I-1 - Preliminary Official Statement - GO Bond 2024A

PRELIMINARY OFFICIAL STATEMENT DATED MAY __, 2024 NEW ISSUE BOOK ENTRY ONLY BANK QUALIFIED S&P GLOBAL RATINGS RATING “” In the opinion of Dorsey & Whitney LLP, Bond Counsel, according to present laws, rulings and decisions and assuming the accuracy of certain representations and compliance with certain covenants, the interest on the Bonds (i) is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 (the “Code”) and (ii) is not an item of tax preference for purposes of the federal alternative minimum tax imposed on noncorporate taxpayers by Section 55 of the Code. Interest on the Bonds may, however, be taken into account in determining adjusted financial statement income for purposes of the federal alternative minimum tax imposed on applicable corporations (as defined in Section 59(k) of the Code) for tax years beginning after December 31, 2022. In the opinion of Bond Counsel, the Bonds are “qualified tax-exempt obligations” within the meaning of Section 265(b)(3) of the Code. See “TAX EXEMPTION AND RELATED TAX MATTERS” herein. CITY OF TIFFIN, IOWA $3,750,000 General Obligation Corporate Purpose Bonds, Series 2024A Dated Date: Date of Delivery (Estimated to be May 30, 2024) Interest Due: Each June 1 and December 1 Commencing December 1, 2024 Maturity Amount Rate Yield Price Maturity Amount Rate Yield Price 6/1/2025 $230,000 _____% _____% _____ 6/1/2029 $500,000 _____% _____% _____ 6/1/2026 455,000 _____ _____ _____ 6/1/2030 515,000 _____ _____ _____ 6/1/2027 470,000 _____ _____ _____ 6/1/2031 540,000 _____ _____ _____ 6/1/2028 485,000 _____ _____ _____ 6/1/2032 555,000 _____ _____ _____ The Bonds are not subject to optional redemption or prepayment prior to maturity. The General Obligation Corporate Purpose Bonds, Series 2024A (the “Bonds” or the “Issue”) are being issued by the City of Tiffin, Iowa (the “City” or the “Issuer”) pursuant to Code of Iowa, Section 384.24A, as amended, as well as all other laws amendatory thereof and supplemental thereto, and in conformity with a resolution of the City authorizing and approving the Loan Agreement and providing for the issuance and securing the payment of the Bonds. Proceeds of the Bonds will be used to finance street, utility and signage improvements; purchase vehicles and equipment; and to pay costs associated with issuance of the Bonds. See Authority and Purpose herein for additional information. Interest is exempt only for federal income tax purposes. The Bonds and the interest thereon are general obligations of the City, and all taxable property within the corporate boundaries of the City is subject to the levy of taxes to pay the principal of and interest on the Bonds without constitutional or statutory limitation as to rate or amount. Principal due with respect to the Bonds is payable annually on June 1, commencing June 1, 2025. Interest due with respect to the Bonds is payable semiannually on June 1 and December 1, commencing December 1, 2024. The Bonds will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York. Individual purchases will be made in book-entry form only, in the principal amount of $5,000 or any whole multiple thereof. Purchasers will not receive physical delivery of Bonds. See “Book-Entry System” in Description of the Bonds herein for additional information. The Paying Agent/Registrar will be UMB Bank, N.A., West Des Moines, Iowa.