HomeMy WebLinkAbout01182016 City Council Special Meeting Packet Seward City Council
Agenda Packet
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Special CCouncil Meeting
January 18, 2016
City Council Chambers 5:30 p.m.
The City of Seward, Alaska
Special City Council Meeting
January 18, 2016 5:30 p.m. Council Chambers
Jean Bardarson 1. Call To Order
Mayor 2. Pledge Of Allegiance
Term Expires 2017 3. Roll Call
Marianna Keil 4. Citizen Comments On Any Subject Except Those Items
Vice Mayor Scheduled For Public Hearing. [Those Who Have Signed In
Term Expires 2016 Will Be Given The First Opportunity To Total Time For This
Agenda Item.]
Ristine Casagranda 5. Approval Of Agenda And Consent Agenda [Approval of
Council Member Consent Agenda passes all routine items indicated by asterisk
Term Expires 2016 (*). Consent Agenda items are not considered separately unless
a council member so requests. In the event of such a request, the
David Squires item is returned to the Regular Agenda.]
Council Member
Term Expires 2017 6. Special Orders, Presentations And Reports —None
Dale Butts 7. New Business
Council Member
Term Expires 2016
A. Resolutions
Sue McClure
Council Member 1. Resolution 2016-002,Confirming That The City's Moral
Term Expires 2017 Obligation Set Forth In The City's Resolution No.2007-
050 Extends To Long Term Care Facility Revenue
Deborah Altermatt Refunding Bonds, And Bonds Issued On Party
Council Member Therewith . Pg. 4
Term Expires 2017
2. Resolution 2016-003, Authorizing The Defeasance Of
James Hunt $3.5 Million Of 2008 Long-Term Care Facility Revenue
City Manager Bonds In Conjunction With The Upcoming Refunding
Johanna Kinney Authorized In The City's Resolution No.2007-050,And
City Clerk Appropriating Funds Pg. 11
Eric Wohlforth 8. Council Comments
City Attorney
9. Citizen Comments
10. Council And Administration Response To Citizen Comments
11. Adjournment
City of Seward, Alaska Council Agenda
January 18, 2016 Page 1
9
SPECIAL MEETING REQUEST 4�asr�P
Pursuant to Seward City Code 2.10.030 (2), this is to serve as
the written notice calling a Special City Council Meeting on Monday, January 18,
2016 at 5:30 p.m. for the purpose of:
1. Resolution 2016-002, Confirming That The City's Moral Obligation Set
Forth In The City's Resolution No. 2007-050 Extends To Long Term Care
Facility Revenue Refunding Bonds, And Bonds Issued On Party Therewith.
2. Resolution 2016-003, Authorizing The Defeasance Of $3.5 Million Of
2008 Long-Term Care Facility Revenue Bonds In Conjunction With The
Upcoming Refunding Authorized In The City's Resolution No. 2007-050, And
Appropriating Funds.
Signed this 15th day of January,2016.
Mayor
or
or
ity anag r
or
2 Council Members
Upon this request the City Clerk will give due and proper notice as required by
SCC 2.10.032
(No business shall be transacted other than stated above.)
2.
t pF se{y
NOTICE OF 0 c1.7, $°
SPECIAL MEETING `, *4
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NOTICE IS HEREBY GIVEN that the Seward City Council will meet in a special meeting on
Monday, January 18, 2016 at 5:30 p.m. for the purpose of:
1. Resolution 2016-002,Confirming That The City's Moral Obligation Set Forth In The
City's Resolution No. 2007-050 Extends To Long Term Care Facility Revenue Refunding
Bonds,And Bonds Issued On Party Therewith.
2. Resolution 2016-003, Authorizing The Defeasance Of$3.5 Million Of 2008 Long-
Term Care Facility Revenue Bonds In Conjunction With The Upcoming Refunding
Authorized In The City's Resolution No. 2007-050, And Appropriating Funds.
The meeting will be conducted in City Council Chambers,City Hall,410 Adams Street,Seward. All
interested persons are invited to attend.
JOHANNA KINNEY
CITY CLERK
POSTED: Friday, January 15, 2016
City Hall bulletin board
U.S. Post Office
Harbormaster's Building
3
Sponsored by: Hunt
CITY OF SEWARD,ALASKA
RESOLUTION 2016-002
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, CONFIRMING THAT THE CITY'S MORAL OBLIGATION
SET FORTH IN THE CITY'S RESOLUTION NO. 2007-050 EXTENDS TO
LONG TERM CARE FACILITY REVENUE REFUNDING BONDS, AND
BONDS ISSUED ON PARTY THEREWITH
WHEREAS, the City of Seward, Alaska (the "City") issued $27,000,000 principal
amount of Long Term Care Facility Revenue Bonds, 2008 (the "2008 Bonds") pursuant to
Resolution 2006-28 (the "2006 Resolution), as amended by Resolution 2007-050 (the "2007
Resolution"); and
WHEREAS, the 2007 Resolution includes a moral obligation of the City to allocate one
percent (1%) of the City's sales tax revenues for healthcare purposes, including, but not limited
to, payment of debt service on long term care facility revenue bonds; and
WHEREAS, the City adopted Resolution 2015-115 authorizing the issuance of not to
exceed $25,900,000 principal amount of a long term care facility revenue refunding bond (the
"2016 Refunding Bond") for purposes of refunding all or a portion of the outstanding 2008
Bonds; and
WHEREAS, by this Resolution, the City confirms that the moral obligation set forth in
the 2007 Resolution applies equally to the 2008 Bonds, the 2016 Refunding Bond and any bonds
issued on a parity therewith.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
SEWARD, ALASKA:
Section 1. The City hereby confirms that the moral obligation of the City to request, on
an annual basis, allocation of one percent (1%) sales tax revenues for healthcare purposes,
including payment of the principal of, and interest on long term care facility revenue bonds,
applies to the 2008 Bonds,the 2016 Bond and bonds issued on a parity therewith.
Section 2. The recitals to this Resolution are incorporated herein, and by this reference,
are made a part hereof as if fully set forth herein.
Section 3.This Resolution shall take effect immediately and endure for the life of the
2008 Bonds, the 2016 Bond and any bonds issued on a parity therewith.
CITY OF SEWARD, ALASKA
RESOLUTION 2016-002
PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this
18th day of January, 2016.
THE CITY OF SEWARD, ALASKA
Jean Bardarson, Mayor
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Johanna Kinney, CMC
City Clerk
(City Seal)
5
COUNCIL AGENDA STATEMENT t of set.
Meeting Date: January 18,2016
Through: James Hunt,City Manager 144-50*
From: Kristin Erchinger,Finance Director o
Agenda Item: Confirming the 1%sales tax utilization for the Long-Term Care Facility Bonds
BACKGROUND&JUSTIFICATION:
The City of Seward issued $27 Million principal amount of Long Term Care Facility Revenue bonds in
2008 as authorized by Resolution 2006-28, and as amended by Resolution 2007-050. These bonds were
issued for the purpose of constructing and equipping the Seward Mountain Haven long-term care (LTC)
facility. As of January 18,2016,the outstanding balance of said bonds is$23,250,000.
At the time these bonds were issued, the Alaska Municipal Bond Bank Authority (AMBBA) required
additional guarantees for repayment of these bonds beyond just the revenues of the long-term care
facility. This was due in part, to the concern over the future sustainability of Alaska's cost-based
reimbursement system for Medicaid as it relates to long-term care revenues. In order to provide
assurance of the City's ability to repay these bonds in the event that revenues of the facility were
compromised, the City agreed to pledge a portion of the 1% sales tax dedicated to healthcare. At the
time the LTC bonds were issued, the City was also paying down the general obligation bonds issued by
the City for construction of the hospital building. Those bonds have matured and the only capital debt
outstanding related to healthcare is the Long-Term Care Facility Revenue Bonds.
