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

SUMMARY OF OFFERING City of Tiffin, Iowa $3,750,000 General Obligation Corporate Purpose Bonds, Series 2024A (Book-Entry Only) AMOUNT - $3,750,000 ISSUER - City of Tiffin, Iowa (the “City” or the “Issuer”) AWARD DATE - May 6, 2024 UNDERWRITER - Northland Securities, Inc. (the “Underwriter”), 150 South 5th Street, Suite 3300, Minneapolis, Minnesota 55402, telephone: 612- 851-5900 or 800-851-2920 and 6903 Vista Drive, West Des Moines, IA 50266, Telephone: 515-657- 4675 TYPE OF ISSUE - General Obligation Corporate Purpose Bonds, Series 2024A (the “Bonds” or the “Issue”) AUTHORITY, PURPOSE & SECURITY - The General Obligation Corporate Purpose Bonds, Series 2024A (the “Bonds”) are being issued by the City of Tiffin, Iowa (the “City”) 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 (defined below) 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. 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. See Authority and Purpose as well as Security/Sources and Uses of Funds herein for additional information. LOAN AGREEMENT - The City and Underwriter will enter into a Loan Agreement (the “Loan Agreement”) providing for a loan to the City in a principal amount equal to the principal amount of the Bonds, and the Bonds will be issued in evidence of the City’s obligation to repay the amounts payable under the Loan Agreement. DATE OF ISSUE - Date of Delivery (Estimated to be May 30, 2024) INTEREST PAID - Semiannually on each June 1 and December 1, commencing December 1, 2024, to registered owners of the Bonds appearing of record in the bond register as of the close of business on the fifteenth day (whether or not a business day) of the calendar month next preceding such interest payment date (the “Record Date”). MATURITIES - 6/1/2025 $230,000 6/1/2027 $470,000 6/1/2029 $500,000 6/1/2031 $540,000 6/1/2026 455,000 6/1/2028 485,000 6/1/2030 515,000 6/1/2032 555,000 REDEMPTION - The Bonds are not subject to optional redemption or prepayment prior to maturity. BOOK-ENTRY - The Bonds will be issued as fully registered and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York, to which principal and interest payments will be made. 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 the Bonds. PAYING AGENT/REGISTRAR - UMB Bank, N.A., West Des Moines, Iowa TAX DESIGNATIONS - NOT Private Activity Bonds - The Bonds are not “private activity bonds” as defined in Section 141 of the Internal Revenue Code of 1986, as amended (the “Code”). Bank Qualified Tax-Exempt Obligations - The City will designate the Bonds as “qualified tax-exempt obligations” for purposes of Section 265(b)(3) of the Code. LEGAL OPINION - Dorsey & Whitney LLP, Des Moines, Iowa ("Bond Counsel") BOND RATING - The City applied for an underlying rating from S&P Global Ratings (“S&P”). CLOSING - Estimated to be May 30, 2024. PRIMARY CONTACTS - Doug Boldt, City Administrator, City of Tiffin, Iowa, 319-545-2572 Ext. 2 Heidi Kuhl, Director, Northland Securities, Inc., 515-657-4684 –2–