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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 with <br /> the fiscal year ending December 31, 2008 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 /> 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 /> (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 City's financial officer to the best of his or her knowledge,which <br /> certification may be based on the reliability of information obtained from <br /> governmental or third party sources: <br /> • Current Property Valuations <br /> • Direct Debt <br /> • Tax Levies and Collections <br /> • Population Trend <br /> • Employment/Unemployment <br /> Notwithstanding the foregoing paragraph, if the audited financial <br /> statements are not available by the date specified,the City shall provide on or <br /> 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 <br /> days after the receipt thereof,the City shall provide the audited financial <br /> • statements. <br /> -17- <br />