Copy of most Recent AMBBA Official Statement.pdf

NEW ISSUE MOODY’S RATING: A1

BOOK-ENTRY ONLY S&P GLOBAL RATING: AA-

KBRA RATING: AA

(See “Ratings”)

In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Bond Bank, based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the 2025 Series One and Two Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 (the “Code”), except that no opinion is expressed as to the status of interest on any 2025 Series Two Bonds for any period that such 2025 Series Two Bond is held by a “substantial user” of the facilities financed by the 2025 Series Two Bonds or by a “related person” within the meaning of Section 147(a) of the Code. In the further opinion of Bond Counsel, interest on the 2025 Series One Bonds is not a specific preference item for purposes of the federal individual alternative minimum tax. Bond Counsel observes that interest on the 2025 Series Two Bonds is a specific preference item for purposes of the federal individual alternative minimum tax, and interest on the 2025 Series One and Two Bonds included in adjusted financial statement income of certain corporations is not excluded from the federal corporate alternative minimum tax. Bond Counsel also is of the opinion based upon existing laws of the State of Alaska that interest on the 2025 Series One and Two Bonds is exempt from taxation by the State of Alaska except for transfer, inheritance, and estate taxes. Bond Counsel expresses no opinion regarding any other tax consequences related to the ownership or disposition of, or the amount, accrual, or receipt of interest on, the 2025 Series One and Two Bonds. See “TAX MATTERS.”

ALASKA MUNICIPAL BOND BANK

$41,900,000 General ObliGatiOn and refundinG bOnds, 2025 series One (nOn-aMt)

$13,670,000 General ObliGatiOn and refundinG bOnds, 2025 series twO (aMt)

Dated: Date of Delivery Due: December 1, as shown on inside cover pages

The Alaska Municipal Bond Bank (the “Bond Bank”) is issuing $41,900,000 aggregate principal amount of its General Obligation and Refunding Bonds, 2025 Series One (Non-AMT) (the “2025 Series One Bonds”), and $13,670,000 aggregate principal amount of its General Obligation Refunding Bonds, 2025 Series Two (AMT) (the “2025 Series Two Bonds,” and together with the 2025 Series One Bonds, the “2025 Series One and Two Bonds”). The 2025 Series One and Two Bonds initially will be issued as fully registered bonds, in book-entry form only, registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), which will serve as depository for the 2025 Series One and Two Bonds. Individual purchases of the 2025 Series One and Two Bonds will be made in principal amounts of $5,000 or integral multiples thereof within a series and maturity. Purchasers of the 2025 Series One and Two Bonds will not receive certificates representing their beneficial ownership interests in the 2025 Series One and Two Bonds. Interest on the 2025 Series One and Two Bonds will accrue from the date of delivery of the 2025 Series One and Two Bonds, or from the most recent interest payment date to which interest has been paid or provided for, and is payable on each June 1 and December 1, commencing December 1, 2025.

The Bank of New York Mellon Trust Company, N.A., of San Francisco, California, as the Trustee and Paying Agent for the 2025 Series One and Two Bonds, will make principal and interest payments to DTC as the registered owner of the 2025 Series One and Two Bonds.

Disbursement of such payments to DTC Participants is the responsibility of DTC. Disbursement of such payments to the Beneficial Owners is the responsibility of DTC Participants. See “DescRiption of the 2025 seRies one anD two BonDs” and Appendix H – “Dtc anD its Book-entRy system.”

The 2025 Series One and Two Bonds are subject to optional redemption prior to their stated maturity dates. See “DescRiption of the 2025 seRies one anD two BonDs.”

The 2025 Series One and Two Bonds will be issued under the General Obligation Bond Resolution, adopted by the Board of Directors of the Bond Bank on July 13, 2005 (as amended on August 19, 2009, the “2005 General Bond Resolution”), as supplemented by Series Resolution No. 2024-02, adopted on December 10, 2024 (the “Bond Resolution,” and together with the 2005 General Bond Resolution, the “Resolutions”).

The 2025 Series One and Two Bonds are direct and general obligations of the Bond Bank, and the full faith and credit of the Bond Bank are pledged to the payment of the principal of and interest on the 2025 Series One and Two Bonds, subject to any agreements made with the holders of any other notes or bonds of the Bond Bank pledging any particular revenues or assets not pledged under the 2005 General Bond Resolution.

The 2025 Series One and Two Bonds are equally and ratably secured by the pledge and assignment of all Municipal Bonds acquired by the Bond Bank under the 2005 General Bond Resolution on a parity with other Bonds of the Bond Bank issued under the 2005 General Bond Resolution.

The 2025 Series One and Two Bonds are the 55th and 56th Series, respectively, of Bonds issued under the 2005 General Bond Resolution.

The 2025 Series One and Two Bonds are payable solely from the sources provided in the 2005 General Bond Resolution and the Bond Resolution described herein. The 2025 Series One and Two Bonds do not constitute a debt or other liability of the State of Alaska, and the 2025 Series One and Two Bonds do not directly, indirectly, or contingently obligate the State of Alaska to levy any form of taxation or make any appropriation for the payment of the 2025 Series One and Two Bonds. Neither the faith and credit nor the taxing power of the State of Alaska is pledged for the payment of the 2025 Series One and Two Bonds. The Bond Bank has no taxing power.

This cover page contains certain information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision.

The 2025 Series One and Two Bonds are offered when, as, and if issued, subject to the approving legal opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Bond Bank. Certain legal matters will be passed upon for the Governmental Unit by its bond counsel.

Certain legal matters will be passed upon for the Underwriter by its special counsel, Hawkins Delafield & Wood LLP. Certain legal matters will be passed upon by Orrick, Herrington & Sutcliffe LLP, as Disclosure Counsel to the Bond Bank. It is expected that the 2025 Series One and Two Bonds in definitive form will be issued and available by Fast Automated Securities Transfer for delivery through the facilities of DTC in New York, New York, on or about April 8, 2025.

