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· . EXHIBIT F MASTER MEMORANDUM OF LIABILITY COVERAGE FOR THE BIG INDEPENDENT CITIES EXCESS POOL JOINT POWERS AUTHORITY Throughout this AGREEMENT, words and phrases that appear capitalized have special meaning. They are defined in Section II -- Definitions. In consideration of payment of the premium, the Big Independent Cities Excess Pool Joint Powers Authority, {BICEP) hereinafter known as the Authority agrees with the respective member CITY of BICEP as follows: SECTION I -- COVERAGES The Authority will pay those sums on behalf of the CITY for ULTIMATE NET LOSS in excess of the Retained Limit stated in Item 5 of the Declarations that the CITY becomes legally obligated to pay as damages by reason of Liability imposed by law or Liability assumed by contract because of: A. BODILY INJURY or PROPERTY DAMAGE: and/or B. PERSONAL INJURY: and/or C. PUBLIC OFFICIALS ERRORS AND OMISSIONS as those terms are herein defined and to which this AGREEMENT applies. Included in Authority's obligation to pay are DEFENSE COSTS failing within the definition of COVERED ULTIMATE NET LOSS. ~ , SECTION II -- DEFINITIONS · A. AGREEMENT -- means the Memorandum of Liability Coverage for the Authority. B. AIRCRAFT -- means a vehicle designed for the transport of persons or property principally in the air. C. AUTOMOBILE -- means a land motor vehicle, trailer or semi-trailer. D. BODILY INJURY -- means bodiiy injury, sickness or disease sustained by a person, including death resulting from any of these at any time. E. CITY -- means the entity named in the Declarations, including any and all commis- sions, agencies, districts, Authorities, councils (including the governing councils) or similar entities coming under the CITY's direction or control or for which the CITY's council members sit as the governing body. BICEP 3/9/38 F- 1