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

Tiffin / 436989-52 / DRAFT Auth BPA & Iss GO CP Bonds 2026A RESOLUTION NO. 2026-007 Resolution approving Bond Purchase Agreement, providing for the issuance of $13,500,000 General Obligation Urban Renewal Bonds, Series 2026A and providing for the levy of taxes to pay the same WHEREAS, the City of Tiffin (the “City”), in Johnson County, State of Iowa, pursuant to the provisions of Section 384.24A of the Code of Iowa, proposed to enter into a general obligation urban renewal loan agreement (the “Loan Agreement”) and to borrow money thereunder in a principal amount not to exceed $15,000,000, pursuant to the provisions of Sections 384.24A and 384.24.3(q) of the Code of Iowa, for the purpose of paying the costs, to that extent of, undertaking the Community/Recreation Center Development Project, an urban renewal project in the Tiffin Urban Renewal Area which was previously authorized by action of the City Council on January 7, 2025; and in lieu of calling an election upon such proposal, has published notice of the proposed action and has held a hearing thereon, and as of January 20, 2026, no petition had been filed with the City asking that the question of entering into the Loan Agreement be submitted to the registered voters of the City; and WHEREAS, a Preliminary Official Statement (the “P.O.S.”) has been prepared to facilitate the sale of General Obligation Urban Renewal Bonds, Series 2026A (the “Bonds”) in evidence of the obligation of the City under the Loan Agreement, and the City Council has made provision for the approval of the P.O.S. and has authorized its use by Northland Securities, Inc. (the “Underwriter”), as the underwriter of the issuance of the Bonds; and WHEREAS, a certain Bond Purchase Agreement (the “Bond Purchase Agreement”) has been prepared to set forth the terms of the Bonds and the understanding between the City and the Underwriter with respect to the purchase thereof and it is now necessary to make provision for the approval of the Bond Purchase Agreement and its execution and delivery; and WHEREAS, it is now necessary to make final provision for the approval of the Loan Agreement and to authorize the issuance of the Bonds; NOW, THEREFORE, Be It Resolved by the City Council of the City of Tiffin, Iowa, as follows: Section 1. The Bond Purchase Agreement is hereby approved in substantially the form as presented to this City Council. The Mayor and City Clerk are hereby authorized and directed to execute and deliver the Bond Purchase Agreement to the Underwriter. Section 2. The City Council hereby determines to enter into the Loan Agreement with the Underwriter, in substantially the form as has been placed on file with the City Council, providing for a loan to the City in the principal amount of $13,500,000, for the purpose or purposes set forth in the preamble hereof. The Mayor and City Clerk are hereby authorized and directed to sign the Loan Agreement on behalf of the City, and the Loan Agreement is hereby approved. -2- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA