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(A) The audited financial statements of the City for such fiscal year, accompanied <br /> by the audit report and opinion of the accountant or government auditor relating thereto,as <br /> permitted or required by the laws of the State of Minnesota,which financial statements shall <br /> contain balance sheets as of the end of such fiscal year and a statement of operations, changes <br /> in fund balances and cash flows for the fiscal year then ended, showing in comparative form <br /> such figures for the preceding fiscal year of the City, prepared in accordance with generally <br /> accepted accounting principles promulgated by the Financial Accounting Standards Board as <br /> modified in accordance with the governmental accounting standards promulgated by the <br /> Governmental 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 have not been <br /> prepared in accordance with such generally accepted accounting principles for reasons <br /> beyond the reasonable control of the City,noting the discrepancies therefrom and the effect <br /> thereof, and certified as to accuracy and completeness in all material respects by the fiscal <br /> officer of the City; and <br /> (B) To the extent not included in the financial statements referred to in paragraph <br /> (A) hereof, information of the type set forth below, which information may be unaudited, but <br /> is to be certified as to accuracy and completeness in all material respects by the City's <br /> financial officer to the best of his or her knowledge.which certification may be based on the <br /> reliability of information obtained from governmental or other third party sources: <br /> City Property Values; City Tax Capacity Rates;and City Tax Levies and <br /> Collections <br /> Notwithstanding the foregoing paragraph, if the audited financial statements are not available by the date <br /> specified,the City shall provide on or before such date unaudited financial statements in the format required for the <br /> audited financial statements as part of the Disclosure Information and,within 10 days after the receipt thereof, the <br /> City shall provide the audited financial statements. <br /> Any or all of the Disclosure Information may be incorporated, if it is updated as required by the <br /> Disclosure Covenants,by reference from other documents, including official statements. If the document <br /> incorporated by reference is a final official statement, it must be available from the Municipal Securities <br /> Rulemaking Board(the"MSRB"). <br /> If any part of the Disclosure Information can no longer be generated because the operations of the City <br /> have materially changed or been discontinued, such Disclosure Information need no longer be provided if the City <br /> includes in the Disclosure Information a statement to such effect: provided, however, if such operations have been <br /> replaced by other City operations in respect of which data is not included in the Disclosure Information and the City <br /> determines that certain specified data regarding such replacement operations would be a Material Fact,then, from <br /> and after such determination,the Disclosure Information shall include such additional specified data regarding the <br /> replacement operations. <br /> If the Disclosure Information is changed or the Disclosure Covenants are amended as permitted by the <br /> Bond Resolution,then the City is to include in the next Disclosure Information to be delivered under the Disclosure <br /> Covenants,to the extent necessary,an explanation of the reasons for the amendment and the effect of any change in <br /> the type of financial information or operating data provided. <br /> • <br /> II - 2 <br />