The AMBBA has recently solicited for new bond counsel. The new bond counsel of Orrick, Herrington
& Sutcliffe LLP has less familiarity with the structure of our original bond issue and therefore requests
confirmation at the time of the upcoming refunding, that the City's moral obligation to utilize the
proceeds from the 1% sales tax for healthcare purposes, does include the commitment to utilize these
funds, if necessary, to make debt service payments on the Long-Term Care Facility Revenue Bonds,
including the Refunding Bonds.
CONSISTENCY CHECKLIST: Yes No N/A
1. Comprehensive Plan(document source here): X
2. Strategic Plan(document source here): X
3. Other(list): X
ATTORNEY REVIEW: X Yes No
FISCAL NOTE:
The City currently receives approximately $1.1 Million per year in sales tax revenues related to the 1%
sales tax dedicated to healthcare. Since the LTC was built in 2008, no sales tax proceeds have been used
for the purpose of paying the LTC bonds, but they could be used for this purpose if patient revenues at
the facility were insufficient to cover annual debt service costs. As of January 18,2015,the cash balance
in the LTC Fund is approximately $5.7 Million, including $1.9 Million in bond reserves. The City
proposes to defease $3.5 Million in outstanding bonds utilizing a portion of this reserve, while retaining
bond reserves as required by the Bond Refunding Resolution 2015-115.
Approved by Finance Department: Jer 4,teit
RECOMMENDATION:
Council approve Resolution 2016-002-confirming its commitment to utilize the 1% sales tax dedicated
for healthcare purposes, for the purpose of paying annual debt service payments on the Long Term Care
Facility Bonds, if necessary.
Sponsored by: Oates
CITY OF SEWARD,ALASKA
RESOLUTION 2007-050
A RESOLUTION OF THE CITY COUNCIL OF TIIE CITY OF SEWARD,
Al ASKA., AMENDING RESOLUTION 2006-28 REGARDING
AUTHORIZATION TO ISSUE LONG TERM CARE FACILITY REVENUE
BONDS OF THE CITY IN THE PRINCIPAL AMOUNT OF NOT TO
EXCEED$27,000,000
WHEREAS, the City of Seward, Alaska (the "City") adopted Resolution 2006-28
authorizing long term care facility revenue bonds of the City in the principal amount ofnot to exceed
$27,000,000 for the purpose of providing amounts to finance,design,acquire,construct and equip a
long term care facility in the City; and
WHEREAS, since that time the City has diligently pursued a certificate of need from the
State of Alaska and such certificate of need has been acquired; and
WHEREAS, the City submitted an application to the Alaska Municipal Bond Bank for the
purpose of issuing bonds through the 13ond Bank at additional cost savings to the City; and
WHEREAS,in April 2007 the Bond Bank authorized a loan to the City subject to certain
conditions.
NOW,THEREFORE,BE IT RESOLVED BY TI IE CITY COUNCIL OF THE CITY
OF SEWARD,ALASKA,that:
Section L The City Council recognizes that there are hospital bonds outstanding related to
the construction of the Seward Providence Hospital and that such bonds will mature in 2013. Each
year the City Council has appropriated 1% of the City's sales tax revenues for payment of annual
interest and principal on those hospital bonds. With the understanding that the City Council cannot
bind future City Councils, we wish to state our intent that, following the maturity of the existing
bonds in 2013,the City staff will include in its annual budget for approval by Council a request that
the 1%sales tax historically allocated for hospital purposes continue to be appropriated for hospital
purposes,including,but not limited to,potential payment of debt service payments on the long term
care facility revenue bonds. This is understood to be a moral,but not a legal,obligation of the City.
Section 2. Following the issuance of long term care facility revenue bonds pursuant to
Resolution 2006-28, if any future Parity Bonds (as defined in Resolution 2006-28)are issued such
Parity Bonds shall not be issued without the prior consent of the Alaska Municipal Bond.Bank.
Section 3. The name of the Bonds will reflect the year in which they are issued instead of
2006.
CITY OF SEWARD,ALASKA
RESOLUTION 2007-050
Section 4. Resolution 2006-28 remains in full force and effect without further amendment
except as stated herein.
Section 5. This resolution shall become effective 30 days from adoption and posting.
PASSED AND APPROVED by the City Council of the City of Seward,Alaska, this 14th
day of May, 2007.
THE CITY OF SEWARD, ALASKA
• anta Shafer, Mayor
AYES: Dunham, Valdatta,Schafer, Thomas, Amber& Shafer
NOES: None
ABSENT: Bardarson
ABSTAIN: None
ATTEST:
Jean Lewis, CMC,
City Clerk
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(City Seal)
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Council Agenda Statement
•
0+ Sep
Meeting Date: May 14,2007 'A:4,10%""644-46%,„ •
•Through: Phillip Oates,City Manager
•
From: Kristin Erchinger,Finance Director
Agenda Item: Long-Term Care Facility Revenue Bonds
BACKGROUND&JUSTIFICATION
The Seward City Council authorized the issuance of$27 million in revenue bonds to construct a new long-term care
facility,on March 13,2006. Since that time,the facility and infrastructure have been designed on two sites,the City
has applied for and been awarded the State's approval for a Certificate of Need to construct the facility,and the City
has received approval from the Alaska Municipal Bond Bank for the issuance of the bonds.
In order to complete the loan agreement with the Bond Bank,the City was asked to address two issues of concern to
the Bond Bank. First,the Bond Bank board wanted assurance that the City would seek the Bond Bank's approval
prior to the future issuance of additional Parity Bonds backed by the revenues of the long-term care facility. Second,
the Bond Bank board members wanted some assurance that the Seward City Council would continue Seward's long
tradition of utilizing the 1%sales tax toward hospital-related capital and operating costs. While the board clearly
understands that one Council is unable to bind the actions of future Councils,they wanted some assurance that the
intent is to continue utilizing the sales tax for hospital purposes. This added level of assurance tells the Bond Bank
that,in the event there is a significant change to the reimbursement methodology currently employed by Medicaid,
and such change adversely impacts reimbursements to the long-term care facility,the City would potentially have a
revenue source available to assist in the payment of debt service.
The City of Seward implemented its current sales tax on March 8, 1982 for the sole purpose of funding the local
hospital. The vote was unanimous by those Council members then voting on the Ordinance. A special election was
held with 340 voters,where 260(76%)voted in favor,and 80(24%)were opposed. Since 1982, 100%of that one
cent sales tax has been appropriated each year to hospital operating and capital costs. In addition, the City has
contributed additional funds for capital needs. The annual revenues from this one cent sales tax are approximately
$900,000. The current hospital bonds mature in 2013.
CONSISTENCY CHECKLIST
Where applicable,this resolution is consistent with the Seward City Code,Charter, Comprehensive Plans,Land
Use Plans, Strategic Plan and City Council Rules of Procedures.
Other:
FISCAL NOTE
The City intends to issue$27 million in Revenue Bonds,with revenues from the co-located hospital and long-
term care facility supporting repayment of the debt service. Annual debt payments on the bonds are estimated
to be between$1.8 and$2.1 million,depending on the final amortization period selected for repayment.
Approved by Finance:
RECOMMENDATION
City Council approve Resolution 2007- ,authorizing specific additional provisions to the original Bond
Resolution approved by the Seward City Council on March 13,2006.
