Resolutions-2022-042

Tiffin / 436989- 37 / GO CP LA lss 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, as follows: Section 1. 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 $ 2, 000, for the purpose 740, or purposes set forth in the preamble hereof. The Mayor and City Clerk are hereby authorized and directed to the Loan sign Agreement on behalf of the City, and the Loan Agreement is hereby approved. Section 2. The Bonds are hereby authorized to be issued to the Underwriter, in the aggregate principal amount of $ 2, 000,maturing 740, on June 1 in each of the years, in the respective principal amounts and bearing interest at the respective rates, as follows: Date Princ' al Interest Rate Date Principal Interest Rate 2024 $ 32 2. 35% 2032 $ 000 555, 15% 3. 2027 $ 000 565, 2. 70% 2034 $ 000 400, 3. 30% 2029 $ 000 410, 95% 2. 2038 $ 490, 000 3. 50% Section 3. The Bonds shall be in the denomination of $5, 000 each, or any integral multiple thereof, shall be dated May 18, 2022, and shall become due and payable as set forth in Section 2 hereof. 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 Agreement") with the Registrar, in substantially the form as has been placed on file with the City Council; the Mayor and City Clerk are hereby authorized and directed to sign the Registrar/ Paying Agent Agreement on behalf of the City; and the Registrar/ Paying Agent Agreement is hereby approved. The City reserves the right to optionally prepay part or all of the principal of the Bonds maturing in the years 2032 to 2038, inclusive, prior to and in any order of on June maturity 1, 2029 any date thereafter upon terms of par and accrued interest. If less than all of the or on Bonds of any like maturity are to be redeemed, the particular part of those Bonds to be redeemed shall be selected by the Registrar by lot. The Bonds may be called in part in one or more units of 000. 5, 3- DORSEY & WHITNEY LLP, ATTORNEY, DES MOINES, IOWA