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FY2020-30 Authorizing The Borough To Issue A Refunding Revenue Bond To RefundCERTIFICATE OF CLERK I, TARA WELINSKY, Clerk of the Kodiak Island Borough (the "Borough"), HEREBY CERTIFY that the document attached hereto is an accurate and complete copy of Resolution No. FY2020-30 of the Borough adopted by the Borough Assembly at a meeting duly called and held on May 7, 2020, and that Resolution No. FY2020-30 has not been modified, amended, repealed, or rescinded, but is in full force and effect on the date hereof.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 this eighth day of May, 2020. 1 T WELINSKY Borough Clerk Kodiak Island Borough 1 Introduced by: Borough Manager 2 Requested by: Finance Director 3 Drafted by: Bond Counsel 4 Introduced on: 05/07/2020 5 Adopted on: 05/07/2020 9 KODIAK ISLAND BOROUGH 10 RESOLUTION NO. FY2020-30 11 12 A RESOLUTION OF THE KODIAK ISLAND BOROUGH ASSEMBLY AUTHORIZING 13 THE BOROUGH TO ISSUE A REFUNDING REVENUE BOND TO REFUND ALL OR A 14 PORTION OF THE PRINCIPAL INSTALLMENTS OF THE OUTSTANDING SOLID 15 WASTE DISPOSAL FACILITY REVENUE BOND, 2011, OF THE BOROUGH AND TO 16 PAY COSTS OF ISSUING THE BOND; FIXING CERTAIN DETAILS OF SUCH BOND; 17 AUTHORIZING ITS SALE; AND PROVIDING FOR RELATED MATTERS 18 19 WHEREAS, pursuant to Resolution No. FY2012-06, adopted by the Assembly on 20 August 4, 2011 (the "2011 Bond Resolution"), the Borough issued its Solid Waste Disposal 21 Facility Revenue Bond, 2011 (the "2011 Bond"), maturing on June 1, 2033, with principal 22 installments due on September 1 of each of the years 2012 through 2026, inclusive, in the 23 original principal amount of $3,275,000, of which ; and 24 25 WHEREAS, the principal installments of the 2011 Bond due in each of the years 2022 26 through 2026, inclusive, currently outstanding in the aggregate principal amount of 27 $1,355,000 (the "Refundable Principal Installments"), are subject to prepayment in whole 28 or in part at the option of the Borough on any date on or after September 1, 2021, at a 29 price of 100% of the principal amount thereof to be prepaid, plus accrued interest to the 30 date of prepayment; and 31 32 WHEREAS, under AS 29.47.300, if the Borough has outstanding revenue bonds and 33 the Assembly determines it would be financially advantageous to refund those bonds, the 34 Borough may provide by resolution for the issuance of revenue refunding bonds, and 35 under AS 29.47.320, no election is required to authorize the issuance and sale of 36 refunding bonds; and 37 38 WHEREAS, under AS 29.47.340, refunding bonds may be exchanged for the bonds 39 being refunded; and 40 41 WHEREAS, the Borough sold the 2011 Bond to the Alaska Municipal Bond Bank (the 42 "Bond Bank'), as authorized by the 2011 Bond Resolution, on the terms and conditions 43 set forth in the 2011 Bond Resolution and in the loan agreement between the Borough 44 and the Bond Bank dated as of September 1, 2011 (the "2011 Loan Agreement'); and 45 Kodiak Island Borough, Alaska FG:53728747.1 Resolution No. FY2020-30 Page 1 of 21 46 WHEREAS, the Bond Bank issued its General Obligation and Refunding Bonds, 2011 47 Series Three (the 'Bond Bank Bonds'), among other purposes, to provide funds to 48 purchase the 2011 Bond, as provided in the 2011 Loan Agreement; and 49 50 WHEREAS, the Bond Bank has expressed its intent to issue refunding bonds (the "Bond 51 Bank Refunding Bonds') for the purpose of refunding a portion of the Bond Bank Bonds 52 and achieving a debt service savings; and 53 54 WHEREAS, Section 6 of the 2011 Loan Agreement provides that payments of principal 55 of and interest on the 2011 Bond may be adjusted to reduce debt service on the 2011 56 Bond if the Bond Bank is able to achieve debt service savings by refunding the Bond Bank 57 Bonds; and 58 59 WHEREAS, the Bond Bank has offered to enter into an Amendatory Loan Agreement 60 (the "Amendatory Loan Agreement') to effect a reduction in debt service on all or a portion 61 of the Refundable Principal Installments; and 62 63 WHEREAS, the Assembly wishes to effect a reduction in debt service on all or a portion 64 of the Refundable Principal Installments by entering into the Amendatory Loan Agreement, 65 issuing a refunding bond (and a replacement 2011 Bond) in exchange for the 2011 Bond, 66 and participating in the refunding of a portion of the Bond Bank Bonds; and 67 68 WHEREAS, the Assembly finds that it is necessary and appropriate to delegate to each 69 of the Borough Manager and Borough Finance Director authority to determine the maturity 70 amounts, interest rates, and other details of the bond, and to determine other matters that 71 are not provided for in this Resolution; 72 73 NOW, THEREFORE, BE IT RESOLVED BY THE ASSEMBLY OF THE KODIAK ISLAND 74 BOROUGH THAT: 75 76 Section 1: Definitions. In addition to terms which are defined in the recitals above, the 77 following terms shall have the following meanings in this Resolution: 78 79 (a) "2011 Bond" means the Solid Waste Disposal Facility Revenue 80 Bond, 2011, issued by the Borough pursuant to the 2011 Bond Resolution. 81 82 (b) "2011 Bond Resolution" means Resolution No. FY2012-06 of the 83 Borough, adopted by the Assembly on August 4, 2011. 84 85 (c) "2011 Loan Agreement' means the loan agreement between the 86 Borough and the Bond Bank dated as of September 1, 2011. 87 88 (d) "Amendatory Loan Agreement' means the amendatory loan 89 agreement to be entered into between the Borough and the Bond Bank to 90 effect a reduction in debt service on all or a portion of the Refundable 91 Principal Installments. Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 2 of 21 92 93 (e) "Amended Loan Agreement" means the Loan Agreement as 94 amended by the Amendatory Loan Agreement. 95 96 (f) "Annual Debt Service Requirement' means, with respect to any 97 particular Fiscal Year and to any specified bonds, an amount equal to (i) 98 interest accruing during such Fiscal Year on such bonds, except to the 99 extent such interest is to be paid from deposits in the Debt Service 100 Subaccount from bond proceeds; (ii) the principal amount of such bonds 101 due during such Fiscal Year for which no sinking fund installments have 102 been established; plus (iii) the unsatisfied balance of any sinking fund 103 installment for such bonds due during such Fiscal Year. 104 105 (g) "Assembly" means the Assembly of the Kodiak Island Borough, as 106 the general legislative authority of the Kodiak Island Borough, as the same 107 shall be duly and regularly constituted from time to time. 108 109 (h) "Bond" means the "Solid Waste Disposal Facility Refunding 110 Revenue Bond" of the Kodiak Island Borough, the issuance and sale of 111 which are authorized herein. 112 113 (i) "Bond Account" means the Solid Waste Disposal Revenue Bond 114 Account created by Section 12 of the 2011 Bond Resolution. 