Tab_169i[I!Li] il I 1 1
I, DEBRA MARLAR, City Clerk of the City of Kodiak, Alaska (the "City"),
HEREBY CERTIFY that the document attached hereto is an accurate and complete
copy of Resolution 2015-25 adopted by the City Council at a meeting duly called and
held on August 13, 2015, and that Resolution 2015-25 has not been modified,
amended, repealed, or rescinded, but is in full force and effect on the date hereof.
IN WITNESS WHEREOF, I have executed this certificate and impressed the seal
of the City hereon this 3rd day of November, 2016.
CITY OF KODIAK, ALASKA
14,
DEBRA MARLAR, City Clerk
[SEAL]
lMóis11*ITh
rt'aIsJ 1J1 I14i
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I
WHEREAS, the City of Kodiak, Alaska (the "City") is a home rule city and under Sec-
tion 11 of Article X of the Alaska Constitution may exercise all legislative power not prohibited
by law or the charter of the City; and
WHEREAS, there are now outstanding General Obligation Bonds, 2008 Series A of the
City maturing on April 1 in the years 2019 through 2038 in the aggregate principal amount of
$6,280,000 (the "2008 Bonds") issued under Resolution 08-1 of the City, as amended; and
WHEREAS, the Council finds that it is in the best interest of the City to provide for the
refunding, including the payment of principal of, and premium and interest on, those maturities
of the 2008 Bonds (the "Refunded Bonds") whose refunding the Manager or the Finance Direc-
tor determines will produce the percentage debt service savings specified in this resolution, by
the issuance of general obligation refunding bonds (the "Bonds") in the aggregate principal
amount of not to exceed $7,500,000; and
WHEREAS, Article IX, Section 11 of the Alaska Constitution and Kodiak Charter Sec-
tion VI-1 provide that general obligation refunding bonds may be issued without an election, and
Section 29.47.410 of the Alaska Statutes provides that the Council by resolution may provide for
the form and manner of sale of bonds and notes; and
WHEREAS, the Alaska Municipal Bond Bank and the City intend to enter into an
Amendatory Loan Agreement, which amends the Loan Agreement dated as of April 1, 2008
between the Alaska Municipal Bond Bank and the City, to provide for the refunding of the
Refunded Bonds through their exchange for the Bonds, and related matters; and
WHEREAS, the Council finds that it is necessary and appropriate to delegate to the Man-
ager and the Finance Director authority to determine the maturity amounts, interest rates and
other details of the Bonds, and to determine other matters that are not provided for in this resolu-
tion;
NOW THEREFORE, BE IT RESOLVED by the Council of the City of Kodiak, Alaska,
that:
Section 1. Definitions. The following terms shall have the following meanings in this
resolution:
Resolution No.
Page 1 of 11
A. "Amendatory Loan Agreement" means the Amendatory Loan Agreement
between the City and the Bond Bank, amending the 2008 Loan Agreement to provide for the
refunding of the Refunded Bonds through their exchange for the Bonds, and related matters.
B. "Bond" or "Bonds" means any of the "General Obligation Refunding
Bonds" of the City of Kodiak, the issuance and sale of which are authorized herein.
C. "Bond Bank" means the Alaska Municipal Bond Bank, a public corpora-
tion of the State of Alaska.
D. "Bond Bank Bonds" means general obligation bonds issued by the Bond
Bank to refund all or part of its outstanding General Obligation Bonds, 2008 Series One.
B. "Bond Register" means the registration books maintained by the Registrar,
which include the names and addresses of the Registered Owners of the Bonds or their nominees.
F. "City" means the City of Kodiak, a municipal corporation of the State of
Alaska, organized as a first class city under Title 29 of the Alaska Statutes.
G. "Code" means the Internal Revenue Code of 1986, as amended from time
to time, together with all regulations applicable thereto.
H. "Council" means the Council of the City of Kodiak, as the general legisla-
tive authority of the City of Kodiak, as the same shall be duly and regularly constituted from
time to time,
I. "Government Obligations" means obligations that are either (i) direct ob-
ligations of the United States of America, or (ii) obligations of an agency or instrumentality of
the United States of America the timely payment of the principal of and interest on which are
unconditionally guaranteed by the United States of America.
