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56 <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 year, <br />prepared in accordance with generally accepted accounting principles 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 generally <br />accepted accounting principles for reasons beyond the reasonable control of the <br />City, noting the discrepancies therefrom and the effect thereof, and certified as to <br />accuracy and completeness in all material respects by the fiscal officer of the <br />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 most <br />recently available of the type set forth below, which information may be <br />unaudited, but is to be certified as to accuracy and completeness in all material <br />respects by the fiscal officer of the City, to the best of his or her knowledge, <br />which certification may be based on the reliability of information obtained from <br />governmental or other third party 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 <br />not available by the date specified, the City shall provide on or before such date unaudited <br />financial statements in the format required for the audited financial statements as part of the <br />Disclosure Information and, within 10 days after the receipt thereof, the City shall provide the <br />audited 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 />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) of this subsection (b)), then, from and after such determination, <br />-20- <br />