MUNICIPALITY of ANCHORAGE, ALASKA Citi
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OFFICIAL STATEMENT NEW ISSUE Standard and Poor’s Rating: “AA” FULL BOOK-ENTRY Fitch’s Rating: “AA” (See the caption “RATINGS” herein) In the opinion of K&L Preston Gates Ellis LLP, Bond Counsel, assuming compliance with certain covenants of the Municipality, interest on the Bonds is excludable from gross income for federal income tax purposes under existing law. Interest on the Bonds is not an item of tax preference for purposes of either individual or corporate alternative minimum tax. Interest on the Bonds may be indirectly subject to corporate alternative minimum tax and certain other taxes imposed on certain corporations. Interest on the Bonds is not included in taxable income for purposes of the Alaska income tax imposed on corporations. Interest on the Bonds may be indirectly subject to the Alaska alternative minimum tax imposed on corporations to the extent that interest on the Bonds is subject to the federal alternative minimum tax on corporations. See “Tax Matters” herein for a discussion of the opinion of Bond Counsel. MUNICIPALITY OF ANCHORAGE, ALASKA $60,000,000 $29,840,000 2008 General Obligation Bonds 2008 General Obligation Bonds (General Purpose) (Schools) Series A Series B Dated: Date of Delivery Due: August 1 as shown on the inside cover The Bonds of each series will be issued as fully registered bonds and, when issued, will be registered in the name of Cede & Co. as nominee of The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Bonds. Individual purchases of interests in the Bonds of each series will be made in book-entry form only, in the principal amount of $5,000 or any integral multiple thereof within a single maturity. Purchasers of such interests will not receive certifi cates representing their interests in the Bonds. Principal of and interest on the Bonds of each series are payable directly to DTC by U.S. Bank National Association, as authenticating paying agent and registrar (“Registrar”) for the Bonds. Principal of the Bonds of each series is payable on the dates set forth on the inside cover. Interest on the Bonds of each series is payable on February 1, 2009, and semiannually thereafter on each February 1 and August 1. Upon receipt of payments of principal and interest, DTC will in turn remit such principal and interest to the DTC Participants (as such term is defi ned herein) for subsequent disbursement to the purchasers of benefi cial interests in the Bonds, as described in APPENDIX C—Book-Entry Only System. The Bonds of each series are subject to optional redemption prior to their respective scheduled maturities as more fully described herein under the caption “DESCRIPTION OF THE BONDS—Redemption.” The Bonds are general obligations of the Municipality of Anchorage, Alaska (the “Municipality”), and the full faith, credit and taxing power of the Municipality are pledged for the payment of the principal of and interest on the Bonds when due. The Municipality has irrevocably pledged and covenanted to levy and collect taxes upon all taxable property within the Municipality, without limitation as to rate or amount, in amounts suffi cient, together with other funds legally available therefor, to pay the principal of and interest on the Bonds when due. MATURITY SCHEDULES Inside of Cover Page The Bonds of each series are offered when, as and if executed and delivered by the Underwriters and are subject to the approving legal opinion of K&L Preston Gates Ellis LLP of Seattle, Washington, Bond Counsel, as to validity and the exemption of interest thereon from federal income taxation. Certain legal matters will be passed upon for the Underwriters by Birch, Horton, Bittner and Cherot of Anchorage, Alaska. It is expected that the Bonds of each series will be available for delivery through the facilities of DTC in New York, New York, by Fast Automated Securities Transfer (FAST) on or about December 11, 2008. Merrill Lynch & Co. Morgan Stanley & Co. Incorporated Citi J.P. Morgan Goldman, Sachs & Co. Seattle-Northwest Securities Corporation Siebert Brandford Shank & Co., LLC Dated: November 18, 2008 MUNICIPALITY OF ANCHORAGE, ALASKA $60,000,000 