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TABLE OF CONTENTS <br /> Page(s) <br /> Terms of Proposal <br /> $10,000,000* Electric Revenue Bonds, Series 2016A i-v <br /> $1,460,000* Electric Revenue Refunding Bonds, Series 2016B vi-ix <br /> Introductory Statement 1 <br /> Continuing Disclosure 2 <br /> The Bonds 2 <br /> Risk Factors 5 <br /> Authority and Purpose 10 <br /> Sources and Uses of Funds 11 <br /> Security and Financing 11 <br /> Elk River Municipal Utilities 14 <br /> The Electric System 15 <br /> Utility Financial Statements 18 <br /> Debt Service and Coverage Calculation 21 <br /> Utility Revenue Debt 21 <br /> Future Financing 22 <br /> Litigation 22 <br /> Legality 23 <br /> Tax Exemption 23 <br /> Other Federal Tax Considerations 23 <br /> Bank-Qualified Tax-Exempt Obligations—The Series 2016A Bonds 24 <br /> Not Qualified Tax-Exempt Obligations—The Series 2016B Bonds 25 <br /> Ratings 25 <br /> Municipal Advisor 25 <br /> Certification 25 <br /> General Information Concerning the City 26 <br /> Proposed Forms of Legal Opinions Appendix I <br /> Continuing Disclosure Undertakings Appendix II <br /> Excerpt of the City's 2014 Comprehensive Annual Financial Report Appendix III <br /> Excerpt of the Utility's 2015 Annual Financial Report Appendix IV <br /> * Preliminary;subject to change. <br /> 109 <br />