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(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, 2012 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 /> prepared in accordance with generally accepted accounting principles 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 /> financial statements in the format required for the audited financial statements as part of the <br /> Disclosure Information and, within 10 days after the receipt thereof, the City shall provide the <br /> audited 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. The City shall clearly identify in the Disclosure <br /> Information each document so incorporated by reference. <br /> If any part of the Disclosure Information can no longer be generated because the <br /> operations of the City have materially changed or been discontinued, such Disclosure <br /> Information need no longer be provided if the City includes in the Disclosure Information a <br /> -20- <br />