J. "Loan Agreement" means the 2008 Loan Agreement, as amended by the
Amendatory Loan Agreement.
K. "Refunded Bonds" means the maturities of the 2008 Bonds whose refund-
ing is approved by the Manager or the Finance Director under Section 13.
L. "Registered Owner" means the person named as the registered owner of a
Bond in the Bond Register.
M. "Registrar" means the Finance Director, or any successor that the City
may appoint by resolution.
N. "Resolution" means this Resolution 2015-25 of the City.
0. "2008 Loan Agreement" means the Loan Agreement between the City and
the Bond Bank dated as of April 1, 2008.
Resolution No. 2015-25
Page 2 of 11
Section 2. Authorization of Bonds and Purpose of Issuance. For the purpose of effecting
the refunding by exchange of the Refunded Bonds in the manner set forth in this Resolution and
the Amendatory Loan Agreement, and to pay all costs incidental thereto and to the issuance of
the Bonds, the City hereby authorizes and determines to issue and sell the Bonds in the aggregate
principal amount of not to exceed $7,500,000.
Section 3. Obligation of Bonds. The Bonds shall be direct and general obligations of the
City and the full faith and credit of the City are hereby pledged to the payment of the principal of
and interest on the Bonds. The City hereby irrevocably pledges and covenants that it will levy
and collect taxes upon all taxable property within the City 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 the Bonds as the same become due and payable.
Section 4. Designation, Maturities, Interest Rates, and Other Details of Bonds. The
Bonds shall be designated "City of Kodiak, Alaska, General Obligation Refunding Bonds." The
Bonds shall be in the denomination of $5,000 or any integral multiple thereof, shall be numbered
separately in the manner and with such additional designation as the Registrar deems necessary
for purposes of identification, and may have endorsed thereon such legends or text as may be
necessary or appropriate to conform to the rules and regulations of any governmental authority or
any usage or requirement of law with respect thereto.
The Bonds shall mature in one or more years commencing no earlier than 2016 and end-
ing no later than 2039. The Bonds shall bear interest from their date, payable commencing on or
after January 1, 2016, and semiannually thereafter. Interest will be computed on the basis of a
360-day year consisting of twelve 30-day months.
Subject to Section 2 and the remainder of this section, the aggregate principal amount, the
principal amount of each maturity, the interest rates, the dated date, the principal and interest
payment dates and the record dates for principal and interest payments on the Bonds shall be
determined at the time of execution of the Amendatory Loan Agreement under Section 17.
Section 5. Optional Redemption. The Bonds, if any, subject to optional redemption by
the City, the time or times when such Bonds are subject to optional redemption, the terms upon
which such Bonds may be redeemed, and the redemption price or redemption prices for such
Bonds, shall be determined at the time of execution of the Amendatory Loan Agreement under
Section 17.
Section 6. Selection of Bonds for Redemption Notice of Redemption.
(A) Selection of Bonds for Redemption. When the Bond Bank is the Registered Owner
of the Bonds, the selection of Bonds to be redeemed shall be made as provided in the Loan
Agreement. When the Bond Bank is not the Registered Owner of the Bonds, the selection of
Bonds to be redeemed shall be made as provided in this subsection (A). If the City redeems at
any one time fewer than all of the Bonds having the same maturity date, the particular Bonds or
portions of Bonds of such maturity to be redeemed shall be selected by lot (or in such other
manner determined by the Registrar) in increments of $5,000. In the case of a Bond of a denom-
ination greater than $5,000, the City shall treat such Bond as representing such number of
Resolution No. 2015-25
Page 3 of 11
separate Bonds each of the denomination of $5,000 as is obtained by dividing the actual principal
amount of such Bond by $5,000. In the event that only a portion of the principal amount of a
Bond is redeemed, upon surrender of such Bond at the office of the Registrar there shall be
issued to the Registered Owner, without charge therefor, for the then unredeemed balance of the
principal sum thereof, at the option of the Registered Owner, a Bond or Bonds of like maturity
and interest rate in any of the denominations authorized herein.
(B) Notice of Redemptjn. When the Bond Bank is the Registered Owner of the Bonds,
notice of any intended redemption of Bonds shall be given as provided in the Loan Agreement.