March 25, 2025

ALASKA MUNICIPAL BOND BANK

$41,900,000 GENERAL OBLIGATION AND REFUNDING BONDS,

2025 SERIES ONE (NON-AMT)

MATURITIES, AMOUNTS, INTEREST RATES, YIELDS AND PRICES

(Base CUSIP No.† 01179R)

Due (December 1)

Principal Amount

Interest Rate Yield

Price CUSIP No.†

2025 $4,830,000 5.00% 2.820% 101.384 01179R5H2 2026 5,485,000 5.00 2.840 103.448 01179R5J8 2027 5,760,000 5.00 2.860 105.415 01179R5K5 2028 6,055,000 5.00 3.000 106.857 01179R5L3 2029 2,770,000 5.00 3.050 108.385 01179R5M1 2030 2,905,000 5.00 3.140 109.552 01179R5N9 2031 3,050,000 5.00 3.200 110.697 01179R5P4 2032 3,200,000 5.00 3.330 111.188 01179R5Q2 2033 2,710,000 5.00 3.420 111.737 01179R5R0 2034 1,175,000 5.00 3.540 111.839 01179R5S8 2035 1,095,000 5.00 3.590 111.406∗ 01179R5T6 2036 475,000 5.00 3.730 110.206∗ 01179R5U3 2037 505,000 5.00 3.800 109.611∗ 01179R5V1 2038 530,000 5.00 3.820 109.442∗ 01179R5W9 2039 200,000 5.00 3.890 108.852∗ 01179R5X7 2040 210,000 5.00 3.990 108.017∗ 01179R5Y5 2041 220,000 5.00 4.090 107.188∗ 01179R5Z2 2042 230,000 5.00 4.200 106.286∗ 01179R6A6 2043 240,000 5.00 4.320 105.313∗ 01179R6B4 2044 255,000 5.00 4.410 104.589∗ 01179R6C2

∗ Priced to first optional redemption date of December 1, 2034.

† CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (“CGS”) is managed on behalf of the American

Bankers Association by FactSet Research Systems Inc. Copyright 2025, CGS. All rights reserved. The CUSIP numbers herein are not intended to create a database and do not serve in any way as a substitute for the CGS database. The CUSIP numbers herein are provided for the convenience of reference only and are subject to change. Neither the Bond Bank nor the Underwriter take any responsibility for the accuracy of such CUSIP numbers.

$13,670,000 GENERAL OBLIGATION AND REFUNDING BONDS,

2025 SERIES TWO (AMT)

MATURITIES, AMOUNTS, INTEREST RATES, YIELDS AND PRICES

(Base CUSIP No.† 01179R)

Due (December 1)

Principal Amount

Interest Rate Yield

Price CUSIP No.†

2025 $1,035,000 5.000% 3.450% 100.979 01179R6D0 2026 1,190,000 5.000 3.460 102.440 01179R6E8 2027 1,250,000 5.000 3.460 103.859 01179R6F5 2028 1,320,000 5.000 3.550 104.915 01179R6G3 2029 205,000 5.000 3.630 105.805 01179R6H1 2030 210,000 5.000 3.720 106.461 01179R6J7 2031 220,000 5.000 3.770 107.167 01179R6K4 2032 230,000 5.000 3.880 107.345 01179R6L2 2033 245,000 5.000 3.930 107.775 01179R6M0 2034 260,000 5.000 4.080 107.271 01179R6N8 2035 270,000 5.000 4.130 106.859∗ 01179R6P3 2036 285,000 5.000 4.230 106.042∗ 01179R6Q1 2037 300,000 5.000 4.310 105.393∗ 01179R6R9 2038 315,000 5.000 4.330 105.232∗ 01179R6S7 2039 335,000 5.000 4.410 104.589∗ 01179R6T5 2040 350,000 5.000 4.520 103.713∗ 01179R6U2

$2,050,000 5.250% Term Bonds due December 1, 2045 Yield 4.810% Price 103.357∗

CUSIP No.†: 01179R6V0

$2,350,000 5.500% Term Bonds due December 1, 2050 Yield 4.860% Price 104.875∗ CUSIP No.†: 01179R6W8

$1,250,000 5.000% Term Bonds due December 1, 2054 Yield 5.010% Price 99.839 CUSIP No.†: 01179R6X6

∗ Priced to first optional redemption date of December 1, 2034 at par.

† CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (“CGS”) is managed on behalf of the American

Bankers Association by FactSet Research Systems Inc. Copyright 2025, CGS. All rights reserved. The CUSIP numbers herein are not intended to create a database and do not serve in any way as a substitute for the CGS database. The CUSIP numbers herein are provided for the convenience of reference only and are subject to change. Neither the Bond Bank nor the Underwriter take any responsibility for the accuracy of such CUSIP numbers.

i

No dealer, broker, salesperson, or other person has been authorized by the Bond Bank or the Underwriter to give any information or to make any representations with respect to the 2025 Series One and Two Bonds other than those contained in this Official Statement and, if given or made, such information or representations must not be relied upon as having been authorized by the Bond Bank or the Underwriter.

This Official Statement does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, the 2025 Series One and Two Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation, or sale.

The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale made by use of this Official Statement shall, under any circumstances, create any implication that there has been no change in the affairs of the Bond Bank since the date hereof.

Information on website addresses set forth in this Official Statement is not incorporated into this Official Statement and cannot be relied upon to be accurate as of the date of this Official Statement, nor should any such information be relied upon in making investment decisions regarding the 2025 Series One and Two Bonds.

The Underwriter has provided the following sentence for inclusion in this Official Statement. The Underwriter has reviewed the information in this Official Statement in accordance with, and as part of, its responsibility to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy or completeness of such information.

The 2025 Series One and Two Bonds have not been registered under the Securities Act of 1933, as amended, and the Resolutions have not been qualified under the Trust Indenture Act of 1939, as amended, in reliance upon exemptions contained in such acts. The 2025 Series One and Two Bonds have not been recommended by any federal or state securities commission or regulatory authority. The foregoing authorities have not confirmed the accuracy or determined the adequacy of this Official Statement. Any representation to the contrary may be a criminal offense.

