Resolutions-2016-053

(Form of Bond) UNITED STATES OF AMERICA STATE OF IOWA JOHNSON COUNTY CITY OF TIFFIN SEWER REVENUE BOND, SERIES 2016 No. R-1 $2,296,000 RATE MATURITY BOND DATE 1.75% June 1, 2037 September 23, 2016 The City of Tiffin (the “City”), in Johnson County, State of Iowa, for value received, promises to pay from the source and as hereinafter provided, to the IOWA FINANCE AUTHORITY or registered assigns, the principal sum of TWO MILLION TWO HUNDRED NINETY-SIX THOUSAND DOLLARS. Interest at the rate specified above shall be payable semiannually on June 1 and December 1 of each year, commencing December 1, 2016, and principal shall be due and payable in installments in the amounts shown on the Principal Payment Schedule hereon on June 1, 2018, and annually thereafter on June 1 in each year until the principal and interest are fully paid, except that the final installments of the entire balance of principal and interest, if not sooner paid, shall become due and payable on June 1, 2037. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. The City Clerk shall act as Registrar and Paying Agent and may be hereinafter referred to as the “Registrar” or the “Paying Agent”. Payment of the principal of and interest on this Bond and premium, if any, shall be payable at the office of the Paying Agent to the registered owners thereof appearing on the registration books of the City at the addresses shown on such registration books. All such payments, except full redemption, shall be made to the registered owners appearing on the registration books at the close of business on the fifteenth day of the month next preceding the payment date. Final payment of principal shall only be made upon surrender of this Bond to the Paying Agent. This Bond is one of a series of bonds (the “Bonds”) issued by the City to evidence its obligation under a certain Loan and Disbursement Agreement, dated the date hereof (the “Agreement”) entered into by the City for the purpose of providing funds to pay a portion of the