115 116 Q) "Bond Bank" means the Alaska Municipal Bond Bank. 117 118 (k) "Bond Bank Bonds" means the General Obligation and Refunding 119 Bonds, 2011 Series Three, issued by the Bond Bank. 120 121 (1) "Bond Bank Refunding Bonds' means the series of general 122 obligation bonds issued by the Bond Bank, a portion of the proceeds of 123 which are used to purchase the Bond. 124 125 (m) "Bond Register" means the registration books maintained by the 126 Registrar, which include the names and addresses of the Registered 127 Owners of the Bond or their nominees. 128 129 (n) "Borough' means the Kodiak Island Borough, a municipal 130 corporation of the State of Alaska, organized as a second class borough 131 under Title 29 of the Alaska Statutes. 132 133 (o) "Borough Manager" means the Manager or Administrative Official 134 of the Borough. 135 136 (p) "Code' means the Internal Revenue Code of 1986, as amended 137 from time to time, together with all regulations applicable thereto. Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 3 of 21 138 139 (q) "Consulting Engineer" means an independent consulting engineer 140 or engineering firm licensed to practice in the State of Alaska, retained and 141 appointed pursuant to Section 14(F) (and, so long as the 2011 Bond is 142 outstanding, pursuant to Section 15(F) of the 2011 Resolution). 143 144 (r) "Debt Service Subaccount" means the Debt Service Subaccount 145 created in the Bond Account by Section 12 of the 2011 Bond Resolution. 146 147 (s) "Facility' means the Borough's solid waste disposal facility. 148 149 (t) "Fiscal Year' means the 12 -month period commencing on July 1 150 each year through and including June 30 of the following calendar year. 151 152 (u) "Future Parity Bonds' means any solid waste disposal revenue 153 bonds, notes, or other obligations of the Borough, other than the 2011 Bond 154 and the Bond, issued under a resolution wherein the Borough pledges that 155 the payments to be made out of the Pledged Revenues into the Bond 156 Account and Reserve Subaccount therein to pay and secure the payment 157 of the principal of and interest on such revenue bonds, notes, or other 158 obligations will be on a parity with the payments required by this Resolution 159 to be made out of such Pledged Revenues into such Bond Account and 160 Reserve Subaccount to pay and secure the payment of the principal of and 161 interest on the 2011 Bond and the Bond. 162 163 (v) "Government Obligations' means obligations that are either 164 (i) direct obligations of the United States of America or (ii) obligations of an 165 agency or instrumentality of the United States of America the timely 166 payment of the principal of and interest on which are unconditionally 167 guaranteed by the United States of America. 168 169 (w) "Net Revenues' means, for any Fiscal Year, all amounts received 170 by the Borough and deposited in the Solid Waste Disposal Fund and 171 interest and profits derived from the investment of money held in the Solid 172 Waste Disposal Fund during such period, less Operating Expenses for 173 such period. 174 175 (x) "Operating Expenses" means, for any Fiscal Year, the expenses 176 incurred for operation, maintenance, or repair of the Facility. Operating 177 Expenses shall not include any allowances for depreciation or amortization 178 or any principal, redemption price, or purchase price of, or interest on, any 179 obligations of the Borough incurred in connection with and payable from 180 Pledged Revenues or any fee or charge in lieu of Borough taxes. 181 182 (y) "Parity Bonds" means the 2011 Bond, the Bond, and any Future 183 Parity Bonds. Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 4 of 21 184 185 (z) "Pledged Revenues" means Net Revenues and interest received 186 and profits derived from the investment of money obtained from money 187 held in any fund solely to pay or secure the payment of the 2011 Bond and 188 the Bond. 189 190 (aa) "Refundable Principal Installments" means the principal 191 installments of the 2011 Bond due in each of the years 2022 through 2026, 192 inclusive, currently outstanding in the aggregate principal amount of 193 $1,355,000. 194 195 (bb) "Registered Owner" means the person named as the registered 196 owner of a Parity Bond in the Bond Register. 197 198 (cc) "Registrar" means the Borough Finance Director, or any successor 199 that the Borough may appoint by resolution. 200 201 (dd) "Reserve Subaccount" means the Reserve Subaccount created in 202 the Bond Account by Section 12 of the 2011 Bond Resolution. 203 204 (ee) "Reserve Subaccount Requirement' means an amount equal to the 205 least of (i) 10% of the initial principal amount of all outstanding Parity 206 Bonds; (ii) 125% of the average Annual Debt Service Requirement for all 207 outstanding Parity Bonds; and (iii) the maximum Annual Debt Service 208 Requirement on all outstanding Parity Bonds. 209 210 (ff) "Resolution" means this Resolution No. FY2020-30 of the Borough. 211 212 Section 2: Authorization of Bond and Purpose of Issuance. The Assembly hereby 213 determines it would be financially advantageous to refund all or a portion 214 of the Refundable Principal Installments by issuing the Bond (and a 215 replacement 2011 Bond) on the terms and conditions provided in this 216 Resolution. For the purpose of providing the funds required to refund all or 217 a portion of the Refundable Principal Installments and to pay all costs 218 incidental thereto and to the issuance of the Bond, the Borough hereby 219 authorizes and determines to issue and sell the Bond. The Bond shall be 220 designated "Solid Waste Disposal Facility Refunding Revenue Bond," with 221 such additional series and year designation as the Borough Manager or the 222 Borough Finance Director may fix and determine. 223 224 The Borough Manager and/or the Borough Finance Director are hereby 225 authorized to fix and determine which of the Refundable Principal 226 Installments are to be refunded by issuing the Bond (and a replacement 227 2011 Bond) in exchange therefor. 228 Kodiak Island Borough, Alaska Resolution No.FY2020-30 Page 5 of 21 229 Section 3: Date, Maturity, Interest Rates. and Other Details of the Bond. Each 230 principal installment of the Bond shall be in the denomination of $5,000 or 231 any integral multiple thereof. The Bond shall be numbered in the manner 232 and with such additional designation as the Registrar deems necessary for 233 purposes of identification, and may have endorsed thereon such legends 234 or text as may be necessary or appropriate to conform to the rules and 235 regulations of any governmental authority or any usage or requirement of 236 law with respect thereto. 