I-1 - Finance Plan Tiffin 2021A Refunding

Issue Overview 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 (the “2015A Bonds”) on June 1, 2021 and to pay costs associated with the issuance of the Bonds. The Bonds have been sized based on the amount of proceeds needed to fully refund $2,580,000 of outstanding principal of the 2015A Bonds. The preliminary refunding analysis of the 2015A Bonds can be found in Attachment 1. The table below contains the sources and uses of funds for the bond issue. S ources Of Funds Par Amount of Bonds $2,635,000.00 Total Source s $2,635,000.00 Uses Of Funds Deposit to Current Refunding Fund 2,580,000.00 T otal Underwriter's Discount (1.150%) 30,302.50 Costs of Issuance 21,400.00 Rounding Amount 3,297.50 Total Use s $2,635,000.00 Authority The Bonds will be issued pursuant to the authority of Code of Iowa, Section 384.24A and Chapter 76. Structure The Bonds have been structured to result in relatively level annual savings and annual debt service payments over the life of the Bonds, which is similar to the original structure of the 2015A Bonds. The proposed structure for the bond issue and preliminary debt service projections are illustrated in Attachment 2. Issuing Process The City has engaged Northland to act as underwriter for the Bonds pursuant to federal securities regulations. Northland will purchase the Bonds in an “arm’s length” negotiated sale. The calendar of events for the issuing process can be found on page 3. Underwriter: Northland Securities, Inc., Minneapolis, Minnesota Bond Counsel: Dorsey & Whitney LLP, Des Moines, Iowa Paying Agent: UMB Bank, N.A., West Des Moines, Iowa Northland Securities, Inc. Page 2