Resolutions-2015-083 (2)

Honorable City Council City of Tiffin, Iowa Dear City Officials: We understand that you desire to issue $4,430,000 General Obligation Annual Appropriation Corporate Purpose Bonds Bonds, Series 2015A (the “Bonds”). Accordingly, we propose as follows: We agree to purchase $4,430,000 General Obligation Annual Appropriation Corporate Purpose Bonds Bonds, Series 2015A to be dated July 15, 2015 and to mature June 1, 2016 - 2028. We agree to pay for the Bonds $4,361,253.90 and accrued interest to the date of settlement. The Bonds are to be payable at Bankers Trust Company, Des Moines, Iowa, as paying agent and registrar. Interest is to be payable on December 1, 2015 and semiannually thereafter. The Bonds will have the following interest rates and will mature on June 1 in the years and amounts as follows: <table> <tr> <th>Year</th> <th>Amount</th> <th>Rate</th> <th>Year</th> <th>Amount</th> <th>Rate</th> </tr> <tr> <td>2016</td> <td>$265,000</td> <td>2.00 %</td> <td>2023</td> <td>$345,000</td> <td>2.80%</td> </tr> <tr> <td>2017</td> <td>305,000</td> <td>2.00</td> <td>2024</td> <td>355,000</td> <td>3.00</td> </tr> <tr> <td>2018</td> <td>310,000</td> <td>2.00</td> <td>2025</td> <td>365,000</td> <td>3.10</td> </tr> <tr> <td>2019</td> <td>315,000</td> <td>2.10</td> <td>2026</td> <td>380,000</td> <td>3.20</td> </tr> <tr> <td>2020</td> <td>325,000</td> <td>2.30</td> <td>2027</td> <td>390,000</td> <td>3.30</td> </tr> <tr> <td>2021</td> <td>330,000</td> <td>2.50</td> <td>2028</td> <td>405,000</td> <td>3.40</td> </tr> <tr> <td>2022</td> <td>340,000</td> <td>2.60</td> <td></td> <td></td> <td></td> </tr> </table> All Bonds will be Book Entry and in multiples of $5,000. The average interest rate is 2.9633% and the TIC is 3.1777%. Optional Redemption: Bonds maturing in the years 2022 through 2028, inclusive, are callable at the option of the Issuer in whole or in part on June 1, 2021 and on any date thereafter, at a price of par plus accrued interest. This contract is made for prompt acceptance and subject to the approval of Dorsey & Whitney, LLP (Bond Counsel) of Des Moines, Iowa, as to the legality and regularity of all proceedings taken in the issuance of the Bonds. The Issuer agrees to pay the expenses of registering the Bonds and the fee of Bond Counsel, recognized municipal bond attorneys, in furnishing the necessary proceedings required to authorize the issuance of the Bonds.