Packet: Tiffin Regular City Council Meeting (02/03/2026)

AGENDA ITEM # I-3 Loan Agreement and Use of Proceeds Upon issuance, the City will enter into a Loan Agreement with the underwriter. Proceeds will be allocated as follows: • Project Fund: For costs related to the Community/Recreation Center • Bond Insurance Premium: Paid to Assured Guaranty Inc. • Cost of Issuance Fund: For legal, underwriting, and administrative issuance expenses • Remainder: Transfer to Debt Service Fund to pay interest The City must maintain segregated accounting of bond proceeds and comply with federal tax-exempt bond regulations. Debt Service and Tax Levy Resolution 2026-007 provides for the levy of a direct annual tax on all taxable property in Tiffin sufficient to pay the principal and interest on the bonds through final maturity. This levy will begin with the fiscal year starting July 1, 2026, and continue annually until the bonds are paid. A certified copy of the resolution will be filed with the Johnson County Auditor as required. Continuing Disclosure Because this is a municipal bond issue exceeding $1,000,000, the City must comply with SEC Rule 15c2-12. A Continuing Disclosure Certificate will be executed at issuance, requiring annual reporting. Staff Recommendation Staff recommends approval of Resolution 2026-007. This financing step is required to move forward with construction of the Community/Recreation Center and has met all legal notice and procedural requirements. ATTACHMENTS: Resolution, Loan Agreement, Continuing Disclosure Agreement, Registrar/Paying Agent Agreement 2