2008 General Obligation Bonds, Series A (General Purpose) Maturities, Amounts, Interest Rates and Yields or Prices (Base CUSIP¹ No. 033161) Due Principal Interest CUSIP Due Principal Interest CUSIP August 1 Amount Rate Yield No.1 August 1 Amount Rate Yield No. 1 2009 $1,245,000 4.000% 1.420% WF3 2019* $2,960,000 5.000% 4.490% WR7 2010 1,995,000 4.000 2.370 WG1 2020* 3,110,000 5.000 4.700 WS5 2011 2,075,000 4.500 2.690 WH9 2021* 3,265,000 5.000 4.830 WT3 2012 2,170,000 4.000 3.070 WJ5 2022* 3,430,000 5.000 4.940 WU0 2013 2,255,000 5.000 3.300 WK2 2023 3,600,000 5.000 5.000 WV8 2014 2,370,000 5.000 3.470 WL0 2024 3,780,000 5.000 5.080 WW6 2015 2,490,000 4.000 3.650 WM8 2025 3,970,000 5.000 5.150 WX4 2016 2,590,000 5.000 3.860 WN6 2026 4,165,000 5.000 5.210 WY2 2017 2,720,000 4.250 4.080 WP1 2027 4,375,000 5.125 5.260 WZ9 2018 2,835,000 4.500 4.280 WQ9 2028 4,600,000 5.125 5.300 XA3 $29,840,000 2008 General Obligation Bonds, Series B (Schools) Maturities, Amounts, Interest Rates and Yields or Prices (Base CUSIP¹ No. 033161) Due Principal Interest CUSIP Due Principal Interest CUSIP August 1 Amount Rate Yield No. 1 August 1 Amount Rate Yield No. 1 2009 $950,000 3.000% 1.420% XB1 2019* $1,455,000 4.500% 4.490% XM7 2010 980,000 3.250 2.370 XC9 2020* 1,525,000 5.000 4.700 XN5 2011 1,015,000 3.500 2.690 XD7 2021* 1,605,000 5.250 4.830 XP0 2012 1,060,000 5.000 3.070 XE5 2022* 1,690,000 5.000 4.940 XQ8 2013 1,105,000 4.000 3.300 XF2 2023 1,775,000 5.000 5.000 XR6 2014 1,155,000 4.000 3.470 XG0 2024 1,870,000 5.000 5.080 XS4 2015 1,205,000 5.000 3.650 XH8 2025 1,965,000 5.000 5.150 XT2 2016 1,260,000 4.000 3.860 XJ4 2026 2,065,000 5.125 5.210 XU9 2017 1,320,000 5.000 4.080 XK1 2027 2,170,000 5.000 5.260 XV7 2018 1,385,000 5.000 4.280 XL9 2028 2,285,000 5.250 5.300 XW5 * Priced to par call date on August 1, 2018. 1 CUSIP® is a registered trademark of the American Bankers Association. CUSIP data herein are provided by Standard & Poor’s CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. The CUSIP numbers are included on the inside cover of this Official Statement for convenience of the holders and potential holders of the Bonds. No assurance can be given that the CUSIP numbers for the Bonds will remain the same after the date of issuance and delivery of the Bonds. No dealer, broker, salesperson or other person has been authorized to give any information or make any representations, other than those contained in this Official Statement, and, if given or made, such other information or representations must not be relied upon as having been authorized. This Official Statement does not constitute an offer to sell or solicitation of an offer to buy nor shall there be any sale of the 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 of the securities offered hereby shall under any circumstances create an implication that there has been no change in the affairs of the Municipality of Anchorage, or any party described herein, since the date hereof. Neither this Official Statement nor any statement which may have been made orally or in writing is to be construed as a contract with the owners of any of the Bonds. UPON ISSUANCE, THE BONDS WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND WILL NOT BE LISTED ON ANY STOCK OR OTHER SECURITIES EXCHANGE. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY OTHER FEDERAL, STATE OR OTHER GOVERNMENTAL ENTITY OR AGENCY WILL HAVE PASSED ON THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS OFFICIAL STATEMENT OR APPROVED THE BONDS FOR SALE. THE BOND ORDINANCE WILL NOT BE QUALIFIED UNDER THE TRUST INDENTURE ACT OF 1939, AS AMENDED. This Official Statement is submitted by the Municipality in connection with the sale of the Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose. The information set forth herein has been furnished by the Municipality and other sources which are believed to be reliable, but is not guaranteed as to accuracy or completeness, and is not to be construed as a representation, by the Underwriters. 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 hereunder shall, under any circumstances, create any implication that there has been no change in affairs of the Municipality since the date hereof.