When the Bond Bank is not the Registered Owner of the Bonds, notice of any intended redemp-
tion of Bonds shall be made as provided in this subsection (B). Notice of redemption shall be
mailed not less than 30 nor more than 45 days prior to the date fixed for redemption by first class
mail to the Registered Owners of the Bonds to be redeemed at their addresses as they appear on
the Bond Register on the day the notice is mailed. Notice of redemption shall be deemed to have
been given when the notice is mailed as herein provided, whether or not it is actually received by
the Registered Owners. All notices of redemption shall be dated and shall state: (1) the redemp-
tion date; (2) the redemption price; (3) if fewer than all outstanding Bonds are to be redeemed,
the identification (and, in the case of partial redemption, the respective principal amounts) of the
Bonds to be redeemed; (4) that on the redemption date the redemption price will become due and
payable upon each such Bond or portion thereof called for redemption, and that interest thereon
shall cease to accrue from and after said date; and (5) the place where such Bonds are to be
surrendered for payment of the redemption price, which place of payment shall be the office of
the Registrar.
Official notice of redemption having been given as aforesaid, Bonds or portions of Bonds
to be redeemed shall, on the redemption date, become due and payable at the redemption price
therein specified, and from and after such date, such Bonds or portions of Bonds shall cease to
bear interest. Upon surrender of such Bonds for redemption in accordance with said notice, such
Bonds shall be paid at the redemption price. Installments of interest due on or prior to the
redemption date shall be payable as provided herein for the payment of interest. Upon surrender
of any Bond for partial redemption, there shall be prepared for the Registered Owner a new Bond
or Bonds of the same maturity in the amount of the unpaid principal. All Bonds which have
been redeemed shall be canceled and destroyed by the Registrar and shall not be reissued.
Each check or other transfer of funds issued to pay the redemption price of Bonds shall
bear the CUSIP number, if any, identifying, by maturity, the Bonds being redeemed with the
proceeds of such check or other transfer.
Section 7. Form of Bond. Each Bond shall be in substantially the following form, with
such variations, omissions and insertions as may be required or permitted by this Resolution:
Resolution No. 2015-25
Page 4oflI
UNITED STATES OF AMERICA
STATE OF ALASKA
CITY OF KODIAK
(A Municipal Corporation of the State of Alaska)
NO.
GENERAL OBLIGATION REFUNDING BOND, 2015 SERIES -
Registered Owner
Principal Amount DOLLARS
The City of Kodiak (the "City"), a municipal corporation of the State of Alaska, hereby
acknowledges itself to owe and for value received promises to pay to the Registered Owner
identified above, or registered assigns, the principal amount shown above in the following
installments on 1 of each of the following years, and to pay interest on such install-
ments from the date hereof, payable on __, 2016 and semiannually thereafter on the
days of and of each year, at the rates per annum as follows:
Year Principal Amount Interest Rate Year Principal Amount Interest Rate
When this Bond is owned by the Alaska Municipal Bond Bank (the "Bond Bank"), pay-
ment of principal and interest shall be made as provided in the Loan Agreement between the
Bond Bank and the City dated as of April 1, 2008, as amended (the "Loan Agreement"). When
this Bond is not owned by the Bond Bank, installments of principal and interest on this Bond
shall be paid by check or draft mailed by first class mail to the Registered Owner as of the close
of business on the 15th1 day of the month preceding each installment payment date; provided that
the final installment of principal and interest on this Bond shall be payable upon presentation and
surrender of this Bond by the Registered Owner at the office of the Registrar. Interest will be
computed on the basis of a 360-day year consisting of twelve 30-day months. Both principal of
and interest on this Bond are payable in lawful money of the United States of America which, on
the respective dates of payment thereof; shall be legal tender for the payment of public and
private debts.
This Bond is one of the General Obligation Refunding Bonds, 2015 Series -
of the City
of Kodiak, Alaska, of like tenor and effect except as to interest rate, serial number and maturity,
aggregating $___________
in principal amount, and constituting Bonds authorized for the pur-
pose of refunding certain general obligation bonds issued by the City, and is issued under Reso-
lution 2015-25 of the City entitled:
A RESOLUTION OF THE COUNCIL OF THE CITY OF KODIAK AUTHORIZING THE
CITY OF KODIAK TO ISSUE GENERAL OBLIGATION REFUNDING BONDS IN THE
PRINCIPAL AMOUNT OF NOT TO EXCEED $7,500,000 TO REFUND CERTAIN OUT-
Resolution No. 2015-25
Page 5 of 11
STANDING GENERAL OBLIGATION BONDS OF THE CITY, FIXING CERTAIN DE-
TAILS OF SUCH BONDS AND AUTHORIZING THEIR SALE.
