Tab_250aF*o (WU
I, the undersigned officer of the Municipality of Skagway, Alaska (the "Municipality"),
make this certification for the benefit of all persons interested in the exclusion from gross income
for federal income tax purposes of the interest to be paid on the Municipality's General
Obligation Refunding Bond, 2016 (the "Bond"), which is being issued in the principal amount of
$2,875,000 and delivered simultaneously with the delivery of this certificate. In part pursuant to
Section 1.148-2(b)(2) of the Regulations (defined below), I do hereby certify as follows in good
faith on the date of issue of the Bond:
1. Responsible Officer. I am the duly chosen, qualified and acting officer of the
Municipality for the office shown below my signature; as such, I am familiar with the facts
herein certified and I am duly authorized to execute and deliver this certificate on behalf of the
Municipality. I am the officer of the Municipality charged, along with other officers of the
Municipality, with responsibility for issuing the Bond.
2. Code and Regulations. For purposes of this certificate, the "Code" means the
Internal Revenue Code of 1986, as amended, and the "Regulations" means the Treasury
Regulations promulgated under the Code.
3. Definitions. The capitalized terms used in this certificate (unless otherwise
defined) that are defined in Ordinance No. 08-11 (the "Original Ordinance"), and Resolution
No. 15-10R, adopted on March 19, 2015, authorizing the issuance of the Bond (the "Bond
Resolution," and, together with the Original Ordinance, the "Bond Legislation") shall for all
purposes hereof have the meanings therein specified. All terms defined in the Code or
Regulations shall for all purposes of this certificate have the same meanings as given to those
terms in the Code and Regulations unless the context clearly requires otherwise.
4. Reasonable Expectations. The facts and estimates that are set forth in this
certificate are accurate. The expectations that are set forth in this certificate are reasonable in
light of such facts and estimates. There are no other facts or estimates that would materially
change such expectations. In connection with this certificate, the undersigned has to the extent
necessary reviewed the certifications set forth herein with other representatives of the
Municipality as to such accuracy and reasonableness. The undersigned is aware of no fact,
estimate or circumstance that would create any doubt regarding the accuracy or reasonableness
of all or any portion of such document.
5. Description of Governmental Purpose. The Municipality is issuing the Bond
pursuant to the Bond Legislation (a) to provide funds that will be used to advance refund and
redeem a portion of the principal amount of the Municipality's General Obligation Bond, 2008,
in the principal amount of $3,060,000 (the "Refunded Bond") through an amendment and
exchange of bonds, and (b) to pay the costs of issuance of the Bond.
6. The Refunded Bond.
(a) General. All of the original and investment proceeds allocable to the
Refunded Bond have been expended. No portion of the proceeds of the Refunded Bond was
used to pay the principal of, or interest on, any other issue of governmental obligations. In
addition, other than to the extent of preliminary expenditures (i.e., architectural, engineering,
surveying, soil testing, reimbursement bond issuance, and similar costs that are incurred prior to
commencement of acquisition, construction, or rehabilitation of a project, other than land
acquisition, site preparation, and similar costs incident to commencement of construction), no
portion of the proceeds of the Refunded Bond was used to reimburse the Municipality for any
expenditures made by the Municipality prior to the issuance date of the Refunded Bond or 60
days prior to the date that the Municipality adopted a declaration of intent to reimburse itself
from proceeds of the Refunded Bond.
(b) No Working Capital. Except for an amount that did not exceed five
percent of the sale proceeds of the Refunded Bond (and that was directly related to capital
expenditures financed by the Refunded Bond), the Municipality only expended proceeds of the
Refunded Bond for (i) costs that would be chargeable to a capital account if the Municipality's
income were subject to federal income tax, (ii) interest on the Refunded Bond and (iii) costs of
issuance of the Refunded Bond.
