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

CITY OF TIFFIN, IOWA REVENUE/SPECIAL OBLIGATION DEBT (As of May 2, 2024) Purpose: Sewer Sewer Sewer Revenue Revenue Revenue Bond, Bond, Bond, Series Series Series 2016 2018 2022 Dated: 09/30/16 05/11/18 03/04/22 Original Amount: $2,296,000 $6,754,000 $486,000 Maturity: 1-Jun 1-Jun 1-Jun TOTAL TOTAL Interest Rates: 1.75% 1.75% PRINCIPAL: PRIN & INT: Fiscal Year 2024 $106,000 $307,000 $28,588 $441,588 $502,987 2024 2025 109,000 314,000 28,588 451,588 567,158 2025 2026 111,000 320,000 28,588 459,588 567,756 2026 2027 113,000 326,000 28,588 467,588 568,213 2027 2028 115,000 333,000 28,588 476,588 569,531 2028 2029 118,000 339,000 28,588 485,588 570,691 2029 2030 120,000 346,000 28,588 494,588 571,693 2030 2031 122,000 353,000 28,588 503,588 572,538 2031 2032 125,000 360,000 28,588 513,588 573,826 2032 2033 127,000 367,000 28,588 522,588 574,738 2033 2034 130,000 375,000 28,588 533,588 577,093 2034 2035 132,000 382,000 28,588 542,588 577,256 2035 2036 135,000 390,000 28,588 553,588 579,261 2036 2037 138,000 398,000 28,588 564,588 581,073 2037 2038 0 406,000 28,588 434,588 441,693 2038 $1,701,000 $5,316,000 $428,824 $7,445,824 $8,395,507 (1) (2) (1) (2) Add Pay-as-you-go TIF Notes: $78,426 (3) (4) Total Debt: $7,524,250 NOTE: 65% OF REVENUE/SPECIAL OBLIGATION DEBT WILL BE RETIRED WITHIN TEN YEARS. (1) This bond is payable from net revenues of the municipal water utility system and shall be a first lien on the future revenues of the water utility system after payment of expenses including the necessary cost of operating, maintaining, repairing and insuring the water utility. The full faith and credit of the City of Tiffin is not pledged to the payment of principal and/or interest on the bond. (2) This bond is payable from net revenues of the municipal sewer utility system and shall be a first lien on the future revenues of the sewer utility system after payment of expenses including the necessary cost of operating, maintaining, repairing and insuring the sewer utility. The full faith and credit of the City of Tiffin is not pledged to the payment of principal and/or interest on the bond. (3) These obligations are included for the computation of the City's debt limit, even though they are special, limited obligations of the City. (4) The City has entered into various agreements to rebate property taxes to individual property taxpayers through the utilization of tax increment revenues and are paid only upon annual property tax receipts. The full faith and credit of the City is not pledged to any payment of principal and interest or any other related costs on the agreements. – 27 –