Certain statements contained in this Official Statement reflect not historical facts but forecasts and “forward-looking statements.” The words “estimate,” “project,” “anticipate,” “expect,” “intend,” “believe,” “plan,” “budget,” “forecast,” “assume,” and similar expressions are intended to identify forward-looking statements. The achievement of certain results or other expectations contained in forward-looking statements involves known and unknown risks, uncertainties and other factors that may cause actual results, performance, or achievements described to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based upon underlying assumptions, many of which in turn are based upon further assumptions. No assurance can be given that the future results or plans discussed herein will be achieved, and actual results may differ, perhaps materially, from the plans, budgets, assumptions, forecasts, and projections described herein. Except for the historical information described in the continuing disclosure undertaking of the Bond Bank, the Bond Bank does not plan to issue any updates or revisions to any forward-looking statements contained herein. See “CONTINUING DISCLOSURE UNDERTAKINGS.”

For a discussion of certain risks associated with an investment in the 2025 Series One and Two Bonds, see “CERTAIN BONDOWNERS’ RISKS.”

ii

333 Willoughby Avenue, 11th Floor P.O. Box 110405

Juneau, Alaska 99811-0405

(907) 465-2388 http://treasury.dor.alaska.gov/ambba/*

Board of Directors

Luke Welles Chair

Bruce Tangeman Vice Chair, Member†

Kendell Koelsch Member

Adam Crum Member (Fadil Limani First Delegate)

Julie Sande Member (Anna Latham First Delegate)

Executive Director & Treasurer

Ryan S. Williams

Bond Counsel & Disclosure Counsel

Orrick, Herrington & Sutcliffe LLP Seattle, Washington

Trustee

The Bank of New York Mellon Trust Company, N.A.

San Francisco, California

Municipal Advisor

PFM Financial Advisors LLC Seattle, Washington

* The Bond Bank’s website is not part of this Official Statement, and investors should not rely on information presented in the Bond Bank’s website in determining whether to purchase the 2025 Series One and Two Bonds.

This inactive textual reference to the Bond Bank’s website is not a hyperlink and does not incorporate the Bond Bank’s website by reference.

† On March 17, 2025 Bruce Tangeman tendered his resignation from his appointment as a member of the Board of Directors of the Bond Bank.

TABLE OF CONTENTS

iii

INTRODUCTION

General Alaska Municipal Bond Bank

PURPOSE OF THE 2025 SERIES ONE AND TWO

BONDS

Purpose of the 2025 Series One Bonds Purpose of the 2025 Series Two Bonds Refunding Plan Refunded Bonds

SOURCES AND USES OF FUNDS

DESCRIPTION OF THE 2025 SERIES ONE AND TWO

BONDS

General Description 2025 Series One and Two Bonds Optional Redemption Mandatory Sinking Fund Redemption Notice and Effect of Redemption Selection of 2025 Series One and Two Bonds for Redemption

SECURITY AND SOURCES OF PAYMENT FOR THE

BONDS

General Pledge Effected by the 2005 General Bond

Resolution Municipal Bonds 2005 General Bond Resolution Reserve Fund State Payments to Governmental Units Pledge and Agreement of the State

ALASKA MUNICIPAL BOND BANK

Organization Board of Directors Management

BONDS OUTSTANDING

2005 General Bond Resolution 2016 Master Bond Resolution Coastal Energy Impact Program Direct Loans Loans by the State of Alaska

BONDS ISSUED AND OUTSTANDING AS OF

FEBRUARY 1, 2025

DEBT CAPACITY AS OF FEBRUARY 1, 2025

DEBT SERVICE REQUIREMENTS

Future Financing Plans Debt Payment Record

SUMMARY OF THE 2005 GENERAL BOND

RESOLUTION

2005 General Bond Resolution Constitutes a Contract

Obligation of the Bond Bank Pledge Power to Issue Bonds and Make Pledges General Waiver of Laws Loan Agreement Provisions Modification of Loan Agreement Terms Enforcement of Municipal Bonds

Funds and Accounts Security for Deposits and Investment of Funds Payment of Bonds Fees and Charges Issuance of Additional Obligations Defeasance Supplements and Amendments Events of Default and Remedies Excess Earnings Modifications to the 2005 General Bond

Resolution

CERTAIN BONDOWNERS’ RISKS

General State and Governmental Unit Revenues Adequacy of Revenues Infectious Disease Outbreak Other Factors Affecting the State and

Governmental Units Ratings Limitations on Enforceability of Obligations and Remedies Federal Income Tax Considerations Secondary Market and Prices

LITIGATION

TAX MATTERS

CERTAIN LEGAL MATTERS

UNDERWRITING

MUNICIPAL ADVISOR

FINANCIAL STATEMENTS

RATINGS

CONTINUING DISCLOSURE UNDERTAKINGS

Bond Bank Continuing Disclosure Undertaking

Governmental Unit Continuing Disclosure Undertakings

Compliance with Prior Continuing Disclosure Undertakings

DEFINITIONS

MISCELLANEOUS

OFFICIAL STATEMENT

TABLE OF CONTENTS

iv

Appendix A: PROPOSED FORM OF OPINION OF BOND COUNSEL Appendix B: STATE PAYMENTS TO GOVERNMENTAL UNITS Appendix C: GOVERNMENTAL UNIT STATISTICS REGARDING PARTICIPATION IN THE BOND BANK Appendix D: FINANCIAL STATEMENTS OF THE ALASKA MUNICIPAL BOND BANK FOR THE YEAR ENDED JUNE 30, 2024 Appendix E: 2005 GENERAL BOND RESOLUTION AND 2013 FIRST SUPPLEMENTAL RESOLUTION Appendix F: INFORMATION CONCERNING THE STATE OF ALASKA Appendix G: PROPOSED FORM OF CONTINUING DISCLOSURE CERTIFICATE Appendix H: DTC AND ITS BOOK-ENTRY SYSTEM

[THIS PAGE INTENTIONALLY LEFT BLANK]

OFFICIAL STATEMENT

Relating to

$41,900,000 GENERAL OBLIGATION AND REFUNDING BONDS,

2025 SERIES ONE (NON-AMT)

$13,670,000 GENERAL OBLIGATION AND REFUNDING BONDS,

2025 SERIES TWO (AMT)

INTRODUCTION

General

This Official Statement is furnished by the Alaska Municipal Bond Bank (the “Bond Bank”) in connection with the sale of $41,900,000 aggregate principal amount of its General Obligation and Refunding Bonds, 2025 Series One (Non-AMT) (the “2025 Series One Bonds”), and $13,670,000 aggregate principal amount of its General Obligation and Refunding Bonds, 2025 Series Two (AMT) (the “2025 Series One Bonds,” and together with the 2025 Series One Bonds, the “2025 Series One and Two Bonds”).