237 238 The Bond shall bear interest payable semi-annually on the dates and shall 239 mature on the date and each principal installment shall be payable annually 240 in the amount and on the dates, all as shall be set forth in the Amendatory 241 Loan Agreement. Interest will be computed on the basis of a 360-day year 242 consisting of twelve 30-day months. 243 244 Subject to Section 2 and the remainder of this Section, the dated date, the 245 principal installment and interest payment dates, the record dates for 246 interest payments, the aggregate principal amount, the amount of each 247 principal installment, and the interest rate on each principal installment 248 shall be determined at the time of execution of the Amendatory Loan 249 Agreement under Section 18, provided that (i) no rate of interest on any 250 principal installment shall exceed the rate of interest on the corresponding 251 maturity of the Bond Bank Refunding Bonds; and (ii) the net present value 252 of the savings to the Borough effected by issuing the Bond (and a 253 replacement 2011 Bond) and refunding the Refundable Principal 254 Installments that are refunded shall be at least 3 percent of the aggregate 255 principal amount of the Refundable Principal Installments that are 256 refunded; and (iii) the Bond shall mature on or before the date that is six 257 months after the date on which the last Refundable Principal Installment 258 that is refunded is payable. 259 260 Section 4: Optional Prepayment. The principal installments of the Bond shall be 261 subject to prepayment, at the Borough's option, on the dates and at the 262 prices to be set forth in the Amendatory Loan Agreement. If fewer than all 263 of the principal installments of the Bond are to be prepaid, the principal 264 installments to be prepaid shall be determined by the Borough. Notice of 265 any such prepayment shall be sent by the Borough not less than 50 days 266 prior to the date fixed for prepayment by first class mail to the Registered 267 Owner at the Registered Owner's address as it then appears on the Bond 268 Register. Notice of prepayment having been duly given and the 269 prepayment having been duly effected, interest on the principal 270 installments to be prepaid shall cease to accrue on the date fixed for 271 prepayment. 272 273 Section 5: Form of Bond. The Bond shall be in substantially the following form, subject 274 to the provisions of the Amendatory Loan Agreement and with such Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 6 of 21 275 variations, omissions, and insertions as may be required or permitted by 276 this Resolution: 277 278 UNITED STATES OF AMERICA 279 280 KODIAK ISLAND BOROUGH, ALASKA 281 282 NO. $ 283 284 SOLID WASTE DISPOSAL FACILITY REFUNDING REVENUE BOND 285 286 REGISTERED OWNER: ALASKA MUNICIPAL BOND BANK 287 288 PRINCIPAL AMOUNT: 289 290 The Kodiak Island Borough (the "Borough"), a municipal 291 corporation of the State of Alaska, hereby acknowledges itself to owe and 292 for value received promises to pay to the Registered Owner identified 293 above, or its registered assigns, but only from the sources stated herein, 294 the principal amount identified above in the following installments in each 295 of the following years, and to pay, from the sources stated herein, interest 296 on such installments from the date hereof, payable on _ 1, 20_, and 297 semiannually thereafter on 1, and 1, of each year, at the rates 298 per annum as follows: 299 300 Maturity Principal Interest 301 Date Amount Rate 302 303 304 305 For so long as the Alaska Municipal Bond Bank (the `Bond Bank") 306 is the Registered Owner, payment of principal and interest shall be made 307 as provided in the Loan Agreement between the Bond Bank and the 308 Borough, as amended (the "Amended Loan Agreement"). When and if this 309 Bond is not owned by the Bond Bank, installments of principal of and 310 interest on this Bond shall be paid by check or draft mailed by first class 311 mail to the Registered Owner as of the close of business on the 15th day 312 of the month before each installment payment date; provided, that the final 313 installment of principal of and interest on this Bond shall be payable upon 314 presentation and surrender of this Bond by the Registered Owner at the 315 office of the Registrar. Interest will be computed on the basis of a 360 -day 316 year consisting of twelve 30 -day months. Both principal of and interest on 317 this Bond are payable in lawful money of the United States of America 318 which, on the respective dates of payment thereof, shall be legal tender for 319 the payment of public and private debts, solely out of the special fund of Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 7 of 21 320 the Borough known as the "Solid Waste Disposal Revenue Bond Account" 321 created by Section 12 of Resolution No. FY2012-06. 322 323 This Bond is the Solid Waste Disposal Facility Refunding Revenue 324 Bond issued by the Borough, and is authorized for the purpose of refunding 325 certain principal installments of an outstanding revenue bond of the 326 Borough under Resolution No. FY2020-30 of the Borough entitled: 327 328 A RESOLUTION OF THE KODIAK ISLAND BOROUGH 329 ASSEMBLY AUTHORIZING THE BOROUGH TO ISSUE A 330 REFUNDING REVENUE BOND TO REFUND ALL OR A 331 PORTION OF THE PRINCIPAL INSTALLMENTS OF THE 332 OUTSTANDING SOLID WASTE DISPOSAL FACILITY 333 REVENUE BOND, 2011, OF THE BOROUGH AND TO PAY 334 COSTS OF ISSUING THE BOND; FIXING CERTAIN 335 DETAILS OF SUCH BOND; AUTHORIZING ITS SALE; AND 336 PROVIDING FOR RELATED MATTERS 337 338 (the "Resolution"). 339 340 Installments of principal of this Bond maturing on and after 341 1, 20_, shall be subject to prepayment on and after 1, 20 , at the 342 option of the Borough (subject to any applicable provisions of the Amended 343 Loan Agreement), in such principal amounts and from such maturities as 344 the Borough may determine, and by lot within a maturity, at a redemption 345 price equal to the principal amount to be prepaid, plus accrued interest to 346 the date of prepayment. 347 348 This Bond is transferable as provided in the Resolution, (i) only 349 upon the Bond Register of the Borough, and (ii) upon surrender of this Bond 350 together with a written instrument of transfer duly executed by the 351 Registered Owner or the duly authorized attorney of the Registered Owner, 352 and thereupon a new fully registered Bond in the same aggregate principal 353 amount and maturity shall be issued to the transferee in exchange therefor 354 as provided in the Resolution and upon the payment of charges, if any, as 355 therein prescribed. The Borough may treat and consider the person in 356 whose name this Bond is registered as the absolute owner hereof for the 357 purpose of receiving payment of, or on account of, the principal or 358 redemption price, if any, hereof and interest due hereon and for all other 359 purposes whatsoever. 