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(1) On or before 12 months after the end of each fiscal year of the City, commencing <br />with the fiscal year ending December 31, 2021, the following financial <br />information and operating data in respect of the City (the Disclosure hiformation): <br />(A) the audited financial statements of the City for such fiscal year, prepared <br />in accordance with generally accepted accounting principles in accordance <br />with the governmental accounting standards promulgated by the <br />Governmental Accounting Standards Board or as otherwise provided <br />under Minnesota law, as in effect from time to time, or, if and to the extent <br />such financial statements have not been prepared in accordance with such <br />generally accepted accounting principles for reasons beyond the <br />reasonable control of the City, noting the discrepancies therefrom and the <br />effect 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 <br />paragraph (A) hereof, the information for such fiscal year or for the period <br />most recently available of the type contained in the Official Statement <br />under the headings: Current Property Valuations, Direct Debt, Tax Levies <br />and Collections, US Census Data/Population Trend, and <br />Employment/Unemployment Data, which information 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 by the Municipal Securities Rulemaking <br />Board (the "MSRB") through its Electronic Municipal Market Access System (EMMA). The <br />City shall clearly identify in the Disclosure Information each document so incorporated by <br />reference. 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 />statement to such effect; provided, however, if such operations have been replaced by other City <br />operations in respect of which data is not included in the Disclosure Information and the City <br />determines that certain specified data regarding such replacement operations would be a Material <br />Fact (as defined in paragraph (2) hereof), then, from and after such determination, the Disclosure <br />Information shall include such additional specified data regarding the replacement operations. If <br />the Disclosure Information is changed or this section is amended as permitted by this paragraph <br />(b)(1) or subsection (d), then the City shall include in the next Disclosure Information to be <br />delivered hereunder, to the extent necessary, an explanation of the reasons for the amendment <br />and the effect of any change in the type of financial information or operating data provided. <br />4876-8449-2315\4 12 <br />