NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AND DISBURSEMENT AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $5,000,000

NOTICE OF PROPOSED ACTION TO INSTITUTE PROCEEDINGS TO ENTER INTO A LOAN AND DISBURSEMENT AGREEMENT IN A PRINCIPAL AMOUNT NOT TO EXCEED $5,000,000 (WATER REVENUE) The City Council of the City of Grimes, Iowa, will meet on October 28, 2025, at the Grimes Community Complex, 410 SE Main Street, in the City, at 5:30 p.m., for the purpose of instituting proceedings and taking action to enter into a loan and disbursement agreement (the "Agreement") and to borrow money thereunder in a principal amount not to exceed $5,000,000, for the purpose of paying the cost, to that extent, of funding the capital contribution to Central Iowa Water Works on behalf of the Municipal Waterworks Utility System (the "Utility") of the City. The Agreement will not constitute a general obligation of the City, nor will it be payable in any manner by taxation but, together with the City's outstanding Taxable Water Revenue Bond, SRF Series 2019A, dated April 12, 2019; Water Revenue Bond, SRF Series 2023, dated November 3, 2023; and any additional obligations of the City as may be hereafter issued and outstanding from time to time ranking on a parity therewith, will be payable solely and only from the Net Revenues of the Utility. At the aforementioned time and place, oral or written objections may be filed or made to the proposal to enter into the Agreement. After receiving objections, the City may determine to enter into the Agreement, in which case, the decision will be final unless appealed to the District Court within fifteen (15) days thereafter. By order of the City Council of the City of Grimes, Iowa. Rachel Greving City Clerk October 21 2025 LIOW0385539