360 361 This Bond is a special, limited obligation of the Borough giving rise 362 to no charge against the Borough's general credit, and is payable solely 363 from, and constitute a claim of the owner hereof against, only the revenues, 364 funds, and assets of the Borough pledged under the Resolution. This Bond 365 shall never constitute a debt or indebtedness of the State of Alaska within Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 8 of 21 366 the meaning of any provision or limitation of the Constitution or statutes of 367 the State of Alaska or the Borough, or of any political subdivision thereof, 368 and shall never constitute nor give rise to a general pecuniary liability of the 369 State or the Borough or a charge against their general credit or taxing 370 powers. 371 372 No officer, agent, or employee of the Borough, and no officer, 373 official, agent, or employee of the State of Alaska, nor any person executing 374 this Bond, shall in any event be subject to any personal liability or 375 accountability by reason of the issuance of this Bond. 376 377 IT IS HEREBY CERTIFIED AND RECITED that all conditions, acts 378 or things required by the constitution or statutes of the State of Alaska to 379 exist, to have happened or to have been performed precedent to or in the 380 issuance of this Bond exist, have happened and have been performed, and 381 that this Bond, together with ail other indebtedness of the Borough, is within 382 every debt and other limit prescribed by such constitution or statutes. 383 384 IN WITNESS WHEREOF, THE KODIAK ISLAND BOROUGH, 385 ALASKA, has caused this Bond to be signed in its name and on its behalf 386 by the manual or facsimile signature of its Mayor and its corporate seal (or 387 a facsimile thereof) to be impressed or otherwise reproduced hereon and 388 attested by the manual or facsimile signature of its Clerk, all as of the 389 day of 390 391 KODIAK ISLAND BOROUGH 392 393 /specimen/ 394 Borough Mayor 395 396 ATTEST: 397 398 /specimen/ 399 Borough Clerk 400 401 Section 6: Execution. The Bond shall be executed in the name of the Borough by the 402 manual or facsimile signature of the Mayor, and its corporate seal (or a 403 facsimile thereof) shall be impressed or otherwise reproduced thereon and 404 attested by the manual or facsimile signature of the Borough Clerk. The 405 execution of the Bond on behalf of the Borough by persons who at the time 406 of the execution are duly authorized to hold the proper offices shall be valid 407 and sufficient for all purposes, although any such person shall have ceased 408 to hold office at the time of delivery of the Bond or shall not have held office 409 on the date of the Bond. 410 Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 9 of 21 411 Section 7: Payment of Principal Installments and Interest. The Bond shall be payable 412 in lawful money of the United States of America which at the time of 413 payment is legal tender for the payment of public and private debts. For so 414 long as the Bond Bank is the Registered Owner of the Bond, payment of 415 principal installments of and interest on the Bond shall be made as provided 416 in the Amended Loan Agreement. When and if the Bond Bank is not the 417 Registered Owner of the Bond, installments of principal of and interest on 418 the Bond shall be paid by check mailed by first class mail to the Registered 419 Owner as of the record date for the installment payment at the address 420 appearing on the Bond Register; provided, that the final installment of 421 principal and interest on the Bond shall be payable upon presentation and 422 surrender of the Bond by the Registered Owner at the office of the 423 Registrar. 424 425 Section 8: Registration. The Bond shall be issued only in registered form as to both 426 principal and interest. The Borough designates the Borough Finance 427 Director as Registrar for the Bond. The Registrar shall keep, or cause to be 428 kept, the Bond Register at the principal office of the Borough. The Borough 429 covenants that, until the Bond has been surrendered and canceled, it will 430 maintain a system for recording the ownership of the Bond that complies 431 with the provisions of Section 149 of the Code. The Borough and the 432 Registrar may treat the person in whose name the Bond shall be registered 433 as the absolute owner of such Bond for all purposes, whether or not the 434 Bond shall be overdue, and all payments of principal of and interest on the 435 Bond made to the Registered Owner thereof or upon its order shall be valid 436 and effectual to satisfy and discharge the liability upon such Bond to the 437 extent of the sum or sums so paid, and neither the Borough nor the 438 Registrar shall be affected by any notice to the contrary. 439 440 Section 9: Transfer and Exchange. The Bond shall be transferred only upon the Bond 441 Register. Upon surrender for transfer or exchange of the Bond at the office 442 of the Registrar, together with a written instrument of transfer or 443 authorization for exchange in form and with guaranty of signature 444 satisfactory to the Registrar, duly executed by the Registered Owner or the 445 duly authorized attorney of the Registered Owner, the Borough shall 446 execute and deliver a replacement Bond in equal aggregate principal 447 amount, subject to such reasonable regulations as the Borough may 448 prescribe and upon payment sufficient to reimburse it for any tax, fee, or 449 other governmental charge required to be paid in connection with such 450 transfer or exchange. If the Bond is surrendered for transfer or exchange it 451 shall be canceled by the Registrar. 452 453 Section 10: Bond Mutilated. Destroyed, Stolen, or Lost. Upon surrender to the 454 Registrar of a mutilated Bond, the Borough shall execute and deliver a new 455 Bond of like maturity and principal amount. Upon filing with the Registrar of 456 evidence satisfactory to the Borough that the Bond has been destroyed, Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 10 of 21 457 stolen, or lost and of the ownership thereof, and upon furnishing the 458 Borough with indemnity satisfactory to it, the Borough shall execute and 459 deliver a new Bond of like maturity and principal amount. The person 460 requesting the execution and delivery of a new Bond under this Section 461 shall comply with such other reasonable regulations as the Borough may 462 prescribe and shall pay such expenses as the Borough may incur in 463 connection therewith. 