See “PURPOSE OF THE 2025 SERIES ONE AND TWO BONDS.”

The 2025 Series One and Two Bonds will be issued under the General Obligation Bond Resolution, adopted by the Board of Directors of the Bond Bank (the “Board”) on July 13, 2005 (as amended on August 19, 2009, the “2005 General Bond Resolution”), and as supplemented by Series Resolution No. 2024-02, adopted by the Board on December 10, 2025 (the “Bond Resolution,” and together with the 2005 General Bond Resolution, the “Resolutions”). On February 19, 2013, the Board adopted a First Supplemental Resolution (the “2013 First Supplemental Resolution”) that amends certain provisions of the 2005 General Bond Resolution, effective as of the first date on which all Bonds issued prior to February 19, 2013, are no longer Outstanding. Holders and Beneficial Owners of the 2025 Series One and Two Bonds are deemed to have consented to all of the amendments authorized in the 2013 First Supplemental Resolution. Copies of the 2005 General Bond Resolution and the 2013 First Supplemental Resolution are included as Appendix E. See “SUMMARY OF THE 2005 GENERAL BOND RESOLUTION—Modifications to the 2005 General Bond Resolution” and Appendix E—“2005 GENERAL BOND RESOLUTION AND 2013

FIRST SUPPLEMENTAL RESOLUTION.”

The Bond Bank was created pursuant to Alaska Statutes 44.85.005 – 44.85.420, as amended (the “Act”), for the primary purpose of lending money to eligible borrowers in the State of Alaska (the “State”), including the purchase of bonds and promissory notes issued by such borrowers. Certain capitalized terms used in this Official Statement, and not otherwise defined herein, are defined in the 2005 General Bond Resolution. See “DEFINITIONS.”

The Bank of New York Mellon Trust Company, N.A., of Los Angeles, California, as Trustee under the 2005 General Bond Resolution (the “Trustee”), serves as the Trustee and Paying Agent for the 2025 Series One and Two Bonds.

The 2025 Series One and Two Bonds are direct and general obligations of the Bond Bank, and the full faith and credit of the Bond Bank are pledged to the payment of the principal of and interest on the 2025 Series One and Two Bonds, subject to any agreements made with the holders of any other notes or bonds of the Bond Bank pledging any particular revenues or assets not pledged under the 2005 General Bond Resolution. The 2025 Series One and Two Bonds are equally and ratably secured by the pledge and assignment of all Municipal Bonds acquired by the Bond Bank under the 2005 General Bond Resolution on a parity with other Bonds of the Bond Bank heretofore or hereafter issued under the 2005 General Bond Resolution. The 2025 Series One and Two Bonds are the 55th and 56th Series, respectively, of Bonds issued under the 2005 General Bond Resolution. See “SECURITY AND SOURCES OF PAYMENT FOR THE BONDS” and “BONDS OUTSTANDING.”

The 2025 Series One and Two Bonds are payable solely from the sources provided in the 2005 General Bond Resolution and the Bond Resolution. The 2025 Series One and Two Bonds do not constitute a debt or other liability of the State of Alaska, and the 2025 Series One and Two Bonds do not directly, indirectly, or contingently obligate the State of Alaska to levy any form of taxation or make any appropriation for the payment of the 2025 Series One and Two Bonds. Neither the faith and credit nor the taxing power of the State of Alaska is pledged for the payment of the 2025 Series One and Two Bonds. The Bond Bank has no taxing power. See “SECURITY AND SOURCES OF

PAYMENT FOR THE BONDS.”

All references herein to agreements and documents are qualified in their entirety by reference to the definitive forms thereof, and all references to the 2025 Series One and Two Bonds are further qualified by reference to the provisions with respect thereto contained in the Bond Resolution. All bonds issued under and pursuant to the terms of the 2005 General Bond Resolution are referred to as the “Bonds.”

Alaska Municipal Bond Bank

The Bond Bank is a public corporation of the State and an instrumentality of the State established and organized by the Act in 1975 within the State of Alaska Department of Revenue (the “Department of Revenue”), initially to assist municipalities in the State in accessing the financial markets by lending money through the purchase of municipal general obligation bonds. The Bond Bank is currently administered by staff that is shared with the Department of Revenue. A board of five directors authorizes the Bond Bank’s actions including issuing bonds and approving loans. See “ALASKA MUNICIPAL BOND BANK.”

The Act has been modified from time to time, including changes to allow the Bond Bank to finance loans to port authorities, joint action agencies, the Alaska Municipal League Joint Insurance Association, the University of Alaska, and regional health organizations and for purposes including revenue bond issues, other debt obligations, and electrical generation projects including hydroelectric projects. The bonds issued by the Bond Bank for the purpose of making loans to governmental borrowers are issued pursuant to the 2005 General Bond Resolution. The bonds issued by the Bond Bank for the purpose of making loans to regional health organizations are issued pursuant to the 2016 Master Resolution, adopted by the Board on May 5, 2016 (the “2016 Master Bond Resolution”).

Effective July 3, 2022, House Bill 127 (“HB 127”) amended the Act to grant broader authority to the Bond Bank to issue bonds on behalf of the University of Alaska (the “University”) and regional health organizations. HB 127 permits the Bond Bank to issue bonds on behalf of the University for any University purpose, and the maximum authorized amount increased from $87.5 million to $500 million. HB 127 increased the maximum amount that a regional health organization is permitted to borrow for a given project from 49% of the project costs to 100% of the project costs, and from a maximum authorized amount of $102.5 million to $250 million of the cost of a project, and the total lending authority of the Bond Bank for regional health organization bond issuances increased from $205 million to $500 million.

