Resolutions-2024-031

Tiffin / 436989- 43 / GO CP Bonds Iss The record and identity of the owners of the Bonds shall be kept confidential as provided 7 of the Code of Iowa. by Section 22. Section 4. Notwithstanding anything above to the contrary, the Bonds shall be issued in initially as Depository Bonds, with one fully registered Bond for each maturity date, principal amounts equal to the amount of principal maturing on each such date, and registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York (" DTC"). On original issue, the Bonds shall be deposited with DTC for the purpose of maintaining a book - and the transfer of those entry system for recording the ownership interests of its participants its the " Participants"). In the event that DTC determines not to interestsamong participants ( continue to act as securities depository for the Bonds or the City determines not to continue the with DTC, the City will in the Bonds book -entry system for recording ownership interests discontinue the book -entry system with DTC. If the City does not select another qualified book - depository to replace DTC ( or a successor depository) in order to continue a securities form of fully registered entry system, the City will register and deliver replacement Bonds in the certificates, in authorized denominations of $5, 000 or integral multiples of 000, in accordance $5, with instructions from Cede & Co., as nominee for DTC. In the event that the City identifies a to replace DTC, the City will register and deliver replacement qualified securities depository Bonds, fully registered in the name of such depository, or its nominee, in the denominations as set forth above, as reduced from time to time prior to maturity in connection with redemptions or retirements by call or payment, and in such event, such depository will then maintain the book - entry system for recording ownership interests in the Bonds. interests in the Bonds may be purchased by or through Participants. Such Ownership will not Participants and the persons for whom they acquire interests in the Bonds as nominees receive certificated Bonds, but each such Participant will receive a credit balance in the records s interest in the Bonds, which will be confirmed in of DTC in the amount of such Participant' s standard accordance with DTC' Each such person for which a Participant has an procedures. interest in the Bonds, as nominee, may desire to make arrangements with such Participant to have all notices of redemption or other communications of the City to DTC, which may affect made of all such person, forwarded in writing by such Participant and to have notification interest payments. for TheCity will have no responsibility or obligation to such Participants or the persons whom they act as nominees with respect to payment to or providing of notice for such Participants or the persons for whom they act as nominees. As used herein, the term " Beneficial Owner" shall hereinafter be deemed to include the an interest in the Bonds. person for whom the Participant acquires DTC will receive payments from the City, to be remitted by DTC to the Participants for subsequent disbursement to the Beneficial Owners. The ownership interest of each Beneficial Owner in the Bonds will be recorded on the records of the Participants whose ownership interest will be recorded on a computerized book -entry system kept by DTC. When reference is made to any action which is required or permitted to be taken by the Beneficial Owners, such reference shall only relate to those permitted to act ( by statute, 4- DORSEY & WHITNEY LLP, ATTORNEYS, DES MOINES, IOWA