(the "Resolution").
Installments of principal of this Bond due on and after , 20, shall be subject
to prepayment on and after , 20_, at the option of the City (subject to any applicable
provisions of the Loan Agreement), 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.
This Bond is transferable as provided in the Resolution, (i) only upon the bond register of
the City, 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 principal amount and
maturity shall be issued to the transferee in exchange therefor as provided in the Resolution and
upon the payment of charges, if any, as therein prescribed. The City 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 redemption price, if any, hereof and
interest due hereon and for all other purposes whatsoever.
This Bond is a general obligation of the City of Kodiak and the full faith and credit of the
City are pledged for the payment of the principal of and interest on this Bond as the same shall
become due.
IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts or things required
by the constitution or statutes of the State of Alaska and the home rule charter of the City 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 City, is within every debt and other limit prescribed
by said constitution, statutes or charter.
IN WITNESS WHEREOF, THE CITY OF KODIAK, ALASKA, has caused this Bond to
be signed in its name and on its behalf by the manual or facsimile signature of its Mayor and its
corporate seal (or a facsimile thereof) to be impressed or otherwise reproduced hereon and
attested by the manual or facsimile signature of its Clerk, all as of the day of
2015.
Mayor
ATTEST:
Clerk
Resolution No. 2015-25
Page 6 of 11
[SEAL]
ASSIGNMENT
For value received, the undersigned sells, assigns and transfers to (print or typewrite
name, address, zip code and Social Security number or other tax identification number of Trans-
feree)
this Bond and irrevocably constitutes and appoints
attorney to transfer this Bond on the Bond Register, with full power of substitution in the prem-
ises.
Dated:
Signature Guaranteed:
Notice: The assignor's signature to this assignment must correspond with the name as it appears
upon the face of this Bond.
Section 8. Execution. The Bonds shall be executed in the name of the City by the manu-
al or facsimile signature of the Mayor, and its corporate seal (or a facsimile thereof) shall be
impressed or otherwise reproduced thereon and attested by the manual or facsimile signature of
the City Clerk. The execution of a Bond on behalf of the City by persons who at the time of the
execution are duly authorized to hold the proper offices shall be valid and sufficient for all
purposes, although any such person shall have ceased to hold office at the time of delivery of the
Bond or shall not have held office on the date of the Bond.
Section 9. Payment of Principal and Interest. The Bonds shall be payable in lawful mon-
ey of the United States of America which at the time of payment is legal tender for the payment
of public and private debts. When the Bond Bank is the Registered Owner of the Bonds, pay-
ment of principal and interest on the Bonds shall be made as provided in the Loan Agreement.
When the Bond Bank is not the Registered Owner of the Bonds, installments of principal and
interest on the Bonds shall be paid by check mailed by first class mail to the Registered Owner as
of the record date for the installment payment at the address appearing on the Bond Register;
provided that the final installment of principal and interest on a Bond shall be payable upon
presentation and surrender of the Bond by the Registered Owner at the office of the Registrar.
Section W. Registration, The Bonds shall be issued only in registered form as to both
principal and interest. The City designates the Finance Director as Registrar for the Bonds. The
Registrar shall keep, or cause to be kept, the Bond Register at the principal office of the City.
The City covenants that, until all Bonds have been surrendered and canceled, it will maintain a
system for recording the ownership of each Bond that complies with the provisions of Section
149 of the Code. The City and the Registrar may treat the person in whose name any Bond shall
be registered as the absolute owner of such Bond for all purposes, whether or not the Bond shall
be overdue, and all payments of principal of and interest on a Bond made to the Registered
Resolution No. 2015-25
Page 7 of 11
Owner thereof or upon its order shall be valid and effectual to satisfy and discharge the liability
upon such Bond to the extent of the sum or sums so paid, and neither the City nor the Registrar
shall be affected by any notice to the contrary.
