Resolutions-2018-005

NEW ISSUE BANK QUALIFIED In the opinion of Dorsey & Whitney LLP, Bond Counsel, according to present laws, rulings and decisions, and assuming compliance with certain covenants, the interest on the Bonds is excluded from gross income for federal income tax purposes. Interest on the Bonds is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations under the Internal Revenue Code of 1986, provided, however, such interest is taken into account in determining adjusted current earnings for the purpose of computing the alternative minimum tax imposed on corporations (as defined for federal income tax purposes). The City will designate the Bonds as “qualified tax exempt obligations.” See “Tax Exemption” herein for additional information. CITY OF TIFFIN, IOWA $1,000,000 General Obligation Annual Appropriation Fire Truck Acquisition Bonds, Series 2018A Dated Date: Date of Delivery (Estimated to be April 4, 2018) Interest Due: Each June 1 and December 1 Commencing December 1, 2018 <table> <tr> <th>Amount</th> <th>Rate</th> <th>Maturity</th> <th>Yield</th> <th>Price</th> <th>Amount</th> <th>Rate</th> <th>Maturity</th> <th>Yield</th> <th>Price</th> </tr> <tr> <td>$30,000</td> <td>____%</td> <td>6/1/2019</td> <td>______</td> <td>______</td> <td>$50,000</td> <td>____%</td> <td>6/1/2029</td> <td>____%</td> <td>______</td> </tr> <tr> <td>40,000</td> <td>______</td> <td>6/1/2020</td> <td>______</td> <td>______</td> <td>50,000</td> <td>______</td> <td>6/1/2030</td> <td>______</td> <td>______</td> </tr> <tr> <td>40,000</td> <td>______</td> <td>6/1/2021</td> <td>______</td> <td>______</td> <td>55,000</td> <td>______</td> <td>6/1/2031</td> <td>______</td> <td>______</td> </tr> <tr> <td>40,000</td> <td>______</td> <td>6/1/2022</td> <td>______</td> <td>______</td> <td>55,000</td> <td>______</td> <td>6/1/2032</td> <td>______</td> <td>______</td> </tr> <tr> <td>40,000</td> <td>______</td> <td>6/1/2023</td> <td>______</td> <td>______</td> <td>55,000</td> <td>______</td> <td>6/1/2033</td> <td>______</td> <td>______</td> </tr> <tr> <td>40,000</td> <td>______</td> <td>6/1/2024</td> <td>______</td> <td>______</td> <td>60,000</td> <td>______</td> <td>6/1/2034</td> <td>______</td> <td>______</td> </tr> <tr> <td>45,000</td> <td>______</td> <td>6/1/2025</td> <td>______</td> <td>______</td> <td>60,000</td> <td>______</td> <td>6/1/2035</td> <td>______</td> <td>______</td> </tr> <tr> <td>45,000</td> <td>______</td> <td>6/1/2026</td> <td>______</td> <td>______</td> <td>65,000</td> <td>______</td> <td>6/1/2036</td> <td>______</td> <td>______</td> </tr> <tr> <td>45,000</td> <td>______</td> <td>6/1/2027</td> <td>______</td> <td>______</td> <td>70,000</td> <td>______</td> <td>6/1/2037</td> <td>______</td> <td>______</td> </tr> <tr> <td>45,000</td> <td>______</td> <td>6/1/2028</td> <td>______</td> <td>______</td> <td>70,000</td> <td>______</td> <td>6/1/2038</td> <td>______</td> <td>______</td> </tr> </table> The Bonds maturing on June 1, 2026 and thereafter are subject to redemption, in whole or in part, on June 1, 2025 and on any date thereafter at a price of par plus accrued interest. The General Obligation Annual Appropriation Fire Truck Acquisition Bonds, Series 2018A (the “Bonds” or the “Issue”) are being issued by the City of Tiffin, Iowa (the “City” or the “Issuer”) pursuant to Code of Iowa, Section 384.24A and Chapter 76, as amended, as well as all other laws amendatory thereof and supplemental thereto, and in conformity with a resolution of the City authorizing and approving the Loan Agreement and providing for the issuance and securing the payment of the Bonds. Proceeds of the Bonds will be used to purchase a fire truck and to pay costs associated with issuance of the Bonds. See Authority and Purpose herein for additional information. Interest is exempt only for federal income tax purposes. The Bonds represent a general obligation of the City, subject to non-appropriation, payable from amounts on deposit in the City’s Debt Service Fund and the Bond Fund created in the Issuance Resolution, and other revenues and funds, to the extent lawfully available for such purpose, all to the extent appropriated by the City Council for the payment thereof. The Bonds do not constitute a continuing obligation of the City in any fiscal year beyond the fiscal year for which funds have been appropriated for the payment of the Bond. The Bonds shall not directly or indirectly obligate the City to make any payments thereon during a fiscal year beyond that for which funds have been appropriated by the City Council for such fiscal year. In the event that the City Council of the City does not budget and appropriate funds for any fiscal year in an amount sufficient to meet the payments of interest and principal due under the Bonds during such fiscal year (a “non-appropriation”), the City’s obligation under the Bonds shall terminate and become null and void on the last day of the fiscal year for which the necessary funds were appropriated. The City shall give notice to the Lender (as defined in the Issuance Resolution) of any non-appropriation. Upon the occurrence of any such non-appropriation, the City shall not be obligated to make payment from any source (including funds on deposit in any funds created under the Issuance Resolution) of any amounts in respect of principal and interest on the Bonds beyond those amounts for which an appropriation has previously been made and the City shall not be liable to the holders of the Bonds for any other amounts due under the Bonds or for any costs, damages (including but not limited to consequential damages) or expenses incurred by the holders of the Bonds as a result of the exercise by the City of the foregoing right of non-appropriation. See Security/Sources and Uses of Funds herein for additional information. The Bonds involve certain investment risks. See Bondholders’ Risks herein for additional information. Principal due with respect to the Bonds is payable annually on June 1, commencing June 1, 2019. Interest due with respect to the Bonds is payable semiannually on June 1 and December 1, commencing December 1, 2018. The Bonds will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York. Individual purchases will be made in book-entry form only, in the principal amount of $5,000 or any whole multiple thereof. Purchasers will not receive physical delivery of Bonds. See “Book-Entry System” in Description of the Bonds herein for additional information. The Paying Agent/Registrar will be Bankers Trust Company, Des Moines, Iowa.