7. Expenditure of Proceeds of the Bond. The Municipality sold the Bond to the
Alaska Municipal Bond Bank (the "Bond Bank"), for $3,339,554.70. Such amount represents
the stated redemption price at maturity of the Bond of $2,875,000.00, plus net premium of
$464,554.70. The Bond Bank purchased the Bond with proceeds of its General Obligation and
Refunding Bonds, 2016 Series Three (the "Bond Bank's Bonds").
(a) The sale proceeds will be expended as follows:
(1) The amount of $3,316,208.00 will be deposited by the Bond Bank
into an escrow fund and used on the date hereof to purchase securities (the "Escrowed
Securities") the proceeds of which will be used to pay interest on the Refunded Bond and to
redeem the principal of the Refunded Bond on the call date. No portion of the proceeds of the
Bond is expected to be used to pay any interest on, or principal of, any issue of governmental
obligations other than the Bond and the Refunded Bond.
(ii) The amount of $8,799.18 will be allocated on the date of issuance
of the Bond to the payment of underwriter's discount or compensation relating to the sale of the
Bond Bank's Bonds.
(iii) The amount of $12,334.98 will be allocated to pay the
Municipality's costs of issuance on the Bond and a portion of the Bond Bank's costs of issuance
on the Bond's Bank's Bonds.
(iv) The amount of $247.51, representing excess proceeds of the Bond,
will be deposited into the Bond Fund and used to pay debt service on the first interest payment
date.
(v) The amount of $1,963.17 will be allocated on the date of issuance
of the Bond to the payment of premium for a surety policy on the Bond Bank's Bonds.
(vi) The amount of $1.86 will be deposited as the initial cash balance in
the Escrow Fund and used to pay debt service on the Refunded Bond.
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8. Pre-issuance Accrued Interest. The Bond is dated as of the initial date of delivery
to the Bond Bank, and the Municipality will receive no pre-issuance accrued interest on the
Bond.
9. Investment Proceeds. Any amounts resulting from the investment of any original
proceeds or investment proceeds of the Bond will be expended to (i) refund the Refunded Bond
or (ii) pay costs of issuance of the Bond.
10. Transferred Proceeds. There are no transferred proceeds with respect to the Bond
because all of the proceeds of the Refunded Bond have been or will be expended prior to the first
dates on which amounts are disbursed to pay principal of the Refunded Bond.
11. No Replacement Proceeds. Other than amounts described herein, there are no
amounts that have a sufficiently direct nexus to the Bond or to the governmental purposes of the
Bond, including the expected use of amounts to pay debt service on the Refunded Bond, that the
amounts would have been used for such purpose if the proceeds of the Bond were not used or to
be used for such purpose.
(a) No Sinking Funds. Other than the Bond Fund, there is no debt service
fund, redemption fund, reserve fund, replacement fund, or similar fund reasonably expected to be
used directly or indirectly to pay principal or interest on the Bond.
(b) No Pledged Funds. Other than amounts described herein, there is no
amount that is directly or indirectly, other than solely by reason of the mere availability or
preliminary earmarking, pledged to pay principal or interest on the Bond, or to a guarantor of
part or all of the Bond, so as to provide reasonable assurance that such amount will be available
to pay principal or interest on the Bond if the Municipality encounters financial difficulty. For
purposes of this certification, an amount is treated as so pledged if it is held under an agreement
to maintain the amount at a particular level for the direct or indirect benefit of the holders or the
guarantor of the Bond.
(c) No Other Replacement Proceeds. There are no other replacement
proceeds allocable to the Bond because the Municipality reasonably expects that the term of the
Bond will not be longer than is reasonably necessary for the governmental purposes of the Bond.
The Bond will be issued to achieve a debt service savings independent of any arbitrage benefit as
evidenced by the expectation that the Bond reasonably would have been issued if the interest on
the Bond were included in gross income (assuming that the hypothetical taxable interest rate
would be the same as the actual tax-exempt interest rate). Furthermore, even if the Bond was
outstanding longer than necessary for the purpose of the Bond, no replacement proceeds will
arise because the Municipality reasonably expects that no amounts will become available during
the period that the Bond remains outstanding longer than necessary based on the reasonable
expectations of the Municipality as to the amounts and timing of future revenues.