Section 11. Transfer and Exchange. Bonds shall be transferred only upon the books for
the registration and transfer of Bonds kept at the office of the Registrar. Upon surrender for
transfer or exchange of any Bond at such office, with a written instrument of transfer or authori-
zation for exchange in form and with guaranty of signature satisfactory to the Registrar, duly
executed by the Registered Owner or the duly authorized attorney of the Registered Owner, the
City shall execute and deliver an equal aggregate principal amount of Bonds of the same maturi-
ty of any authorized denominations, subject to such reasonable regulations as the City may
prescribe and upon payment sufficient to reimburse it for any tax, fee or other governmental
charge required to be paid in connection with such transfer or exchange. All Bonds surrendered
for transfer or exchange shall be canceled by the Registrar.
Section 12, Bonds Mutilated, Destroyed, Stolen or Lost. Upon surrender to the Registrar
of a mutilated Bond, the City shall execute and deliver a new Bond of like maturity and principal
amount. Upon filing with the Registrar of evidence satisfactory to the City that a Bond has been
destroyed, stolen or lost and of the ownership thereof, and upon furnishing the City with indem-
nity satisfactory to it, the City shall execute and deliver a new Bond of like maturity and princi-
pal amount. The person requesting the execution and delivery of a new Bond under this section
shall comply with such other reasonable regulations as the City may prescribe and pay such
expenses as the City may incur in connection therewith.
Section 13. Designation of Refunded Bonds. The Manager and the Finance Director
each is authorized to designate which, if any, maturities of the 2008 Bonds authorized to be
refunded in this Resolution shall be refunded, provided that the refunding of the 2008 Bonds so
designated shall realize a debt service savings in the aggregate of at least three percent of their
principal amount, net of all issuance costs and underwriting discount, on a present value basis.
Section 14. Tax Covenants. The City covenants to comply with any and all applicable
requirements set forth in the Code in effect from time to time to the extent that such compliance
shall be necessary for the exclusion of the interest on the Bonds from gross income for federal
income tax purposes. Without limiting the generality of the foregoing, the City covenants that it
will make no use of the proceeds of the Bonds that will cause the Bonds to be "arbitrage bonds"
subject to federal income taxation by reason of section 148 of the Code, and that it will not take
or permit any action that would cause the Bonds to be "private activity bonds" as defined in
Section 141 of the Code.
Section 15. Amendatory and Supplemental Resolutions.
A. The Council from time to time and at any time may adopt a resolution or
resolutions supplemental hereto, which resolution or resolutions thereafter shall become a part of
this Resolution, for any one or more of the following purposes:
Resolution No. 2015-25
Page 8 of 11
1. To add to the covenants and agreements of the City in this Resolu-
tion other covenants and agreements thereafter to be observed, or to surrender any right or power
herein reserved to or conferred upon the City.
2. To make such provisions for the purpose of curing any ambiguities
or of curing, correcting or supplementing any defective provision contained in this Resolution or
in regard to matters or questions arising under this Resolution as the Council may deem neces-
sary or desirable and not inconsistent with this Resolution and which shall not adversely affect
the interests of the Registered Owners of the Bonds.
Any such supplemental resolution may be adopted without the consent of
the Registered Owner of any of the Bonds at any time outstanding, notwithstanding any of the
provisions of subsection B of this section.
B. With the consent of the Registered Owners of not less than 60 percent in
aggregate principal amount of the Bonds at the time outstanding, the Council may adopt a
resolution or resolutions supplemental hereto for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Resolution or of any sup-
plemental resolution; provided, however, that no such supplemental resolution shall:
1. Extend the fixed maturity of any of the Bonds, or reduce the rate of
interest thereon, or extend the time of payments of interest from their due date, or reduce the
amount of the principal thereof, or reduce any premium payable on the redemption thereof,
without the consent of the Registered Owners of each Bond so affected; or
2. Reduce the aforesaid percentage of Registered Owners of Bonds
required to approve any such supplemental resolution without the consent of the Registered
Owners of all of the Bonds then outstanding.
It shall not be necessary for the consent of the Registered Owners of the
Bonds under this subsection to approve the particular form of any proposed supplemental
resolution, but it shall be sufficient if such consent approves the substance thereof.
