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Kodiak #9 Solid Waste 2011 5th year
CONTROL #9.00 $3,275,000.00 KODIAK ISLAND BOROUGH, ALASKA SOLID WASTE REVENUE BONDS, 2011 DATE OF ISSUE: SEPTEMBER 15, 2011 ARBITRAGE REBATE CALCULATIONS FOR THE 05TH YEAR REBATE INSTALLMENT COMPUTATION PERIOD SEPTEMBER 15, 2011 TO SEPTEMBER 15, 2016 AS OF THE DATE OF THIS REPORT JUNE 07, 2018 Kodiak Island Borough, Alaska 710 Mill Bay Road Kodiak, Alaska 99615-6340 June 07, 2018 TRANS MITT AL LETTER CONTROL #9.00 $3,275,000.00 KODIAK ISLAND BOROUGH, ALASKA SOLID WASTE REVENUE BONDS, 2011 DATE OF ISSUE: SEPTEMBER 15, 2011 ARBITRAGE REBATE CALCULATIONS FOR THE 05TH YEAR REBATE INSTALLMENT COMPUTATION PERIOD SEPTEMBER 15, 2011 TO SEPTEMBER 15, 2016 AS OF THE DATE OF THIS REPORT JUNE 07, 2018 We have enclosed the arbitrage rebate calculation report (together with Exhibits thereto, the "Rep01i") for the above-referenced issue of tax-exempt debt ("Debt"). As explained in more detail in this Repo1i, there was no Rebate Installment payment due to the United States Treasury, Internal Revenue Service ("IRS'') on or before Monday, November 14, 2016 with respect to the Debt for the above-referenced 05th Year Rebate Installment Computation Period. There are no filing requirements regarding arbitrage rebate with the IRS as of the date of this Report, and therefore, nothing should be filed with the IRS as of this time. There is an additional yield restriction requirement for the Debt. We tested the investment yield and determined that there is no Yield Reduction Payment Amount that relates to the Yield Restriction Requirements on the yield restricted proceeds of the Debt, due to the IRS for the above-referenced Computation Period, and consequently, no payment is due to the IRS for this yield restriction requirement. Please note that the 10th Year IRS filing date is 60 days from September 15, 2021. Also, a Yield Reduction Payment Report will be required at that time since there are unspent Capital Project Fund proceeds remaining on and after September 15, 2016 (the end of the 05th Year Computation Period). If you have any questions regarding this Report and related matters please call Diana Pahnke at (800) 672-9993 ext. 7522. She will be happy to discuss any aspect of these calculations. Very truly yours, ARBITRAGE COMPLIANCE SPECIALISTS, INC. June 07, 2018 Kodiak Island Borough, Alaska ("Issuer") 710 Mill Bay Road Kodiak, Alaska 99615-6340 CONTROL #9.00 $3,275,000.00 KODIAK ISLAND BOROUGH, ALASKA SOLID WASTE REVENUE BONDS, 2011 DATE OF ISSUE: SEPTEMBER 15, 2011 ARBITRAGE REBATE CALCULATIONS FOR THE 05TH YEAR REBATE INSTALLMENT COMPUTATION PERIOD SEPTEMBER 15, 2011 TO SEPTEMBER 15, 2016 AS OF THE DATE OF THIS REPORT JUNE 07, 2018 At your request, Arbitrage Compliance Specialists, Inc. ("ACS") has prepared computations pertaining to the amount of the rebate installment payment ("Rebate Installment payment") that was due on or before Monday, November 14, 2016 from the Issuer to the United States Treasury, Internal Revenue Service ("IRS") with respect to the above-referenced