Resolution No. 2026-007 - A Resolution Approving the Bond Purchase Agreement for the sale of General Obligation Urban Renewal Bonds, Series 2026A

AGENDA ITEM # I-3 AGENDA INFORMATION TIFFIN CITY COUNCIL COMMUNICATION DATE: January 30, 2026 AGENDA ITEM: Resolution 2026‑007 – Approving Bond Purchase Agreement and Authorizing Issuance of General Obligation Urban Renewal Bonds, Series 2026A ACTION: Motion Purpose The purpose of this action is to consider Resolution 2026-007, which approves a Bond Purchase Agreement, authorizes the execution of a Loan Agreement, and provides for the issuance of $13,500,000 General Obligation Urban Renewal Bonds, Series 2026A, to finance the Community/Recreation Center Development Project. This is the final step in the financing process following the public hearing held on January 20, 2026, during which no petition for election was filed. Background On January 7, 2025, the City Council approved the Community/Recreation Center Development Project as an authorized urban renewal project within the Tiffin Urban Renewal Area. The City later initiated proceedings to enter into a General Obligation Urban Renewal Loan Agreement in an amount not to exceed $15,000,000, as permitted under Iowa Code §§ 384.24A and 384.24.3 The required public hearing was held, and notice was published as required by law. As of January 20, 2026, no petition was filed requesting an election; therefore, the Council is able to proceed with approving the Loan Agreement and issuing the bonds A Preliminary Official Statement has been prepared and authorized for use by Northland Securities, Inc., acting as underwriter for the bond sale. A formal Bond Purchase Agreement has also been prepared for Council approval Bond Issue Overview • Bond Type: General Obligation Urban Renewal Bonds • Series: 2026A • Principal Amount: $13,500,000 • Purpose: Financing costs of the Community/Recreation Center Development Project • Bond Date: February 17, 2026 • Maturity Dates: 2028–2043 (annual maturities) • Denomination: $5,000 or integral multiples • Registrar/Paying Agent: UMB Bank, West Des Moines, Iowa • Optional Call: Bonds maturing 2033–2043 may be optionally redeemed beginning June 1, 2032 • Mandatory Redemption: Required for the 2036 term maturity according to the redemption schedule listed in the resolution The bonds will be issued initially through the DTC book-entry system, with Cede & Co. as the registered holder. 1