I-1 - Preliminary Official Statement Series 2021A Refunding

but not limited to, updates of such information on the State Auditor’s website or links to other Internet sites accessed through the IPERS website. In fiscal year ended June 30, 2019, the Issuer’s IPERS contribution totaled approximately $52,429. The Issuer is current in its obligations to IPERS. Pursuant to Governmental Accounting Standards Board Statement No. 68, IPERS has allocated the net pension liability among its members, with the Issuer’s identified portion at June 30, 2019, at approximately $400,917. While the Issuer’s contributions to IPERS are controlled by state law, there can be no assurance the Issuer will not be required by changes in State law to increase its contribution requirement in the future, which may have the effect of negatively impacting the finances of the Issuer. See “APPENDIX D – AUDITED FINANCIAL STATEMENTS OF THE ISSUER” for additional information on pension and liabilities of the Issuer. Summary The foregoing is intended only as a summary of certain risk factors attendant to an investment in the Bonds. In order for potential investors to identify risk factors and make an informed investment decision, potential investors should become thoroughly familiar with this entire Official Statement and the appendices hereto. LITIGATION The Issuer encounters litigation occasionally, as a course of business; however, no litigation currently exists that is not believed to be covered by current insurance carriers and the Issuer is not aware of any pending litigation that questions the validity of these Bonds. ACCOUNTANT The financial statements of the Issuer as of and for the year ended June 30, 2019, included in this Official Statement as Appendix D, have been audited by the Iowa State Auditor’s Office, as stated in their report appearing herein. The Iowa State Auditor’s Office has not been engaged to perform, and has not performed, any procedures on the financial statements after June 30, 2019, and also has not performed any procedures relating to this Official Statement. The financial statements are prepared on the basis of cash receipts and disbursements, which is a basis of accounting other than U.S. generally accepted accounting principles. The audited financial statements as of and for the year ended June 30, 2020, are not available; however, the Annual Financial Report (AFR) of the Issuer attached hereto in Appendix E is an unaudited report that has been filed with the State of Iowa Department of Management for the fiscal year ended June 30, 2020. PLAN OF FINANCING The Issuer will use the proceeds of the Bonds to provide funds for the purpose of paying the cost, to that extent, of current refunding of certain maturities of the Refunded Bonds and paying certain costs of issuance related to the Bonds. The following table includes the maturities and amounts of the Refunded Bonds that will be refunded on June 1, 2021*, at a price of par plus accrued interest: Maturity Interest Principal Date Rate Amount June 1, 2022 2.60% $340,000 June 1, 2023 2.80% $345,000 June 1, 2024 3.00% $355,000 June 1, 2025 3.10% $365,000 June 1, 2026 3.20% $380,000 June 1, 2027 3.30% $390,000 June 1, 2028 3.40% $405,000 -8-