Tab_205I, CLEMENT RICHARDS, SR., Mayor of the Northwest Arctic Borough, Alaska
(the "Issuer"), HEREBY CERTIFY that:
1. Pursuant to Resolution 16-43 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 General Obligation Refunding Bond, 2016 Series A (the
"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"), between the Issuer and the Alaska Municipal Bond Bank (the "Bond
Bank") with respect to the Bond.
2. Pursuant to Resolution 16-43 of the Issuer, I have designated the Issuer's
General Obligation Refunding Bond, 2007 Series A, maturing in the years 2017 through
2020 to be refunded by exchange for the Bond, and find that the refunding of the
maturities of the General Obligation Refunding Bond, 2007 Series A, 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. Except for the litigation captioned Teck Alaska Incorporated v. Northwest
Arctic Borough, Case No. 2KB-16-13 Cl, which challenges the authority of the Borough
to levy a severance tax on the production of the Red Dog Mine, 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 Bond, or in any manner
questioning the authority or proceedings for the authorization or issuance of the Bond,
or the right of the Issuer to levy and collect taxes pledged or to be pledged to pay the
principal of and interest on the Bond, or the pledge thereof, in any way contesting or
affecting the validity or enforceability of the Bond, the Amendatory Loan Agreement, or
the Loan Agreement between the Issuer and the Bond Bank dated as August 1, 2001,
as previously amended.
DATED this 3rd day of November, 2016.
NORTHWEST ARCTIC BOROUGH, ALASKA
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CLEMENT RICHARDS, SR., Mayor
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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
Year Amount Rate
2016 $70,000 2.00%
2017 1,045,000 2.00
2018 1,075,000 4.00
2019 1,120,000 4.00
2020 1,160,000 4.00
Redemption Provisions: Installments of principal of the Bond shall not be subject to
prepayment at the option of the Borough prior to maturity.
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