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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
Metadata
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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 <br /> <br /> 3 <br /> <br /> 5 <br /> <br /> 7 <br /> <br /> 9 <br /> <br />11 <br /> <br />13 <br /> <br />15 <br /> <br />17 <br /> <br />19 <br /> <br />21 <br /> <br />23 <br /> <br />25 <br /> <br />27 <br /> <br />29 <br /> <br />31 <br /> <br />33 <br /> <br />35 <br /> <br />37 <br /> <br />39 <br /> <br />41 <br /> <br />43 <br /> <br />45 <br /> <br />47 <br /> <br />to the terms of this Agreement, other than by reason of good <br />faith dispute as to the scope of Coverage, the obligations of <br />all Participants to pay Participation Premium and Pure Premium <br />Adjustment hereunder shall automatically be abated in full. <br />The obligation of a Participant to pay Participation Premium <br />shall otherwise be discharged only as provided in Section 4.1. <br />This provision shall not be construed to bar any Participant <br />from making voluntary payments of any amounts of any premium <br />following an event of abatement~ On the occurrence of any <br />event causing abatement, all moneys on hand (i) in the Debt <br />Service Reserve Fund, the Redemption Fund and the Prepayment <br />Fund held by the Trustee shall be available for use by the <br />Trustee to make payments of principal of and interest on the <br />Bonds, (ii) in the Principal and Interest Fund held by the <br />Trustee, to the extent of the proportional amount represented <br />by the portion of the Coverage Period which had occurred prior <br />to the event causing abatement, shall be used as in (i) hereof, <br />and amounts in excess of such amount shall be transferred to <br />the Claims Payment Fund and shall be available to pay <br />Settlements. <br /> <br />ARTICLE VIII <br /> <br /> INDEMNIFICATION AND RELEASE OF <br />AUTHORITY, TRUSTEE AND PARTICIPANTS; DISCLAIM_ER <br /> <br /> SECTION 8.1 Release and Indemnification Covenants. Each <br />Participant shall and hereby agrees to indemnify and save the <br />Authority, the Trustee and all other Participants and their <br />respective officers harmless from and against all claims, <br />losses and damages, including legal fees and expenses, arising <br />out of (i) such Participant's breach or default in the <br />performance of any of its obligations under this Agreement or <br />(ii) such Participant's act or negligence or that of any of its <br />agents, contractors, servants, employees or licensees with <br />respect to the Coverage, but not including Claims. No <br />indemnification is made under this Section or elsewhere in this <br />Agreement for claims, losses or damages, including legal fees <br />and expenses arising out of the willful misconduct, negligence, <br />or breach of duty under this Agreement by the Authority, <br />Trustee, or any other Participant, or their respective <br />officers, agents, employees, successors or assigns. <br /> <br /> SECTION 8.2 Disclaimer. THE AUTHORITY AND THE TRUSTEE <br />MAKE NO WARR3tNTY OR REPRESENTATION, EITHER EXPRESS OR IMPLIED, <br />AS TO THE ADEQUACY OF THE COVERAGE FOR THE NEEDS OF THE <br />PARTICIPANTS. <br /> <br /> 35 <br />2658002/2 <br /> <br /> <br />
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