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• evidence of such beneficial ownership in form and substance reasonably satisfactory to the Registrar. <br /> As used herein, `Beneficial Owner"means, in respect of a Bond, any person or entity which (i) has the <br /> power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, such <br /> Bond (including persons or entities holding Bonds through nominees, depositories or other <br /> intermediaries), or(b) is treated as the owner of the Bond for federal income tax purposes. As used <br /> herein, "Outstanding" when used as of any particular time with reference to Bonds means all Bonds <br /> theretofore, or thereupon being, authenticated and delivered by the Registrar under this Resolution <br /> except (i) Bonds theretofore canceled by the Registrar or surrendered to the Registrar for cancellation; <br /> (ii) Bonds with respect to which the liability of the City has been discharged in accordance with Section <br /> 5 hereof; and (iii) Bonds for the transfer or exchange or in lieu of or in substitution for which other <br /> Bonds shall have been authenticated and delivered by the Registrar pursuant to this Resolution. <br /> (b) Information To Be Disclosed. The City will provide, in the manner set forth in <br /> subsection (c) hereof, either directly or indirectly through an agent designated by the City, the following <br /> information at the following times: <br /> (1) on or before 365 days after the end of each fiscal year of the City, commencing <br /> with the fiscal year ending December 31, 2000 the following financial information and operating data in <br /> respect of the City (the "Disclosure Information"): <br /> • (A) the audited financial statements of the City for such fiscal year, <br /> accompanied by the audit report and opinion of the accountant or government auditor <br /> relating thereto, as permitted or required by the laws of the State of Minnesota, <br /> containing balance sheets as of the end of such fiscal year and a statement of <br /> operations,changes in fund balances and cash flows for the fiscal year then ended, <br /> showing in comparative form such figures for the preceding fiscal year of the City, <br /> prepared in accordance with generally accepted accounting principles promulgated by <br /> the Financial Accounting Standards Board as modified in accordance with the <br /> governmental accounting standards promulgated by the Governmental Accounting <br /> Standards Board or as otherwise provided under Minnesota law, as in effect from time <br /> to time, or, if and to the extent such financial statements have not been prepared in <br /> accordance with such generally accepted accounting principles for reasons beyond the <br /> reasonable control of the City, noting the discrepancies therefrom and the effect thereof, <br /> 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 <br /> paragraph (A) hereof, the information for such fiscal year or for the period most <br /> recently available 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 /> • -19- <br />