10
Sponsored by: Hunt
CITY OF SEWARD,ALASKA
RESOLUTION 2016-003
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SEWARD,
ALASKA, AUTHORIZING THE DEFEASANCE OF $3.5 MILLION OF
2008 LONG-TERM CARE FACILITY REVENUE BONDS IN
CONJUNCTION WITH THE UPCOMING REFUNDING AUTHORIZED
IN THE CITY'S RESOLUTION NO. 2007-050, AND APPROPRIATING
FUNDS
WHEREAS, the City of Seward, Alaska (the "City") issued $27,000,000 principal
amount of Long Term Care Facility Revenue Bonds, 2008 (the "2008 Bonds") pursuant to
Resolution 2006-28 (the "2006 Resolution), as amended by Resolution 2007-050 (the "2007
Resolution"); and
WHEREAS, as of January 18, 2016, the outstanding balance on said bonds is
$23,250,000, with $20,490,000 slated for refunding on February 2, 2016, as authorized by
Resolution 2015-115 which provided for the issuance of long term care facility revenue
refunding bonds in the principal amount of not to exceed $25,900,000 to refund certain
outstanding long term care facility revenue bonds of the City, fixing certain details of such bonds
and authorizing and providing for related matters; and
WHEREAS, the finance director, in consultation with the City's financial advisor and
bond counsel, is recommending the defeasance of$3.5 Million of said bonds, to take advantage
of the timing of a refunding, to reduce the amount of principal borrowed for the bonds in order to
reduce the lifetime borrowing costs associated with this borrowing, and to reduce the annual debt
service payments over the remaining life of the remaining bonds; and
WHEREAS, the Seward Long-Term Care Facility Fund maintains sufficient cash to
make this lump-sum contribution toward debt service, plus provide an adequate bond reserve
equal to one years' annual debt service payments; and
WHEREAS, a contribution of$3.5 Million will reduce the anticipated borrowing from
approximately $20.5 Million to $17 Million and will generate a lifetime savings of$1.3 Million,
resulting in a reduction in the average annual debt service payment of approximately $273,709
over each of the remaining 17.5 years of the bond.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF
SEWARD, ALASKA:
Section 1. The City Council hereby authorizes the defeasance of $3.5 Million of Long
Term Care Facility Revenue Bonds, 2008 as part of the overall refunding of revenue bonds
authorized by Resolution 2015-115, for the purposes of refunding all or a portion of the
outstanding 2008 Bonds.
11
CITY OF SEWARD, ALASKA
RESOLUTION 2016-003
Section 2. The recitals to this Resolution are incorporated herein, and by this reference,
are made a part hereof as if fully set forth herein.
Section 3. Funds in the amount of$3.5 Million are hereby appropriated from the Long-
Term Care Facility Fund reserve account no. 19200-0000-3400 to the debt service principal
account no. 19200-0000-8300 for the purposes of defeasing a portion of the outstanding Long-
Term Care Facility bonds.
Section 4. This Resolution shall take effect immediately upon adoption.
PASSED AND APPROVED by the City Council of the City of Seward, Alaska, this
18th day of January, 2016.
THE CITY OF SEWARD, ALASKA
Jean Bardarson, Mayor
AYES:
NOES:
ABSENT:
ABSTAIN:
ATTEST:
Johanna Kinney, CMC
City Clerk
(City Seal)
t2
COUNCIL AGENDA STATEMENT ;c sets.
Meeting Date: January 18,2016
is F
Through: James Hunt, City Manager
From: Kristin Erchinger,Finance Director Mrs
Agenda Item: Requesting Authorization to Defease$3.5 Million Long=Term Care Facility
Bonds
BACKGROUND&JUSTIFICATION:
The City of Seward issued $27 Million principal amount of Long Term Care Facility Revenue bonds in
2008 as authorized by Resolution 2006-28, and as amended by Resolution 2007-050. These bonds were
issued for the purpose of constructing and equipping the Seward Mountain Haven long-term care (LTC)
facility. As of January 18,2016,the outstanding balance of said bonds is$23,250,000.
In December, 2015, the Seward City Council passed Resolution 2015-115 authorizing the refunding of
said bonds, to achieve a net present value savings target of at least 4%. A portion of the outstanding
bonds are not eligible for refunding. The City is slated to go to market on the refunding on January 20,
2016, assuming a favorable interest rate environment, and was prepared to refund approximately $20.5
Million of the outstanding bonds.
In structuring financing for the original LTC facility bonds, the City developed a plan that would
generate a surplus of cash over the early life of the bonds, to be used to make debt service payments in
the fmal years of the bonds. Given the opportunity and timing of this refinancing, it is advantageous to
pay down the principal on the bonds in order to achieve a significant borrowing cost savings. By
contributing $3.5 Million toward the balance of these bonds, the City will achieve a reduction in annual
debt service payments of $273,709, in addition to the annual reduction expected from the refunding.
This savings will aggregate to generate an additional return to the City of$1.3 Million over the remaining
17.5 year life of the bonds.
CONSISTENCY CHECKLIST: Yes No N/A
1. Comprehensive Plan(document source here): X
2. Strategic Plan(document source here): X
3. Other(list): X
ATTORNEY REVIEW: Yes X No
FISCAL NOTE:
The City currently maintains a cash balance in the LTC Fund of$5.7 Million, including $1.9 Million in
bond reserves. This defeasance would maintain the bond reserve balance, which is equal to the single
highest years' debt service payment, and the Fund would continue to accumulate annual surpluses in the
future. In addition,the cash balance in the Hospital Fund is approximately$650,000.
Approved by Finance Department: i ,/
RECOMMENDATION:
Council approve Resolution 2016-003 authorizing the defeasance of$3.5 Million long-term care facility
revenue bonds
13
City of Seward, Alaska
Advance Refunding Calculations on LTC Facility
February 2016 Using Same Reoffering Yields
Annual Savings Annual Savings Additional
With $3.5 MM With No Additional Savings from
Working Capital Working Capital Working Capital
Contribution Contribution Contribution
383,905 120,599 263,306 2016
270,987 132,513 138,474 2017
270,988 132,663 138,325 2018
416,288 133,112 283,176 2019
417,606 135,431 282,175 2020
415,694 136,269 279,425 2021
418,281 131,857 286,424 2022
419,400 136,725 282,675 2023
418,615 134,940 283,675 2024
415,700 136,525 279,175 2025
416,385 136,960 279,425 2026
420,175 136,000 284,175 2027
420,675 135,300 285,375 2028
419,350 133,175 286,175 2029
420,468 133,892 286,576 2030
416,960 134,135 282,825 2031
415,867 131,967 283,900 2032
416,887 132,262 284,625 2033
7,194,231 2,404,325 4,789,906
(3,500,000)
Return on $3.5 mm W/C Contribution 1,289,906
Average Annual Return (17.5 years) 73,709
Average Annual Return as % of W/C
Contribution 2.11%
Average Annual Savings 273,709
Prepared by Don Grimes
1/14/2016
Kris Erchinger
From: don @blitchassociates.com
Sent: Thursday,January 14, 2016 2:22 PM
To: Kris Erchinger
Cc: bill @blitchassociates.com
Subject: FWD: RE: Seward Restructuring with $3.5 million working capital contribution on LTC
Attachments: Seward Savings (without $3.5 million)-1.14.16.pdf; Seward Savings (with $3.5
million)-1.14.16.pdf; Seward Refunding Calculations re $3.5 mm WC Contribution Feb
2016 rev 11416.xlsx
Kris, at my request Chip has rerun the savings using the same yield for each case (one with no additional cash
contribution by the City and the other with $3.5 million contributed by the City) and I have attached a revised
comparison which I prepared. Total savings are down somewhat from my earlier calculation yesterday but still
very impressive: $1,289,906 or$273,709 annually on the average. I understand the history of earnings on these
funds seem to be minimal so the City picks up quite a savings.
