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BICEP 2-1988
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BICEP 2-1988
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Last modified
1/3/2012 3:17:55 PM
Creation date
1/12/2004 3:43:46 PM
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Contracts
Company Name
Big Independent Cities Excess Pool Joint Powers Authority
Contract #
A-1988-090B
Agency
Personnel Services
Council Approval Date
9/19/1988
Insurance Exp Date
7/1/2016
Notes
Liability Risk Coverage Agreement; Amended by A-1988-090C and A-1988-090B-3
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1 SECTION 4.8 Credits for Withheld Refunds. Amounts that <br /> would be paid to Participants as Pure Premium Adjustment <br />3 refunds, but for the limitation on such refunds to no more than <br /> fifty percent (50%) of the Pure Premium paid in a Coverage <br />5 Period, may be credited against the amounts to become due in <br /> the succeeding Coverage Period as Pure Premium Adjustment and <br />7 Pure Premium, in that order, until fully allocated. No such <br /> credit may be made against Basic Premium, Supplemental Basic <br />9 Premium or Administrative Premium. <br /> <br />11 <br /> <br />13 <br /> <br />15 <br /> <br /> ARTICLE V <br /> <br />RESERVES RELEASED FROM THE <br />PLEDGE OF THE INDENTURE <br /> <br />17 SECTION 5.t Receipt of Reserves Upon Discharqe of the <br /> Trust Indenture. All funds transferred by the Trustee to the <br />19 Authority upon discharge of the Indenture pursuant to <br /> Section 3.04 of the Indenture will be held by the Authority as <br />21 a claims payment fund, to be applied to the payment of <br /> Settlements of Claims within the scope of Coverage prior to the <br />23 termination of the Indenture, pursuant to the terms of this <br /> Agreement. Upon termination of all obligations to pay Pure <br />25 Premium Adjustment and termination of this Agreement, the <br /> Authority will distribute <br />27 <br /> <br />29 <br /> <br /> (a) all Pure Premium Adjustment refunds to the <br />Participants, <br /> <br />31 <br /> <br />33 <br /> <br />35 <br /> <br /> (b) all Undesignated Reserves held by it, up to an <br />amount equal to deposits to the Claims Payment Fund from <br />Bond proceeds or cash deposits made by new Participants in <br />lieu of Bond proceeds, according to the Allocable <br />Proportion, and <br /> <br />37 <br /> <br />39 <br /> <br />41 <br /> <br />43 <br /> <br /> (c) the Allocable Share, as defined in Section 5.2 <br />hereof, of each Participant which withdrew from or was <br />expelled from Coverage which has not been distributed to <br />such Participant pursuant to Section 5.2 hereof. <br /> <br /> Allocable Proportion for such purpose shall be <br /> proportionally adjusted to compensate nondefaulting <br /> Participants in the event that amounts in the Claims Payment <br />45 Fund or Debt Service Reserve Fund have been applied to pay the <br /> Basic Premium of any other defaulting Participant pursuant to <br />47 Sections 3.02 or 6.04 of the Indenture to the extent such <br /> defaulting Participant has not ultimately repaid such amount. <br />49 <br /> <br /> 29 <br />2658002/2 <br /> <br /> <br />
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