issue of tax-exempt debt ("Debt") for the above-referenced 05th Year Rebate Installment Computation Period ("Computation Period"). The computations attached as Exhibits (together with this letter, the "Report") have been performed by ACS and are based upon the limited scope of ACS' engagement with infonnation, instructions, assumptions and representations as provided to ACS by the Issuer. The computations reflected in the Exhibits of this Report are summarized as follows: 1.The yield on the Debt is 2.39996%. 2. The yield on the investments is 0.04376591 %. 3.100% Rebate Installment payment TOT ALP A YMENT DUE TO THE IRS: ($374,928.27) NONE Using procedures, which ACS has developed for calculating arbitrage rebate, ACS has computed the amount of the Rebate Installment payment with respect to the Debt for the Computation Period in accordance with the applicable provisions of the Internal Revenue Code of 1986, as amended and the Treasury Regulations applicable to the Debt. ARBITRAGE COMPLIANCE SPECIALISTS, INC. Douglas Pahnke, CPA, Managing Director PTIN: P01247303 KODIAK ISLAND BOROUGH, ALASKA SOLID WASTE DISPOSAL FACILITY REVENUE BOND, 2011 $3,275,000.00 05th Year Arbitrage Rebate Calculation Period 09/15/11 to 09/15/16 Bond Yield 2.39996000% Investment Yield 0.04376591 % Liability ($37 4,928.27) Period Ending Relevant Cash Flow Future Value Factor 09/15/11 (3,275,000.00) 1.12668955% 09/30/11 13.46 1.12557014% 10/31/11 27.82 1. 12333466% 11/30/11 26.92 1.12110362% 12/31/11 27.82 1.11887701% 01/31/12 27.74 1.11665482% 02/29/12 25.95 1.11451091% 03/31/12 27.74 1.11222368% 04/30/12 26.84 1.11001471% 05/31/12 55.48 1.10781012% 06/30/12 26.84 1.10560991 % 07/31/12 27.74 1.10341408% 08/31/12 27.74 1.10122260% 09/01/12 155,000.00 1.10114963% 09/15/12 (1,550.00) 1.10012849% 09/30/12 76.85 1. 09903548% 10/31/12 158.56 1.09685270% 11/30/12 25.57 1.09467425% 12/31/12 26.43 1.09250013% 01/31/13 26.50 1.09033033% 02/28/13 23.93 1.08830907% 03/31/13 26.50 1. 08600365% 04/30/13 25.64 1.08384675% 05/31/13 26.50 1.08169414% 06/30/13 25.64 1.07954580% 07/31/13 26.50 1.077 40173% 08/06/13 160,000.00 1.07697342% 08/31/13 25.40 1.07526191% 09/15/13 (1,590.00) 1.07419360% 09/30/13 24.33 1.07312635% 10/31/13 25.14 1.07099502% 11/30/13 24.33 1.06886794% 12/31/13 25.14 1.0667 4507% 01/31/14 25.14 1.06462642% 02/28/14 22.71 1.06265281% 03/31/14 25.14 1.06040174% Arbitrage Compliance Specialists, Inc. Arbitrage Rebate Calculation Adjustment Investment Yield Present Value Factor Computation Date Credit Computation Date Credit EXHIBIT 1 Control # 9.00 Page 1of2 Days of Total Future Value Period (3,689,908.28) 1800 15.15 1785 31.25 1755 30.18 1725 31.13 1695 30.98 1665 28.92 1636 30.85 1605 29.79 1575 61.46 1545 29.67 1515 30.61 1485 30.55 1455 170,678.19 1454 (1,705.20) 1440 84.46 1425 173.92 1395 27.99 1365 28.87 1335 28.89 1305 26.04 1277 28.78 1245 27.79 1215 28.66 1185 27.68 1155 28.55 1125 172,315.75 1119 27.31 1095 (1,707.97) 1080 26.11 1065 26.92 1035 26.01 1005 26.82 975 26.76 945 24.13 917 26.66 885 PAR $3,275,000.00 EXHIBIT 1 Report 05th Year Arbitrage Rebate Calculation Control # 9.00 Period 09/15/11 to 09/15/16 Page 2 of 2 Arbitrage Rebate Calculation Period Days of Ending Relevant Cash Flow Future Value Factor Adjustment Investment Yield Present Value Factor Total Future Value Period 04/30/14 170.30 1.05829569% 180.23 855 05/31/14 25.14 1. 