Provided you are comfortable with your remaining reserves, and you have indicated you are, it looks like a
reasonable choice for the City in my opinion.
Don Grimes, Sr. Vice President
Mitch Associates, Inc.
Independent Registered Municipal Advisors
Original Message
Subject: RE: Seward Restructuring with $3.5 million working capital contribution on LTC
From: "Chip Pierce" <pierce @westernfinancialgroup.com>
Date: 1/14/16 3:09 pm
To: don @blitchassociates.com
Hi Don,
Attached are some numbers which pretty much confirm the Excel file you sent.
Let me know if you have any questions.
Chip Pierce
Western Financial Group, LLC
(503) 719-6113
15
Quo or 3 a tS M i I I on pood,401.44, . oz
Jan 14,2016 2:03 pm Prepared by Western Financial Group,LLC We (Finance 7010 Alaska Bond Bank:2016 ONE) Page I
SOURCES AND USES OF FUNDS
AMBB 2016 One Bonds
Alaska Bond Bank Series 2016 One
Kenai
Peninsula
KPB CES 7-Year KPB CES Borough 2016 Klawock 2015 Klawock KIB 10-Year KIB 20-Year Seward 20081 Seward 2008E
Sources: Loan 15-Year Loan Hospital Loan Loan Refunding Loan Loan Refunding Refunding Total
Bond Proceeds:
Par Amount 505,000.00 1,985,00000 2,735.000.00 1,160,000.00 210,000.00 5,305,000.00 1,875,000.00 17,140,000.00 5,060,000.00 35.975,000.00
Net Premium/01D 52,500.55 231,949.40 319,656.50 53,655.50 19,076.85 725,088.60 137,066.85 1,627,120.70 275,957.00 3,442,071.95
557,500.55 2,216,949.40 3,054,656.50 1,213,655.50 229,076.85 6,030,088.60 2,012,066.85 18,767,120.70 5,335,957.00 39,417,071.95
Other Sources of Funds:
AMBB COI Grant 1,829.79 7,192.34 9,909.86 4,203,08 760.90 19,221.88 6,793.79 49,911.64
DSRF Contribution 273,500.00 81,390.51 14.734.49 369,625.00
Prior DSRF 2,070,859,93 398,419.81 2,469,279.74
Working Capital Contribution 3,500,00000 5,500,000.00
1,829.79 7,192.34 283,409.86 85,593.59 15,495.39 19,221.88 6,793.79 5,570,859.93 398.419.81 6,388,816.38
559,330.34 2,224,141.74 3,338,066.36 1,299,249.09 244,572.24 6,049,310.48 2,018,860.64 24,337,980.63 5,734,376.81 45,805,888.33
Kenai
Peninsula
KPH CES 7-Year KPB CES Borough 2016 Klawock 2015 Klawock KB3 10-Year KIB 20-Year Seward 2008I Seward 20088
Uses: Loan 15-Year Loan Hospital Loan Loan Refunding Loan Loan Refunding Refunding Total
Project Fund Deposits:
Project Fund Deposit 550,000.00 2,200,000.00 3,031,000.00 450,000.00 6,000,000.00 2.000,000.00 14,231,000.00
-^ Interim Loan Repayment 753,437.07 753,437.07
-6' 550,000.00 2,200,000.00 3,031,000.00 1,203,437.07 6,000,000.00 2,000,000.00 14,984,437.07
.. Refunding Escrow Deposits:
Cash Deposit 224,441.01 0.54 0.35 224,441.90
SLGS Purchases 22,555,669.00 5,334,025.00 27,889,694.00
224,441.01 22,555,669.54 5,334,025.35 28,114,135.90
Other Fund Deposits:
Debt Service Reserve Fund 273,500.00 81,390.51 14,734.49 1,682,725.00 360,929.72 2,413,279.72
Verification Agent 2,316.22 683.78 3,000.00
273,500.00 81,390.51 14,734.49 1,685,041.22 361,613.50 2,416,279.72
Delivery Date Expenses:
Cost of Issuance 1,829.79 7,192.34 9,909.86 4,203.08 76090 19,221.88 6,793.79 62,104.21 18,334.15 130,350.00
Borrower Costs of Issuance 3,285.14 10.714.86 19,000.00 6,773.72 1,226.28 25,860.03 9,139.97 20,000.00 15,000.00 111,000.00
AMBB DSRF Surety 350.94 1,379.43 1,900.63 806.12 145.93 3,686.59 1,302.99 11,911.05 3,516.32 25,000.00
5,465.87 19,286.63 30,810.49 11,782.92 2,133.11 48,768.50 17,236.75 94,015.26 36,850.47 266,350.00
Other Uses of Funds:
Additional Proceeds 3,864.47 4,855.11 2,755.87 2,638.59 3,263.63 541.98 1,623.89 3,254.61 1,887.49 24,685.64
559,330.34 2,224,141.74 3,338.066.36 1,299,249.09 244,572.24 6,049,310.48 2,018,860.64 24,337,980.63 5.734376.81 45,805,888.33
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91002020 *WI L176,1041
9104/4020 0180 79600
60140411E 000546'50
040101' 100.001
01055- 400'66 .0080 56004'0 0000/. 0000/10/80
01'660• 402'66 5008'5 .054'6 00004 600010/80
'16,652111661 0000
00149'94- 000'008
04'00501- 999'96 60441E 65005'5 000506 800010/80
00'691'01- 999'96 .044'0 .000 0 000560 40001080
,7909 6601 8000
54161'50• 0006901
00'6846 046'46 .089.0 34000'0 000086 90001090
0064841' 646'46 50891E .005'5 000005 50001090
54'88741- 607146 60891E 5005'0 007587 6004/10/80
:790910104 9504
06200005'5 00004055
06'40002- 996'86 56085'0 54005'5 0005061 000010/80
054170 449'66 .005'0 340050E 000608801 45001090
0P•6005 J 491 001 .084E .005'0 0000281 100010/80
Si 54491 3 105'001 65006-0 34005'0 0000561 000010/80
04800001 3 989'401 .001'0 56000'0 000048'1 600010/80
08 L10051 0 480901 56000'6 50000 000'064'1 840010/80
08055191 3 960601 X016'2 .0000 000'0601 44001080
06'066'000 005'611 56054'0 54000'0 0005691 94001090
00'590987 968'611 56029'4 34000.5 000'6604 54001090
04511'816 856'611 6506002 550005 000'071'4 600010610
056,5006 048811 140504 6000'5 0000960 00001090
00696150 064111 5090'2 56000'5 0000E1,4 44001/880
00'418'640 955'911 X098'1 30005 000'5004 170010/80
04910'910 445611 74089'5 34000'5 0000144 00001090
09116181 4051101 55066-I 640006 000'051'0 61001090
02'50660 695'001 .044.1 340001E 0000001'1 810010/80
0Z'94705 640'001 .096 0 %OWE 000501'1 41001080
004809 814001 50550 50004 000'548 910010/80
:69"111610 710910676 0110 9102
(10000050-) 0066 7180. 81095 1o0000y >180 rv>uodulo3 0/00