(d) Weighted Average Matuy. The weighted average maturity of the
Refunded Bond is not greater than 120 percent of the weighted average estimated economic life
of the portion of the project financed by the Refunded Bond, determined in accordance with
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section 147(b) of the Code. Such weighted average estimated economic life is determined in
accordance with the following assumptions: (a) The weighted average was determined by taking
into account the respective costs of each of the assets financed by the Refunded Bond; (b) the
reasonably expected economic life of an asset was determined as of the later of the date hereof or
the date on which such asset is expected to be placed in service (i.e., available for use for the
intended purposes of such asset); (c) the economic lives used in making this determination are
not greater than the useful lives used for depreciation under section 167 of the Code prior to the
enactment of the current system of depreciation in effect under section 168 of the Code (i.e., the
"mid-point lives") under the asset depreciation range ("ADR") system of section 167(m) of the
Code, as set forth in Revenue Procedure 83-35, 1983-1 C.B. 745, where applicable, and the
"guideline lives" under Revenue Procedure 62-21, 1962-2 C.B. 418, in the case of structures; and
(d) land or any interest therein has not been taken into account in determining the average
reasonably expected economic life of such project, unless 25 percent or more of the net proceeds
of any issue is to be used to finance land.
12. Yield on the Bond. The Bond was purchased by the Bond Bank from proceeds of
the Bond Bank's Bonds. The yield on the Bond Bank's Bonds is 2.598457%, based on
schedules provided to the Bond Bank by the underwriter for the Bond Bank's Bonds as set forth
• in Exhibit A. Pursuant to Section 1.148-4(a) of the Regulations, the yield on the Bond is equal to
the yield on the Bond Bank's Bonds.
13, Temporary Periods and Yield Restriction.
(a) The yield on the Escrowed Securities is computed using the same
compounding interval and financial conventions used to compute the yield on the Bond. The
yield on the Escrowed Securities is the discount rate that, when used in computing the present
value as of the date the Escrowed Securities were first allocated to the Bond of all
unconditionally payable receipts to be actually or constructively received from the Escrowed
Securities, produces an amount equal to the amounts to be actually or constructively paid for the
Escrowed Securities. The Escrowed Securities are all yield-restricted nonpurpose investments
that are a single class of investments and that are treated as a single investment because all of the
Escrowed Securities were purchased with Bond proceeds and held in a refunding escrow as
described in paragraph 7(a)(i) above. Such purchase price is equal to the price paid by the
Municipality to the United States for the Escrowed Securities.
(b) The amount described in paragraph 7(a)(iii) may be invested for a 13-
month temporary period.
(c) The yield on the Escrowed Securities, based on schedules provided to the
Bond Bank by the underwriter for the Bond Bank's Bonds as set forth in Exhibit A, is 0.715535
percent, a yield that is not higher than the yield on the Bond.
14. Bond Fund. Pursuant to the Bond Legislation, the Municipality has created or
continued, as the case may be, a debt service fund (the "Bond Fund") and the proceeds from all
taxes levied, assessed and collected for and on account of the Bond are to be deposited in such
Bond Fund. The Municipality expects that taxes levied, assessed and collected for and on
account of the Bond will be sufficient each year to pay such debt service. The Bond Fund will
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be used primarily to achieve a proper matching of revenues and principal and interest payments
on the Bond within each bond year. Amounts deposited in the Bond Fund will be depleted at
least once each bond year, except for a reasonable carryover amount not in excess of the greater
of the earnings on the Bond Fund for the immediately preceding bond year or one-twelfth of the
principal and interest payments on the Bond for the immediately preceding bond year. Amounts
held in the Bond Fund may be invested at an unrestricted yield because such amounts will be
expended within 13 months of the date such amounts are received.