05619382% 26.55 825 06/30/14 24.33 1.05409613% 25.65 795 07/31/14 25.14 1.05200260% 26.45 765 08/05/14 170,000.00 1.05165408% 178,781.19 760 08/31/14 23.93 1.04991323% 25.12 735 09/15/14 (1,620.00) 1 . 04887010% Computation Date Credit (1,699.17) 720 09/30/14 22.93 1.04782801% 24.03 705 10/31/14 23.70 1.0457 4693% 24.78 675 11/30/14 22.93 1.04366999% 23.93 645 12/31/14 23.70 1.04159717% 24.69 615 01/31/15 23.70 1.03952847% 24.64 585 02/28/15 21.40 1.03760138% 22.20 557 03/31/15 23.70 1.03540338% 24.54 525 04/30/15 22.93 1.03334698% 23.69 495 05/31/15 23.70 1.03129466% 24.44 465 06/30/15 22.93 1.02924642% 23.60 435 07/31/15 23.70 1.02720225% 24.34 405 08/11/15 175,000.00 1.02645373% 179,629.40 394 08/31/15 22.74 1.02516213% 23.31 375 09/15/15 {1,650.00) 1.02414360% Computation Date Credit (1,689.84) 360 09/30/15 21.49 1 . 02312607% 21.99 345 10/31/15 22.21 1.02109405% 22.68 315 11/30/15 21.49 1.01906607% 21.90 285 12/31/15 244.31 1.01704212% 248.47 255 01/31/16 398.68 1.01502218% 404.67 225 02/29/16 414.40 1.01307339% 419.82 196 03/31/16 487.28 1.01099434% 492.64 165 04/30/16 471.56 1. 00898642% 475.80 135 05/31/16 509.42 1.00698248% 512.98 105 06/30/16 600.16 1.00498253% 603.15 75 07/31/16 642.32 1. 00298654 % 644.24 45 08/09/16 185,000.00 1.00238852% 185,441.88 36 08/31/16 673.18 1.00099453% 673.85 15 09/15/16 {1,650.00) 1.00000000% Computation Date Credit (1,650.00) 0 09/15/16 2,430,368.48 1.00000000% 2,430,368.48 0 {1,630.08) Liability (374,928.27) Arbitrage Compliance Specialists, Inc. PAR Report Period $3,275,000.00 05th Year Arbitrage Rebate Calculation 09/15/11 to 09/15/16 Capital Project Fund GL530 Pooled Investments 9/15/11 -9/15/16 Capitalized Interest Funds Held Uninvested in Cash Debt Service Subaccount 443254 Bona Fide through 9/15/16 Debt Service Subaccount -443341 Bona Fide through 9/15/16 Reserve Subaccount 443340 Held Uninvested in Cash Arbitrage Compliance Specialists, Inc. Listing of Investments by Fund EXHIBIT 2 Control # 9.00 Page 1 of 1 PAR Report Period $3,275,000.00 05th Year Arbitrage Rebate Calculation 09/15/11 to 09/15/16 Investment Yield 0.04376591% Period Ending Investments Present Value Factor 09/15/11 (3,275,000.00) 1.00219045% 09/30/11 1.00217218% 10/31/11 1.00213563% 11/30/11 1.00209909% 12/31/11 1.00206254% 01/31/12 1.00202600% 02/29/12 1.00199068% 03/31/12 1.00195292% 04/30/12 1.00191638% 05/31/12 1.00187985% 06/30/12 1.00184331% 07/31/12 1.00180678% 08/31/12 1.00177024% 09/01/12 1.00176903% 09/30/12 1.00173371% 10/31/12 1.00169718% 11/30/12 1.00166065% 12/31/12 1.00162413% 01/31/13 1.00158760% 02/28/13 1.00155351% 03/31/13 1.00151455% 04/30/13 1.00147803% 05/31/13 1.00144151% 06/30/13 1.00140499% 07/31/13 1.00136847% 08/06/13 1.00136117% 08/31/13 1.00133195% 09/30/13 1.00129544% 10/31/13 1.00125892% 11/30/13 1.00122241 % 12/31/13 1.00118590% 01/31/14 1.00114939% 02/28/14 1.00111531% 03/31/14 1.00107637% 04/30/14 1.00103987% 05/31/14 1.00100336% 06/30/14 1.00096686% 07/31/14 1.00093036% 08/05/14 1.00092427% 08/31/14 1.00089386% Arbitrage Compliance Specialists, Inc. Proof of Investment Yield Present Value Proceeds (3,282, 173.73) 13.46 27.82 26.92 27.82 27.74 25.95 27.74 26.84 55.48 26.84 27.74 27.74 155,000.00 76.85 158.56 25.57 26.43 26.50 23.93 26.50 25.64 26.50 25.64 26.50 160,000.00 25.40 24.33 25.14 24.33 25.14 25.14 22.71 25.14 170.30 25.14 24.33 25.14 170,000.00 23.93 Present Value Factor 1.00219045% 1.00217218% 1.00213563% 1.00209909% 1.00206254% 1.00202600% 1.00199068% 1.00195292% 1.00191638% 1.00187985% 1.00184331% 1.00180678% 1.00177024% 1.00176903% 1.00173371% 1.00169718% 1.00166065% 1.00162413% 1.00158760% 1.00155351% 1.00151455% 1.00147803% 1.00144151% 1.00140499% 1.00136847% 1.00136117% 1.00133195% 1.00129544% 1.00125892% 1.00122241% 1.00118590% 1.00114939% 1.00111531% 1.00107637% 1.00103987% 1.00100336% 1.00096686% 1.00093036% 1.00092427% 1.00089386% Present Value 13.49 27.88 26.98 27.88 27.80 26.00 27.79 26.89 55.58 26.89 27.79 27.79 155,274.20 76.98 158.83 25.61 26.47 26.54 23.97 26.54 25.68 26.54 25.68 26.54 160,217.79 25.43 24.36 25.17 24.36 25.17 25.17 22.74 25.17 170.48 25.17 24.35 25.16 170,157.13 23.95 EXHIBIT 3 Control # 9.00 Page 1of2 PAR $3,275,000.00 EXHIBIT 3 Report 05th Year Arbitrage Rebate Calculation Control # 9.00 Period 09/15/11 to 09/15/16 Page 2 of 2 Proof of Investment Yield Period Ending Investments Present Value Factor Present Value Proceeds Present Value Factor Present Value 09/30/14 1.00085736% 22.93 1.00085736% 22.95 10/31/14 1.00082086% 23.70 1.00082086% 23.72 11/30/14 1.00078436% 22.93 1.00078436% 22.95 12/31/14 1.00074787% 23.70 1.00074787% 23.72 01/31/15 1.00071137% 23.70 1.00071137% 23.72 02/28/15 1.00067731 % 21.40 1. 00067731 % 21.41 03/31/15 1.00063839% 23.70 1.00063839% 23.72 04/30/15 1.00060190% 22.93 1.00060190% 22.94 05/31/15 1. 00056541 % 23.70 1. 00056541 % 23.71 06/30/15 1.00052892% 22.93 1.00052892% 22.94 07/31/15 1.00049243% 23.70 1.00049243% 23.71 08/11/15 1.00047906% 175,000.00 1.00047906% 175,083.83 08/31/15 1.00045595% 22.74 1.00045595% 22.75 09/30/15 1.00041947% 21.49 1.00041947% 21.50 10/31/15 1.00038298% 22.21 1.00038298% 22.22 11/30/15 1. 00034650% 21.49 1. 00034650% 21.50 12/31/15 1.00031002% 244.31 1. 00031 002% 244.39 01/31/16 1.00027354% 398.68 1. 00027354 % 398.79 02/29/16 1.00023828% 414.40 1.00023828% 414.50 03/31/16 1. 00020059% 487.28 1. 00020059% 487.38 04/30/16 1.00016412% 471.56 1.00016412% 471.64 05/31/16 1.00012764% 509.42 1.00012764% 509.49 06/30/16 1.00009117% 600.16 1.00009117% 600.21 07/31/16 1.00005470% 642.32 1.00005470% 642.36 08/09/16 1.00004376% 185,000.00 1.00004376% 185,008.10 08/31/16 1.00001823% 673.18 1.00001823% 673.19 09/15/16 1. 00000000% 2,430,368.48 1. 00000000% 2,430,368.48 (3,275,000.00) (3,282, 173.73) 3,281,429.92 3,282, 173. 