I-1 - Preliminary Official Statement Series 2021A Refunding

OFFICIAL STATEMENT $2,650,000* City of Tiffin, Iowa General Obligation Annual Appropriation Refunding Bonds, Series 2021A INTRODUCTION The purpose of this Official Statement, including the cover page and the appendices hereto (the “Official Statement”), is to set forth certain information in conjunction with the sale of $2,650,000* General Obligation Annual Appropriation Refunding Bonds, Series 2021A (the “Bonds”), of the City of Tiffin, Iowa (the “Issuer” or the “City”). This Introduction is not a summary of this Official Statement, but is only a brief description of the Bonds and certain other matters. Such description is qualified by reference to the entire Official Statement and the documents summarized or described herein. This Official Statement should be reviewed in its entirety. The offering of the Bonds to potential investors is made only by means of the entire Official Statement, including the appendices attached hereto. All statements made in this Official Statement involving matters of opinion or of estimates, whether or not so expressly stated, are set forth as such and not as representations of fact, and no representation is made that any of the estimates will be realized. Copies of statutes, resolutions, ordinances, reports or other documents referred to herein are available, upon request, from the Issuer. 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 are being issued pursuant to the provisions of Chapters 384 and 76 of the Code of Iowa, 2019, as amended (collectively, the “Act”) and a Resolution expected to be adopted by the Issuer on February 16, 2021* (the “Resolution”), to evidence the obligations of the Issuer under a Loan Agreement between the Issuer and the Underwriter. As of the date of issuance of the Bonds and pursuant to the Resolution, the City Council is expected to appropriate funds for the payment of principal and interest on the Bonds through the first fiscal year following issuance of the Bonds. As of the date of this Official Statement, no appropriation has been made to pay principal of and interest on the Bonds. 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 obligation 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. See “SECURITY AND SOURCE OF PAYMENT” and “BONDHOLDERS’ RISKS” 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 Issuer’s outstanding General Obligation Annual Appropriation Corporate Purpose Bonds, Series 2015A, dated July 15, 2015 (the “Refunded Bonds”) and paying certain costs of issuance related to the Bonds. See “PLAN OF FINANCING” and “SOURCES AND USES OF FUNDS” herein. THE ISSUER The Issuer, with a 2010 U.S. Census population of 1,947, comprises approximately 4.11 square miles. The Issuer operates under a statutory form of government consisting of a five-member City Council, of which the Mayor is not a voting member. Additional information concerning the Issuer is included in “APPENDIX A – GENERAL INFORMATION ABOUT THE ISSUER” hereto. * Preliminary, subject to change. -1-