The Bond Bank provides capital funds for the majority of eligible borrowers through loans to such entities funded by issuing its bonds and notes in the national market to finance such loans under conditions set forth in the Act and the administrative regulations thereunder (Chapter 144 of the Alaska Administrative Code). Loan payments by Governmental Units to the Bond Bank provide the primary source of funds for payment of principal of and interest on the Bonds, including the 2025 Series One and Two Bonds.

Although payments made by the Governmental Units on their Municipal Bonds are the primary security for the payment of principal of and interest on the Bonds, including the 2025 Series One and Two Bonds, the Bond Bank also maintains a reserve account within the reserve fund created under the Act as additional security for the payment of the Bonds and a separate reserve account as security for bonds issued under the 2016 Master Bond Resolution. The Bond Bank is required under the Act to report the sufficiency of the reserve fund and to seek appropriations from the Legislature to replenish the reserve fund if needed.

See “SECURITY AND SOURCES OF PAYMENT FOR THE BONDS—2005 General Bond Resolution Reserve Fund.” For information regarding the State of Alaska and its appropriation process, see Appendix F—

“INFORMATION CONCERNING THE STATE OF ALASKA.”

PURPOSE OF THE 2025 SERIES ONE AND TWO BONDS

Purpose of the 2025 Series One Bonds

The 2025 Series One Bond proceeds are being used for the following purposes: (1) to make a new loan to Petersburg Borough, Alaska (the “Petersburg Borough”), to finance costs of certain capital improvements to the Petersburg Borough high/middle school; (2) to refund certain outstanding bonds previously issued by the Bond Bank, the proceeds of which were used to make loans to the City of Cordova, Alaska (the “City of Cordova”), the City and Borough of Juneau, Alaska (the “City and Borough of Juneau”), the Kenai Peninsula Borough, Alaska (the “Kenai Peninsula Borough”), the Kodiak Island Borough, Alaska (the “Kodiak Island Borough”) and the City of Unalaska, Alaska (the “City of Unalaska”);

and (3) to pay a portion of the costs of issuance of the 2025 Series One Bonds.

Purpose of the 2025 Series Two Bonds

The 2025 Series Two Bond proceeds are being used for the following purposes: (1) to make a new loan to the Ketchikan Gateway Borough, Alaska (the “Ketchikan Gateway Borough”), to finance costs of certain capital improvements to the Ketchikan Gateway Borough’s Ketchikan International Airport, and if necessary, to make a deposit to the Ketchikan Gateway Borough’s reserve account related to such loan; (2) to make a new loan to the City of Whittier, Alaska (the “City of Whittier”), to finance the costs of certain improvements to the City of Whittier’s small boat harbor; (3) to refund certain outstanding bonds previously issued by the Bond Bank, the proceeds of which were used to make a loan to the City and Borough of Juneau; and (4) to pay a portion of the costs of issuance of the 2025 Series Two Bonds.

Refunding Plan

A portion of the proceeds of the 2025 Series One and Two Bonds are to be used to refund certain outstanding Bonds of the Bond Bank described below (if and as refunded, the “Refunded Bonds”). The refunding of the Refunded Bonds is being undertaken to achieve net present value debt service savings for the Bond Bank and the Governmental Units.

Refunded Bonds

The outstanding bonds of the Bond Bank to be refunded with a portion of the proceeds of the 2025 Series One Bonds are set forth below.

Series Maturity

Date

Outstanding Principal Amount

Refunding Candidate

Interest Rate

Redemption Date

Redemption Price

2014A Series One 3/1/2026 $2,650,000 $2,650,000 5.00% 4/8/2025 100% 2014A Series One 3/1/2027 2,780,000 2,780,000 5.00 4/8/2025 100 2014A Series One 3/1/2028 2,925,000 2,925,000 5.00 4/8/2025 100 2014A Series One 3/1/2029 3,065,000 3,065,000 5.00 4/8/2025 100 2014A Series One 3/1/2030 265,000 265,000 5.00 4/8/2025 100 2014A Series One 3/1/2031 275,000 275,000 4.50 4/8/2025 100 2014A Series One 3/1/2033(1) 590,000 590,000 5.00 4/8/2025 100 2014A Series One 3/1/2034 315,000 315,000 5.00 4/8/2025 100 2014A Series One 3/1/2035 335,000 335,000 4.00 4/8/2025 100 2014A Series One 3/1/2039(1) 1,470,000 1,470,000 4.00 4/8/2025 100

2015 Series One 10/1/2025 3,260,000 2,475,000 5.00 4/8/2025 100 2015 Series One 10/1/2026 3,225,000 2,590,000 5.00 4/8/2025 100 2015 Series One 10/1/2027 3,385,000 2,710,000 5.00 4/8/2025 100 2015 Series One 10/1/2028 3,010,000 2,855,000 5.00 4/8/2025 100 2015 Series One 10/1/2029 1,745,000 1,635,000 5.00 4/8/2025 100 2015 Series One 10/1/2030 1,825,000 1,710,000 4.00 4/8/2025 100 2015 Series One 10/1/2031 1,895,000 1,775,000 4.00 4/8/2025 100 2015 Series One 10/1/2032 1,970,000 1,845,000 4.00 4/8/2025 100 2015 Series One 10/1/2033 2,045,000 1,915,000 4.00 4/8/2025 100 2015 Series One 10/1/2034 265,000 130,000 3.25 4/8/2025 100

2015A Series Two 3/1/2026 1,885,000 650,000 5.00 4/8/2025 100 2015A Series Two 3/1/2027 1,985,000 685,000 5.00 4/8/2025 100 2015A Series Two 3/1/2028 2,075,000 715,000 5.00 4/8/2025 100 2015A Series Two 3/1/2029 1,100,000 755,000 5.00 4/8/2025 100 2015A Series Two 3/1/2030 1,155,000 795,000 5.00 4/8/2025 100 2015A Series Two 3/1/2031 1,210,000 830,000 4.00 4/8/2025 100 2015A Series Two 3/1/2032 1,250,000 855,000 4.00 4/8/2025 100 2015A Series Two 3/1/2033 1,305,000 895,000 4.00 4/8/2025 100 2015A Series Two 3/1/2035(1) 1,275,000 405,000 4.00 4/8/2025 100

