Common use of Content of Annual Reports Clause in Contracts

Content of Annual Reports. (a) Each Annual Report shall contain Annual Financial Information with respect to the Issuer, including updates of the historical financial and operating data set forth in the Official Statement under the captions: (i) Assessed Value and Estimated Actual Value of Taxable Property; (ii) Property Tax Levies and Collections; (iii) Property Tax Rates – Direct and Overlapping Governments; and (iv) Principal Taxpayers – Current Year and Ten Years Ago. (b) Audited Financial Statements prepared in accordance with generally accepted auditing standards applicable to municipalities as described in the Official Statement will be included in the Annual Report. If audited financial statements are not available, then, unaudited financial statements, prepared in accordance with generally accepted auditing standards applicable as described in the Official Statement will be included in the Annual Report. Audited Financial Statements (if any) will be provided pursuant to Section 2(d). Any or all of the items listed above in (a) or (b) may be included by specific reference from other documents, including official statements of debt issues with respect to which the Issuer is an "obligated person" (as defined by the Rule), which have been previously filed with the Securities and Exchange Commission or available on the MSRB Internet Website. If the document incorporated by reference is a final official statement, it must be available from the MSRB. The Issuer will clearly identify each such document so incorporated by reference. Any Annual Financial Information containing modified operating data or financial information is required to explain, in narrative form, the reasons for the modification and the impact of the change in the type of operating data or financial information being provided.

Content of Annual Reports. (a) Each Annual Report shall contain Annual Financial Information with respect to the IssuerCity, including updates the information provided in the Official Statement as follows: (i) The financial statements of the historical City for the preceding fiscal year prepared in accordance with generally accepted accounting principles as promulgated to apply to governmental entities from time to time by the Governmental Accounting Standards Board (or if not in conformity, to be accompanied by a qualitative discussion of the differences in the accounting principles and the impact of the change in the accounting principles on the presentation of the financial information). If the City’s audited financial statements are not available by the time the Annual Report is required to be filed pursuant to Section 2(a), the Annual Report shall contain unaudited financial statements in a format similar to the financial statements contained in the final Official Statement, and the audited financial statements shall be filed in the same manner as the Annual Report when they become available. (ii) Financial and operating data set forth for the fiscal year then ended, to the extent such information is not included in the City’s audited financial statements filed pursuant to clause (1) above, which shall be generally consistent with the tabular information (or other information, as otherwise noted below) contained in the Official Statement under the captions: (i) Assessed Value and Estimated Actual Value of Taxable Property; (ii) Property Tax Levies and Collections; (iii) Property Tax Rates – Direct and Overlapping Governments; and (iv) Principal Taxpayers – Current Year and Ten Years Ago. (b) Audited Financial Statements prepared in accordance with generally accepted auditing standards applicable to municipalities as described in the Official Statement will be included in the Annual Report. If audited financial statements are not available, then, unaudited financial statements, prepared in accordance with generally accepted auditing standards applicable as described in the Official Statement will be included in the Annual Report. Audited Financial Statements (if any) will be provided pursuant to Section 2(d). following headings/subheadings: [Insert disclosure items] Any or all of the items listed above in (a) or (b) may be included by specific reference from other documents, including official statements of debt issues with respect to which the Issuer City is an "“obligated person" ” (as defined by the Rule), which have been previously filed with the Securities and Exchange Commission or available on the MSRB Internet Website. If the document incorporated by reference is a final official statement, it must be available from the MSRB. The Issuer City will clearly identify each such document so incorporated by reference. Any If the Annual Financial Information containing contains modified modified operating data or financial information different from the Annual Financial Information agreed to in this Agreement related to the Bonds, the City is required to explain, in narrative form, the reasons for the modification and the impact of the change in the type of operating data or financial information being provided.

Content of Annual Reports. (a) Each Annual Report shall contain Annual Financial Information with respect to the Issuer, including updates of the historical financial and operating data set forth in the Official Statement under the captions: (i) Assessed Value and Estimated Actual Value Distribution of Taxable PropertySecond Local Option Fuel Tax Revenues; (ii) Property Historical Second Local Option Fuel Tax Levies and Collections;Revenues; and (iii) Property Tax Rates – Direct Historical and Overlapping Governments; and Projected Debt Service Coverage (iv) Principal Taxpayers – Current Year and Ten Years Agowith respect to historical coverage only). (b) Audited Financial Statements prepared in accordance with generally accepted auditing standards applicable to municipalities as described in the Official Statement will be included in the Annual Report. If audited financial statements are not available, then, unaudited financial statements, prepared in accordance with generally accepted auditing standards applicable as described in the Official Statement will be included in the Annual Report. Audited Financial Statements (if any) will be provided pursuant to Section 2(d). Any or all of the items listed above in (a) or (b) may be included by specific reference from other documents, including official statements of debt issues with respect to which the Issuer is an "obligated person" (as defined by the Rule), which have been previously filed with the Securities and Exchange Commission or available on the MSRB Internet Website. If the document incorporated by reference is a final official statement, it must be available from the MSRB. The Issuer will clearly identify each such document so incorporated by reference. Any Annual Financial Information containing modified operating data or financial information is required to explain, in narrative form, the reasons for the modification and the impact of the change in the type of operating data or financial information being provided.

