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(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, 2010 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 <br /> year, accompanied by the audit report and opinion of the accountant or <br /> government auditor relating thereto, as permitted or required by the laws <br /> of the State of Minnesota, containing balance sheets as of the end of such <br /> fiscal year and a statement of operations, changes in fund balances and <br /> cash flows for the fiscal year then ended, showing in comparative form <br /> such figures for the preceding fiscal year of the City,prepared in <br /> accordance with generally accepted accounting principles promulgated by <br /> the Financial Accounting Standards Board as modified in accordance with <br /> the governmental accounting standards promulgated by the Governmental <br /> Accounting Standards Board or as otherwise provided under Minnesota <br /> law, as in effect from time to time, or, if and to the extent such financial <br /> statements have not been prepared in accordance with such generally <br /> accepted accounting principles for reasons beyond the reasonable control <br /> of the City, noting the discrepancies therefrom and the effect thereof, and <br /> certified as to accuracy and completeness in all material respects by the <br /> fiscal officer of the City; and <br /> (B) To the extent not included in the financial statements referred <br /> to in paragraph(A)hereof, the information for such fiscal year or for the <br /> period most recently available of the type set forth below, which <br /> information may be unaudited, but is to be certified as to accuracy and <br /> completeness in all material respects by the City's financial officer to the <br /> best of his or her knowledge, which certification may be based on the <br /> reliability of information obtained from governmental or third party <br /> sources: <br /> Current Property Valuations; Direct Debt; Tax Levies& <br /> Collections; Population Trend; and Employment/Unemployment. <br /> Notwithstanding the foregoing paragraph, if the audited financial statements are not <br /> available by the date specified,the City shall provide on or before such date unaudited financial <br /> statements in the format required for the audited financial statements as part of the Disclosure <br /> Information and,within 10 days after the receipt thereof,the City shall provide the audited <br /> financial statements. <br /> Any or all of the Disclosure Information may be incorporated by reference, if it is <br /> updated as required hereby, from other documents, including official statements, which have <br /> been submitted to each of the repositories hereinafter referred to under subsection (b) or the SEC. <br /> If the document incorporated by reference is a final official statement, it must be available from <br /> the Municipal Securities Rulemaking Board ("MSRB"). The City shall clearly identify in the <br /> Disclosure Information each document so incorporated by reference. <br /> -16- <br />