15. Minor Portion. All gross proceeds will be invested in accordance with paragraphs
13 and 14 above. To the extent such amounts remain on hand following the periods set forth in
paragraphs 13 and 14 above or exceed the limits set forth in paragraph 14 above, the
Municipality will invest such amounts at a restricted yield as set forth in such paragraphs;
-provided, -however, that-& portion- of -such amounts, not -to--exceed -iiitheaggregatethe lesser of
$100,000 or five percent of the sale proceeds of the Bond, may be invested at a yield that is
higher than the yield on the Bond.
16. Issue. There are no other obligations that (a) have been or will be sold within 15
days of the Bond, (b) are sold pursuant to the same plan of financing with the Bond, and (c) will
be paid out of substantially the same source of funds as the Bond.
17. Compliance With Rebate Requirements. The Municipality has covenanted in the
Bond Legislation that it will take all necessary steps to comply with the requirement that
"rebatable arbitrage earnings" on the investment of the "gross proceeds" of the Bond, within the
meaning of section 148(f) of the Code be rebated to the federal government. Specifically, the
Municipality will (a) maintain records regarding the investment of the "gross proceeds" of the
Bond as may be required to calculate such "rebatable arbitrage earnings" separately from records
of amounts on deposit in the funds and accounts of the Municipality which are allocable to other
bond issues of the Municipality or moneys which do not represent "gross proceeds" of any bonds -
of the Municipality, (b) calculate at such intervals as may be required by applicable Regulations,
the amount of "rebatable arbitrage earnings," if any, earned from the investment of the "gross.
proceeds" of the Bond and (c) pay, not less often than within 60 days after every fifth
anniversary date of the delivery of the Bond and within 60 days following the final maturity of
the Bond, or on such other dates required or permitted by applicable Regulations, all amounts
required to be rebated to the federal government. Further, the Municipality will not indirectly
pay any amount otherwise payable to the federal government pursuant to the foregoing
requirements to any person other than the federal government by entering into any investment
arrangement with respect to the "gross proceeds" of the Bond that might result in a reduction in
the amount required to be paid to the federal government because such arrangement results in a
smaller profit or a larger loss than would have resulted if the arrangement had been at arm's-
length and had the yield on the issue not been relevant to either party. The Municipality hereby
covenants to pay any rebate due on the Refunded Bond within 60 days after the Refunded Bond
is retired.
18. Not an Abusive Transaction.
(a) General. No action taken in connection with the issuance of the Bond is
or will have the effect of (a) enabling the Municipality to exploit, other than during an allowable
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temporary period, the difference between tax-exempt and taxable interest rates to obtain a
material financial advantage (including as a result of an investment of any portion of the gross
proceeds of the Bond over any period of time, notwithstanding that, in the aggregate, the gross
proceeds of the Bond are not invested in higher yielding investments over the term of the Bond),
and (b) overburdening the tax-exempt bond market by issuing more bonds, issuing bonds earlier,
or allowing bonds to remain outstanding longer than is otherwise reasonably necessary to
accomplish the governmental purposes of the Bond, based on all the facts and circumstances.
Specifically, (i) the primary purpose of each transaction undertaken in connection with the
issuance of the Bond is a bona fide governmental purpose; (ii) each action taken in connection
with the issuance of the Bond would reasonably be taken to accomplish the governmental
purposes of the Bond if the interest on the Bond were not excludable from gross income for
federal income tax purposes (assuming the hypothetical taxable interest rate would be the same
as the actual tax-exempt interest rate on the Bond); (iii) the proceeds of the Bond will not exceed
by more than a minor portion the amount necessary to accomplish the governmental purposes of
the Bond and will in fact not be substantially in excess of the amount of proceeds allocated to
expenditures for the governmental purposes of the Bond.
(b) No Re-reftmding. No portion of the Refunded Bond has been refunded or
defeased other than by reason of the issuance of the Bond.
(c) No Sinking Fund. No portion of the Bond has a term that has been
lengthened primarily for the purpose of creating a sinking fund or similar fund with respect to the
Bond and thereby eliminating si gnificant amounts of negative arbitrage in the Escrow Fund.
(d) No Noncallable Bonds. The Refunded Bond does not include any
noncallable Refunded Bond that has been refunded to invest proceeds in the Escrow Fund
allocable to the noncallable Refunded Bond at a yield that is higher than the yield on the Bond
and thereby eliminate significant amounts of negative arbitrage in the Escrow Fund.
(e) No Window Refunding. No portion of the Bond has been structured with
maturity dates the primary purpose of which is to make available released revenues that will
enable the Municipality to avoid transferred proceeds or to make available revenues that may be
invested to be ultimately used to pay debt service on another issue of obligations.
(f) No Sale of Conduit Loan. No portion of the gross proceeds of the
Refunded Bond or the Bond has been or will be used to acquire, finance, or refinance any
conduit loan to any party.
19. No Excess Gross Proceeds. Except for an amount that does not exceed one
percent of the sale proceeds of the Bond, all gross proceeds of the Bond, which include
investment earnings on the Escrowed Securities, are allocable to:
(a) the payment of principal, interest or call premium on the Refunded Bond
as described in paragraph 7(a)(i) above;
(b) the payment of costs of issuance of the Bond as described in paragraphs
7(a)(ii) and 7(a)(iii) above;
I Me
(c) the payment of administrative costs allocable to repaying the Refunded
Bond, carrying and repaying the Bond or investments of proceeds; or
(d) replacement proceeds in a sinking fund for the Bond.
20. No Arbitrage. On the basis of the foregoing facts, estimates and circumstances, it
is expected that the gross proceeds of the Bond will not be used in a manner that would cause the
Bond to be an "arbitrage bond" within the meaning of section 148 of the Code and the
Regulations. To the best of the knowledge and belief of the undersigned, there are no other facts,
estimates or circumstances that would materially change such expectations.
21. No Private Use, Payments or Loan Financing.
(a) General. The Municipality reasonably expects, as of the date hereof, that
no action or event during the entire stated term of the Bond will cause either the "priyate,
business use tests," the "private security or payment test" or the "private loan financing test," as
such terms are defined in the Regulations, to be met. Specifically,
(i) Not more than 10 percent of the proceeds of the Bond will be used
and no portion of the proceeds of the Refunded Bond has been used in -a trade or business of a
nongovernmental person. For purposes of determining use, the Municipality will apply rules set
forth in applicable Regulations and Revenue Procedures promulgated by the Internal Revenue
Service, including, among others, the following rules: (A) any activity carried on by a person
other than a natural person or a state or local governmental unit will be treated as a trade or
business of a nongovernmental person; (B) the use of all or any portion of the project financed
by the Refunded Bond (the "Project") is treated as the direct use of proceeds; (C) a
nongovernmental person will be treated as a private business user of proceeds of the Botid or The .:
Refunded Bond as a result of ownership, actual or beneficial use of the proceeds pursuant to a
lease, or a management or incentive payment contract, or certain other arrangements such as a
take-or-pay or other output-type contract; and (D) a nongovernmental person will be treated as a
- private business user of the proceeds of the Bond if the person has special legal entitlements to.
use directly or indirectly the Project.
(ii) The Municipality has not taken and will not take any deliberate
action that would cause or permit the use of any portion of the Project to change such that such
portion will be deemed to be used in the trade or business of a nongovernmental person for so
long as the Bond remains outstanding (or until an opinion of nationally recognized bond counsel
is received to the effect that such change in use will not adversely affect the excludability from
gross income for federal income tax purposes of interest payable on the Bond). For this purpose
any action within the control of the Municipality is treated as a deliberate action. A deliberate
action occurs on the date the Municipality enters into a binding contract with a nongovernmental
person for use of the Project that is not subject to any material contingencies.
