Extension of Banking Services Contract

On June 6, 2002, the Kenai Peninsula Borough, an Alaska municipal corporation, 144 N. Binkley Street, Soldotna, Alaska 99669, and First National Bank Alaska, 1753 Gambell Street, Anchorage, Alaska 99510, entered into a three-year Banking Services Contract, which was authorized by Kenai Peninsula Borough Resolution 2002-032. The three-year term will expire on May 31, 2005, and the contract provides for two additional one-year terms upon approval of both parties. As authorized by Resolution 2005-____, the parties agree to extend the contract for one year so that the term of the contract shall expire May 31, 2006, subject to an option to extend the contract for one additional year, until May 31, 2007, upon written agreement of both parties.

All remaining terms and conditions of the original agreement shall remain in full force.

Kenai Peninsula Borough First National Bank Alaska

By: By:

Its: Its:

Dated: Dated:

ATTEST:

Borough Clerk

Approved as to form and legal sufficiency

Colette Thompson, Borough Attorney