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ownership in form and substance reasonably satisfactory to the Registrar. As used herein, <br />Beneficial Owner means, in respect of the Bonds, any person or entity which (a) has the power, <br />directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, such Bonds <br />(including persons or entities holding Bonds through nominees, depositories or other <br />intermediaries), or (b) is treated as the owner of the Bonds 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 12 months after the end of each fiscal year of the City, commencing <br />with the fiscal year ending December 31, 2024, 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, prepared in <br />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 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 <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 under <br />headings: "VALUATIONS — Current Property Valuations," "DEBT — <br />Direct Debt;" "TAX LEVIES, COLLECTIONS AND RATES — Tax Levies <br />and Collections," "GENERAL INFORMATION — U.S. Census Data — <br />Population Trend," and "— Employment/Unemployment Data," which <br />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 Board <br />(the "MSRB") through its Electronic Municipal Market Access System (EMMA). The City shall <br />clearly identify in the Disclosure Information each document so incorporated by reference. If any <br />part of the Disclosure Information can no longer be generated because the operations of the City <br />have materially changed or been discontinued, such Disclosure Information need no longer be <br />provided if the City includes in the Disclosure Information a statement to such effect; provided, <br />11 <br />