2015 Series Three 10/1/2025 2,805,000 290,000 5.00 4/8/2025 100 2015 Series Three 10/1/2026 3,715,000 305,000 5.00 4/8/2025 100 2015 Series Three 10/1/2027 2,855,000 320,000 5.00 4/8/2025 100 2015 Series Three 10/1/2028 3,000,000 335,000 5.00 4/8/2025 100 2015 Series Three 10/1/2029 3,160,000 355,000 5.00 4/8/2025 100 2015 Series Three 10/1/2030 3,300,000 370,000 4.00 4/8/2025 100 2015 Series Three 10/1/2031 3,455,000 390,000 5.25 4/8/2025 100 2015 Series Three 10/1/2032 3,645,000 410,000 5.25 4/8/2025 100 2015 Series Three 10/1/2036(1) 16,045,000 1,365,000 5.25 4/8/2025 100

(1) Term Bonds.

The outstanding bonds of the Bond Bank to be refunded with a portion of the proceeds of the 2025 Series Two Bonds are set forth below.

Series Maturity

Date

Outstanding Principal Amount

Refunding Candidate

Interest Rate

Redemption Date

Redemption Price

2015B Series Two 3/1/2026 $1,330,000 $1,100,000 5.00% 4/8/2025 100% 2015B Series Two 3/1/2027 1,400,000 1,155,000 5.00 4/8/2025 100 2015B Series Two 3/1/2028 1,465,000 1,210,000 5.00 4/8/2025 100 2015B Series Two 3/1/2029 1,545,000 1,275,000 5.00 4/8/2025 100

SOURCES AND USES OF FUNDS

The table below sets forth the sources and uses of funds related to the 2025 Series One and Two Bonds, rounded to the nearest dollar.

Sources:

2025 Series One

Bonds 2025 Series Two

Bonds Principal Amount $41,900,000 $13,670,000 Net Original Issue Premium 2,995,488 526,503 Other Sources(1) 4,289,061 909,428 Total Sources $49,184,549 $15,105,931

Uses:

Deposit to Redemption Account(2) $45,160,862 $4,764,358 Loan to Ketchikan Gateway Borough -- 5,000,000 Loan to Petersburg Borough 3,500,000 -- Loan to City of Whitter -- 4,500,000 Governmental Unit Reserves -- 663,511 Costs of Issuance and Rounding(3) 523,686 178,062 Total Uses(4) $49,184,549 $15,105,931

(1) Represents Bond Bank contribution to payment of costs of issuance, releases from Governmental Unit Reserves and Governmental Unit contributions to the Governmental Unit Reserves.

(2) See “PURPOSE OF THE 2025 SERIES ONE AND TWO BONDS—Refunding Plan.”

(3) Includes Bond Bank and Governmental Unit costs of issuance such as Underwriter’s discount, legal fees, municipal advisor fees, rating agency fees, Trustee fees, printing and other costs of issuance of the 2025 Series One and Two Bonds.

(4) Totals may not foot due to rounding.

DESCRIPTION OF THE 2025 SERIES ONE AND TWO BONDS

General Description

The 2025 Series One and Two Bonds are issuable only as fully registered bonds, registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York (“DTC”), as securities depository for the 2025 Series One and Two Bonds. Principal of and interest on the 2025 Series One and Two Bonds are payable by the Trustee to DTC which, in turn, is obligated to disburse such principal and interest payments to its participants (the “DTC Participants”) in accordance with DTC procedures. See Appendix H—“DTC AND ITS BOOK-ENTRY SYSTEM.”

2025 Series One and Two Bonds

The 2025 Series One and Two Bonds mature, subject to prior redemption, on the dates and bear interest at the rates set forth on the inside cover pages of this Official Statement. The 2025 Series One and Two Bonds are issuable in denominations of $5,000 or any integral multiple thereof within a series and maturity. Interest on the 2025 Series One and Two Bonds will accrue from the date of delivery of the 2025 Series One and Two Bonds, or from the most recent interest payment date to which interest has been paid or provided for, and is payable on each June 1 and December 1, commencing December 1, 2025.

Optional Redemption

The 2025 Series One and Two Bonds maturing on or after December 1, 2035, are subject to redemption in whole or in part at the option of the Bond Bank on any date on or after December 1, 2034, at a price of 100 percent of the principal amount thereof to be redeemed plus accrued interest to the date fixed for redemption. The Loans to the Governmental Units have corresponding optional prepayment provisions.

Mandatory Sinking Fund Redemption

The 2025 Series Two Bonds maturing on December 1, 2045, are subject to mandatory sinking fund redemption on December 1 of the years and in the principal amounts set forth in the following table. Any such redemption will be at a price of 100 percent of the principal amount to be redeemed plus accrued and unpaid interest thereon to the date fixed for redemption, but without premium.

Term Bonds Due December 1, 2045 Year Principal Amount 2041 $365,000 2042 390,000 2043 410,000 2044 430,000

2045** 455,000 **Maturity.

The 2025 Series Two Bonds maturing on December 1, 2050, are subject to mandatory sinking fund redemption on December 1 of the years and in the principal amounts set forth in the following table. Any such redemption will be at a price of 100 percent of the principal amount to be redeemed plus accrued and unpaid interest thereon to the date fixed for redemption, but without premium.

Term Bonds Due December 1, 2050 Year Principal Amount 2046 $475,000 2047 505,000 2048 530,000 2049 565,000

2050** 275,000 **Maturity.

The 2025 Series Two Bonds maturing on December 1, 2054, are subject to mandatory sinking fund redemption on December 1 of the years and in the principal amounts set forth in the following table. Any such redemption will be at a price of 100 percent of the principal amount to be redeemed plus accrued and unpaid interest thereon to the date fixed for redemption, but without premium.