C. Upon the adoption of any supplemental resolution under this section, this
Resolution shall be deemed to be modified and amended in accordance therewith, and the
respective rights, duties and obligations under this Resolution of the City and all Registered
Owners of outstanding Bonds shall thereafter be subject in all respects to such modification and
amendment, and all the terms and conditions of the supplemental resolution shall be deemed to
be part of the terms and conditions of this Resolution for any and all purposes.
D. Bonds executed and delivered after the execution of any supplemental res-
olution adopted under this section may bear a notation as to any matter provided for in such
supplemental resolution, and if such supplemental resolution shall so provide, new Bonds
modified so as to conform, in the opinion of the City, to any modification of this Resolution
contained in any such supplemental resolution may be prepared by the City and delivered
without cost to the Registered Owners of the Bonds then outstanding, upon surrender for cancel-
lation of such Bonds in equal aggregate principal amounts.
Resolution No. 2015-25
Page 9 of 11
Section 16. Defeasance. In the event money and/or non-callable Government Obliga-
tions maturing at such times and bearing interest to be earned thereon in amounts sufficient to
redeem and retire any or all of the Bonds in accordance with their terms are set aside in a special
trust account to effect such redemption or retirement and such moneys and the principal of and
interest on such Government Obligations are irrevocably set aside and pledged for such purpose,
then no further payments need be made to pay or secure the payment of the principal of and
interest on such Bonds and such Bonds shall be deemed not to be outstanding.
Section 17. Exchange of Bonds Amendatory Loan Agreement. The Bonds shall be de-
livered to the Bond Bank in exchange for the Refunded Bonds. Subject to the limitations pro-
vided in Sections 2 and 4, each of the Manager and the Finance Director is hereby authorized to
determine the aggregate principal amount, maturity amounts, interest rates, yields, dated date,
principal and interest payment dates, record dates for principal and interest payments, and other
details of the Bonds; provided that: (i) the principal amount of each maturity of the Bonds shall
not exceed the principal amount of the portion of the corresponding maturity of the Bond Bank
Bonds that is allocated to the making of a loan to the City; and (ii) the interest rate on each
maturity of the Bonds shall not exceed the interest rate on the corresponding maturity of the
Bond Bank Bonds. Based upon the foregoing determinations, the Manager and the Finance
Director are each authorized to negotiate and execute the Amendatory Loan Agreement,
Section 18. Authority of Officers. The Mayor, the acting Mayor, the Manager, the acting
Manager, the Finance Director, the acting Finance Director, the Clerk and the acting Clerk each
is authorized and directed to do and perform all things and determine all matters not determined
by this Resolution, to the end that the City may carry out its obligations under the Bonds, the
Loan Agreement and this Resolution.
Section 19. Prohibited Sale of Bonds. No person, firm or corporation, or any agent or
employee thereof, acting as financial consultant to the City under an agreement for payment in
connection with the sale of the Bonds, is eligible to purchase the Bonds as a member of the
original underwriting syndicate either at public or private sale.
Section 20. Ongoing Disclosure. The City acknowledges that, under Rule 1 5c2-12 of the
Securities and Exchange Commission (the "Rule"), the City may now or in the future be an
"obligated person" with respect to the Bond Bank Bonds. In accordance with the Rule and as the
Bond Bank may require, the City shall enter into a continuing disclosure agreement and under-
take to provide certain annual financial information and operating data as shall be set forth in the
Amendatory Loan Agreement.
Section 21. Miscellaneous.
A. All payments made by the City of, or on account of, the principal of or in-
terest on the Bonds shall be made on the several Bonds ratably and in proportion to the amount
due thereon, respectively, for principal or interest as the case may be.
B. No recourse shall be had for the payment of the principal of or the interest
on the Bonds or for any claim based thereon or on this Resolution against any member of the
Council or officer of the City or any person executing the Bonds. The Bonds are not and shall
Resolution No. 2015-25
Page 10 of 11
not be in any way a debt or liability of the State of Alaska or of any political subdivision thereof,
except the City, and do not and shall not create or constitute an indebtedness or obligation, either
legal, moral or otherwise, of said state or of any political subdivision thereof, except the City.
