s h PRELIMINARY OFFICIAL STATEMENT DATED MAY 23, 2013 nt ihic ew atemn in BNoeowk I-sEsnuter y Only MoFoitdcyh’ sR Raatitningg: : AAAa+2 cial Stsdictio (See “Ratings” herein.) e the Offin any juri and asIsnu tmhei nopg,i naimonon ogf Botohnedr Cthoiunngsse, lc, obmaspeldia onnc ae nb ya nthaely Bsoisn odf Bexainskt ianngd s ttahteu Gteosv, errengmuleantitoanl sU, nruitlsi nwgist ha ncodv ceonuarnt tdse rceilsaitoinnsg, d prior to the timhese securities i tTSmeoaew irrcnoinee iirBsmnt aoTguniswmn dfo so r t rBeai qsxopu n.ue iHxdrrpcseol mowuissdeee nnavs ebtoosrltfe , it cirnfnore motatehmtrpeeeu d sgI ttrnai onostse ngasr n tttihhaaneelxc 2f oRep0mder1veee3erf en aoSrfluee aeorn liwctCeeensor iednTtreeaws mt ooitfv h Bfee1o or9rmen 8podi6funs ,r fiioampsrso u tsfaameekmsde etoenranf a xideln ieiittdmhno ec(parotoc hmtsceheoe edu“ tCnioanotnx ddi icnepve” u)irdrd,te aputiieonanrstlme ecosroir.e nr s cpitIo nnoorrgtpnea oar ttreidhoasjetnut esso2 .tan0 e l 1dStte3 hecre eunS “r2aeTrr0teAii1nveX3set ccepteale of t MATTERS” herein. as $35,110,000* e y bn uy e a ALASkA MuNICIPAL BOND BANk bb o e General Obligation and Refunding Bonds, 2013 Series Two offers tall ther $19,305,000* $15,805,000* may or sh General Obligation and Refunding Bonds General Obligation Bonds e sold nor ecurities n (Tax-Exem20p1t 3GAo vSeerrniemse Tnwtaol Purpose) (Q2u0a1l3ifiBe Sde 5r0ie1s( cT)w(3o)) bs may not y these DatedT: h De aAtlaes okfa DMeulniviceiprya l Bond Bank (the “Bond Bank”) is issuing $___________* princDipuael: a mAos usnhto owf nG eonne rianls Oidbeli gcaotvioenr s bu uritieer to a$n__d_ _R_e_f_u_n_d_in__g* Bporinndcsi,p a2l0 a1m3Ao uSnetr ioefs G Tewneor a(lT Oaxb-lEigxaetmiopnt B Goonvdesr, n2m01e3nBta Sl ePriuersp (o5s0e1)( c(t)h(3e) )“ 2(0th1e3 A“2 S01e3riBe sS eTrwieos TBwonod Bs”o)n dans”d, ecoff mpletion or amendment without notice. These sonstitute an offer to sell or the solicitation of an he securities laws of any such jurisdiction. abDomi2etPtEnhhn0aefaNeat ee1cd reptt Ti3hth u2rsDoit Re ces0roSJsTsuii T1Yuigetp2tCte3yh enrsoa0Sd i. teeSrn1 ePiYh nP y 3setaa1BeSs u rstTr rTT Saaih rti erwsnifeEncweucus rhkd tMoi isl2ihpTa t let 0Dohy.eBs aws”C1 f e ne ort r3oTrochNteen ss wmeSgesBd e.mpi e owospos2 rofS,t b0ani eBneeotY1nedrhsesro3ryosei e AnT b,fd1r“( rkDdwi, w2 “ol SbD sc0iEmiMote olo1yTwlS rn3 mBe iCtmCo eidlholSlm”fRslsaoe n) e D,kI b,neT drm PienwTe iwsneTT co.C phsm orIib s .rnOiIu tcTonaiBDg snNhrdowtt oiceeD ek swnoCicOrb p-eeed ieoiFucnaBslnnsmlerl t ,ot tT sp sma orptneieHrynhnnabdmir dentE vnfeste e coeh y r“ir2nwinr 2,eep1a 0mtt0 sNi,a s2e1l o1t l2l0r3. d 3ofApe01na e nSsas1.3Smo,pultyE3 eyt Soocom. pRr,ersfh uia ereIeir nSytEepicnsoemteg eaStsrsTai iy yeds vtTwTomt ntaefeWflwotto e ersec$ r,oenO B e 5ttdW ttor Bo,osh B0t niaoieDt0wnOfiosd n0 2TchhN sdt t0aChio”ihsDnc1t)er .ee.h3gw S D si t nB”nSiiT oin lareteslanhemet nbrna,eepg ieucdere arr2fiecr s eas0s“osrc slATeu1 ttfieh ma m3wePhnCle a PutefoS eOirsTlnEn edot BwtrirbgNemp uio neo eDlts&n eeefshtt dIns hr eesXTsC s eueitp wr. o ihc Gd asa bh.eoI ia,n ntd re –thpdaBed,en esa Doia oePov yfnrfinTni afmeddwc doCydsu iesmi piiaen astAnlolihi gl intnNp nvois pineaAe stDwuti eyirogaab rny aBel c oi eblDslonhyOfirli tfTt aensOTy w sht Cgf ohhoeKoiil’lpneeessrfl- ntained herein are subject to coPreliminary Official Statement cgistration or qualification under t TaTBhreHwaernE oekp a 2B lfueTT0todne1hhnrgd3ee deei Ss22sdrs E00 tauf11hRroe33eeIrd E S S BetueSehqonrr euTniide eaWdepssl rlu BOyT Ttn ahww acBnentooOk ud2 ’BaBN0s rl o0o D2ap5nn0tS aadd0G ybs–5sem l ayOanGre repeesenretn atgisc eoleuou rnBnbafra eoejltel rdnhB acR deoltbe noRtypdodb eret ilsmrhRnioegecepdal iustptepioitmloaoielolnundp n,tsogt i. –ifo eooT n Mfanha nt oneahpd ndn2er di0 iaoaBna1 srtpot3 seotan irSorgrdeye ints t rBhmyRti eeaeowesindrnn ik Tet tsh, tmwt oha aoopfent te tdaBhi2dol e0olt n hmr1nM .e3B”da u fstoSunu naelirlrcdri eitifseypa ts oaihdt lfhTea tB twthaewoneosn de. B dBn cSostore ynneae-dsdcd i“qisBxtDu. t aoEih nrfT Se skthdCeh eh reRb ie e2IyBrPs0e o t1Tothno3IfedO fBSo NBBeoreor anOi nndoeFkdssr Statement and the information conder no circumstances shall this sale would be unlawful prior to re iStnBBsaoerasxeurrncai ektehtdh sitTTh oe, u hhTa nCntesew ada o 2xner2or0trio0 l 1mneBt1 3htdgo3a ae gSp knx See2oedi er0n&w siar0eg ie5ndsB e rpyoGTsr o o o aweTnwfopnoo wkteep thiroBrr nae.do og Bl ip nS SOroordteenbfiasc aeld tAitat ges“linrya oSeodct, n Eihfoooi on fACfnnforde luaoBrairgt Rreoste edckhnI,c o TeadwAtn YlpiRlhyssa aeeFt spoysinkOtolmr,aue Rl a,ucdet s BetongT ia nooetaHn nndt oddEi.d fnf e iotg2fCb hre0ito sent1 usoh t32unrle 0esy S oedp1 Etol,3a. h bRsy SeulmCIirebEge erjlareSiintatec ateTtbsi no tWiTtol fhilw Otetteyhhgo BeaSe oB l Otaf 2oa mpt0Ntnpha1eDdret3 otsS o eSv.Sf. rit” esnNaA rgtweil eealiiet lssolhg k Tfaeba lAwre o tltoppoah aisB enlske oisfoavenan,dyid at oshaun.fn p da WToy nt nhohdf ehoe fc lor Bfr2mroeo 0rtd nt1hohid3etf, cial