Resolution 2025-035 - Resolution Authorizing a Loan Agreement, providing the Issuance of $5,350,000

Furthermore, the Bond Insurer is hereby approved, and the Mayor, the City Clerk, the City Administrator (or their acting designees) are hereby authorized to execute and deliver any and all agreements, documents and instruments required related to the issuance of the municipal bond insurance related to the Bonds. The Bond Insurer is a third party beneficiary under this resolution. Any insurance provisions required by the Bond Insurer to be included in this resolution and set forth in its commitment are hereby made a part of this resolution and incorporated herein, and the City Clerk (or designee) is authorized to attach a copy of such insurance provisions, if required, to this resolution. Section 2. The Bonds, in the aggregate principal amount of $5,350,000, are hereby authorized to be issued in evidence of the City’s obligations under the Loan Agreement. The Bonds shall be dated April 24, 2025, shall be issued in the denomination of $5,000 each or any integral multiple thereof and shall mature on June 1 in each of the years, in the respective principal amounts, and bearing interest at the respective rates as follows: <table> <tr> <th>Date</th> <th>Principal</th> <th>Interest Rate</th> <th>Date</th> <th>Principal</th> <th>Interest Rate</th> </tr> <tr> <td>2026</td> <td>$70,000</td> <td>5.00%</td> <td>2034</td> <td>$390,000</td> <td>4.00%</td> </tr> <tr> <td>2027</td> <td>$195,000</td> <td>5.00%</td> <td>2035</td> <td>$405,000</td> <td>4.00%</td> </tr> <tr> <td>2028</td> <td>$295,000</td> <td>5.00%</td> <td>2036</td> <td>$420,000</td> <td>4.00%</td> </tr> <tr> <td>2029</td> <td>$310,000</td> <td>5.00%</td> <td>2037</td> <td>$440,000</td> <td>4.00%</td> </tr> <tr> <td>2030</td> <td>$325,000</td> <td>5.00%</td> <td>2038</td> <td>$455,000</td> <td>4.00%</td> </tr> <tr> <td>2031</td> <td>$340,000</td> <td>5.00%</td> <td>2039</td> <td>$475,000</td> <td>4.00%</td> </tr> <tr> <td>2032</td> <td>$360,000</td> <td>5.00%</td> <td>2040</td> <td>$495,000</td> <td>4.00%</td> </tr> <tr> <td>2033</td> <td>$375,000</td> <td>4.00%</td> <td></td> <td></td> <td></td> </tr> </table> Section 3. UMB Bank, n.a., West Des Moines, Iowa, is hereby designated as the Registrar and Paying Agent for the Bonds and may be hereinafter referred to as the “Registrar” or the “Paying Agent.” The City shall enter into an agreement (the “Registrar/Paying Agent Agreement”) with the Registrar, in substantially the form as has been placed on file with the Council; the Mayor and City Clerk are hereby authorized and directed to sign the Registrar/Paying Agent Agreement on behalf of the City; and the Registrar/Paying Agent Agreement is hereby approved. The City reserves the right to optionally prepay part or all of the principal of the Bonds maturing in the years 2033 to 2040, inclusive, prior to and in any order of maturity on June 1, 2032, or on any date thereafter upon terms of par and accrued interest. If less than all of the Bonds of any like maturity are to be redeemed, the particular part of those Bonds to be redeemed shall be selected by the Registrar by lot. The Bonds may be called in part in one or more units of $5,000. If less than the entire principal amount of any Bond in a denomination of more than $5,000 is to be redeemed, the Registrar will issue and deliver to the registered owner thereof, upon surrender of such original Bond, a new Bond or Bonds, in any authorized denomination, in a total aggregate principal amount equal to the unredeemed balance of the original Bond. Notice of such redemption as aforesaid identifying the Bond or Bonds (or portion thereof) to be