464 465 Section 11: Priority of Use of Pledged Revenues. Pledged Revenues are hereby 466 pledged to and shall be used only for the following purposes and in the 467 following order of priority: 468 469 First, to make all payments, including sinking fund payments, 470 required to be made into the Debt Service Subaccount for the payment of 471 the principal of and interest on Parity Bonds; 472 473 Second, to make all payments required to be made into the Reserve 474 Subaccount; 475 476 Third, to make all payments, including sinking fund payments, 477 required to be made into a subordinate lien debt service account for the 478 payment of the principal of and interest on any subordinate lien bonds; 479 480 Fourth, to make all payments required to be made into a reserve 481 account for any subordinate lien bonds; and 482 483 Fifth, to pay the costs of additions, betterments, improvements, and 484 repairs to and extensions and replacements of the Facility, to purchase or 485 redeem Facility improvement revenue bonds or notes of the Borough, or 486 for any other proper purpose in connection with the operation of the Facility. 487 488 Section 12: Solid Waste Disposal Revenue Bond Account and Accounts Therein. 489 There has been heretofore created by Section 12 of the 2011 Bond 490 Resolution a special restricted account within the Solid Waste Fund of the 491 Borough known as the "Solid Waste Disposal Revenue Bond Account' (the 492 "Bond Account'), which account is to be drawn upon for the sole purpose 493 of paying the principal of and interest and premium, if any, on all Parity 494 Bonds. The Bond Account consists of two subaccounts, the Debt Service 495 Subaccount and the Reserve Subaccount. Amounts pledged to be paid into 496 the Bond Account are hereby declared to be a lien and charge upon 497 Pledged Revenues superior to all other charges of any kind or nature and 498 equal in rank to the charge thereon to pay and secure the payment of the 499 principal of and interest on all Parity Bonds. -felt, Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 11 of 21 501 The Borough hereby irrevocably obligates and binds itself to set aside and 502 pay into the Debt Service Subaccount out of Pledged Revenues on or 503 before the date due: 504 505 A. Such amounts, in approximately equal monthly installments, 506 as will be sufficient to accumulate the amount required to pay the interest 507 scheduled to become due on Parity Bonds on the next interest payment 508 date; and 509 510 B. Such amounts, in approximately equal monthly installments, 511 as will be sufficient to accumulate (i) the principal amount of Parity Bonds 512 due for which no sinking fund installments have been established; plus (ii) 513 the unsatisfied balance of any sinking fund installment for Parity Bonds, in 514 each case during the next 12 months. 515 516 C. For so long as Parity Bonds are held by the Bond Bank, the 517 Borough will pay such amounts into the Debt Service Subaccount out of 518 Pledged Revenues as may be required by the Amended Loan Agreement. 519 520 Money in the Debt Service Subaccount may be held in cash or invested in 521 accordance with Borough policy such that investments will mature prior to 522 the time such money is required for the payment of the principal of or 523 interest on the Parity Bonds. All interest earned on and profits derived from 524 such investments shall remain in and become part of the Debt Service 525 Subaccount. 526 527 Section 13: Reserve Subaccount. The Borough hereby covenants and agrees that it 528 will, at the time of issuance of the Bond, cause amounts to be paid into the 529 Reserve Subaccount such that the total amount in the Reserve Subaccount 530 will be equal he Reserve Subaccount Requirement. 531 532 The Borough further covenants and agrees that it will set aside and pay 533 into the Reserve Subaccount amounts from Pledged Revenues, 534 commencing with the first month following the closing and delivery of the 535 Bond, so that the amount on deposit in the Reserve Subaccount will at all 536 times be at least equal to the Reserve Subaccount Requirement. 537 538 The Borough further covenants and agrees that in the event it issues any 539 Future Panty Bonds hereafter it will provide in each resolution authorizing 540 the same that at the time of issuance of such Future Parity Bonds payments 541 will be made into the Reserve Subaccount such that the total amount of 542 such payments together with the money already in the Reserve 543 Subaccount will be equal to the Reserve Subaccount Requirement. 544 545 The Borough further covenants and agrees that it will at all times maintain 546 therein an amount at least equal to the Reserve Subaccount Requirement Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 12 of 21 547 until there is a sufficient amount in the Bond Account and Reserve 548 Subaccount to pay the principal of, premium, if any, and interest on all 549 outstanding Parity Bonds, at which time the money in the Reserve 550 Subaccount may be used to pay such principal, premium, if any, and 551 interest; provided, however, that money in the Reserve Subaccount may 552 be withdrawn or set aside in a special account in the Bond Account 553 pursuant to Section 19 to pay (with or without other available funds) the 554 principal, premium, if any, and interest on all of the outstanding Parity 555 Bonds of any single issue or series of Parity Bonds, so long as the money 556 remaining on deposit in the Reserve Subaccount is at least equal to the 557 Reserve Subaccount Requirement for all of the remaining outstanding 558 Parity Bonds. The Borough may, from time to time, transfer from the 559 Reserve Subaccount to the Debt Service Subaccount amounts in excess 560 of the Reserve Subaccount Requirement. 561 562 In the event there shall be a deficiency in the Debt Service Subaccount for 563 meeting maturing installments of either principal of or interest on Parity 564 Bonds, such deficiency shall be made up from the Reserve Subaccount by 565 the withdrawal of cash therefrom. Any deficiency created in the Reserve 566 Subaccount by reason of any such withdrawal shall then be made up from 567 Pledged Revenues first available therefor after making necessary provision 568 for the required payments into the Debt Service Subaccount. 569 570 All money in the Reserve Subaccount may be kept in cash or invested in 571 accordance with Borough policy. Such investments shall mature not later 572 than the last maturity of the Parity Bonds outstanding at the time of their 573 purchase. Interest on any such investments and/or any profits realized from 574 the sale thereof shall be deposited in and become part of the Debt Service 575 Subaccount. 576 577 Section 14: Specific Covenants. The Borough hereby covenants with the owners of 578 each of the Parity Bonds for so long as any of the same remain outstanding 579 as follows: 580 581 A. The Borough will establish, maintain, and collect Facility 582 fees and Net Revenues in each Fiscal Year that will provide Pledged 583 Revenues in an amount equal to the amount of the Annual Debt Service 584 Requirement for such year on all outstanding Parity Bonds. For so long as 585 the Parity Bonds are held by the Bond Bank, the Borough will establish, 586 maintain, and collect Facility fees and Net Revenues as required by the 587 terms of the Amended Loan Agreement, and the Finance Director will 588 provide a certificate annually to the Bond Bank as to compliance with this 589 covenant. 