m. Un or Governmental Units by their respective bond counsel and for the Underwriters by their counsel, Foster Pepper PLLC of his Preliminary Offielivered in final foruch offer, solicitatio *SA euaPttortemlelia,m tWeindaa sSrhyei,cn sugurtbiotjnieec.s tI tTtJ oirs. acP neh.sxa fpnMeegrec of.toerrdg d atehnlaiv te trhye t h2r0o1u3g She trhiees f aTcwiloit iBeos nodf sD iTnC d ienfi Nnietwiv eY foMorrkom, rN wgeiawlln Yb oeS ritksa,s ounneld eo ray nadb oauvta Jiluanbele 1 b9,y 2 F0a1s3t. Tds $19,305,000* Alaska Municipal Bond Bank General Obligation and Refunding Bonds 2013A Series Two (Tax-Exempt Governmental Purpose) MATURITIES, AMOUNTS, INTEREST RATES, YIELDS AND CUSIP NUMBERS CUSIP CUSIP Interest Number(1) Interest Number(1) Due Amounts Rate Yield 011798 Due Amounts Rate Yield 011798 December 1, 2013 June 1, 2023 June 1, 2014 June 1, 2024 December 1, 2014 June 1, 2025 June 1, 2015 June 1, 2026 June 1, 2016 June 1, 2027 June 1, 2017 June 1, 2028 June 1, 2018 June 1, 2029 June 1, 2019 June 1, 2030 June 1, 2020 June 1, 2031 June 1, 2021 June 1, 2032 June 1, 2022 June 1, 2033 $__________ ___% Term Bond due June 1, 20__; Yield ___% CUSIP Number(1) 011798 ___ $15,805,000* Alaska Municipal Bond Bank General Obligation Bonds 2013B Series Two (Qualified 501(c)(3)) MATURITIES, AMOUNTS, INTEREST RATES, YIELDS AND CUSIP NUMBERS CUSIP CUSIP Interest Number(1) Interest Number(1) Due June 1 Amounts Rate Yield 011798 Due June 1 Amounts Rate Yield 011798 2015 2025 2016 2026 2017 2027 2018 2028 2019 2029 2020 2030 2021 2031 2022 2032 2023 2033 2024 $__________ ___% Term Bond due June 1, 20__; Yield ___% CUSIP Number(1) 011798 ___ * Preliminary, subject to change. (1) Copyright © 2013 CUSIP Global Services. CUSIP is a registered trademark of the American Bankers Association. CUSIP Global Services (CGS) is managed on behalf of the American Bankers Association by Standard & Poor’s. These numbers are not intended to create a database and do not serve in any way as a substitute for the CUSIP Service. CUSIP numbers are provided for the convenience of reference only. CUSIP numbers are subject to change. The Bond Bank takes no responsibility for the accuracy of such CUSIP numbers. This Official Statement is furnished by the Bond Bank to provide information regarding the sale of the 2013 Series Two Bonds referred to herein and may not be reproduced or be used, in whole or in part, for any other purpose. The delivery of this Official Statement does not imply that information herein is correct as of any time subsequent to the date hereof. No dealer, salesman or any other person has been authorized by the Bond Bank to give any information or to make any representation other than as contained in this Official Statement in connection with the offering described herein and, if given or made, such other information or representation must not be relied upon as having been authorized by the foregoing. This Official Statement does not constitute an offer of any securities other than those described on the cover page or an offer to sell or a solicitation of an offer to buy in any jurisdiction in which it is unlawful to make such an offer, solicitation, or sale. The information and expressions of opinion set forth in this Official Statement have been furnished by the Bond Bank and include information from other sources that the Bond Bank believes to be reliable. Neither this Official Statement nor any statement which may have been made orally is to be construed as a contract with the owners of any of the 2013 Series Two Bonds. The Underwriters have provided the following sentence for inclusion in this Official Statement. The Underwriters have reviewed the information set forth in this Official Statement in accordance with, and as part of, their responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information. UPON ISSUANCE, THE 2013 SERIES TWO 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, OTHER THAN THE BOND BANK, WILL HAVE PASSED ON THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS OFFICIAL STATEMENT OR APPROVED THE 2013 SERIES TWO BONDS FOR SALE. THE 2005 GENERAL BOND RESOLUTION WILL NOT BE QUALIFIED UNDER THE TRUST INDENTURE ACT OF 1939, AS AMENDED. The remainder of this page has intentionally been left blank. ALASKA MUNICIPAL BOND BANK 333 Willoughby Avenue, 11th Floor P.O. Box 110405 Juneau, Alaska 99811-0405 (907) 465-2388 http://www.revenue.state.ak.us/treasury/ambba/ Board of Directors Mark Pfeffer - Chair Luke Welles - Vice Chair Gregory Gursey - Member Susan Bell - Member (Ted Leonard - First Delegate to Susan Bell) Bryan Butcher – Member (Angela Rodell - First Delegate to Bryan Butcher) Executive Director Deven J. Mitchell Bond Counsel Wohlforth, Brecht, Cartledge & Brooking Anchorage, Alaska Trustee The Bank of New York Mellon Trust Company, N.A. Seattle, Washington Financial Advisor Western Financial Group, LLC Portland, Oregon The reference above to the Bond Bank’s website is contact information provided only for convenience. The reference is not a hyperlink and, by this reference, the Bond Bank’s website is not incorporated into this Official Statement. TABLE OF CONTENTS Page Introduction ................................................................................................................................................................. 