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TABLE OF CONTENTS <br />Page(s) <br />Terms of Proposal .............................................................................................................................. i-v <br />Introductory Statement ....................................................................................................................... 1 <br />Concurrent Financing ......................................................................................................................... 2 <br />Continuing Disclosure ....................................................................................................................... 2 <br />The Bonds .......................................................................................................................................... 3 <br />Risk Factors ....................................................................................................................................... 5 <br />Authority and Purpose ....................................................................................................................... 11 <br />Sources and Uses of Funds ................................................................................................................ 11 <br />Security and Financing ...................................................................................................................... 11 <br />Elk River Municipal Utilities ............................................................................................................. 14 <br />The Electric System ........................................................................................................................... 14 <br />Utility Financial Statements ............................................................................................................... 17 <br />Debt Service and Coverage Calculation ............................................................................................ 21 <br />Utility Revenue Debt ......................................................................................................................... 21 <br />Future Financing ................................................................................................................................ 23 <br />Litigation ............................................................................................................................................ 23 <br />Legality .............................................................................................................................................. 23 <br />Tax Exemption ................................................................................................................................... 23 <br />Other Federal and State Tax Considerations ...................................................................................... 25 <br />Bank-Qualified Tax-Exempt Obligations .......................................................................................... 25 <br />Rating ................................................................................................................................................. 26 <br />Municipal Advisor ............................................................................................................................. 26 <br />Certification ....................................................................................................................................... 27 <br />General Information Concerning the City ......................................................................................... 28 <br />Proposed Form of Legal Opinion ............................................................................................ Appendix I <br />Continuing Disclosure Undertaking ......................................................................................... Appendix II <br />Excerpt ofthe City’s 2019 Comprehensive Annual Financial Report .................................... Appendix III <br />Excerpt of the Utility’s 2019 Annual Financial Report ........................................................... Appendix IV <br />260 <br />