590 591 B. The Borough will at all times maintain, preserve and keep 592 the Facility and every part and parcel thereof in good repair, working order, Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 13 of 21 593 and condition; will from time to time make or cause to be made all 594 necessary and proper repairs, renewals, and replacements thereto so that 595 the business carried on in connection therewith may be properly and 596 advantageously conducted; and will at all times operate the Facility in an 597 efficient manner and at a reasonable cost. 598 599 C. The Borough will at all times carry such forms of insurance 600 on such of the buildings, equipment, and property of the Facility as are 601 ordinarily insured in such amounts and with such deductibles as under 602 good business practice are ordinarily carried on such facilities. All such 603 insurance shall be carried with responsible insurers and the policies shall 604 be payable to the Borough. 605 606 D. The Borough will keep and maintain proper books and 607 accounts with respect to the operation of the Facility in such manner as 608 prescribed by any authorities having jurisdiction over the Facility; will cause 609 its books and accounts to be audited annually be a certified public 610 accountant not later than 210 days following the end of each Fiscal Year, 611 copies of which audits shall, upon request, be furnished to the owners of 612 the Parity Bonds. The audit shall show whether or not the Borough has in 613 all respects performed and complied with the covenants set forth in this 614 Resolution, including the payments into the Debt Service Subaccount and 615 Reserve Subaccount provided for herein. 616 617 E. All employees and agents of the Borough collecting or 618 handling money of the Borough in connection with the management and 619 operation of the Facility shall be bonded in an amount commensurate with 620 the funds they handle and in an amount sufficient to protect the Borough 621 from loss. 622 623 F. The Borough will not sell or otherwise dispose of the Facility 624 unless contemporaneously with such sale or disposal there shall be paid 625 into the Bond Account a sum sufficient to pay the principal of and interest 626 on all Parity Bonds then outstanding to the date or dates on which they first 627 may be redeemed, nor will it sell or otherwise dispose of any part of the 628 Facility which is material to the production of Pledged Revenues unless, in 629 the opinion of a Consulting Engineer, the remaining Facility will generate 630 Pledged Revenues sufficient to enable the Borough to comply with the 631 requirements of this Resolution and each resolution authorizing the 632 issuance of Future Parity Bonds. 633 634 G. The Borough will not at any time create or permit to accrue 635 or exist any lien or other encumbrance or indebtedness upon the Facility or 636 the Pledged Revenues, or any part thereof, or upon any Account or 637 Subaccount created hereunder, prior or superior to the lien thereon for the 638 payment of the Parity Bonds, and will pay and discharge, or cause to be Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 14 of 21 639 paid and discharged, any and all lawful claims for labor, materials or 640 supplies which, if unpaid, might become a lien or charge upon the Pledged 641 Revenue. or any part thereof, or upon any Account or Subaccount in the 642 hands of the Borough, prior or superior to the lien of the Parity Bonds, or 643 which might impair the security of the Parity Bonds. 644 645 H. The Borough will not expend any of the Pledged Revenues 646 or the proceeds of any indebtedness payable from Pledged Revenues for 647 any additions, betterments or improvements to the Facility which are not 648 economically sound and which will not properly and advantageously 649 contribute to the conduct of the business of the Facility in an efficient and 650 economical manner. 651 652 I. At any and all times the Borough shall, as far as it may be 653 authorized by law, make, do, execute, acknowledge, and deliver all further 654 resolutions, acts, deeds, conveyances, assignments, transfers, and 655 assurances as may be necessary or desirable for better assuring, 656 conveying, granting, pledging, assigning, and confirming all and singular 657 the rights, revenues, and other funds, moneys, and securities pledged or 658 assigned under this Resolution, or intended so to be, or which the Borough 659 may become bound to pledge or assign. 660 661 J. The Borough is duly authorized under all applicable laws to 662 create and issue the Bonds and to adopt this Resolution and to pledge the 663 Pledged Revenues and other funds, moneys, and securities purported to 664 be pledged by this Resolution in the manner and to the extent provided in 665 this Resolution. The Pledged Revenues and other funds, moneys, and 666 securities so pledged are and will be free and clear of any pledge, lien, 667 charge, or encumbrance thereon or with respect thereto prior to, or of equal 668 rank with, the pledge and assignment created by this Resolution, and all 669 corporate or other action on the part of the Borough to that end has been 670 and will be duly and validly taken. The Bonds and the provisions of this 671 Resolution are and will be the valid and legally enforceable obligations of 672 the Borough in accordance with their terms and the terms of this 673 Resolution. 674 675 K. The Borough has, and will have so long as any Parity Bonds 676 are outstanding, good, right, and lawful power to operate, maintain, and 677 repair the Facility and to fix and collect rates, fees, and other charges 678 related to the Facility. 679 680 L. The Borough shall do and perform or cause to be done and 681 performed all acts and things required to be done or performed by or on 682 behalf of the Borough under applicable laws and this Resolution. 