1 Purpose of the 2013 Series Two Bonds ....................................................................................................................... 1 Authorization and Purpose ................................................................................................................................... 1 Sources and Uses of Funds ................................................................................................................................... 2 Description of the 2013 Series Two Bonds ................................................................................................................. 4 General Description .............................................................................................................................................. 4 2013 Series Two Bonds ........................................................................................................................................ 4 Optional Redemption ............................................................................................................................................ 4 Mandatory Redemption ........................................................................................................................................ 4 Notice of Redemption ........................................................................................................................................... 5 Selection of 2013 Series Two Bonds for Redemption .......................................................................................... 5 Security for the 2013 Series Two Bonds ..................................................................................................................... 6 General ................................................................................................................................................................. 6 Pledge Effected by the 2005 General Bond Resolution........................................................................................ 6 Municipal Bonds .................................................................................................................................................. 7 2005 General Bond Resolution Reserve Fund ...................................................................................................... 7 State Payments ..................................................................................................................................................... 8 Pledge of the State ................................................................................................................................................ 9 The Alaska Municipal Bond Bank............................................................................................................................. 10 Organization ....................................................................................................................................................... 10 Board of Directors .............................................................................................................................................. 10 Management ....................................................................................................................................................... 11 Future Financing Plans ....................................................................................................................................... 11 Debt Payment Record ......................................................................................................................................... 11 Bonds Outstanding .................................................................................................................................................... 12 1976 General Bond Resolution ........................................................................................................................... 12 2005 General Bond Resolution ........................................................................................................................... 12 2010 Municipal Obligation Bond Resolution ..................................................................................................... 12 Revenue Bond Resolutions ................................................................................................................................. 12 Coastal Energy Impact Program ......................................................................................................................... 