79061796 6s000pW
800 910466>S 71109 P009 08615i
07109 m109104MAW
ONIJINd 0009
4 08.4)9350910Z9000 P11611085615'010 L.666610 '416601a 008854 60161 M MP818dod w d DTI E0'Z 9102'11114
Jan 14,2016 2 03 pm Prepared by Weliern Financial Group,LLC (Finance 7010 Alaska Bond Bank:2016 ONE) Page 3
BOND MATURITY TABLE
AMBB 2016 One Bonds
Alaska Bond Bank Series 2016 One
Ke111
Pen nosh
Mnnmly KPB CES 7-Year KPB CES Borough 2016 Klawock 2015 Klawoak KB 10.Yaar KIB 20Year Seward 20081 Seward 200841
Dale Lan 15-Year Loan Hospital Loan Loan Refunding Loan Loan Refunding Refunding Total
8/01/2016 35.000 50000 160.000 5,000 295,000 30000 245000 115.000 875,000
8/01/2017 70,000 105,000 330,000 30,000 10,000 480,000 65,000 15,000 1,105,000
8/012018 75,000 105,000 335,000 30.000 10,000 495,000 65,000 15,000 1,130,000
8/012019 75,000 110,000 350000 30,000 10,000 505000 70,000 820,000 160,000 2,130,000
8/012020 80,000 115.000 360,000 30,000 10,000 530000 70,000 850,000 165.000 2,210,000
8/012021 85,000 120,000 380,000 35,000 10,000 555,000 75,000 890,000 175.000 2,325,000
8/01/2022 85,000 125,000 400,000 35,000 10,000 580,000 80,000 900,000 185,000 2,430,000
8/01/2023 135,000 420,000 35,000 10,000 610,000 85,000 975,000 195,000 2,465,000
8/01/2024 140,000 40,000 10,000 640,000 90,000 1,020,000 200,000 2,140,000
8/01/2025 145,000 40,000 10,000 675,000 90,000 1.075,000 210,000 2245,000
8/012026 155,000 45.000 15.000 95,000 1,125,000 220,000 1.655,1100
8/01/2027 160,000 45,000 15,000 100,000 1,175,000 235,000 1,130,000
8/052028 165,000 45,000 15,000 105,000 1,220,000 240,000 1,790,000
8/012029 175000 50,000 15,0110 110,000 1,270,000 250,000 1,870,000
8/012030 180,000 50,000 15.000 115.000 1,315,000 260,000 1,935,000
8/012031 55,000 15,000 120,000 1,365.000 265,000 1.820.000
18012032 55,000 15,000 120,000 1,410,000 280,000 1,080,000
08/012033 55,000 10,000 125,000 1,455,000 290,000 1,935,000
0/012034 60,000 130,000 295,000 485,000
8/012035 60,000 135,000 305,000 500,000
8/012036 65.000 315,000 380,000
8/05/2037 65,000 330,000 395,000
8/012038 65,000
340,000 070,000
8/012039 70,000
70.
8/012040 70,000 000
70.000
505,000 1.985.000 2,735,000 1,160,000 210,000 5,305,000 1,875,000 17,140.000 5,060,000 35,975.000
W
Jan 14,2016 2;03 pm Prepared by Western Financial Group,11.0 (Finance 7.010 Alaska Bond Bank:2016 ONE)Page 6
SAVINGS
AMBB 2016 One Bonds
Seward 2O08I Refunding
Present Value
Prior Refunding Amwd 1002/02/2016
Dew Debt Scmoc Debt Service Savings Savings CO 2.9264866%
04/012016 49385625 493.85625 491,51037
08/01/2016 603,807.99 -603.80709 -595,148.25
10/01/2016 493,85615 493,85625 484,42110
12//12016 383,904.51
02/01/2017 358.362.50 -358_362.50 -348,128.94
04/01/2017 493,856.25 493.85625 477,43605
08/01/2017 358362.50 -75816150 -343,10843
10/01/2017 493,856.25 493,85615 470,550.75
12/212017 270,987.50
02/012018 358,362.50 -358-36150 -338,160.32
04/01/2018 493,856.25 493.85615 463,764.74
08/01/2018 358,362.50 -358_362.50 -33328337
10/01/2018 493,85625 493,85625 457076.60
12/112018 270,98730
02/01/2019 358,362.50 -35836150 -328,477.15
04/012019 1,478.85625 1,478.85625 1348,980.44
08,012019 1,178_362.50 -1,17836150 -1,064,517.43
10/01/2019 474,15625 474,156.25 426,27732
12/312019 416287.50
02/01/2020 341,962.50 -341,962.50 -304,469.37
04/012020 1.499,15615 1499.15615 1,328339.57
08/01/2020 1,191.962.50 -1.191,96150 -1.045.969.39
10/01/2020 452375.00 452375.00 395,050.00
12/31/2020 417,60625
024112021 32071230 -320,712.50 -277372.58
04/01/2021 1.51737500 1517375.00 1305,983.39
08/01/2021 1210,71150 -111071250 -1,072,00055
10/01/2021 429,743.75 429,743.75 364,540.31
12/31/2021 415,693.75
02/01/2022 298,462.0 -298,462.50 -250,737.87
04/01/2022 1539.743.75 1,539,747 75 1287287.93
08/01/2022 1228,46230 -1228,4610 -1,017,146.07
10/01/2022 405,46150 405,462.50 334,094.40
12/312022 418,281.25
02/01/2023 275,212.0 -275212.0 -224,585.05
04/01/2023 1565.46230 1565.462.0 1,271,312.84
08/01/2023 1250212.50 -1250212.50 •1005,513.20
^ 10/012023 379362.50 379362.50 303,637.51
y 12/312023 419,40000
02/01/2024 250,837.50 -20,837.50 -198,832.63
04/012024 1589362.50 1.589362.50 1253,762.42
08/01/2024 1,270.837.50 .1170.837.50 -992,833.63
10/01/2024 350,927.0 30.927.50 272,835.54
12/31/2024 418,615,00
02/01/2025 225337.50 -225337.0 -173,504.68
04411/2025 1,620.927.50 1.620.927.0 1242,048.04
08,01/2025 1,300,337.50 -1300337.50 -986,790.74
10/012025 320.447.50 320.447.50 242,OO423
12/312025 415,70000
02/01/2026 198,462.0 -19846230 -148,43381
04/01/2026 1,650,447.50 1.60.447.0 1228,454.39
08/012026 1323,462.0 -1323.462.0 -975,580.56
10/01/2026 287,862.0 287.8610 211,17071
12/112026 41638300
02/01/2027 17033750 -170337.50 -123,75123
04/01/2027 1.682.86150 1,682.862.50 1216,713.91
08/01/2027 1.34533750 -1145 17750 -963308.21
10/01/2027 252.987.50 252987.0 180272.78
12/312027 420,175.00
02/01/2028 146,837.0 -146,837.0 -103,624.45
04/012028 1,717,987.50 1,717,987.50 1,206,541.76
08/01/2028 1366,837.50 -1366.83730 -950,677.94
10/01/2028 216_362.0 216362.0 149.759.92
12/31/2028 420.675.00
02/01/2029 122437.0 -122,437.0 -83,930.97
04/01/2029 1.756362.50 1.756362.50 1,198,171.64
08/01/2029 1392,477.0 -1392,437.0 -940,751.16
