Resolutions-2015-089

Tiffin / 436989- 13 ASS GO AA maturing on June 1 in each of the years, in the respective principal amounts and bearing interest at the respective rates, as follows: Date Principal Interest Rate Date Principal Interest Rate 2016 265, 000 2. 00% 2023 345, 000 2. 80% 2017 305, 000 2. 00% 2024 355, 000 3. 00% 2018 310, 000 2. 00% 2025 365, 000 3. 10% 2019 315, 000 2. 10% 2026 380, 000 3. 20% 2020 325, 000 2. 30% 2027 390, 000 3. 30% 2021 330, 000 2. 50% 2028 405, 000 3. 40% 2022 340, 000 2. 60% Bankers Trust Company, Des Moines, Iowa, is hereby designated as the Registrar and Paying Agent for the Bonds and may be hereinafter referred to as the " Registrar" or the " Paying Agent." The City shall enter into an agreement ( the " Registrar Agreement") with the Registrar, in substantially the form as has been placed on file with the City Council; the Mayor and City Clerk are hereby authorized and directed to sign the Registrar Agreement on behalf of the City; and the Registrar Agreement is hereby approved. The City reserves the right to optionally prepay part or all of the Bonds maturing in the years 2022 to 2028, prior to and in any order of maturity on June 1, 2021, or on any date thereafter upon terms of par and accrued interest. If less than all of the Bonds of any like maturity are to be redeemed, the particular part of those Bonds to be redeemed shall be selected by the Registrar by lot. The Bonds may be called in part in one or more units of $5, 000. If less than the entire principal amount of any Bond in a denomination of more than 5, 000 is to be redeemed, the Registrar will issue and deliver to the registered owner thereof, upon surrender of such original Bond, a new Bond or Bonds, in any authorized denomination, in a total aggregate principal amount equal to the unredeemed balance of the original Bond. Notice of such redemption as aforesaid identifying the Bond or Bonds ( or portion thereof) to be redeemed shall be sent by electronic means or mailed by certified mail to the registered owners thereof at the addresses shown on the City' s registration books not less than 30 days prior to such redemption date. All of such Bonds as to which the City reserves and exercises the right of redemption and as to which notice as aforesaid shall have been given and for the redemption of which funds are duly provided, shall cease to bear interest on the redemption date. Accrued interest on the Bonds shall be payable semiannually on the first day of June and December in each year, commencing December 1, 2015. Interest shall be calculated on the basis of a 360 -day year comprised of twelve 30 -day months. Payment of interest on the Bonds shall be made to the registered owners appearing on the registration books of the City at the close of business on the fifteenth day of the month next preceding the interest payment date and shall be paid to the registered owners at the addresses shown on such registration books. Principal of the Bonds shall be payable in lawful money of the United States of America to the registered owners or their legal representatives upon presentation and surrender of the Bond or Bonds at the office of the Paying Agent. 4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA