01Introduced by Finance Director
Requested by Finance Director
Drafted by Bond Counsel
Introduced on 11/05/2015
Adopted on 11/05/2015
KODIAKISLAND BOROUGH ALASKA
RESOLUTION NO FY2OIG-19
10
11 RELATING TOTHE BOROUGHS OUTSTANDINGLONG-TERMCARECENTER
12 REVENUE BOND SERIES 2013 PROVIDENCE KODIAK ISLANDMEDICAL
13 CENTER PROVIDING FOR THE PREPAYMENTOF ALL OR PORTION OF
14 SUCH BONDPURSUANT TOAN ESCROW DEPOSIT AGREEMENT BETWEEN
15 THE BOROUGH AND THE BANKOF NEW YORKMELLON TRUST COMPANY
16 N.A AUTHORIZING THE EXECUTION OF SUCH ESCROW DEPOSIT
17 AGREEMENT AND AUTHORIZING RATIFYING AND CONFIRMINGACTIONS
16 TAKEN QN BEHALFOF THE BOROUGH UN CONNECTION THEREWITH
19
20 WHEREAS pursuant Lo Resolution No FY2013-13 he Bond Resolution of he Kodiak Island
21 Borough Alaska the Borough Ihe Borough issued its Long-Term CareCenter Revenue Bond
22 Series 2013 Providence Kodiak Island Medical Center heBond in he principal amount of
23 $1 7110000 and
24
25 WHEREAS the Bond is now outstanding intite principal amount of $16505000 and matures on
26 June 2033 with principal installments dueon Jurieof each of the years 2016 through 2033
27 Inclusive and
28
29 WHEREAS pursuant Lo the Bond Resolution the principal iristaliments of the Bonddue in each
30 of he years 2025 through 2030 inclusive are subject to prepayment in whole or In part at he
31 option of he Borough on any date on or1after June 2018 and
32
33 WHEREAS pursuant to the Bond Resolution the principal lnstallmentsof the Bonddue in he
34 year 2024and in each of he years 2031 through 2033 Inclusiveare subject prepayment in
35 whole or in part at he option of the Borough on any date on or after June 2023 and
36
37 WHEREAS he Borough wishes to defease portion of the principal lnstallmentsof theBorid
38due in each of the years 2016 through 2033 inclusive he Defeased PorIion and
39
40 WHEREAS prior Lo the dates onwhlch the principal of and interest on ttie Defeased Portion are
41 due he Borough hasdetermined Lo cause certain proceeds of Vm Bond and other money of the
42 Borough to be invested in certainsecurfties by TheBank of New York Mellon Trust Company
43 N.A the Escrow Agent pursuant to he provisions of an escrow deposit agreement between
44 he Borough and he Escrow Agent the Escrow Deposit Agreemenr
45
48 NOW THEREFOREJ BE IT RESOLVED BY THE ASSEMBLYOF THE KODIAKISLAND
47 BOROUGH THAT
48
49 Section ArovaI of Escrpw Deposit Acireement The Assemblyhereby approves the
50 Escrow Deposit Agreement in substantialLy the form attached to his resolution as
51 Exhibit Eacti of he BoroughManager and he Borough Financo Director ls
52 individually authorized and directed to execute the Escrow Deposit Agreement
53 with such changes not inconsistent withthe material terms of this resoluion as
54 shall be approved by thp BoroughManager or he Borough Finarice Director and
55 approvedas to form by the Borough Attorney or bond counsel the Borough
56
Kodlak Island Borough Resolution No FY2016-19
Pagel of
57 SectlonAuthonty of Officers The Mayor the Borough Manager the Borough Finance
58 Director the Borough Clerk he Borough Attorney andbond counsel te the
59 Borough each is authorized and directed to doand perform ah things and
60 determine ah matters foL determined by this Resolution including theexecution
61 and dehivery of ah documents and iristrunients consistent withthe provisions of
62 this Resolution andsuch other certificates and opinions relating Ihereto and te
63 the Escrow Deposit Agreement Lo the end that the Borough may carry out its
64 obligations underthe Escrow Deposit Agreement and this Resolution
65
66 Section Ratification Any actionstaken by Borough officials emphoyeesagents
67 attorneys and representatives consistent withthe provisions of this resolution
68 before íts effective date are hereby ratified approvod and confirmed
69
70 Sachen Effectjve Date This Resolution shahl become effective upen passage and
71 approval
72
73 ADOPTEDBY THE ASSEMBLYOF THE KODIAK ISLAND BOROUGH
74 THIS F1FTH DAYOF NOVEMBER 2015
75
76 KODIAK ISLAND BOROUGH
81 LJ1roI Friend or ugh Mayor
82
83 ATTEST
88Nova Javier MMC
Borouh
Clerk
Kodiak Island Borough Resolution No FV2016-19
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