I-1 - Preliminary Official Statement - UR Loan Agreement

PRELIMINARY OFFICIAL STATEMENT DATED APRIL __, 2022 NEW ISSUE BOOK ENTRY ONLY BANK QUALIFIED NON-RATED In the opinion of Dorsey & Whitney LLP, Bond Counsel, according to present laws, rulings, and decisions and assuming compliance with certain covenants, the interest on the Bonds will be excluded from gross income for federal income tax purposes. Interest on the Bonds is not an item of tax preference for purposes of the federal alternative minimum tax under the Internal Revenue Code of 1986 (the “Code”). 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 $2,755,000 General Obligation Corporate Purpose Bonds, Series 2022A Dated Date: Date of Delivery (Estimated to be May 18, 2022) Interest Due: Each December 1 and June 1 Commencing December 1, 2022 Amount Rate Maturity Yield Price Amount Rate Maturity Yield Price $25,000 _____% 6/1/2023 _____% _____ $200,000 _____% 6/1/2031 _____% _____ 335,000 _____ 6/1/2024 _____ _____ 205,000 _____ 6/1/2032 _____ _____ 170,000 _____ 6/1/2025 _____ _____ 210,000 _____ 6/1/2033 _____ _____ 180,000 _____ 6/1/2026 _____ _____ 215,000 _____ 6/1/2034 _____ _____ 180,000 _____ 6/1/2027 _____ _____ 110,000 _____ 6/1/2035 _____ _____ 185,000 _____ 6/1/2028 _____ _____ 115,000 _____ 6/1/2036 _____ _____ 190,000 _____ 6/1/2029 _____ _____ 120,000 _____ 6/1/2037 _____ _____ 195,000 _____ 6/1/2030 _____ _____ 120,000 _____ 6/1/2038 _____ _____ The Bonds maturing on June 1, 2030 and thereafter are subject to redemption, in whole or in part, on June 1, 2029 and on any date thereafter at a price of par plus accrued interest. The General Obligation Corporate Purpose Bonds, Series 2022A (the “Bonds” or the “Issue”) are being issued by the City of Tiffin, Iowa (the “City” or the “Issuer”) pursuant to Code of Iowa, Chapter 384, 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 a Public Works building, land acquisition, fire truck, and other public works vehicles 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, 2023. Interest due with respect to the Bonds is payable semiannually on December 1 and June 1, commencing December 1, 2022. 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.