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As used in this Section 7, "Owner" or`Bondowner"means, in respect of a Bond, the <br /> • registered owner or owners thereof appearing in the bond register maintained by the Registrar or <br /> any`Beneficial Owner" (as hereinafter defined)thereof, if such Beneficial Owner provides to <br /> the Registrar evidence of such beneficial ownership in form and substance reasonably <br /> satisfactory to the Registrar. As used herein, `Beneficial Owner" means, in respect of a Bond, <br /> any person or entity which (i) has the power, directly or indirectly, to vote or consent with <br /> respect to, or to dispose of ownership of, such Bond (including persons or entities holding Bonds <br /> through nominees, depositories or other intermediaries), or(b) is treated as the owner of the <br /> Bond for federal income tax purposes. As used herein, "Outstanding"means when used with <br /> reference to Bonds means all Bonds which have been issued and authenticated by the Registrar <br /> except(i)Bonds which have been paid in full (ii) Bonds which have been cancelled by the <br /> Registrar or surrendered to the Registrar for cancellation and (iii) Bonds which have been <br /> discharged as provided in Section 5 hereof. <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 <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 with <br /> the fiscal year ending December 31, 2003 the following financial information and operating data <br /> in respect of the City (the "Disclosure Information"): <br /> (A) the audited financial statements of the City for such fiscal year, <br /> prepared in accordance with generally accepted accounting principles <br /> promulgated by the Financial Accounting Standards Board as modified in <br /> accordance with the governmental accounting standards promulgated by the <br /> Governmental Accounting Standards Board or as otherwise provided under <br /> Minnesota law, as in effect from time to time, or, if and to the extent such <br /> financial statements have not been prepared in accordance with such generally <br /> accepted accounting principles for reasons beyond the reasonable control of the <br /> City, noting the discrepancies therefrom and the effect thereof, and certified as to <br /> accuracy and completeness in all material respects by the fiscal officer of the <br /> 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 <br /> unaudited, but is to be certified as to accuracy and completeness in all material <br /> respects by the fiscal officer of the City, to the best of his or her knowledge, <br /> which certification may be based on the reliability of information obtained from <br /> governmental or other third party sources: <br /> Current Property Valuations; Direct Debt; Tax Levies and <br /> Collections; Population Trend; Employment/Unemployment. <br /> Notwithstanding the foregoing paragraph, if the audited financial statements are <br /> • not available by the date specified, the City shall provide on or before such date unaudited <br /> 13 <br />