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09960.00000\42067547.1 4 <br />5.REPORTING REQUIREMENTS Bond Counsel agrees to keep the City, and any other <br />person(s) designated by the City, informed of significant events in the Actions. <br />a. (a) and (b) probably not pertinent here <br />6.TERM The term of this Agreement shall commence on the date first written above and <br />terminate on September 30, 2025, unless terminated earlier pursuant to Section 15 below. The term <br />of this Agreement may be extended for up to one (1) year upon a writing executed by both parties, <br />including the City Manager and the City Attorney. <br />7.INDEPENDENT CONTRACTORS It is mutually agreed by and between the parties that, <br />in the performance of their covenants hereunder, Bond Counsel is and shall be independent <br />contractors, and not officers or employees of City. <br />8.INSURANCE <br />Prior to undertaking performance of work under this Agreement, Bond Counsel shall <br />maintain and shall require any subcontractors to obtain and maintain insurance as described below <br />for the entire Term of this Agreement against claims for injuries to persons or damage to property <br />which may arise from or in connection with services, products and materials supplied to City. Total <br />cost of such insurance shall be borne by Bond Counsel. <br />MINIMUM SCOPE AND LIMIT OF INSURANCE <br />A.Professional Liability Insurance: with limits no less than $1,000,000 per occurrence or <br />claim, and $2,000,000 aggregate. <br />If Bond Counsel maintains broader coverage and/or higher limits than the minimum <br />requirements for each line of coverage shown above, City requires and shall be entitled to the <br />broader coverage and/or the higher limits maintained by Bond Counsel. Any available insurance <br />proceeds in excess of the specified minimum limits of insurance and coverage shall be available <br />to City. <br />Other Insurance Provisions <br />The above required insurance policies are to contain or be endorsed to contain the following <br />provisions: <br />A.Certificate Holder on each Evidence of Insurance certificate shall be: City of Santa Ana, <br />20 Civic Center Plaza, Santa Ana, CA 92701. The name and location of project must be <br />included in the Description of Operations section of each certificate. <br />Self-Insured Retentions. Self-insured retentions must be declared to and approved by the City. <br />The City may require the Bond Counsel to purchase coverage with a lower retention or provide <br />proof of ability to pay losses and related investigations, claim administration, and defense expenses <br />within the retention.