Content of Annual Reports. (a) Each Annual Report shall contain Annual Financial Information with respect to the Issuer, including updates of the historical financial and operating data set forth information provided in the Official Statement under the captionsheadings: (i) Assessed Value and Estimated Actual Value of Taxable Property;Historical Stormwater Revenues (ii) Property Tax Levies and Collections; (iii) Property Tax Rates – Direct and Overlapping Governments; and (iv) Principal Taxpayers – Current Year and Top Ten Years Ago.Customers of the Stormwater Utility (b) The Issuer’s Annual Report shall contain or include by reference the Audited Financial Statements prepared in accordance with generally accepted auditing standards applicable to municipalities as described in of the Official Statement will be included in Issuer for the Annual Reportprior fiscal year. If audited financial statements are not available, then, unaudited financial statements, prepared in accordance with generally accepted auditing standards applicable as described in the Official Statement will be included in the Annual Report. Issuer’s Audited Financial Statements (if any) will are not available by the time the Annual Report is required to be provided filed pursuant to Section 2(d2(a), the Annual Report shall contain unaudited financial statements and the Audited Financial Statements shall be filed in the same manner as the Annual Report when they become available. Any or all of the items listed above in (a) or (b) may be included by specific reference from other documents, including official statements of debt issues with respect to which the Issuer is an "“obligated person" ” (as defined by the Rule), which have been previously filed with the Securities and Exchange Commission or available on the MSRB Internet Website. If the document incorporated by reference is a final official statement, it must be available from the MSRB. The Issuer will clearly identify each such document so incorporated by reference. Any If the Annual Financial Information containing contains modified operating data or financial information different from the Annual Financial Information agreed to in the continuing disclosure undertaking related to the Bonds, the Issuer is required to explain, in narrative form, the reasons for the modification and the impact of the change in the type of operating data or financial information being provided.

Content of Annual Reports. (a) Each Annual Report shall contain Annual Financial Information with respect to the Issuer, including updates of the historical financial and operating data set forth information provided in the Official Statement under in the captionsfollowing tables: (i) Assessed Value and Estimated Actual Value of Taxable Property;the table entitled, "CITY OF SUNRISE, FLORIDA LEGALLY AVAILABLE NON-AD VALOREM REVENUES"; and (ii) Property Tax Levies and Collections; (iii) Property Tax Rates – Direct and Overlapping Governments; and (iv) Principal Taxpayers – Current Year and Ten Years Agothe table entitled, "CITY OF SUNRISE, FLORIDA REVENUES AND EXPENDITURES." (b) Each Annual Report shall contain a description of any additional indebtedness secured in whole or in part or payable from Non-Ad Valorem Revenues (as defined in the Official Statement). Audited Financial Statements of the Issuer prepared in accordance with generally accepted auditing standards applicable to municipalities accounting principles ("GAAP") as described in the Official Statement will be included in the Annual Report. If audited financial statements of the Issuer are not available, then, unaudited financial statementsstatements of the Issuer, prepared in accordance with generally accepted auditing standards applicable GAAP alternate accounting principles as described in the Official Statement will be included in the Annual Report. Audited Financial Statements (if any) will be provided pursuant to Section 2(d). Any or all of the items listed above in (a) or (b) may be included by specific reference from other documents, including official statements of debt issues with respect to which the Issuer is an "obligated person" (as defined by the Rule), which have been previously filed with the Securities and Exchange Commission or available on the MSRB Internet Website. If the document incorporated by reference is a final official statement, it must be available from the MSRB. The Issuer will clearly identify each such document so incorporated by reference. Any Annual Financial Information containing modified operating data or financial information is required to explain, in narrative form, the reasons for the modification and the impact of the change in the type of operating data or financial information being provided.

Content of Annual Reports. (a) Each Annual Report shall contain Annual Financial Information with respect to the Issuer, including updates of the historical financial and operating data set forth statistical information provided in the Official Statement under the captionsas follows: (i) 1. Table 5–“County of San Xxxx Obispo Schedule of Revenues, Expenditures and Changes in Fund Balance.” 2. Table 8–“County of San Xxxx Obispo Secured and Unsecured Assessed Value and Estimated Actual Value Valuations.” 3. Table 9–“County of Taxable Property;San Xxxx Obispo Principal Property Taxpayers.” (ii) Property 4. Table 10–“County of San Xxxx Obispo Sales Tax Levies and Collections;Receipts.” (iii) Property Tax Rates – Direct and Overlapping Governments; and (iv) 5. Table A-5–“County of San Xxxx Obispo Principal Taxpayers – Current Year and Ten Years AgoEmployers.” (b) Audited Financial Statements prepared in accordance with generally accepted auditing standards applicable to municipalities as described in the Official Statement will be included in the Annual Report. If audited financial statements are not available, then, then unaudited financial statements, prepared in accordance with generally accepted auditing standards applicable Generally Accepted Accounting Principles as described in the Official Statement will be included in the Annual Report. In such event, Audited Financial Statements (if any) will be provided pursuant to Section 2(d). . (c) Any or all of the items listed above in (a) or (b) may be included by specific reference from other documents, including official statements of debt issues with respect to which the Issuer is an "“obligated person" ” (as defined by the Rule), which have been previously filed with the Securities and Exchange Commission or available on the MSRB Internet Website. If the document incorporated by reference is a final official statement, it must be available from the MSRB. The Issuer will clearly identify each such document so incorporated by reference. Any . (d) If the Annual Financial Information containing contains modified operating data or financial information different from the Annual Financial Information agreed to in the continuing disclosure undertaking related to the Bonds, the Issuer is required to explain, in narrative form, the reasons for the modification and the impact of the change in the type of operating data or financial information being provided.