Resolutions-2020-063

WHEREAS, pursuant to Section 384.28 of the Code of Iowa, the City Council has combined the Essential Purpose Loan Agreement and the Urban Renewal Loan Agreement into a single loan agreement (the “Loan Agreement”); and WHEREAS, a Preliminary Official Statement (the “P.O.S.”) has been prepared to facilitate the sale of General Obligation Urban Renewal and Refunding Bonds, Series 2020A (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”); 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 the City Council has approved the Bond Purchase Agreement and made provision for 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 City shall 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 $7,670,000, 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. Section 2. The Bonds, in the aggregate principal amount of $7,670,000, are hereby authorized to be issued in evidence of the City’s obligation under the Loan Agreement. The Bonds shall be dated August 25, 2020, shall be issued in the denomination of $5,000 each or any integral multiple thereof and shall mature on June 1 in each of the years, in the respective principal amounts, and bear interest at the respective rates as follows: <table> <tr> <th>Date</th> <th>Principal</th> <th>Interest Rate</th> <th>Date</th> <th>Principal</th> <th>Interest Rate</th> </tr> <tr> <td>2021</td> <td>$ 395,000</td> <td>2.00%</td> <td>2027</td> <td>$ 800,000</td> <td>2.00%</td> </tr> <tr> <td>2022</td> <td>$ 475,000</td> <td>2.00%</td> <td>2028</td> <td>$ 460,000</td> <td>2.00%</td> </tr> <tr> <td>2023</td> <td>$ 560,000</td> <td>2.00%</td> <td>2029</td> <td>$ 475,000</td> <td>2.00%</td> </tr> <tr> <td>2024</td> <td>$ 750,000</td> <td>2.00%</td> <td>2030</td> <td>$ 480,000</td> <td>2.00%</td> </tr> <tr> <td>2025</td> <td>$ 770,000</td> <td>2.00%</td> <td>2031</td> <td>$ 450,000</td> <td>2.00%</td> </tr> <tr> <td>2026</td> <td>$ 790,000</td> <td>2.00%</td> <td>2035</td> <td>$1,265,000</td> <td>2.00%</td> </tr> </table> Section 3. UMB Bank, n.a., West Des Moines, Iowa, is hereby designated as the Registrar and Paying Agent for the Bonds and may be hereinafter referred to as the “Registrar” or the “Paying Agent.” The City shall enter into an agreement (the “Registrar/Paying Agent