bond due on and after
December 1, 2028, shall be subject to prepayment on and after December 1, 2026, at
the option of the City (subject to any applicable provisions of the Loan Agreement, as
amended), in such principal amounts and from such maturities as the City may
determine, and by lot within a maturity, at a redemption price equal to the principal
amount to be prepaid, plus accrued interest to the date of prepayment.
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