12 Direct Loans ....................................................................................................................................................... 13 Loans by the State of Alaska .............................................................................................................................. 13 Total Bond Bank Bonds Issued and Outstanding as of May 1, 2013 ........................................................................ 14 Remaining Debt Capacity After the Issuance of the 2013 Series Two Bonds ........................................................... 14 Debt Service Requirements of Outstanding 2005 General Bond Resolution General Obligation Bonds and the 2013 Series Two Bonds ......................................................................................................................... 15 Summary of the 2005 General Bond Resolution ....................................................................................................... 16 2005 General Bond Resolution Constitutes Contract ......................................................................................... 16 Obligation of Bonds ........................................................................................................................................... 16 Pledge ................................................................................................................................................................. 16 Power to Issue Bonds and Make Pledges ........................................................................................................... 16 General ............................................................................................................................................................... 16 Waiver of Laws .................................................................................................................................................. 17 Loan Agreement Provisions ............................................................................................................................... 17 Modification of Loan Agreement Terms ............................................................................................................ 18 Enforcement of Municipal Bonds ....................................................................................................................... 18 Funds and Accounts ........................................................................................................................................... 18 Security for Deposits .......................................................................................................................................... 20 Payment of Bonds .............................................................................................................................................. 20 Fees and Charges ................................................................................................................................................ 20 Issuance of Additional Obligations Including for the Purpose of Refunding ..................................................... 20 Defeasance.......................................................................................................................................................... 21 Supplements and Amendments .......................................................................................................................... 21 Events of Default and Remedies ........................................................................................................................ 22 Excess Earnings .................................................................................................................................................. 23 Modifications to the 2005 General Bond Resolution ......................................................................................... 23 Litigation ................................................................................................................................................................... 24 Certain Legal Matters ................................................................................................................................................ 24 Verification of Mathematical Computations ............................................................................................................. 24 Underwriting .............................................................................................................................................................. 24 Financial Advisor ...................................................................................................................................................... 25 Financial Statements .................................................................................................................................................. 