73 Arbitrage Compliance Specialists, Inc. PAR Report Period $3,275,000.00 05th Year Arbitrage Rebate Calculation 09/15/11 to 09/15/16 Pooled Investments 9/15/11 -9/15/16 Net 6,429.92 Yield 0.04376588% Investment Detail -Capital Project Fund -GL530 Pooled Investments 9/15/11 -9/15/16 Pooled Investments 9/15/11 -9/15/16 EXHIBIT 4 Control # 9.00 Page 1 of 1 Date 09/15/11 09/30/11 10/31/11 11/30/11 12/31/11 01/31/12 02/29/12 03/31/12 04/30/12 05/31/12 06/30/12 07/31/12 08/31/12 09/01/12 09/30/12 10/31/12 11/30/12 12/31/12 01/31/13 02/28/13 03/31/13 04/30/13 05/31/13 06/30/13 07/31/13 08/06/13 08/31/13 09/30/13 10/31/13 11/30/13 12/31/13 01/31/14 02/28/14 100% $ Type Alloc.% Alloc. $ Date 100% $ Type 25.14 Interest Alloc.% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% Alloc. $ Date 25.14 100% $ Type Alloc. % Alloc. $ 368.48 2,430,000.00 (3,275,000.00) Balance Start 100.00000% 13.46 Interest 100.00000% 27.82 Interest 26.92 Interest 27.82 Interest 27.74 Interest 25.95 Interest 27.74 Interest 26.84 Interest 55.48 Interest 26.84 Interest 27.74 Interest 27. 7 4 Interest 155,000.00 Maturity 76.85 Interest 158.56 Interest 25.57 Interest 26.43 Interest 26.50 Interest 23.93 Interest 26.50 Interest 25.64 Interest 26.50 Interest 25.64 Interest 26.50 Interest 160,000.00 Maturity 25.40 Interest 24.33 Interest 25.14 Interest 24.33 Interest 25.14 Interest 25.14 Interest 22.71 Interest 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% 100.00000% Arbitrage Compliance Specialists, Inc. 27.82 26.92 27.82 27.74 25.95 27.74 26.84 55.48 26.84 27.74 27.74 155,000.00 76.85 158.56 25.57 26.43 26.50 23.93 26.50 25.64 26.50 25.64 26.50 160,000.00 25.40 24.33 25.14 24.33 25.14 25.14 22.71 1 03/31/14 04/30/14 05/31/14 06/30/14 07/31/14 08/05/14 08/31/14 09/30/14 10/31/14 11/30/14 12/31/14 01/31/15 02/28/15 03/31/15 04/30/15 05/31/15 06/30/15 07/31/15 08/11/15 08/31/15 09/30/15 10/31/15 11/30/15 12/31/15 01/31/16 02/29/16 03/31/16 04/30/16 05/31/16 06/30/16 07/31/16 08/09/16 08/31/16 170.30 Interest 25.14 Interest 24.33 Interest 25.14 Interest 170,000.00 Maturity 23.93 Interest 22.93 Interest 23. 70 Interest 22.93 Interest 23.70 Interest 23. 70 Interest 21.40 Interest 23. 70 Interest 22.93 Interest 23. 70 Interest 22.93 Interest 23.70 Interest 175,000.00 Maturity 22. 7 4 Interest 21.49 Interest 22.21 Interest 21.49 Interest 244.31 Interest 398. 68 Interest 414.40 Interest 487.28 Interest 471.56 Interest 509.42 Interest 600.16 Interest 642. 32 Interest 185,000.00 Maturity 673.18 Interest 170.30 25.14 24.33 25.14 170,000.00 23.93 22.93 23.70 22.93 23.70 23.70 21.40 23.70 22.93 23.70 22.93 23.70 175,000.00 22.74 21.49 22.21 21.49 244.31 398.68 414.40 487.28 471.56 509.42 600.16 642.32 185,000.00 673.18 368.48 Accrued I 100.00000% 2,430,000.00 Balance End 100.00000% PAR Report Period Period Date 09/15/12 09/15/13 09/15/14 09/15/15 09/15/16 $3,275,000.00 05th Year Arbitrage Rebate Calculation 09/15/11 to 09/15/16 09/15/11 to 09/15/16 Transaction Type Amount Computation Date (1,550.00) Computation Date (1,590.00) Computation Date (1,620.00) Computation Date (1,650.00) Computation Date (1,650.00) Arbitrage Compliance Specialists, Inc. Calculation Credits EXHIBIT 5 Control # 9.00 Page 1 of 1