1. Except as otherwise provided in subsection 2, the municipality shall submit to the Director of the Legislative Counsel Bureau a copy of the annual financial information that is submitted to the Municipal Securities Rulemaking Board pursuant to 17 C.F.R. 240.15c2-12(b)(5)(i)(A) in connection with the issuance of bonds for each improvement district. Such information must be submitted to the Director on or before the deadline for submission of the information to the Municipal Securities Rulemaking Board.
2. A municipality is not required to submit to the Director any audited financial statements of the municipality pursuant to this section.