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the governmental accounting standards promulgated by the Governmental <br />Accounting Standards Board or as otherwise provided under Minnesota law, as <br />in effect from time to time, or, if and to the extent such financial statements <br />have not been prepared in accordance with such generally accepted accounting <br />principles for reasons beyond the reasonable control of the City, noting the <br />discrepancies 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 to in paragraph (A) <br />hereof, the information for such fiscal year or for the period most recently <br />available of the type contained in the Official Statement under headings: <br />Current Property Valuations; Direct Debt; Tax Levies and Collections; <br />Population Trend and Employment/Unemployment Data, which information <br />may be unaudited. <br />Notwithstanding the foregoing paragraph, if the audited financial statements are not available by <br />the date specified, the City shall provide on or before such date unaudited financial statements in <br />the format required for the audited financial statements as part of the Disclosure Information and, <br />within 10 days after the receipt thereof, the City shall provide the audited financial statements. <br />Any or all of the Disclosure Information may be incorporated by reference, if it is updated as <br />required hereby, from other documents, including official statements, which have been filed with <br />the SEC or have been made available to the public on the Internet Web site of the Municipal <br />Securities Rulemaking Board (MSRB). The City shall clearly identify in the Disclosure <br />Information each document so incorporated by reference. If any part of the Disclosure <br />Information can no longer be generated because the operations of the City have materially <br />changed or been discontinued, such Disclosure Information need no longer be provided if the <br />City includes in the Disclosure Information a statement to such effect, provided, however, if such <br />operations have been replaced by other City operations in respect of which data is not included in <br />the Disclosure Information and the City determines that certain specified data regarding such <br />replacement operations would be described in paragraph (2) hereof, then, from and after such <br />determination, the Disclosure Information shall include such additional specified data regarding <br />the replacement operations. If the Disclosure Information is changed or this section is amended <br />as permitted by this paragraph (b)(1) or subsection (d), then the City shall include in the next <br />Disclosure Information to be delivered hereunder, to the extent necessary, an explanation of the <br />reasons for the amendment and the effect of any change in the type of financial information or <br />operating data provided. <br />(2) In a timely manner not in excess of ten business days after the occurrence of the <br />event, notice of the occurrence of any of the following events: <br />(A) Principal and interest payment delinquencies; <br />(B) Non - payment related defaults, if material; <br />(C) Unscheduled draws on debt service reserves reflecting financial difficulties; <br />(D) Unscheduled draws on credit enhancements reflecting financial difficulties; <br />(E) Substitution of credit or liquidity providers, or their failure to perform; <br />14 <br />