Resolutions-2017-013

DocuSign Envelope ID: 7E8AE5FC- A2BD-44CB-8DF1-F13EE7D77DAB nd Tiffin/436989-18/2½ Hrg -P&DSewer Iss UNITED STATES OFAMERICA STATE OFIOWA JOHNSON COUNTY CITY OFTIFFIN SEWER REVENUE LOAN ANDDISBURSEMENT AGREEMENT ANTICIPATION PROJECT NOTE IFAINTERIM LOAN AND DISBURSEMENT AGREEMENT) No. 1 MAXIMUM PRINCIPAL AMOUNT: $150,000 INTEREST RATE PROJECT NOTE DATE 0% March 31,2017 ThisSewer Revenue Loan andDisbursement Agreement Anticipation Project Note (IFA Tiffin The Lender shall loan totheCityaninterim amount nottoexceed $150,000. Project Note pursuant totheprovisions ofSections 76.13and 384.24A oftheCode ofIowa, 2017, asamended, andproviding fortheissuance andsecuring thepayment ofthisProject Note, and reference ismade totheResolution foramore complete statement astothesource of payment ofthisProject Note andtherights oftheowners ofthisProject Note. This Project Note, together with anyadditional obligations asmay behereafter issued andoutstanding from timeto time under theconditions setforth intheResolution, shall bepayable solely andonly from the and the corresponding future issuance ofSewer Revenue Bonds, asufficient portion ofwhich have been appropriated tothe payment hereof. The proceeds ofthis Project Note shall beused forthe purposes setforth inthe Resolution and shall bemade available tothe City intheform ofone ormore periodic disbursements. obligation torepay the amounts payable hereunder andshall bear interest at0%.This Project Note shall bepayable astoprincipal infullontheMaturity Date (hereinafter defined) andinthe total aggregate amount drawn bytheCity pursuant tothis Project Note, shall besubject to prepayment inwhole orinpart onanydate ataprepayment price equal totheprincipal amount hereof prepaid, andshall contain such other terms andprovisions asprovided intheResolution. This Project Note ispayable astoprincipal three years from theProject Note Date (the into aLoan andDisbursement Agreement with theLender pursuant totheIowa Water Pollution Control Works andDrinking Water Facilities Financing Program bythe Maturity Date, the Lender may provide for therepayment infullofthisProject Note pursuant totheterms ofsuch Loan and Disbursement Agreement and the resolution authorizing theLoan andDisbursement Agreement. 4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA