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anything to the contrary contained herein, in no event shall a default under this section constitute <br />a default under the Bonds or under any other provision of this resolution. As used in this section, <br />Owner or Bondowner means, in respect of a Bond, the registered owner or owners thereof <br />appearing in the bond register maintained by the Registrar or any Beneficial Owner (as hereinafter <br />defined) thereof, if such Beneficial Owner provides to the Registrar evidence of such beneficial <br />ownership in form and substance reasonably satisfactory to the Registrar. As used herein, <br />Beneficial Owner means, in respect of a Bond, any person or entity which (i) has the power, <br />directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, such Bond <br />including persons or entities holding Bonds through nominees, depositories or other <br />intermediaries), or (ii) is treated as the owner of the Bond for federal income tax purposes. <br />b) Information To Be Disclosed. The City will provide, in the manner set forth in subsection (c) <br />hereof, either directly or indirectly through an agent designated by the City, the following <br />information at the following times: <br />1) on or before twelve (12) months after the end of each fiscal year of the City, <br />commencing with the fiscal year ending December 31, 2019, the following <br />financial information and operating data in respect of the City (the Disclosure <br />Information): <br />A) the audited financial statements of the City for such fiscal year, prepared 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 <br />generally accepted accounting principles for reasons beyond the reasonable <br />control of the City, noting the discrepancies therefrom and the effect <br />thereof, and certified as to accuracy and completeness in all material <br />respects by the fiscal officer of the City; and <br />B) to the extent not included in the financial statements referred to in paragraph <br />A) hereof, the information for such fiscal year or for the period most <br />recently available of the type contained in the Official Statement under <br />headings: Current Property Valuations, Direct Debt, Tax Levies and <br />Collections, US Census Data/Population Trend, and <br />Employment/Unemployment Data. <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 submitted <br />to the Municipal Securities Rulemaking Board ("MSRB") through its Electronic Municipal Market <br />Access System ("EMMA") or to the SEC. The City shall clearly identify in the Disclosure <br />Information each document so incorporated by reference. If any part of the Disclosure Information <br />13 <br />4837-9618-8312\5