I-1 - Preliminary Official Statement Series 2021A Refunding

CITY OF TIFFIN, IOWA REVENUE/SPECIAL OBLIGATION DEBT (As of February 2, 2021) Purpose: Water Sewer Sewer Revenue Revenue Revenue Bond, Bond, Bond, Series Series Series 2003B 2016 2018 Dated: 07/09/03 09/30/16 05/11/18 Original Amount: $340,000 $2,296,000 $6,754,000 Maturity: 1-Jun 1-Jun 1-Jun TOTAL TOTAL Interest Rates: 1.75% 1.75% 1.75% PRINCIPAL: PRIN & INT: 2021 $21,000 $100,000 $290,000 $411,000 $552,381 2021 2022 22,000 102,000 295,000 419,000 553,046 2022 2023 22,000 104,000 301,000 427,000 553,589 2023 2024 0 106,000 307,000 413,000 532,184 2024 2025 0 109,000 314,000 423,000 534,869 2025 2026 0 111,000 320,000 431,000 535,396 2026 2027 0 113,000 326,000 439,000 535,784 2027 2028 0 115,000 333,000 448,000 537,023 2028 2029 0 118,000 339,000 457,000 538,104 2029 2030 0 120,000 346,000 466,000 539,028 2030 2031 0 122,000 353,000 475,000 539,794 2031 2032 0 125,000 360,000 485,000 541,194 2032 2033 0 127,000 367,000 494,000 541,828 2033 2034 0 130,000 375,000 505,000 544,086 2034 2035 0 132,000 382,000 514,000 544,170 2035 2036 0 135,000 390,000 525,000 546,079 2036 2037 0 138,000 398,000 536,000 547,795 2037 2038 0 0 406,000 406,000 409,553 2038 $65,000 $2,007,000 $6,202,000 $8,274,000 $9,625,900 (1) (2) (3) (2) (4) (2) (4) Add Pay-as-you-go TIF Notes $54,150 (5) (6) Total Debt: $8,328,150 NOTE: 47% OF REVENUE/SPECIAL OBLIGATION DEBT WILL BE RETIRED WITHIN TEN YEARS. (1) These bonds were purchased through a private placement agreement with the State Revolving Fund (SRF). (2) This bond is payable from net revenues of the municipal water utility system and shall be a first lien on the future revenues of the water utility system after payment of expenses including the necessary cost of operating, maintaining, repairing and insuring the water utility. The full faith and credit of the City of Tiffin is not pledged to the payment of principal and/or interest on the bond. (3) Effective September 28, 2012, the Iowa State Revolving Fund reduced the interest rate on 20-year loans from 3% to 1.75%. (4) This bond is payable from net revenues of the municipal sewer utility system and shall be a first lien on the future revenues of the sewer utility system after payment of expenses including the necessary cost of operating, maintaining, repairing and insuring the sewer utility. The full faith and credit of the City of Tiffin is not pledged to the payment of principal and/or interest on the bond. (5) These obligations are included for the computation of the City's debt limit, even though they are special, limited obligations of the City. (6) The City has entered into various agreements to rebate property taxes to individual property taxpayers through the utilization of tax increment revenues and are paid only upon annual property tax receipts. The full faith and credit of the City is not pledged to any payment of principal and interest or any other related costs on the agreements. A-14