25 Tax Matters ................................................................................................................................................................ 25 Ratings ....................................................................................................................................................................... 28 Continuing Disclosure Undertaking .......................................................................................................................... 28 Prior Compliance with Continuing Disclosure Undertakings Under the Rule ................................................... 29 Sources of Certain Information ................................................................................................................................. 30 Definitions ................................................................................................................................................................. 30 Miscellaneous ............................................................................................................................................................ 32 Official Statement ...................................................................................................................................................... 32 APPENDIX A - Form of Legal Opinion APPENDIX B - State Payments to Governmental Units APPENDIX C - Government Unit Statistics Regarding Participation in the Bond Bank APPENDIX D - Summaries of Borrowers Representing 10% or More of Outstanding Principal APPENDIX E - Financial Statements of the Alaska Municipal Bond Bank for the Year Ended June 30, 2012 APPENDIX F - 2005 General Obligation Bond Resolution APPENDIX G - DTC and Book-Entry System OFFICIAL STATEMENT $35,110,000* ALASKA MUNICIPAL BOND BANK GENERAL OBLIGATION AND REFUNDING BONDS 2013 SERIES TWO $19,305,000* $15,805,000* General Obligation and Refunding Bonds General Obligation Bonds 2013A Series Two 2013B Series Two (Tax-Exempt Governmental Purpose) (Qualified 501(c)(3)) INTRODUCTION This Official Statement is furnished by the Alaska Municipal Bond Bank (the “Bond Bank”) to provide information regarding the Bond Bank in connection with the sale of $19,305,000* principal amount of General Obligation and Refunding Bonds, 2013A Series Two (Tax-Exempt Governmental Purpose) (the “2013A Series Two Bonds”) and $15,805,000* principal amount of General Obligation Bonds, 2013B Series (Qualified 501(c)(3)) (the "2013B Series Two Bonds”, and together with the 2013A Series Two Bonds, the "2013 Series Two Bonds"). 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 Governmental Units in the State of Alaska (the “State”) including the purchase of Municipal Bonds issued by such Governmental Units. Certain capitalized terms used in this Official Statement, and not otherwise defined herein, are defined under “DEFINITIONS.” All references herein to agreements and documents are qualified in their entirety by reference to the definitive forms thereof, and all references to the 2013 Series Two Bonds are further qualified by reference to the information with respect thereto contained in the 2005 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”), and Resolution No. 2013-03, adopted by the Board of Directors of the Bond Bank on May 2, 2013 (the “Series Resolution,” and together with the 2005 General Bond Resolution, the “Bond Resolution”). All bonds which are issued under and pursuant to the terms of the 2005 General Bond Resolution are hereafter referred to as the “Bonds.” Any statements or information which include matters of opinion or estimates are represented as opinions or estimates in good faith, but no assurance can be given that the facts will materialize as so opined or estimated. Appendix D contains financial, economic and demographic summary information relating to the Governmental Units whose Municipal Bonds represent 10 percent or more of the Loan Obligations outstanding under the 2005 General Bond Resolution. PURPOSE OF THE 2013 SERIES TWO BONDS Authorization and Purpose The 2013 Series Two Bonds are being issued pursuant to the terms of the Bond Resolution, and are the twenty-sixth series of Bonds issued under the 2005 General Bond Resolution. The 2013A Series Two Bonds New-Money. A portion of the 2013A Series Two Bond proceeds is being used for the following purposes: (i) to make three loans to Governmental Units; and (ii) to pay a portion of the costs of issuance of the 2013A Series Two Bonds. A portion of the proceeds of the 2013A Series Two Bonds will be loaned: (a) to the City of Homer to fund improvements and expansion of Homer’s small boat harbor; (b) to the City of Ketchikan to fund improvements and expansion of the City’s electric generation system; and (c) to the Municipality of Skagway for construction of improvements to the City’s small boat harbor. * - Preliminary, subject to change. 