The municipal corporation shall cause to be published in two newspapers of opposite politics, if there be such published therein, at a compensation not to exceed the rate provided by law for like publications, for one issue, or, if no such newspaper be published therein, to publish in pamphlet form not less than one hundred copies of a sworn statement of the financial condition of such corporation. Such statement shall contain a summary account of the receipts and expenditures of the City or Municipality showing the source from which all money was derived, and the purpose for which expended, and also a specific statement of the debts of such municipal corporation, showing the purpose for which any debt was contracted, the time it becomes due, the rate of interest, up to what time the interest thereon has been paid, the amount of money in the Treasury at the end of the preceding administration and the debts contracted by it. Such statement shall be prepared by the municipal corporation every twelve months and shall then be printed according to the provisions of this section. Either method of the report shall be sworn to by the recorder, by the Mayor and two members of the City Council. One copy of such printed report shall be delivered to the judge of the judicial district, one to the clerk of the county court, one to the clerk of the circuit court, one shall be kept as a part of the records of the City or municipal corporation, and the remainder shall be held for distribution as called for by the taxpayers. If a City Council fail or refuse to perform the duties hereinbefore named, every member of such Council and the recorder thereof concurring in such failure or refusal shall be guilty of a misdemeanor, and upon conviction thereof, shall be fined not less than ten nor more than one hundred dollars. If any of the provisions of this section are violated, it shall be the duty of the prosecuting attorney of the county in which such violations are made to immediately present the evidence thereof to the grand jury if in session, and if not in session, he shall cause such violation to be investigated by the next succeeding grand jury.