10/012029 177.8610 177.862.0 119.586.05
12/312029 419350.00
02/01/200 97,037,0 -97,037.50 -64,614.49
04/01/2030 1.79286230 1.792,862.50 1.188,049.08
08/01200 1.412,037.50 -1,412.037.50 -926,675.76
10/01/2030 136.680.00 136.68000 892630
12/31/2030 420,467.50
02/01/2031 74,025.00 -74,025.00 -47,879.68
54/012031 1.836.68000 1,836.680.00 1,18223301
08/01/2031 1,439,025.00 -1.439.025.00 -917344.43
10/01/2031 931000 933000 59208.28
12/312031 416,960.00
02/01/2032 50,137.50 -0,137.30 -31,500.54
04/012032 1.87833000 1,878170.00 1.174.422.41
08/012032 1.460,13730 -1.460.13730 -904.149.74
10/01/2032 47.812.0 47.812.50 29.463.56
12/31/2032 415,867.50
Jan 14,2016 2 0 pro Prepared by Western Financtal Group.LLC (Finance 7.010 Alaska Bond Bank:2016 ONE) Page 7
SAVINGS
AMBB 2016 One Bonds
Seward 20081 Refunding
Preront Value
Prim Refunding Annual to 02)02/2016
Bate Debi Service Debt Service Savings Savings C 2.9264866
02)012033 25.462.50 -25,462.50 -15,539.57
04/01/2033 1.922,812.50 1.922,812.50 1,167.809.20
08/012033 1,480,462.50 -1,480,462.50 -890,484.86
12/31/2033 416,887.50
32,037,738.75 24.8,13,507 99 7.19423076 7.194230.76 5,673,207.62
Sur nas Summa
PV of ravings from cash Bow 5.673207.62
Len:Prior funds on hand -5,570,859.93
Plus:Refunding funds on hand 1,688,295.83
Net PV Savings 1,790,60.3.52
0
OC irr4A/1AA2 °c' •
a te-P. "
Jan 14,2016 2:05 pm Prepared by Western Financial Group.LLC (Finance 7 010 Alaska Bond Bank:2016_ONE) Page 1
SOURCES AND USES OF FUNDS
AMBB 2016 One Bonds
Alaska Bond Bank Series 2016 One
Kenai
Peninsula
KPB CES 7-Year KPB CES Borough 2016 Klawock 2015 Klawock KIB 10-Year KB 20-Year Seward 20081 Seward 200811
Sources: Loan 15-Year Loan Hospital Loan Loan Refunding Loan Loan Refunding Refunding Total
Bond Proceeds:
Par Amount 505,000.00 1,985,000.00 2,735,000.00 1,160,000.00 210,000.00 5,305,000.00 1,875,000.00 20,490,000.00 5,060,000.00 39,325,000.00
Net Premiu /OID 52,500.55 231,949.40 319,656.50 53,655.50 19,076.85 725,088.60 136,125.85 1,928,67040 275,957.00 3,742,680.65
557,500.55 2,216,949.40 3,054,656.50 1,213,655.50 229,076.85 6,030,088.60 2.011,125.85 22,418,670.40 5,335,957.00 43,067,680.65
Other Sources of Funds:
AMBB CO1 Grant 1,648.22 6,478.71 8,926.56 3,786.05 685.40 17,314.60 6,119.67 44,959.21
DSRF Contribution 273,500.00 81,390.51 14,734.49 369,625.00
Prior DSRF 2,070,859.93 398,419.81 2,469,279.74
1,648.22 6,478.71 282,426.56 85,176.56 15,419.89 17,314.60 6,119.67 2,070,859.93 398,419.81 2,883,863.95
559,148.77 2,223,428.11 3,337,083.06 1,298,832.06 244,496.74 6.047.403.20 2,017,245.52 24,489,530.33 5,734,376.81 45,951,544.60
Kenai
Peninsula
KPB CES 7-Year KPB CES Borough 2016 Klawock 2015 Klawock KB 10-Year KIB 20-Year Seward 2008I Seward 2008E
Uses: Loan 15-Year Loan Hospital Loan Loan Refunding Loan Loan Refunding Refunding Total
Project Fund Deposits:
1 Project Fumd Deposit 550,000.00 2,200,000.00 3,031,000.00 450,000.00 6,000,000.00 2,000,000.00 14,231,000.00
Interim Loan Repayment 753,437.07 753,437.07
550,000.00 2,200,000.00 3,031,000.00 1,203,437.07 6,000,000.00 2,000,000.00 14,984,437.07
Refunding Escrow Deposits:
Cash Deposit 224,441.01 0.54 0.35 224,441.90
SLGS Purchases 22,555,669.00 5,334,025.00 27,889,694.00
224,441.01 22,555,669.54 5,334,025.35 28,114,135.90
Other Fund Deposits:
Debt Service Reserve Fund 273,500.00 81,390.51 14,734.49 1,827,938.89 360,929.72 2,558,493.61
Verification Agent 2,405.87 594.13 3,000.00
273,500.00 81,390.51 14,734.49 1,830,344.76 361,523.85 2,561,493.61
Delivery Date Expenses:
Cost of Issuance 1,648.22 6,478.71 8,926.56 3,786.05 685.40 17,314.60 6,119.67 66,875.81 16,514.98 128,350.00
Borrower Costs of Issuance 3,285.14 10,714.86 19,000.00 6,773.72 1,22628 25,860.03 9,139.97 20,000.00 15,000.00 111,000.00
AMBB DSRF Surety 321.04 1,261.92 1,738.72 _ 737.44 133.50 3,372.54 1,191.99 13,026.06 3,216.79 25,000.00
5,254.40 18,455.49 29,665.28 11,297.21 2,045.18 46.547.17 16,451.63 99,901.87 34,731.77 264,350.00
Other Uses of Funds:
Additional Proceeds 3,894.37 4,972.62 2,917.78 2,707.27 3,276.06 856.03 793.89 3,614.16 4,095.84 27,128.02
559,148.77 2,223,428.11 3,337,083.06 1,298,832.06 244,496.74 6,047,403.20 2,017,245.52 24,489,530.33 5,734,376.81 45,951,544.60
San 14,2016 205 pm Prepared by Western Financial Drop,II.0
(Finance 7.070 Ahslu Bond Bunk:2016 ONE)Age 2
BOND PRICING
At.4813 2016 One Bodo
Abukir Bond Bank Series 2016 One
Maturity Pnmoum
Bond Component 08b Amount Rale, Yield Price (-Discount)
2016 One Serial Bond Mstwines:
08/012016 1,075,000 2.000% 0.550% 100.718 7,718.50
08/012017 1.110,000 3.000% 0.960% 103025 33,577.50
08/012018 1,135,000 3,000% 1220% 104.364 49,53140
084312019 2,280,000 0000% 1.490% 108.522 194,301.60
080012020 2165,000 5007% 1680% 114.322 338,715.30
08.01/2021 2,485,000 5.000% 1.860% 116336 405.949,60
080312022 2,605,000 5.000% 2.060% 117,793 463,50765
08/012023 2,645,000 5000% 2.250% 118.874 499,217.30
08/012024 2125,000 5000% 2.440% 119.538 454358.50
08/01/2025 2,440,000 5000% 2.620% 119.896 485,462.40
08/012026 1,860,000 5.000% 2.750% 119.550 C 363,630.00
08/012027 1,950,000 4.000% 2.910% 109,396 C 183,22200
08/012028 2,020,000 4.000% 3,000% 108.582 C 173,356.40
