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Section 4.Content of Annual Reports. The Annual Report shall contain or incorporate by <br />reference the following sections of the Final Official Statement: <br />1.Elk River Municipal Utilities <br />2.The Electric System <br />3.Utility Financial Statements <br />4.Debt Service and Coverage Calculation <br />5.Utility Revenue Debt <br />In addition to the items listed above, the Annual Report shall include Audited Financial Statements <br />submitted in accordance with Section 3 of this Disclosure Certificate. <br />Any or all of the items listed above may be incorporated by reference from other documents, including <br />official statements of debt issues of the Commission or related public entities, which have been submitted to <br />the Repository or the SEC. If the document incorporated by reference is a final official statement, it must also <br />be available from the MSRB. The Commission shall clearly identify each such other document so incorporated <br />by reference. <br />Section 5.Reporting of Material Events. <br />(a) This Section 5 shall govern the giving of notice of the occurrence of any of the following events <br />(“Material Events”) with respect to the Bonds: <br />1. Principal and interest payment delinquencies; <br />2.Non-payment related defaults, if material; <br />3.Unscheduled draws on debt service reserves reflecting financial difficulties; <br />4.Unscheduled draws on credit enhancements reflecting financial difficulties; <br />5. Substitution of credit or liquidity providers, or their failure to perform; <br />6.Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or final <br />determinations of taxability, Notices of Proposed Issue (IRS Form 5701–TEB), or other <br />material notices or determinations with respect to the tax status of the security, or other <br />material events affecting the tax status of the security; <br />7. Modifications to rights of security holders, if material; <br />8. Bond calls, if material, and tender offers; <br />9.Defeasances; <br />10. Release, substitution, or sale of property securing repayment of the securities, if material; <br />11. Rating changes; <br />12. Bankruptcy, insolvency, receivership or similar event of the obligated person; <br />II-4 <br />307 <br />