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<br />(A) the audited financial statements of the City for such fiscal year, in accordance <br />with the governmental accounting standards promulgated by the Governmental <br />Accounting Standards Board or as otherwise provided under Minnesota law, as <br />in effect from time to time, or, if and to the extent such financial statements <br />have not been prepared in accordance with such generally accepted accounting <br />principles for reasons beyond the reasonable control of the City, noting the <br />discrepancies therefrom and the effect thereof, and certified as to accuracy and <br />completeness in all material respects by the fiscal officer of the City; and <br /> <br />(B) to the extent not included in the financial statements referred to in paragraph (A) <br />hereof, the information for such fiscal year or for the period most recently <br />available of the type contained in the Official Statement under the headings: <br />Current Property Valuations; Direct Debt; Tax Levies and Collections; <br />Population Trend and Employment/Unemployment Data, which information <br />may be unaudited. <br /> <br />Notwithstanding the foregoing paragraph, if the audited financial statements are not available by <br />the date specified, the City shall provide on or before such date unaudited financial statements in <br />the format required for the audited financial statements as part of the Disclosure Information and, <br />within 10 days after the receipt thereof, the City shall provide the audited financial statements. <br />Any or all of the Disclosure Information may be incorporated by reference, if it is updated as <br />required hereby, from other documents, including official statements, which have been submitted <br />to the Municipal Securities Rulemaking Board (“MSRB”) through its Electronic Municipal <br />Market Access System (“EMMA”) or to the SEC. The City shall clearly identify in the <br />Disclosure Information each document so incorporated by reference. If any part of the <br />Disclosure Information can no longer be generated because the operations of the City have <br />materially changed or been discontinued, such Disclosure Information need no longer be <br />provided if the City includes in the Disclosure Information a statement to such effect, provided, <br />however, if such operations have been replaced by other City operations in respect of which data <br />is not included in the Disclosure Information and the City determines that certain specified data <br />regarding such replacement operations would be a Material Fact (as defined in paragraph (2) <br />hereof), then, from and after such determination, the Disclosure Information shall include such <br />additional specified data regarding the replacement operations. If the Disclosure Information is <br />changed or this section is amended as permitted by this paragraph (b)(1) or subsection (d), then <br />the City shall include in the next Disclosure Information to be delivered hereunder, to the extent <br />necessary, an explanation of the reasons for the amendment and the effect of any change in the <br />type of financial information or operating data provided. <br /> <br />(2) In a timely manner not in excess of ten business days after the occurrence of the <br />event, notice of the occurrence of any of the following events (each a “Material <br />Fact”): <br /> <br />(A) Principal and interest payment delinquencies; <br />(B) Non-payment related defaults, if material; <br />(C) Unscheduled draws on debt service reserves reflecting financial difficulties; <br />(D) Unscheduled draws on credit enhancements reflecting financial difficulties; <br />(E) Substitution of credit or liquidity providers, or their failure to perform;