08/012029 2,110,000 4000% 3.100% 107.686 C 162,174.60
08/012030 2.185,000 3100% 3.400% 100.841 C 18 375.85
08/012031 2.075,000 3.500% 3480% 100.167 C 3,46525
08/012032 2,145.000 3.500% 3.530% 99.627 -8.000.85
08/01/2033 2,210,000 3.500% 3.580% 98.966 -22.851.40
37,020,000 3.805.61160
2016 Term Bond:
08/012034 485,000 3.500% 3,680% 97.425 -12,488.75
08/012035 500.000 3.500% 3680% 97.425 -12,875.00
08/012816 380,000 3.500% 3.680% 97.425 -9,785.00
1365000 -35,148.75
2038 Term Bond:
08/012037 395,000 3100% 172994 96.666 -13,169,30
08/01/2038 405.000 3,5004 5720% 96.666 -13,502.70
800,000 -26.672.00
2040 Tenn Bond:
08/012039 70,000 3.750% 3.800% 99207 -555.10
\f\) 08012040 70.000 3.750% 3.800% 99207 -553.10
_ ` 14o.UW -1.110.20
1'/ 39325.000 3.742.680.65
Dated Date 02/022016
Delivery Date 02332/2016
Font Coupon 08/01/2016
Pas Amount 39325,000.00
Premium 3,742,680.65
Production 43.067.680,65 109.51706%
Undnvntds Discount
Purchase Pia 43,067,680.65 109117:06%
Accred Interne
Net Proceeds 43,067,680.65
Jen Id,2016 2 0 pm Prcpued by Western Ftnanc,d Group,LLC (Finance 7.010 Alaska Bond Bank:2016 ONE) Page 3
BOND MATURITY TABLE
AMBB 2016 One Bonds
Alaska Bond Bank Series 2016 One
Kenal
Peninsula
Marton), KPB CES 7-Year KPB CEO Borough2016 Kleweck2015 Klawuck KM 10-Year KIB20•Year Seward 2000 Sew8sd20081
Date Lan 15-Year Loan Hospital Loan Loan Refunding Loan Loan Ra(l.fly Retarding Total
08/01/2016 35,000 50,000 160,000 5000 235,000 35,000 440,000 115.000 1.075.000
OR/01/2017 70,000 105.000 330,000 30,000 10,000 480,000 65,000 5,000 15,000 1.110,000
08/01/2018 75,000 105,000 335000 30000 10000 495,000 65,000 5,000 15,000 1,135,000
0801)2019 75,000 110.000 350,000 30,000 10,000 505000 70,000 970,000 160,000 2280,000
08/01/2020 80.000 115.000 360,000 30,000 10,000 530,000 70,000 1,005,000 165.000 2,365,000
08/01/2021 85000 120,000 380,000 35.000 10,000 555,000 75,000 1.050,000 175,000 2,485,000
08/01/2022 85,000 125,000 400,000 35,000 10,000 580,000 80,000 1,105,000 185,000 2,605,000
08/01/2023 135,000 420,000 35,000 10,000 610,000 85,000 1,155,000 195,000 2.645,000
08/01/2024 140,000 40,000 10,000 640,000 85000 1210,1410 200,000 2325,000
08/01/2025 145,000 40,000 10,000 675,000 90,000 1,270,000 210,000 2,440.000
08/01/2026 155.000 45,000 15,000 95,000 1330000 220,000 1,860,000
08/01/2027 160,000 45,000 15,000 100,000 1395,000 235,000 1,950,000
08/012028 165,000 45,000 15,000 105,000 1,450,000 240,000 2,020,000
08/01/2029 175000 50,000 15,000 110,000 1,510,000 250,000 2110.000
08/012030 180,000 50,000 15,000 115.000 1,565,000 260,000 2,185,000
08/01/2031 55,000 15,000 120,000 1,620,000 265.000 2,075000
08/01/2032 55,000 15,000 120,000 1,675,000 280,000 2,145,000
08/01/2033 55,000 10,000 125,000 1,730,000 290,000 2,210,000
08/01/2034 60,000 130,1100 295,000 485000
08/012035 60,000 135,000 305,000 500.000
08/01/2036 65,000 315,000 380,000
08/01/2037 65,000 330,000 395,000
08/01/2038 65,000 340,000 405,000
08/012039 70,000 70,000
08/012040 70,000
70.000
505,000 1,985,000 2,735,000 1,160,000 210,000 5,305,00() 1,875000 20,490,000 5,060,000 39325,000
N
5
Jan 14,2016 2:05 pm Prcpered by Wesrcm Finsoael Group,IA-C (Finance 7.010 Aluke Bond Bank:2016 ONE)Page 6
SAVINGS
AMBB 2016 One Bonds
Seward 20081 Refunding
Present Value
Prior Refnding Annual 1002/02/2016
Date Debt Service Debt Service Savings Savings @ 2.9320984%
04/01/2016 493,85625 493.85625 491,505.92
08/01/2016 867.11339 467,11389 45465433
10/01/2016 493,85625 493,856.25 481,404_31
12/31/2016 120,598.61
02/01/2017 425.100.00 -425.100.00 -412,937.87
04/012017 493,85625 493,85625 477,405.31
08/01/2017 430,100.00 -430.100.00 -411.758.24
10/01/2017 493,856.25 493,856.25 470,507.41
12/31/2017 132512.50
02/01/2018 425,025.00 425.025.00 -401,020.51
04/012018 493.85625 493.85625 463,709.24
08/01/2018 430.025.00 430.025.00 -399.875.75
10/01/2018 493,85625 493,856.25 457,00426
12/31/2018 132,66150
02/01/2019 424,950.00 424.950.00 -389.447.07
04/01/2019 1.478,85625 1.478.85625 1,348,74439
08/012019 1394,95000 4394.950.00 -1,259,93603
10/01/2019 474,15625 474,15625 426,191.14
12/31/2019 133112.50
02/01/2020 405,550.00 405,550,06 -361,005.24
N/01/2020 1.499.15625 1.499.15625 1328,033.67
08/01/2020 1.410,550.00 -1.410.550.00 -1,237,476.15
10/012020 452375.00 152375.00 394,948.10
12/312020 135,43125
02/01/2021 380,425.00 -381,425.00 -328,924.82
04/01/2021 4517375.00 1.517375.00 1,305,610.42
08/01/2021 1.430,425.0 4.430.425.00 -1,213,910.85
10/012021 429,743.75 429,743.75 364,426.12
12/31/2021 136268.75
02/01/2022 354,17500 -354,175.00 -297,443,17
01/012022 1.539.743,75 1,539.743.75 1236,849.12
N 08/01/2021 1.159,175.00 -I.459,1]5 W 1207,737.99
10/01/2022 405.462.50 40$,462,$0 333,97128
-t 12/312022 131.856 25
02/012023 326,55000 -326,550.00 -266,375.50
04/012023 1365.162.50 1365,462.50 1270,809.19
08/01/2023 1,481,550.00 -1.481,55000 -1,191,077.87
10/01/2023 379362.50 379,362.50 303,508.83
12/312023 136,725.00
02/01/2024 297,675.00 •297,675.00 -235,85520
04/01/2024 1389362.50 1589362.50 1,253,196.40
08/01/2024 1,507,67500 -1507.675.00 -1,177,307,95
10/01/2024 350927.50 350927.50 272,704.83
1/312024 134,940.50
02/812025 267,425.00 -267,425.00 -205,80264
