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HomeMy WebLinkAboutCity of Buena Park Department of Administrative Services (1996) 0::, ; ,� CITY OF BUENA PARK Department of Administrative Services c ''' 3'.` P Lawrence I.Temple, Director July 8, 1996 Countywide Public Financing Authority c/o City of Santa Ana 20 Civic Center Plaza Santa Ana, CA 92701 Stone & Youngberg LLC 4350 La Jolla Village Drive, Suite 840 San Diego, CA 92122 MBIA Insurance Corporation 113 King Street New York,New York 10504 U. S. Trust Company of California,N.A. 515 South Flower Street, Suite 2700 Los Angeles, CA 90071 Re: $30,000,000 Estimated Countywide Public Financing Authority 1996 Revenue Bonds Ladies and Gentlemen: I act as Risk Manager for the City of Buena Park, and as such, am familiar with the City's insurance coverage for public liability and property damage insurance, fire and extended coverage insurance, and rental interruption insurance covering the Leased Premises as defined and described in that certain Lease Agreement, dated as of July 1, 1996 (the "Lease Agreement"), by and between the Countywide Public Financing Authority and the City,which includes coverage with: A. Insurance Company of the West B. Affiliated FM Insurance Company C. Hartford Steam Boiler Inspection&Insurance 6650 Beach Boulevard, P. O. Box 5009, Buena Park, California, 90622-5009 (714) 562-3500 Fax(714) 562-3599 Countywide Public Financing Authority Stone & Youngberg LLC MBIA Insurance Corporation U. S. Trust Company of California,N.A. July 8, 1996 Page -2- I have reviewed and am familiar with the provisions of Sections 5.3, 5.4 and 5.5 of the Lease Agreement and have compared the coverage provided by the City's existing insurance policies, or the availability thereof (and the City's existing self-insurance coverage, if any) with the provisions of the Lease Agreement and certify that the City's insurance meets the requirements set forth in the Lease Agreement and that such insurance provides adequate protection to the owners of the captioned Bonds. U.S. Trust Company of California,N.A., as trustee for the captioned, will be named as loss payee for such insurance polices to a lender's loss payable endorsement. Very truly yours, rf 3/ ` 1 I I C/, Dave R. Holmquist ' Risk Manager DRH:jk cc: Greg Beaubien Lawrence Temple George Rivera John Beckendorf LTR9.DOC