I-1 - Preliminary Official Statement - UR Loan Agreement

SUMMARY OF OFFERING City of Tiffin, Iowa $2,755,000 General Obligation Corporate Purpose Bonds, Series 2022A (Book-Entry Only) AMOUNT - $2,755,000 ISSUER - City of Tiffin, Iowa (the “City” or the “Issuer”) AWARD DATE - April 19, 2022 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 2022A (the “Bonds” or the “Issue”) AUTHORITY, PURPOSE & SECURITY - The General Obligation Corporate Purpose Bonds, Series 2022A (the “Bonds”) are being issued by the City of Tiffin, Iowa (the “City”) 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 (defined below) 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. The Bonds and the interest thereon are general obligations of the City, and all taxable property within the 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 18, 2022) INTEREST PAID - Semiannually on each December 1 and June 1, commencing December 1, 2022, 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 - 6/1/2023 $ 25,000 6/1/2027 $180,000 6/1/2031 $200,000 6/1/2035 $110,000 6/1/2024 335,000 6/1/2028 185,000 6/1/2032 205,000 6/1/2036 115,000 6/1/2025 170,000 6/1/2029 190,000 6/1/2033 210,000 6/1/2037 120,000 6/1/2026 180,000 6/1/2030 195,000 6/1/2034 215,000 6/1/2038 120,000 REDEMPTION - 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. See Description of the Bonds herein for additional information. 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 did not apply for a rating. CLOSING - Estimated to be May 18, 2022. PRIMARY CONTACTS - Doug Boldt, City Administrator, City of Tiffin, Iowa, 319-545-2572 Heidi Kuhl, Director, Northland Securities, Inc., 515-657-4684 Jeff Heil, Northland Securities, Inc., 641-750-5720 –2–