(iii) No portion of the proceeds of the Bond will be directly or
indirectly used to make or finance a loan to any person.
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(b) Dispositions of Personal Property in the Ordinary Course. The
Municipality does not reasonably expect that it will sell or otherwise dispose of personal
property components of the Project refinanced with the Bond other than in the ordinary course of
an established governmental program that satisfies the following requirements:
(i) The weighted average maturity of the portion of the Bond
refinancing personal property is not greater than 120 percent of the reasonably expected actual
use of such personal property for governmental purposes; -
(ii) The reasonably expected fair market value of such personal
property on the date of disposition will be not greater than 25 percent of its cost;
(iii) Such personal property will no longer be suitable for its
governmental purposes on the date of disposition; and
(iv) The Municipality is required to deposit amounts received from
such disposition in a commingled fund with substantial tax or other governmental revenues and
the Municipality reasonably expects to spend such amounts on governmental programs within 6
months from the date of commingling.
Furthermore, the Municipality will not sell or otherwise dispose of all or any portion of
the Project in circumstances in which the foregoing requirements are not satisfied unless it has
received an opinion of nationally recognized bond counsel to the effect that such disposition will
not adversely affect the treatment of interest on the Bond as excludable from gross income for
federal income tax purposes. -
(c) Other Agreements. The Municipality will not enter into any agreement
with any nongovernmental person regarding the use of all or any portion of the Project during the
stated term of the Bond unless such agreement will not adversely affect the treatment of interest
on the Bond as excludable from gross income for federal income tax purposes.
22. Weighted Average Maturity. The weighted average maturity of the Bond is the
sum of the products of the Bond and the number of years to maturity, divided by the sale
proceeds of the Bond.
23. Federal Guarantee Prohibition. The Bond is not "federally guaranteed" and the
Municipality will not cause or allow the Bond to become "federally guaranteed." Unless
otherwise excepted under section 149(b) of the Code, the Bond will be considered federally
guaranteed if:
(a) The payment of principal or interest with respect to the Bond is guaranteed
(in whole or in part) by the United States (or any agency or instrumentality thereof);
(b) 5 percent or more of the proceeds of the Bond are to be:
(i) used in making loans the payment of principal or interest with
respect to which are to be guaranteed (in whole or in part) by the United States (or any
agency or instrumentality thereof), or
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(ii) invested (directly or indirectly) in federally insured deposits or
accounts; or
(c) The payment of principal or interest on the Bond is otherwise indirectly
guaranteed (in whole or in part) by the United States (or an agency or instrumentality thereof).
The federal guarantee prohibition shall not apply to (i) proceeds of the issue invested for
an initial temporary period until such proceeds are needed for the purpose for which such issue
was issued, (ii) investments of a bona fide debt service fund, (iii) investments of a reasonably
required reserve fund, (iv) investments in bonds issued by the United States Treasury, or
(v) other investments permitted under Regulations.
24. Bond is not a Hedge Bond. The bond is not a "hedge bond" because not more
than 50 percent of the proceeds of the Refunded Bond was invested in nonpurpose investments
(as defined in section 148(f)(6)(A) of the Code) having a substantially guaranteed yield for four
years or more within the meaning of section 149(g)(3)(A)(ii) of the Code, and the Municipality
reasonably expected at the time issue of the Refunded Bond that at least 85 percent of the
spendable proceeds of such issue would be used to carry out the governmental purposes of such
issue within the three-year period beginning on the date of issue of such Refunded Bond.
MUNIçIP LITY OF SKAGWAY, ALASKA
2"
By:_______
Title: Treasurer
Date: November 3, 2016
500072055 vi
Lei
EXHIBIT A
[Attach here copies of the appropriate schedules prepared for the Bond Bank
by RBC Capital Markets.]
