I-1 - Finance Plan Tiffin 2021A Refunding

Executive Summary The following is a summary of the recommended terms for the issuance of $2,650,000 General Obligation Annual Appropriation Refunding Bonds, Series 2021A (the “Bonds”). Additional information on the proposed finance plan and issuing process can be found after the Executive Summary, in the Issue Overview and Attachment 4 – Related Considerations. Purpose Proceeds from the Bonds will be used to current refund the 2022 through 2028 maturities of the City’s General Obligation Annual Appropriation Corporate Purpose Bonds, Series 2015A on June 1, 2021 and to pay costs associated with the issuance of the Bonds. Security The Bonds will be a general obligation of the City, subject to non-appropriation. The City will pledge property tax levies for payment of the Bonds. The Bonds do not constitute a continuing obligation of the City in any fiscal year beyond the fiscal year for which funds have been appropriated for the payment of the Bonds. Repayment Term The Bonds will mature annually each June 1 in the years 2022 - 2028. Interest on the Bonds will be payable on December 1, 2021 and semiannually thereafter on each June 1 and December 1. Refunding Summary Estimated Savings: Gross savings $151,705 Net Present Value $144,956 Net PV Percent 5.618% Other Factors: No change in the debt structure is proposed. Estimated Interest Rate True Interest Cost (TIC): 1.49% Prepayment Option The Bonds will not be subject to early redemption or prepayment prior to maturity. Rating The Bonds will not be rated. Tax Status The Bonds will be tax-exempt, bank qualified obligations. Risk Factors There are certain risks associated with all debt. Risk factors related to the Bonds are discussed in Attachment 3. Type of Bond Sale Negotiated with Northland Securities Pricing Date Tuesday, February 2, 2021 Council Consideration Tuesday, February 2, 2021 Northland Securities, Inc. Page 1