M-8 - Finance Plan Tiffin GO 2022A

Executive Summary The following is a summary of the recommended terms for the issuance of $2,755,000 General Obligation Corporate Purpose Bonds, Series 2022A (the “Bonds”). Additional information on the proposed finance plan and issuing process can be found after the Executive Summary, in the Issue Overview and Attachment 3 – Related Considerations. Purpose Proceeds from the Bonds will be used to finance improvements to a public works building, the acquisition of land, the purchase of a fire truck, and the purchase of other public vehicles. Security The Bonds will be a general obligation of the City. The City will pledge property tax levies for payment of the Bonds. Repayment Term The Bonds will mature annually each June 1 in the years 2023 - 2038. Interest on the Bonds will be payable on December 1, 2022 and semiannually thereafter on each June 1 and December 1. Estimated Interest Rate True Interest Cost (TIC): 3.286% Prepayment Option Bonds maturing on and after June 1, 2030 will be subject to redemption on June 1, 2029 and any day thereafter at a price of par plus accrued interest. Rating The Bonds will not be rated. Tax Status The Bonds will be tax-exempt, bank qualified obligations. Risk Factors There are certain risks associated with all debt. Risk factors related to the Bonds are discussed in Attachment 2. Type of Bond Sale Negotiated with Northland Securities Pricing Date Tuesday, April 19, 2022 Council Consideration Tuesday, April 19, 2022 Northland Securities, Inc. Page 1