A-i
Oct 28, 2016 3:23 pm Prepared by RBC Capital Markets Page 1
FORM 8038 STATISTICS
Municipality of Skagway -- Refund GO 2008-2
Alaska Municipal Bond Bank
GO Bonds 2016 Series Three & Four
Pricing Results-- October 18, 2016
Dated Date
Delivery Date
Bond Component Date Principal
11/03/2016
11/03/2016
Redemption
Coupon Price Issue Price at Maturity
2016-3 Serial Bonds (Non-AMT) (Unin) (Non-Call):
12/01/2016 45,000.00 2.000% 100.084 45,037,80 45,000,00
12/01/2018 230,000,00 4.000% 105.516 242,686,80 230,000.00
12/0 1 /2 019 240,000.00 4.000% 107.679 258,429,60 240,000,00
12/01/2020 250,000.00 4.000% 109.561 273,902,50 250,000.00
12/01/2021 260,000,00 4.000% 111,194 289,104.40 260,000.00
12/01/2022 270,000.00 5.000% 118,216 319,183.20 270,000.00
12/01/2023 285,000.00 5.000% 119,414 340,329.90 285,000.00
12/01/2024 300,000.00 5,000% 120.452 361,356,00 300,000.00
12/01/2025 315,000.00 5,000% 121.274 382,013.10 315,000,00
12/01/2026 330,000.00 5.000% 122,048 402,758.40 330,000,00
12/01/2027 350,000,00 5.000% 121.358 424,753.00 350,000,00
2,875,000.00 3,339,554.70 2,875,000.00
Stated Weighted
Maturity Interest Issue Redemption Average
Date Rate Price at Maturity Maturity Yield
Final Maturity 12/01/2027 5.000% 424,753.00 350,000,00
Entire Issue 3,339,554.70 2,875,000.00 7.0033 2.5985%
Proceeds used for accrued interest 0,00
Proceeds used for bond issuance costs (including underwriters discount) 21,134,16
Proceeds used for credit enhancement 1,963.17
Proceeds allocated to reasonably required reserve or replacement fund 0,00
Proceeds used to currently refund prior issues 0.00
Proceeds used to advance refund prior issues 3,316,209.86
Remaining weighted average maturity of the bonds to be currently refunded 0.0000
Remaining weighted average maturity of the bonds to be advance refunded 7.4569
Oct 28, 2016 3:23 pm Prepared by RBC Capital Markets Page 2
FORM 8038 STATISTICS
Municipality of Skagway -- Refund GO 2008-2
Alaska Municipal Bond Bank
GO Bonds 2016 Series Three & Four
Pricing Results-- October 18, 2016
Refunded Bonds
Bond
Component Date Principal Coupon Price Issue Price
GO 2008-2 (Municipality of Skagway):
SER 06/01/2019 245,000.00 4,400% 100,000 245,000.00
SER 06/01/2020 260,000.00 4,500% 100.000 260,000.00
SER 06/01/2021 270,000,00 4,600% 100.000 270,000.00
SER 06/01/2022 285,000.00 4.700% 100.000 285,000.00
SER 06/01/2023 295,000,00 4,750% 100.000 295,000.00
SER 06/01/2024 310,000.00 4,800% 100,000 310,000.00
SER 06/01/2025 325,000,00 4,850% 100,000 325,000.00
SER 06/01/2026 340,000,00 4.900% 100,000 340,000,00
TERM28 06/01/2027 355,000,00 5,000% 100.000 355,000,00
TERM28 06/01/2028 375,000.00 5.000% 100.000 375,000.00
3,060,000,00 3,060,000.00
Remaining
Last Weighted
Call Issue Average
Date Date Maturity
GO 2008-2 (Municipality of Skagway) 06/01/2018 07/30/2008 7.4569
All Refunded Issues 06/01/2018 7.4569