I-1 - Resolution 2021-007 - Approving Bond Purchase Agreement - Refunding 2021

RESOLUTION NO. 2021-007 Resolution approving Bond Purchase Agreement for the sale of General Obligation Annual Appropriation Refunding Bonds, Series 2021A WHEREAS, the City of Tiffin (the “City”), in Johnson County, State of Iowa, previously issued its $4,430,000 General Obligation Annual Appropriation Corporate Purpose Bonds, Series 2015A, dated July 15, 2015 (the “2015A Bonds”), a portion of which remains outstanding, maturing on June 1 in each of the years and in such amounts as follows: <table> <tr> <th>Date</th> <th>Principal</th> <th>Interest Rate</th> </tr> <tr> <td>2021</td> <td>$330,000</td> <td>2.50%</td> </tr> <tr> <td>2022</td> <td>$340,000</td> <td>2.60%</td> </tr> <tr> <td>2023</td> <td>$345,000</td> <td>2.80%</td> </tr> <tr> <td>2024</td> <td>$355,000</td> <td>3.00%</td> </tr> <tr> <td>2025</td> <td>$365,000</td> <td>3.10%</td> </tr> <tr> <td>2026</td> <td>$380,000</td> <td>3.20%</td> </tr> <tr> <td>2027</td> <td>$390,000</td> <td>3.30%</td> </tr> <tr> <td>2028</td> <td>$405,000</td> <td>3.40%</td> </tr> </table> ; and WHEREAS, pursuant to the resolution (the “2015A Bond Resolution”) authorizing the issuance of the 2015A Bonds, the City reserved the right to prepay part or all of the 2015A Bonds maturing in each of the years 2022 to 2028 (the “Callable 2015A Bonds”), inclusive, prior to and in any order of maturity on June 1, 2021 or on any date thereafter, subject to the provisions of the 2015A Bond Resolution; and WHEREAS, the City heretofore proposed to enter into a General Obligation Annual Appropriation Refunding Loan Agreement (the “Loan Agreement”), pursuant to the provisions of Section 384.24A of the Code of Iowa, and to borrow money thereunder in a principal amount not to exceed $2,660,000 for the purpose of paying the cost, to that extent, of current refunding the outstanding balance of the Callable 2015A Bonds, and pursuant to law and a notice duly published, the City Council has held a public hearing on such proposal on December 15, 2020; and WHEREAS, a Preliminary Official Statement (the “P.O.S.”) has been prepared to facilitate the sale of the General Obligation Annual Appropriation Refunding Bonds, Series 2021A (the “Bonds”) in evidence of the obligation of the City under the Loan Agreement, and the City Council has made provision for the approval of the P.O.S. and has authorized its use by Northland Securities, Inc. (the “Underwriter”), as the underwriter of the issuance of the Bonds; and