Laserfiche WebLink
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 /> WHEREAS, the Authority is a joint powers agency of which <br />each Participant is a member; <br /> <br /> WHEREAS, the Authority is authorized to exercise necessary <br />powers to implement the purposes of the Authority as <br />established by the Authority's Governing Board; <br /> <br /> WHEREAS, the Authority has determined to assist each <br />Participant to obtain self-insurance for liability risks <br />through this Agreement; <br /> <br /> WHEREAS, the city council of each Participant has <br />authorized the execution of this Agreement for the purpose of <br />providing Coverage for the Participant for the benefit of the <br />Participant's residents and taxpayers and for the health and <br />safety of the public who interact with the Participant; <br /> <br /> WHEREAS, the Authority proposes to authorize the issuance, <br />sale and delivery, pursuant to the Trust Indenture described <br />herein, of Insurance Program Revenue Bonds (the "Bonds") in <br />order to initially fund reserves in an amount determined <br />sufficient to pay Settlements when due and to provide the <br />Coverage described in the terms set forth herein and in the <br />Memorandum of Liability Coverage attached hereto as Exhibit B <br />(the "Memorandum"); <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 />49 <br /> <br /> WHEREAS, the Authority and the Participants have heretofore <br />conclusively determined following investigation that either <br />public entity liability insurance is not available to the <br />Participants from commercial insurers or from any other source <br />or that such insurance is not available at a commercially <br />reasonable cost; <br /> <br /> WHEREAS, the Authority and the Participants have further <br />determined, based upon the advice of independent professional <br />insurance consultants familiar with the cyclical nature of the <br />reasonable availability of coverage in the commercial insurance <br />market, that it is uncertain when such liability insurance is <br />expected to become available at a commercially reasonable cost, <br />thereby in the interim exposing the Participants to <br />self-insuring from available revenues on a year-by-year basis <br />with the attendant risks of fiscal instability and ruinous <br />burdens on its citizens in the event of large liability claims <br />recoveries; <br /> <br /> WHEREAS, the Authority and the Participants have further <br />determined that the periodic unwillingness of the commercial <br />insurance market to provide primary or excess public entity <br />liability insurance to local governments at reasonable rates <br />or, in certain cases as at present, at any rate, mandates that <br /> <br /> 2 <br />2658002/2 <br /> <br /> <br />