Resolutions-2022-042

April 29, 2022 Via Email Doug Boldt City Administrator/City Hall Tiffin, Iowa Re: $2,740,000 General Obligation Corporate Purpose Bonds, Series 2022A Our File No. 436989-37 Dear Doug: We have prepared and attach proceedings to be used at the May 3, 2022 City Council meeting to enable the Council to adopt the resolution (the “Resolution”) approving the Loan Agreement, providing for the issuance of General Obligation Corporate Purpose Bonds, Series 2022A (the “Bonds”) and providing for the levy of taxes to pay the same. The proceedings attached include the following items: 1. Resolution authorizing the issuance of the Bonds. The form of Bond, Authentication Certificate and Assignment set out in the Resolution should not be completed or executed. 2. Attestation Certificate with respect to the validity of the transcript. 3. County Filing Certificate relating to the filing of a certified copy of this Resolution in the County Auditor’s office. After it is adopted, a certified copy of the Resolution must be filed with the Johnson County Auditor prior to closing on May 18, 2022. An extra copy of the Resolution should be printed for this purpose. As provided in this Resolution, beginning in the 2023-2024 fiscal year, the County Auditor will have a mandatory duty to make a levy of taxes to pay principal of and interest on the Bonds unless the City’s budget each year affirmatively shows that the tax should not be levied because other funds will be applied to the payment of the Bonds for that budget year. To the extent the City determines that property tax levies will be needed for payment in any year, the tax levy amounts needed must be certified for that year in the City’s budget as part of the Debt Service Fund, and the funds derived from sources other than taxes must be shown on the appropriate budget document. As these proceedings are completed, please return one fully executed copy to our office.