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DEBT SERVICE AND COVERAGE CALCULATION <br /> Elk River Municipal Utilities-Electric Fund <br /> Net Revenues Available For Debt Service <br /> Fiscal Years Ended December 31,2014 and 2015 <br /> December 31,2014 December 31,2015 <br /> Operating Revenue $ 31,366,685 $ 32,551,722 <br /> Operating Expense (29,392,123) (29,896,154) <br /> Net Operating Income(Loss) $ 1,974,562 $ 2,655,568 <br /> Add: Depreciation 1,914,062 1,922,359 <br /> Add: Other Income 167,700 375,020 <br /> Available for Debt Service $ 4,056,324 $ 4,952,947 <br /> Average Annual Debt Service * $ 796,837 <br /> Coverage 6.22x <br /> * Includes average annual debt service for the Bonds and the Series 2014A Bonds. <br /> Sources: The Utility's Annual Financial Reports for the fiscal years ended December 31,2014 and 2015. <br /> UTILITY REVENUE DEBT* <br /> Est. Principal <br /> Date Original Final Outstanding <br /> of Issue Amount Purpose Maturity As of 7-14-16 <br /> 3-13-14 $ 2,030,000 Electric Revenue Refunding 8-1-2018 $ 1,235,000 <br /> 7-14-16 10,000,000 Electric Revenue <br /> (the Series 2016A Bonds) 2-1-2036 10,000,000 <br /> 7-14-16 1,460,000 Electric Revenue Refunding <br /> (the Series 2016B Bonds) 2-1-2022 1,460,000 <br /> Total $12,695,000 <br /> * Excludes the Refunded Maturities. <br /> -21 - <br /> 139 <br />