Resolutions-2018-005

SUMMARY OF OFFERING City of Tiffin, Iowa $1,000,000 General Obligation Annual Appropriation Fire Truck Acquisition Bonds, Series 2018A (Book-Entry Only) AMOUNT - $1,000,000 ISSUER - City of Tiffin, Iowa (the “City” or the “Issuer”) AWARD DATE - March 6, 2018 UNDERWRITER - Northland Securities, Inc. (the “Underwriter”), 45 South 7th Street, Suite 2000, Minneapolis, Minnesota 55402, telephone: 612-851-5900 or 800-851-2920 and 6903 Vista Drive, West Des Moines, IA 50266, Telephone: 515-657-4675 TYPE OF ISSUE - General Obligation Annual Appropriation Fire Truck Acquisition Bonds, Series 2018A (the “Bonds” or the “Issue”) AUTHORITY, PURPOSE & SECURITY - The General Obligation Annual Appropriation Fire Truck Acquisition Bonds, Series 2018A (the “Bonds”) are being issued by the City of Tiffin, Iowa (the “City”) pursuant to Code of Iowa, Sections 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 (defined below) 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. 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 this 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 payments from any source, including fund on deposit with any bank or credit union under the Issuance Resolution) of principal or interest 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 Authority and Purpose as well as Security/Sources and Uses of Funds herein for additional information. LOAN AGREEMENT - DATE OF ISSUE - Date of Delivery (Estimated to be April 4, 2018) INTEREST PAID - Semiannually on each June 1 and December 1, 2018, to registered owners of the Bonds appearing of record in the bond register as of the close of business on the fifteenth day (whether or not a business day) of the calendar month next preceding such interest payment date (the “Record Date”). MATURITIES - <table> <tr> <th>6/1/2019</th> <th>6/1/2024</th> <th>6/1/2029</th> <th>6/1/2034</th> <th>6/1/2039</th> <th>6/1/2044</th> </tr> <tr> <td>$30,000</td> <td>$40,000</td> <td>$50,000</td> <td>$60,000</td> <td></td> <td></td> </tr> <tr> <td>6/1/2020</td> <td>40,000</td> <td>6/1/2025</td> <td>45,000</td> <td>6/1/2030</td> <td>50,000</td> </tr> <tr> <td>6/1/2021</td> <td>40,000</td> <td>6/1/2026</td> <td>45,000</td> <td>6/1/2031</td> <td>55,000</td> </tr> <tr> <td>6/1/2022</td> <td>40,000</td> <td>6/1/2027</td> <td>45,000</td> <td>6/1/2032</td> <td>55,000</td> </tr> <tr> <td>6/1/2023</td> <td>40,000</td> <td>6/1/2028</td> <td>45,000</td> <td>6/1/2033</td> <td>55,000</td> </tr> </table> REDEMPTION - 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. See Description of the Bonds herein for additional information. BOOK-ENTRY - The Bonds will be issued as fully registered and, when issued, will be registered in the name of Code & Co., as nominee of The Depository Trust Company, New York, New York, to which principal and interest payments will be made. 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 the Bonds. PAYING AGENT/REGISTRAR - Bankers Trust Company, Des Moines, Iowa TAX DESIGNATIONS - NOT Private Activity Bonds - The Bonds are not “private activity bonds” as defined in Section 141 of the Internal Revenue Code of 1986, as amended (the “Code”). Bank Qualified Tax-Exempt Obligations - The City will designate the Bonds as “qualified tax-exempt obligations” for purposes of Section 265(b)(3) of the Code. LEGAL OPINION - Dorsey & Whitney LLP, Des Moines, Iowa (“Bond Counsel”) BOND RATING - The City did not apply for an underlying rating. CLOSING - Estimated to be April 4, 2018. PRIMARY CONTACTS - Doug Boldt, City Administrator, City of Tiffin, Iowa, 319-545-2572 Jeff Heil, Vice President, Northland Securities, Inc., 641-750-5720