I-2 - Resolution 2021-011 - Authorizing and Approving Loan Agreement - 2021 GO Annual Approp Refunding

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 and the City Council has approved the Bond Purchase Agreement and has made provision for its execution and delivery; and WHEREAS, it is now necessary to authorize the calling of the Callable 2015A Bonds for early redemption on June 1, 2021 (the “Redemption Date”); and WHEREAS, the Current Refunding is eligible to be supported with tax increment financing pursuant to Chapter 403 of the Code of Iowa and prior actions of the City Council; 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, Iowa, as follows: Section 1. The City shall 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 $2,510,000, 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. UMB Bank, n.a., as Registrar and Paying Agent for the 2015A Bonds is hereby authorized to take all action necessary to call the Callable 2015A Bonds for early redemption on the Redemption Date, and is further authorized and directed to give notice of such redemption by sending notice to each of the registered owners of the Callable 2015A Bonds to be redeemed at the addresses shown on the City’s registration books, not less than 30 prior to the Redemption Date. Section 3. The Bonds are hereby authorized to be issued to the Underwriter, in the aggregate principal amount of $2,510,000, 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> </tr> <tr> <td>2022</td> <td>$330,000</td> <td>2.00%</td> </tr> <tr> <td>2023</td> <td>$345,000</td> <td>2.00%</td> </tr> <tr> <td>2024</td> <td>$350,000</td> <td>2.00%</td> </tr> <tr> <td>2025</td> <td>$355,000</td> <td>2.00%</td> </tr> <tr> <td>2026</td> <td>$370,000</td> <td>2.00%</td> </tr> <tr> <td>2027</td> <td>$375,000</td> <td>2.00%</td> </tr> <tr> <td>2028</td> <td>$385,000</td> <td>2.00%</td> </tr> </table>