683 Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 15 of 21 684 Section 15: Parity Bonds. As described in this Section, the Borough may issue Parity 685 Bonds. The Borough hereby covenants with the owners of each of the 686 Parity Bonds for so long as the same remain outstanding that it will not 687 issue any bonds having a greater or equal lien on Pledged Revenues to 688 pay and secure the payment of the principal of and interest on such bonds 689 than the lien created thereon to pay and secure the payment of the principal 690 of and interest on the Parity Bonds except that the Borough reserves the 691 right to issue future Parity Bonds as follows: 692 693 A. For the purpose of acquiring, constructing, and installing 694 additions, betterments, and improvements to and extensions of, acquiring 695 necessary property and equipment for, or making necessary replacements 696 or repairs to the Facility, for funding interest and reserves and for the 697 purpose of refunding at or prior to their redemption or maturity any 698 outstanding revenue bonds or notes of the Borough that have a lien on 699 Pledged Revenues for the payment of the principal thereof and interest 700 thereon junior and inferior to the lien on Pledged Revenues for the payment 701 of the principal of and interest on the Bonds and upon compliance with the 702 following conditions: 703 704 (1) The Borough will covenant in each resolution 705 authorizing the issuance of Future Parity Bonds that it will pay into and 706 maintain in the Reserve Subaccount the amounts required by Section 13 707 of this Resolution to be paid into and maintained in the Reserve 708 Subaccount in the event Future Parity Bonds are issued. 709 710 (2) At the time of the issuance of such Future Parity 711 Bonds the Borough shall have on file a certificate of the Finance Director 712 showing that the "annual income available for revenue bond debt service," 713 as hereinafter set forth, shall be at least equal to 1.25 times the maximum 714 Annual Debt Service Requirement on all outstanding Parity Bonds and the 715 Future Parity Bonds being issued. 716 Such "annual income available for revenue bond debt 717 service" shall be determined by adding the following: 718 719 (a) The historical Pledged Revenues for any 12 720 consecutive months out of the 24 months immediately preceding the month 721 of delivery of the Future Parity Bonds being issued. 722 723 (b) The estimated annual Pledged Revenues to 724 be derived from the operation of any additions or improvements to or 725 extensions of the Facility under construction but not completed at the time 726 of such certificate and not being paid for out of the proceeds of sale of such 727 Future Parity Bonds being, issued, and which Pledged Revenues are not 728 otherwise included in any of the sources of Pledged Revenues described 729 in this subparagraph (2). Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 16 of 21 730 731 (c) The estimated Pledged Revenues to be 732 derived from the operation of any additions and improvements to or 733 extensions of the Facility being paid for out of the proceeds of sale of such 734 Future Parity Bonds being issued. 735 736 The computation of "annual income available for revenue 737 bond debt service" shall be adjusted to reflect the Facility fees effective on 738 the date of such certificate or approved by the regulatory authority with 739 jurisdiction to become effective thereafter if there has been any change in 740 such rates and charges put into effect or so approved during or after such 741 12 -consecutive -month base period. 742 743 Notwithstanding the preceding provisions of this 744 subparagraph (2), the certificate referred to above shall not be required if 745 one-half of Pledged Revenues, verified from certain financial statements of 746 the Facility, for a period of any consecutive two out of the three Fiscal Years 747 immediately preceding the issuance and delivery of such Future Parity 748 Bonds, was equal to at least 1.25 times the maximum Annual Debt Service 749 required to be paid in any Fiscal Year succeeding the date of issuance of 750 such Future Parity Bonds on all outstanding Parity Bonds and the Future 751 Parity Bonds being issued. 752 753 Further, notwithstanding the preceding provisions of this 754 subparagraph (2), Future Parity Bonds may be issued if the Borough shall 755 have on file a certificate stating that the Pledged Revenues for the next full 756 Fiscal Year after the initial operation of any additions or improvements to 757 or extensions of the Facility being paid for out of the proceeds of the Future 758 Parity Bonds will be at least equal to 1.25 times the maximum Annual Debt 759 Service Requirement on all outstanding Parity Bonds and the Future Parity 760 Bonds being issued; and that at the time of the issuance of such Future 761 Parity Bonds there is no deficiency in the Debt Service Subaccount or 762 Reserve Subaccount. 763 764 B. For the purpose of refunding at or prior to their redemption 765 or maturity any part or all of the then outstanding Parity Bonds if the 766 issuance of such refunding Future Parity Bonds does not require a greater 767 amount to be paid out of Pledged Revenues for principal and interest over 768 the life of such refunding Future Parity Bonds being refunded, and if the 769 conditions required in subsection (A)(1) of this section are complied with. 770 771 Proceeds of Parity Bonds to be used to fund interest or reserves 772 shall be deposited in the Debt Service Subaccount or the Reserve 773 Subaccount, as the case may be. 774 Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 17 of 21 775 776 777 778 779 780 781 782 783 784 785 786 787 788 789 790 791 792 793 794 795 796 797 798 799 800 801 802 803 804 805 806 807 808 809 810 811 812 813 814 815 816 817 818 819 820 Section 16: Subordinate Lien Bonds. Nothing contained herein shall prevent the Borough from issuing revenue bonds or notes which are a charge upon Pledged Revenues subordinate or inferior to the payments required herein to be made therefrom into the Debt Service Subaccount and Reserve Subaccount, or from issuing long-term care center revenue bonds to refund maturing bonds for the payment of which moneys are not otherwise available. Section 17: Permitted Tax Covenants. The Borough may, but need not, covenant in the Amended Loan Agreement 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 Bond from gross income for federal income tax purposes. The Borough may, but need not, covenant in the Amended Loan Agreement that it will make no use of the proceeds of the Bond which will cause the Bond to be an "arbitrage bond" subject to federal income taxation by reason of Section 148 of the Code. The Borough may, but need not, covenant in the Amended Loan Agreement that it will not take or permit any action that would cause the Bond to be a "private activity bond" as defined in Section 141 of the Code. Section 18: Amendatory and Supplemental Resolutions. A. The Assembly 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: (1) To add to the covenants and agreements of the Borough in this Resolution, other covenants and agreements thereafter to be observed or to surrender any right or power herein reserved to or conferred upon the Borough. (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 Assembly may deem necessary or desirable and not inconsistent with this Resolution