Term Bonds Due December 1, 2054 Year Principal Amount 2051 $290,000 2052 305,000 2053 320,000

2054** 335,000 **Maturity.

The Bond Resolution provides that if the Bond Bank redeems a portion of the 2025 Series Two Term Bonds pursuant to the optional redemption provisions described above or purchases for cancellation or defeases 2025 Series Two Term Bonds, the 2025 Series Two Term Bonds so redeemed, purchased or defeased may be credited against one or more of the scheduled mandatory sinking fund redemption amounts of the same maturity in the order directed by the Bond Bank (or if no direction is given, then in a random manner as determined by the Trustee).

Notice and Effect of Redemption

The Bond Resolution provides that at least 20 days, but not more than 60 days, prior to the date upon which any 2025 Series One and Two Bonds are to be redeemed, the Trustee will mail a notice of redemption to the registered owner (DTC so long as all of the 2025 Series One and Two Bonds are held under the DTC book-entry system) of any 2025 Series One and Two Bond all or a portion of which is to be redeemed, at the owner’s last address appearing on the registration books of the Bond Bank kept by the Trustee. So long as all of the 2025 Series One and Two Bonds are held under the DTC book-entry system, such notice will be sent only to DTC, and any notice to the Beneficial Owners of the 2025 Series One and Two Bonds will be the responsibility of DTC Participants. Neither the Bond Bank nor the Trustee will provide redemption notices to the Beneficial Owners.

The Bond Resolution provides that a notice of redemption is required to state that on the date fixed for redemption the redemption price will become due and payable on each 2025 Series One and Two Bond called for redemption, unless, in the case of optional redemption, money sufficient to redeem the 2025 Series One and Two Bonds is not on deposit with the Trustee, and that if sufficient money is on deposit with the Trustee interest thereon will cease to accrue from and after such date. In the case of optional redemptions, the Bond Resolution requires that the notice state that it is a conditional notice and that on the date fixed for redemption, provided that money sufficient to redeem the 2025 Series One and Two Bonds specified in the notice is on deposit with the Trustee, the redemption price will become due and payable and interest thereon will cease to accrue.

The 2005 General Bond Resolution provides that if at the time of mailing any notice of optional redemption, money sufficient to redeem the 2025 Series One and Two Bonds to be redeemed is not on deposit with the Trustee, the notice is required to state that the redemption is subject to the deposit of the redemption money with the Trustee and that the notice will be of no effect unless such money is so deposited.

Selection of 2025 Series One and Two Bonds for Redemption

If fewer than all of the 2025 Series One and Two Bonds of a series are to be redeemed prior to maturity at the option of the Bond Bank, the Bond Bank may select the maturity or maturities to be redeemed. If, at the time notice of redemption is given, the 2025 Series One and Two Bonds to be redeemed are in book-entry only form, then DTC will select the applicable 2025 Series One and Two Bonds for redemption within a maturity in accordance with operational procedures of DTC referred to in the Letter of Representations. The 2005 General Bond Resolution provides that if less than all of the Bonds of any maturity are called for redemption and the Bonds are not in book-entry form, the Bonds to be redeemed are to be selected by lot or in any manner as the Trustee, in its sole discretion, may deem appropriate and fair.

See Appendix H—“DTC AND ITS BOOK-ENTRY SYSTEM.”

SECURITY AND SOURCES OF PAYMENT FOR THE BONDS

General

The Bonds, including the 2025 Series One and Two Bonds, are direct and general obligations of the Bond Bank, and the full faith and credit of the Bond Bank are pledged to the payment of the principal of and interest on the Bonds, subject to any agreements made with the holders of any other notes or bonds of the Bond Bank pledging any particular revenues or assets not pledged under the 2005 General Bond Resolution. In addition to Bonds outstanding under the 2005 General Bond Resolution, the Bond Bank has issued and currently has bonds outstanding under the 2016 Master Bond Resolution, and the revenues and assets pledged under those resolutions are not pledged to or available for payment of Bonds issued under the 2005 General Bond Resolution, including the 2025 Series One and Two Bonds. See “BONDS

OUTSTANDING.”

The 2025 Series One and Two Bonds are equally and ratably secured by the pledge and assignment of all Municipal Bonds acquired by the Bond Bank under the 2005 General Bond Resolution on a parity with other Bonds of the Bond Bank issued under the 2005 General Bond Resolution. The 2025 Series One and Two Bonds are the 55th and 56th Series, respectively, of Bonds issued under the 2005 General Bond Resolution.

The 2025 Series One and Two Bonds are payable solely from the sources provided in the 2005 General Bond Resolution and the Bond Resolution. The 2025 Series One and Two Bonds do not constitute an indebtedness or other liability of the State of Alaska, and the 2025 Series One and Two Bonds do not directly, indirectly, or contingently obligate the State of Alaska to levy any form of taxation or make any appropriation for the payment of the 2025 Series One and Two Bonds. As provided in the Act, the Bond Bank is obligated to pay the principal of and interest on the Bonds only from revenues or funds of the Bond Bank, and the State of Alaska is not obligated to pay the principal of or the interest on the Bonds, including the 2025 Series One and Two Bonds. Neither the faith and credit nor the taxing power of the State of Alaska is pledged for the payment of the 2025 Series One and Two Bonds. The Bond Bank has no taxing power.

As additional security for the payment of principal of and interest on the 2025 Series One and Two Bonds and the other Bonds issued under the 2005 General Bond Resolution, the Bond Bank has established a common Reserve Fund. See “—2005 General Bond Resolution Reserve Fund.” The Reserve Fund is a separate reserve account within the reserve fund created by the Act and does not secure the payment of bonds issued under the 2016 Master Bond Resolution, or any other resolution. The Reserve Fund is separate from, and the Bonds are not secured by, the reserve account established pursuant to the 2016 Master Bond Resolution.

