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Section 7. Continuing Disclosure. 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, <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 <br /> year, prepared in accordance with generally accepted accounting <br /> principles in accordance with the governmental accounting standards <br /> promulgated by the Governmental Accounting Standards Board or as <br /> otherwise provided under Minnesota law, as in effect from time to time, <br /> or, if and to the extent such financial statements have not been prepared in <br /> accordance with such generally accepted accounting principles for reasons <br /> beyond the reasonable control of the City, noting the discrepancies <br /> therefrom and the effect thereof, and certified as to accuracy and <br /> completeness in all material respects by the 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 fiscal officer of the City, to the <br /> best of his or her knowledge, which certification may be based on the <br /> reliability of information obtained from governmental or other third party <br /> 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 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. 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 /> -17- <br />