and which shall not adversely affect the interests of the owners of Parity Bonds. Any such supplemental resolution may be adopted without the consent of the owner of any Parity Bonds at any time outstanding, notwithstanding any of the provisions of subsection (B) of this Section. B. With the consent of the owners of not less than 60% in aggregate principal amount of Parity Bonds at the time outstanding, the Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 18 of 21 821 Assembly may pass a resolution or resolutions supplemental hereto for the 822 purpose of adding any provisions to or changing in any manner or 823 eliminating any of the provisions of this Resolution or of any supplemental 824 resolution; provided, however, that no such supplemental resolution shall: 825 826 (1) Extend the fixed maturity of any of the Parity Bonds, 827 or reduce the rate of interest thereon, or reduce the amount or change the 828 date of any sinking fund installment requirement, or extend the time of 829 payments of interest from their due date, or reduce the amount of the 830 principal thereof, or reduce any premium payable on the redemption 831 thereof, without the consent of the owner of each Parity Bond so affected; 832 or 833 834 (2) Reduce the aforesaid percentage of owners of Parity 835 Bonds required to approve any such supplemental resolution without the 836 consent of the owners of all of the Parity Bonds then outstanding; or 837 838 (3) Remove the pledge and lien of this Resolution on 839 Pledged Revenues. 840 841 It shall not be necessary for the consent of the owners of Parity 842 Bonds under this subsection to approve the particular form of any proposed 843 supplemental resolution, but it shall be sufficient if such consent approves 844 the substance thereof. 845 846 C. Upon the passage of any supplemental resolution adopted 847 pursuant to the provisions of this Section, this Resolution shall be deemed 848 to be modified and amended in accordance therewith, and the respective 849 rights, duties, and obligations of the Borough under this Resolution and all 850 owners of Parity Bonds outstanding shall thereafter be determined, 851 exercised, and enforced thereunder, subject in all respects to such 852 modification and amendment, and all the terms and conditions of any such 853 supplemental resolution shall be deemed to be part of the terms and 854 conditions of this Resolution for any and all purposes. 855 856 D. Parity Bonds executed and delivered after the passage of 857 any supplemental resolution adopted pursuant to the provisions of this 858 Section may bear a notation as to any matter provided for in such 859 supplemental resolution, and if such supplemental resolution shall so 860 provide, new Parity Bonds so modified as to conform, in the opinion of the 861 Assembly, to any modification of this Resolution contained in any such 862 supplemental resolution may be prepared by the Borough and delivered 863 without cost to the owners of Parity Bonds then outstanding, upon 864 surrender for cancellation of such Parity Bonds in an equal aggregate 865 principal amounts. 866 Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 19 of 21 867 Section 19: 868 869 870 871 872 873 874 875 876 877 Section 20: 878 879 880 881 882 883 884 885 886 887 888 889 890 891 892 893 894 895 896 897 Defeasance. In the event money and/or non -callable Government Obligations maturing at such times and bearing interest to be earned thereon in amounts sufficient to redeem and retire the Bond in accordance with its 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 the Bond and the Bond shall be deemed not to be outstanding. Exchange of the Bond; Amendatory Loan Agreement; Continuing Disclosure Certificate. The exchange of the Bond for all the Refundable Principal Installments that are refunded (and the issuance of a replacement 2011 Bond), as provided in the Amendatory Loan Agreement and this Resolution, is hereby authorized and approved. The Amendatory Loan Agreement and the Continuing Disclosure Certificate in substantially the form filed with this Resolution are hereby approved. The Mayor and the Borough Manager are each hereby authorized to execute and deliver the Amendatory Loan Agreement and the Continuing Disclosure Certificate in such forms, together with such changes not inconsistent herewith as may be approved by the Mayor or the Borough Manager (such approval to be conclusively evidenced by such official's execution and delivery of such document). Section 21: Authority of Officers. The Mayor, the Borough Manager, the Borough Finance Director, the Borough Clerk, the Borough Attorney, and bond counsel to the Borough 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 Borough may carry out its obligations under the Bond and this Resolution. 898 Section 22: Ongoing Disclosure. The Borough acknowledges that under Rule 15c2-12 899 of the Securities and Exchange Commission (the "Rule") the Borough may 900 now or in the future be an "obligated person." In accordance with the Rule, 901 and as the Bond Bank may require, the Borough shall undertake to provide 902 certain annual financial information and operating data as shall be set forth 903 in the Amendatory Loan Agreement. 904 905 Section 23: Miscellaneous. No recourse shall be had for the payment of the principal 906 of or the interest on the Bond or for any claim based thereon or on this 907 Resolution against any member of the Assembly or officer of the Borough 908 or any person executing the Bond. The Bond is not and shall not be in any 909 way a debt or liability of the State of Alaska or of any political subdivision 910 thereof, except the Borough, and does not and shall not create or constitute 911 an indebtedness or obligation, either legal, moral, or otherwise, of such 912 state or of any political subdivision thereof, except the Borough. Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 20 of 21 913 914 Section 24: Severability. If any one or more of the provisions of this Resolution shall 915 be declared by any court of competent jurisdiction to be contrary to law, 916 then such provision shall be null and void and shall be deemed separable 917 from the remaining provisions of this Resolution and shall in no way affect 918 the validity of the other provisions of this Resolution or of the Bond. 919 920 Section 25: Effective Date. This Resolution shall become effective upon passage and 921 approval. 922 923 ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH 924 THIS SEVENTH DAY OF MAY, 2020 925 926 927 KODIAK ISLAND BOROUGH 928 929 93 9311 932 o erts, Mayor 933 934 ATTEST: 935 936 937 938 939 ra Welinsky, Borough Clerk 940 941 VOTES: 942 Ayes: Symmons, Turner, Arndt, Dvorak, Kavanaugh, Schroeder, Skinner 943 Noes: Kodiak Island Borough, Alaska Resolution No. FY2020-30 Page 21 of 21