The Act provides that to assure the maintenance of the Reserve Fund Requirement, the Legislature may appropriate annually to the Bond Bank for deposit in the Reserve Fund the amount, if any, necessary to restore the Reserve Fund to an amount equal to the Reserve Fund Requirement. The Chair of the Board is required annually (before each January 30) to make and deliver to the Governor and to the Legislature a certificate stating the amount, if any, required to restore the Reserve Fund to the amount of the Reserve Fund Requirement. Money received by the Bond Bank from the State pursuant to such certification is required, to the extent such certification was occasioned by the fact that the amount in the Reserve Fund was less than the Reserve Fund Requirement, to be deposited in the Reserve Fund. The Legislature is legally authorized, but not legally obligated, to appropriate such sums during the then-current State fiscal year. The State’s fiscal year begins July 1 and ends June 30. This provision of the Act does not create a debt obligation on behalf of the State or a legally enforceable obligation of the State.

Beginning in 2009, the Bond Bank has been obligated by the 2005 General Bond Resolution to seek annually an appropriation within the State’s annual operating budget to replenish the Reserve Fund, if necessary. The 2016 Master Bond Resolution also requires the Bond Bank to seek an annual appropriation to satisfy any unanticipated deficiency in the Bond Bank’s reserve account established under that resolution.

An appropriation for replenishment of the Bond Bank’s reserve accounts, including the Reserve Fund, has been included in each State operating budget since the fiscal year 2010 budget, including for the current fiscal year 2025. No such replenishment from State appropriation has been necessary.

If the Bond Bank is required to draw on the Reserve Fund because of a default by a Governmental Unit, the appropriation provides that an amount equal to the amount drawn from the Reserve Fund is appropriated from the State’s General Fund to the Reserve Fund. The State is not obligated to make such appropriation. There is no guarantee that the Bond Bank will be able to secure future appropriations within the State’s operating budget for replenishment of the Bond Bank’s reserve accounts, including the Reserve Fund. See “—2005 General Bond Resolution Reserve Fund” and Appendix F – “INFORMATION CONCERNING THE STATE OF ALASKA – Government Budgets and Appropriations.”

Starting in fiscal year 2009, and continuing through the current fiscal year 2025, the Bond Bank also has obtained annual appropriations of earnings on accounts held by the Bond Bank in excess of the Bond Bank’s operating expenses for the most recent fiscal year; the Act otherwise would require such earnings to be appropriated to the General Fund. See “—2005 General Bond Resolution Reserve Fund – Custodian Account.”

Pledge Effected by the 2005 General Bond Resolution

Pursuant to the 2005 General Bond Resolution, all Municipal Bonds, all Municipal Bonds Payments, the investments thereof, and the proceeds of such investments, if any, and all funds and accounts established by the 2005 General Bond Resolution to be held by the Trustee are pledged and assigned to secure the payment of the principal of, redemption premium, if any, and interest on all Bonds, subject only to the provisions of the 2005 General Bond Resolution permitting the application thereof for the purposes and on the terms and conditions specified in the 2005 General Bond Resolution.

The Act and the 2005 General Bond Resolution provide among other things that (i) any pledge made in respect of the Bonds will be valid and binding from the time the pledge is made, (ii) the Municipal Bonds, the Municipal Bonds Payments, and all other money and securities so pledged and thereafter received by the Bond Bank immediately will be subject to the lien of such pledge without any further act, and (iii) the lien of any such pledge will be valid and binding against all parties having any claims of any kind in tort, contract, or otherwise against the Bond Bank irrespective of whether the parties have notice.

Municipal Bonds

Under the provisions of the Act and the 2005 General Bond Resolution, the Bond Bank is authorized to purchase Municipal Bonds from any Governmental Unit. The 2005 General Bond Resolution defines Municipal Bonds as “general obligation bonds, revenue bonds, notes, or other evidences of debt issued by any Governmental Unit as now or hereafter defined in the Act which have heretofore been or will hereafter be acquired by the Bond Bank as evidence of a Loan to the Governmental Unit pursuant to the Act.”

For each issue of Municipal Bonds that the Bond Bank purchases, the 2005 General Bond Resolution requires the Bond Bank to obtain from bond counsel to the Governmental Unit an opinion stating that (i) such Municipal Bonds are valid obligations of the Governmental Unit as required by the Act and

(ii) a Loan Agreement has been duly authorized and executed between the Bond Bank and the Governmental Unit that constitutes a valid and binding obligation of the Governmental Unit.

Each Loan Agreement obligates a Governmental Unit to (i) make interest payments on its Municipal Bond sufficient in amount and at such times to provide the Bond Bank funds to meet interest payments on its Loan Obligations as they become due; and (ii) make principal payments on its Municipal Bond sufficient in amount and at such times to provide the Bond Bank funds to meet principal payments on its Loan Obligations as they become due. Pursuant to the Loan Agreement, the Governmental Unit may be required to pay fees and charges to the Bond Bank to meet the Governmental Unit’s allocable portion of certain expenses. Pursuant to each Loan Agreement relating to a revenue bond issued by a Governmental Unit, the Governmental Unit may be required to maintain with the Trustee a separate debt service reserve account to secure payment by the Governmental Unit of its Loan Obligations. Each Loan Agreement also contains restrictions on the sale or redemption of the Governmental Unit’s Municipal Bonds.

2005 General Bond Resolution Reserve Fund

To secure the payment of all Bonds issued under the 2005 General Bond Resolution, the 2005 General Bond Resolution established the Reserve Fund to be held by the Trustee and maintained at an amount at least equal to the Reserve Fund Requirement, equal to approximately $48.6 million following the issuance of the 2025 Series One and Two Bonds. The Reserve Fund Requirement is equal to the least of the following: (i) 10 percent of the initial principal amount of each Series of Bonds then Outstanding;

(ii) Maximum Annual Debt Service with respect to all Bonds Outstanding; (iii) 125 percent of Average Annual Debt Service on all Bonds Outstanding; or (iv) such lower amount as may be required by law. See “DEFINITIONS—Required Debt Service Reserve.” The Reserve Fund Requirement may be satisfied entirely, or in part, by a letter of credit, line of credit, credit facility, surety bond, bond insurance, or any other instrument or arrangement obtained in connection with the issuance of a Series of Bonds. See “— Debt Service Reserve Fund Surety Bond.”

As of December 31, 2024, the valuation of assets in the Reserve Fund was…