04/01/2025 1.620.927.50 1.62092710 1211,418.61
00/01/2025 1.537,125.00 -1337.425.00 -1,166,09727
10/01/2025 320,407.50 320.447.50 241,874.90
12/31/2125 136,525,00
02/01/2026 235,675,00 -235,67500 -176,170.67
01/01/2026 1.650.44730 1.650447.50 1227,763.97
08/012026 1,565675.0 -1365.675.00 -1,153,45579
10/012026 287.862.50 287,862.50 211,046.19
12/31/2026 136,96000
02/01/2027 202425.00 -202,425.00 •146,974.75
01/012027 1.602.862.50 1,682.862.50 1,215,962.83
08/012027 1.597,42500 -1397.425.00 -1.143.08443
10/01/2027 25298750 252987.50 18015652
12/312027 136,000.00
02/01/2023 174,525.00 -174525.00 -123082.05
04/012028 1,717987.50 1,717,987.50 1,205,730,27
08012028 1.624.52500 -1,624.52500 -1,129,126.84
10/012028 216_362,50 216362.50 149,655.06
12/312028 135300.00
02/01/2029 145,525.00 -145525.00 -99,68577
04/01/2029 1.756362.50 1.756362.50 1,197,299.55
08/01/2029 1.655,525.00 -1,65532598 -1.117,66222
10/012029 177,86230 177,862.50 119495 71
12/31/2029 133.17500
02/01/2030 115325.00 -115125.00 -76,732.18
04/01/2030 1.792862.50 1.792862.50 1.1 87.11369
08/012030 1,68032500 -1.680325.00 -1,101,860.50
10/012030 136.680,00 136,680,010 89,193,12
12/31/2030 133,892.50
02/01/2031 87,937.50 47937.50 -56,831,18
04/01/2031 1,836,680.98 1.836,680.00 1,181.212.74
08/012031 1,707,937.50 -1.70733750 4,087,836.92
10/01/2031 93330.00 93330.00 59,157.00
12,312031 134,13500
02/01/2032 59,587,50 -59,587.50 -37,404.71
04/01/2032 1.878330.00 1.872330.W 1,17337189
08/012032 1,734,587.50 4,734587.50 -1,073,11566
10/01/2032 47.31250 47,81150 29,436.41
12/31/2032 131,96730
No 14,2016 2'05 pm Prepared by Western Financial Group,LLC (Finance]010 Alaska Bond INnk.20(6 OMi) Page 7
SAVINGS
AMB0 20/6(No Bonds
Seward 20081 Refunding
Present Value
Prior Refunding Annual t002/02/20/6
Date Debt Service Debt Service Savings Savinp @ 2.9320988%
02/01/2033 30,275.00 -30275.00 -18.459.24
04/01/2033 1.922.812.50 1,922,812.50 1,166,701.05
08/01/2033 1.760,27500 -1,760,275.00 -1,057,765.35
1231/2033 132,26250
32.037.738.75 29,633,413.89 2.404324.86 2.404 324 86 1,987261 79
Savings Sununary
PV ofsavinga from tech Row 1987.261.79
Leas:Poor funds on hand -2,070,859.93
Flue Refunding funds on hand 1,8.33,958.92
Net PV Savings 1,750,360.79
January 2016 February 2016
January 2016 Su Mo Tu We Th Fr Sa
1 2 Su Mo Tu We Th Fr Sa
1 2 3 4 5 6
3 4 5 6 7 8 9 7 8 9 10 11 12 13
10 11 12 13 14 15 16 14 15 16 17 18 19 20
17 18 19 20 21 22 23 21 22 23 24 25 26 27
24 25 26 27 28 29 30 28 29
31
Monday Tuesday Wednesday Thursday Friday
Dec 28 29 30 31 Jan 1, 16
HHappy New Year;Offices Closed
to
CO
N
V
N
0
4 5 6 7 8
9:00am 10:00am Staff Meeting
10:00am 11:00am Project Meetinc
12:00pm 2:00pm PACAB Mtg
co
11 12 13 14 15
5:30pm 7:00pm CC WS;Discuss 9:00am 10:00am Staff Meeting
—1 7:00pm 10:30pm CC Mtg 10:00am 11:00am Project Meetinc
C
N
18 19 20 21 22
6:00pm 7:00pm P&Z WS;City A 9:00am 10:00am Staff Meeting
�3o A n r�G ��� 7:00pm 10:30pm P&Z Spc Mtg;c 10:00am 11:00am Project Meetinc
l.l, J 6:30pm 10:00pm HP WS
26 27 28 29
7:00pm 10:30pm CC Mtg 9:00am 10:00am Staff Meeting
10:00am 11:00am Project Meetinc
N
C
R
City Calendar 1 1/15/2016 2:33 PM
February 2 016 Su Mo February 2016 March 2016
Tu We Th Fr Sa Su Mo Tu We Th Fr Sa
1 2 3 4 5 6 1 2 3 4 5
7 8 9 10 11 12 13 6 7 8 9 10 11 12
14 15 16 17 18 19 20 13 14 15 16 17 18 19
21 22 23 24 25 26 27 20 21 22 23 24 25 26
28 29 27 28 29 30 31
Monday Tuesday Wednesday Thursday Friday
Feb 1 2 3 4 5
7:00pm 10:30pm P&Z Mtg 9:00am 10:00am Staff Meeting 6:30pm 10:00pm HP WS 7:00pm 7:30pm Seward Fish an
r'? 10:00am 11:00am Project Meetinc
12:00pm 2:00pm PACAB Mtg
LL
8 9 10 11 12
7:00pm 10:30pm CC Mtg 9:00am 10:00am Staff Meeting
10:00am 11:00am Project Meetinc
CO
ar
U-
15 16 17 18 19
I President's Day;Offices Closed 6:00pm 9:30pm P&Z WS 9:00am 10:00am Staff Meeting
rn
10:00am 11:00am Project Meetinc
\,,., b' y 12:00pm 2:00pm PACAB WS
LL I 6:30pm 10:00pm HP Mtg;WS Fo
2 23 24 25 26
6:00pm 7:00pm CCWS 9:00am 10:00am Staff Meeting
7:00pm 10:30pm CC Mtg 10:00am 11:00am Project Meetinc
N
N
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a)
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29 Mar 1 2 3 4
v
0
N
ar
LL
City Calendar 2 1/15/2016 2:33 PM
March 2 016 March 2016 April 2016
Su Mo Tu We Th Fr Sa Su Mo Tu We Th Fr Sa
1 2 3 4 5 1 2
6 7 8 9 10 11 12 3 4 5 6 7 8 9
13 14 15 16 17 18 19 10 11 12 13 14 15 16
20 21 22 23 24 25 26 17 18 19 20 21 22 23
27 28 29 30 31 24 25 26 27 28 29 30
Monday Tuesday Wednesday Thursday Friday
Feb 29 Mar 1 2 3 4
7:00pm 10:30pm P&Z Mtg 9:00am 10:00am Staff Meeting
2 10:00am 11:00am Project Meetinc
Q, 12:00pm 2:00pm PACAB Mtg
a,
LL
7 8 9 10 11
9:00am 10:00am Staff Meeting
10:00am 11:00am Project Meetin!
15 16 17 18
7:00pm 10:30pm CC Mtg 6:00pm 9:30pm P&Z WS 9:00am 10:00am Staff Meeting
ao
10:00am 11:00am Project Meetinc
12:00pm 2:00pm PACAB WS
21 22 23 24 25
9:00am 10:00am Staff Meeting
10:00am 11:00am Project Meetinc
e-1
N
N
2
28 29 30 31 Apr 1
Audit;City Council Chambers ;� - . it Chambers i L Audit;City Council Chambers j Audit;City Council Chambers
.1:(1 Lt Seward's Day;Offices Closed 7:00pm 10:30pm CCMtg 9:00am 10:00am Staff Meeting;I
00
gi
City Calendar 3 1/15/2016 2:33 PM