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any agreement or covenant contained in this Section 7, including an action for a writ of <br /> • mandamus or specific performance. Direct, indirect, consequential and punitive damages shall <br /> not be recoverable for any default hereunder to the extent permitted by law. Notwithstanding <br /> anything to the contrary contained herein, in no event shall a default under this Section 7 <br /> constitute a default under the Bonds or under any other provision of this resolution. <br /> As used in this Section 7, "Owner"or`Bondowner" means, in respect of a Bond, <br /> the registered owner or owners thereof appearing in the bond register maintained by the Registrar <br /> or 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"when used as of any <br /> particular time with reference to Bonds means all Bonds theretofore, or thereupon being, <br /> authenticated and delivered by the Registrar under this Resolution except(i)Bonds theretofore <br /> canceled by the Registrar or surrendered to the Registrar for cancellation; (ii) Bonds with respect <br /> to which the liability of the City has been discharged in accordance with Section 5 hereof; and <br /> (iii)Bonds for the transfer or exchange or in lieu of or in substitution for which other Bonds shall <br /> 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 <br /> • in 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, <br /> commencing with the fiscal year ending December 31, 2003 the following financial information <br /> and operating data in 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 <br /> auditor relating thereto, as permitted or required by the laws of the State of <br /> Minnesota, containing balance sheets as of the end of such fiscal year and a <br /> statement of operations, changes in fund balances and cash flows for the fiscal <br /> year then ended, showing in comparative form such figures for the preceding <br /> fiscal year of the City,prepared in accordance with generally accepted accounting <br /> principles promulgated by the Financial Accounting Standards Board as modified <br /> in 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 /> -15- <br />