02-28-2007 Council Agenda - Laserfiche WebLink

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SECTION 3. Provision of Annual Reports. A. Beginning in connection with the Fiscal Year ending on December 31, 2006, the Issuer shall, or shall cause the Dissemination Agent to, as soon as available, but in any event not later than December 31, 2007, and by December 31 of each year thereafter, provide to each Repository an Annual Report which is consistent with the requirements of Section 4 of this Disclosure Undertaking. B. If the Issuer is unable to provide to the Repositories an Annual Report by the date required in subsection A, the Issuer shall send a notice of such delay and estimated date of delivery to each Repository or to the MSRB and to the State Depository, if any. SECTION 4. Content and Format of Annual Reports. The Issuer's Annual Report shall contain or incorporate by reference the financial information and operating data pertaining to the Issuer listed below as of the end of the preceding Fiscal Year. The Annual Report may be submitted to each Repository as a single document or as separate documents comprising a package, and may cross - reference other information as provided in this Disclosure Undertaking. The following financial information and operating data shall be supplied: A. An update of the operating and financial data of the type of information contained in the Official Statement under the captions Current Property Valuations, Direct Debt, Tax Levies & Collections, Population Trend and Employment/Unemployment. B. Data extracted from preliminary, unaudited financial statements of the Issuer and from past audited financial statements of the Issuer in the form and of the type contained in the Appendix of the Official Statement. C. Audited Financial Statements of the Issuer. The Audited Financial Statements of the Issuer may be submitted to each Repository separately from the balance of the Annual Report. In the event Audited Financial Statements of the Issuer are not available on or before the date for filing the Annual Report with the appropriate Repositories as set forth in Section 3.A. above, unaudited financial statements shall be provided as part of the Annual Report. The accounting principles pursuant to which the financial statements will be prepared will be pursuant to generally accepted accounting principles promulgated by the Financial Accounting Standards Board, as such principles are modified by the governmental accounting standards promulgated by the Government Accounting Standards Board, as in effect from time to time. If Audited Financial Statements are not provided because they are not available on or before the date for filing the Annual Report, the Issuer shall promptly provide them to the Repositories when available. D -3