I-1 - Preliminary Official Statement Series 2021A Refunding

PRELIMINARY OFFICIAL STATEMENT DATED JANUARY __, 2021 This Preliminary Official Statement and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of NEW ISSUE - DTC BOOK ENTRY ONLY NON-RATED an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In the opinion of Dorsey & Whitney LLP, Bond Counsel, according to present laws, rulings and decisions and assuming compliance with certain covenants, the interest on the Bonds will be excluded from gross income for federal income tax purposes. Interest on the Bonds is not an item of tax preference for purposes of the federal alternative minimum tax under the Internal Revenue Code of 1986 (the “Code”). In the opinion of Bond Counsel, the Bonds are “qualified tax-exempt obligations” within the meaning of Section 265(b)(3) of the Code. See “TAX EXEMPTION AND RELATED TAX MATTERS” herein. $2,650,000* City of Tiffin, Iowa General Obligation Annual Appropriation Refunding Bonds, Series 2021A Dated: Date of Delivery Due: As shown on inside cover The $2,650,000* General Obligation Annual Appropriation Refunding Bonds, Series 2021A (the “Bonds”), are being issued in fully registered form in denominations of $5,000 or any integral multiple thereof pursuant to the provisions of Chapters 384 and 76 of the Code of Iowa, 2019, as amended and a resolution authorizing issuance of the Bonds (the “Resolution”) expected to be adopted by the City of Tiffin, Iowa (the “Issuer” or the “City”) on February 16, 2021*. The Depository Trust Company, New York, New York (“DTC”) will act as the securities depository for the Bonds and its nominee, Cede & Co., will be the registered owner of the Bonds. Individual purchases of the Bonds will be recorded on a book-entry only system operated by DTC. Purchasers of the Bonds will not receive certificates representing their interest in the Bonds purchased. So long as DTC or its nominee, Cede & Co., is the Bondholder, the principal of, premium, if any, and interest on the Bonds will be paid by UMB Bank, n.a., West Des Moines, Iowa, as Registrar and Paying Agent (the “Registrar”), or its successor, to DTC, or its nominee, Cede & Co. Disbursement of such payments to the Beneficial Owners is the responsibility of the DTC Participants as more fully described herein. Neither the Issuer nor the Registrar will have any responsibility or obligation to such DTC Participants, indirect participants or the persons for whom they act as nominee with respect to the Bonds. See “APPENDIX F – BOOK- ENTRY SYSTEM” herein. THE BONDS AND THE INTEREST THEREON ARE GENERAL OBLIGATIONS OF THE ISSUER, SUBJECT TO NONAPPROPRIATION, PAYABLE (IN NO ORDER OF PRIORITY) FROM THE ISSUER’S DEBT SERVICE TAX REVENUES (DEFINED HEREIN) AND OTHER AMOUNTS AS MAY BE LAWFULLY AVAILABLE, ALL TO THE EXTENT APPROPRIATED BY THE CITY COUNCIL OF THE ISSUER FOR THE PAYMENT THEREOF. THE BONDS DO NOT DIRECTLY OR INDIRECTLY OBLIGATE THE CITY TO MAKE ANY PAYMENTS THEREON DURING A FISCAL YEAR BEYOND ANY FISCAL YEAR FOR WHICH FUNDS HAVE BEEN APPROPRIATED BY THE ISSUER. THE ISSUER HAS NO PAYMENT OBLIGATIONS UNDER THE BONDS OTHER THAN AMOUNTS APPROPRIATED FOR PAYMENTS DUE IN THE CURRENT FISCAL YEAR. IN THE EVENT THAT THE CITY COUNCIL OF THE ISSUER DOES NOT BUDGET AND APPROPRIATE FUNDS FOR ANY FISCAL YEAR IN AN AMOUNT SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST DUE ON THE BONDS DURING SUCH FISCAL YEAR, THE ISSUER’S OBLIGATIONS UNDER THE BONDS SHALL TERMINATE AND BECOME NULL AND VOID ON THE LAST DAY OF THE FISCAL YEAR FOR WHICH THE NECESSARY FUNDS WERE APPROPRIATED. THE BONDS INVOLVE CERTAIN INVESTMENT RISKS. SEE “SECURITY AND SOURCE OF PAYMENT” AND “BONDHOLDERS’ RISKS” HEREIN. The Bonds will bear interest from their dated date, payable semiannually on each June 1 and December 1, commencing December 1, 2021*. The Bonds of this issue are not subject to redemption prior to maturity. See “THE BONDS – Redemption” herein. The Bonds and the interest thereon are general obligations of the Issuer, and all taxable property within the corporate boundaries of the Issuer is subject to the levy of taxes to pay the principal of and interest on the Bonds without constitutional or statutory limitation as to rate or amount. See “SECURITY AND SOURCE OF PAYMENT” herein. Proceeds of the Bonds will be used for the purpose of paying the cost, to that extent of current refunding of certain maturities of the Refunded Bonds (as defined herein) and paying certain costs of issuance related to the Bonds. See “PLAN OF FINANCING” herein. The Bonds are being offered when, as and if issued by the Issuer and accepted by the Underwriter, subject to receipt of an opinion as to legality, validity and tax exemption by Dorsey & Whitney LLP, Des Moines, Iowa, Bond Counsel. Dorsey & Whitney LLP is also serving as Disclosure Counsel to the Issuer in connection with the issuance of the Bonds. It is expected that the Bonds in the definitive form will be available for delivery through the facilities of DTC on or about March 9, 2021.* The Date of this Official Statement is February __, 2021 * Preliminary, subject to change