Section 22. Severability. If any one or more of the provisions of this Resolution shall be
declared by any court of competent jurisdiction to be contrary to law, then such provision shall
be null and void and shall be deemed separable from the remaining provisions of this Resolution
and shall in no way affect the validity of the other provisions of this Resolution or of the Bonds.
Section 23. Effective Date. This resolution shall become effective upon adoption by the
Council.
CITY OF KODIAK
\ j/)
()
MAYOR
ATTEST:
CITY CLERK
Adopted: August 13, 2015
Resolution No. 2015-25
Page 11 of 11
l II [I1.I I s] I 1 1
I, DEBRA MARLAR, City Clerk of the City of Kodiak, Alaska (the "City"),
HEREBY CERTIFY that the document attached hereto is an accurate and complete
copy of an extract from the minutes of the August 13, 2015, regular meeting of the City
Council showing the adoption of Resolution 2015-25, and that the meeting was duly
called and held with a quorum acting throughout.
IN WITNESS WHEREOF, I have executed this certificate and impressed the seal
of the City hereon this 3rd day of November, 2016.
CITY OF KODIAK, ALASKA
DEBRA MARLAR, City Clerk
[S EAL1
505786\83\00553570
AUGUST 13 2015 7973
special projects when the City has additional funds available. The City received twenty-three ap-
plications for FY2016 from nonprofit organizations that serve Kodiak, up from twenty-one ap-
plications last fiscal year, for a total amount requested of $215,635. Council reviewed the appli-
applications at the July 22 and August I I work sessions and interviewed some applicants.
Councilmember Whiddon MOVED to amend Resolution No. 2015-2 1 (SUB) as follows:
* Restore 3% funding to all nonprofits funded in Resolution No. 2015-21(SUB);
* Decrease Salvation Army Funding under Public Safety from $6,050 to $3,901;
* Decrease American Red Cross of Alaska funding under Emergency Response Support Pro-
grams from $7,390 to $5,240; and
• Increase the total non-departmental cash contributions from $ 149,57103 to $149,900.
The roll call vote on the secondary amendment was Councilmembers Bishop, Davidson, Walker,
and Whiddon in favor. Councilmember Saravia was absent. The motion passed.
The roll call vote on the first amendment was Councilmembers Bishop, Davidson, Walker, and
Whiddon in favor. Councilmember Saravia was absent. The motion passed.
The roll call vote on the main motion was Councilmembers Bishop, Davidson, Walker, and
Whiddon in favor. Councilmember Saravia was absent. The motion passed.
V. NEW BUSINESS
a. Resolution No. 2015-25, Authorizing the City of Kodiak to Issue General Obligation
Refunding Bonds in the Principal Amount of Not to Exceed $7,500,000 to Refund Cer-
thin Outstanding General Obligation Bunds of the City, Fixing Certain Details of Such
Bonds and Authorizing Their Sale
Mayor Branson read Resolution No. 2015-25 by title. Resolution No. 2015-25 authorizes the
General Obligation Bonds, 2008 Series A maturing in the years 2019 through 2038, with a prin-
new public safety building, The purpose of the refunding is to realize debt service savings.
Councilmember Bishop MOVED to adopt Resolution No. 2015-25.
The roll call vote was Councilmembers Bishop, Davidson, Walker, and Whiddon in favor.
Councilmember Saravia was absent. The motion passed.
11 111 1!1111 !1111 111911 1111111111 111 11 11 1 I'll ;I !111111111111111111111!111 :11 1111 11 1 111
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I, DEBRA MARLAR, City Clerk of the City of Kodiak, Alaska (the "City"),
HEREBY CERTIFY that the document attached hereto is an accurate and complete
copy of the notice and agenda for the August 13, 2015, meeting of the City Council, and
that on August 7, 2015, I caused notice of the date, time and location of the August 13,
2015, meeting of the Kodiak City Council to be published in the Kodiak Daily Mirror,
broadcast on the two local radio stations and posted at City Hall and the City Library.
IN WITNESS WHEREOF, I have executed this certificate and impressed the seal
of the City hereon this 3rd day of November, 2016.
CITY OF KODIAK, ALASKA
71
DEBRA MARLAR, City Clerk
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