1 Refunding. In addition, a portion of the proceeds of the 2013A Series Two Bonds is being used to refund and redeem certain outstanding bonds of the Bond Bank (the “Refunded Bonds”). Depending on market conditions on the pricing date and the resulting savings available as a result of the refunding, the Bond Bank may refund and redeem all or none of the Refunding Candidates listed in the following table (the "Refunding Candidates"). The Bond Bank is not obligated to refund any of the Refunding Candidates. DETAILS OF THE REFUNDING CANDIDATES Series Designation Principal Amount* Maturities Redemption Date 2002 Series A Revenue $1,245,000 2013 and 2014 Currently Callable * - All Refunding Candidates subject to call are callable at a price of par on the redemption date. The Bond Bank will deposit a portion of the proceeds of the 2013A Series Two Bonds in the form of cash or qualified investments in the custody of The Bank of New York Mellon Trust Company, N.A., Seattle, Washington. The deposit is expected to provide funds sufficient to pay accrued interest and redeem the principal amount of the Refunded Bonds on the first available redemption date at the price of par. The 2013B Series Two Bonds New Money. The 2013B Series Two Bond proceeds are being used to make a loan to Kodiak Island Borough for construction of a long term care facility. The facility is to be owned by Kodiak Island Borough and leased to Providence Health & Services – Washington d/b/a Providence Health & Services in Alaska, an entity represented to be a 501(c)(3) organization. Sources and Uses of Funds The table below presents the sources and uses of funds related to the 2013A Series Two Bonds. Sources of Funds: Par Amount of 2013A Series Two Bonds $ Net Original Issue Premium Alaska Municipal Bond Bank Contribution . Total Sources of Funds $ Uses of Funds: Loan to the City of Homer $ Loan to the City of Ketchikan Loan to the Municipality of Skagway Deposit to the Reserve Fund Redemption of Series 2002A Revenue Bonds Costs of Issuance1 Underwriters’ Discount . Total Uses of Funds $ (1) Includes bond counsel, financial advisor, rating agencies and other Bond Bank and borrower costs of issuance. 2 The table below presents the sources and uses of funds related to the 2013B Series Two Bonds. Sources of Funds: Par Amount of 2013B Series Two Bonds $ Net Original Issue Premium Alaska Municipal Bond Bank Contribution . Total Sources of Funds $ Uses of Funds: Loan to the Kodiak Island Borough Deposit to the Reserve Fund Costs of Issuance1 Underwriters’ Discount . Total Uses of Funds $ (1) Includes bond counsel, financial advisor, rating agencies and other Bond Bank and borrower costs of issuance. 3 DESCRIPTION OF THE 2013 SERIES TWO BONDS General Description The 2013 Series 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 2013 Series Two Bonds. Principal of and interest on the 2013 Series Two Bonds are payable by The Bank of New York Mellon Trust Company, N.A., of Seattle, Washington, as Trustee under the 2005 General Bond Resolution, 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 G – DTC and Book-Entry System.” 2013 Series Two Bonds The 2013 Series Two Bonds mature on the dates and bear interest at the rates set forth on the inside cover page of this Official Statement. The 2013 Series Two Bonds are issuable in denominations of $5,000 or any integral multiple thereof within a single maturity, are dated as of the date of delivery and bear interest from their date payable on December 1, 2013, and semiannually thereafter on each June 1 and December 1 to their date of maturity or prior redemption, whichever may occur first. Optional Redemption The 2013 Series Two Bonds maturing on or after June 1, 2024 are subject to redemption in whole or in part at the option of the Bond Bank on any date on or after June 1, 2023 at a price of 100% of the principal amount thereof to be redeemed plus accrued interest to the date of redemption. The Governmental Units may prepay their loans on terms identical to the redemption provisions associated with the 2013 Series Two Bonds. Mandatory Redemption The 2013A Series Two Bonds maturing on June 1, 20__, are subject to mandatory sinking fund redemption on June 1 of the years and in the principal amounts set forth in the following table. Any such redemption shall be at a price equal to 100 percent of the principal amount to be redeemed plus accrued and unpaid interest thereon to the date fixed for redemption, but without premium. Principal Date Amount June 1, 20__ June 1, 20__* * Maturity The 2013B Series Two Bonds maturing on June 1, 20__, are subject to mandatory sinking fund redemption on June 1 of the years and in the principal amounts set forth in the following table. Any such redemption shall be at a price equal to 100 percent of the principal amount to be redeemed plus accrued and unpaid interest thereon to the date fixed for redemption, but without premium. Principal Date Amount June 1, 20__ June 1, 20__* * Maturity 4