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• (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 <br /> following 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, 2003, the following financial <br /> information and operating data in respect of the City (the Disclosure Information): <br /> (A) the audited financial statements of the City for such fiscal year, containing <br /> 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 <br /> then ended, showing in comparative form such figures for the preceding <br /> fiscal year of the City, prepared in accordance with generally accepted <br /> accounting principles promulgated by the Financial Accounting Standards <br /> Board as modified in accordance with the governmental accounting <br /> standards promulgated by the Governmental Accounting Standards Board <br /> or as otherwise provided under Minnesota law, as in effect from time to <br /> time, or, if and to the extent such financial statements have not been <br /> prepared in accordance with such generally accepted accounting principles <br /> for reasons beyond the reasonable control of the City, noting the <br /> discrepancies therefrom and the effect thereof, and certified as to accuracy <br /> and completeness in all material respects by the fiscal officer of the City; <br /> 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 <br /> most recently available of the type contained in the Official Statement <br /> under headings: Current Property Valuations, Direct Debt, Tax Levies and <br /> Collections, Population Trend and Employment/Unemployment. <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 each of the repositories hereinafter referred to under subsection (c) or the SEC. If the <br /> document incorporated by reference is a final official statement, it must be available from the <br /> Municipal Securities Rulemaking Board. The City shall clearly identify in the Disclosure <br /> Information each document so incorporated by reference. If any part of the Disclosure <br /> Information can no longer be generated because the operations of the City have materially <br /> changed or been discontinued, such Disclosure Information need no longer be provided if the <br /> City includes in the Disclosure Information a statement to such effect; provided, however, if such <br /> operations have been replaced by other City operations in respect of which data is not included in <br /> the Disclosure Information and the City determines that certain specified data regarding such <br /> • replacement operations would be a Material Fact (as defined in paragraph (2) hereof), then, from <br /> -3- <br />