I-1 - Resolution 2022-042 - Approving Loan Agreement for GO Series 2022A

WHEREAS, a certain Bond Purchase Agreement (the “Bond Purchase Agreement”) has been prepared to set forth the terms of the Bonds and the understanding between the City and the Underwriter with respect to the purchase thereof and the City Council has approved the Bond Purchase Agreement and made provision for its execution and delivery; and WHEREAS, it is now necessary to make final provision for the approval of the Loan Agreement and to authorize the issuance of the Bonds; NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, as follows: Section 1. The City Council hereby determines to enter into the Loan Agreement with the Underwriter, in substantially the form as has been placed on file with the City Council, providing for a loan to the City in the principal amount of $2,740,000, for the purpose or purposes set forth in the preamble hereof. The Mayor and City Clerk are hereby authorized and directed to sign the Loan Agreement on behalf of the City, and the Loan Agreement is hereby approved. Section 2. The Bonds are hereby authorized to be issued to the Underwriter, in the aggregate principal amount of $2,740,000, maturing 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>2024</td> <td>$320,000</td> <td>2.35%</td> <td>2032</td> <td>$555,000</td> <td>3.15%</td> </tr> <tr> <td>2027</td> <td>$565,000</td> <td>2.70%</td> <td>2034</td> <td>$400,000</td> <td>3.30%</td> </tr> <tr> <td>2029</td> <td>$410,000</td> <td>2.95%</td> <td>2038</td> <td>$490,000</td> <td>3.50%</td> </tr> </table> Section 3. The Bonds shall be in the denomination of $5,000 each, or any integral multiple thereof, shall be dated May 18, 2022, and shall become due and payable as set forth in Section 2 hereof. 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 City 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 2032 to 2038, inclusive, prior to and in any order of maturity on June 1, 2029 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.