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Report execution based on event flag

1.The sql report stored procedure checks for the event flag. If the event flag is there,the report executes. If the event flag is not there,it keep on checking for every 30 minutes and once it find
the event flag, the report will execute.
Is there any way to do this? Please let me know how to do this.
2.I want to know more about event based execution of the reports.

Thanks
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Thanks