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01.0 <br /> <br />Resolution No. 88- 3 <br />Page 2 <br /> <br />coverage in an amount such City Council determines to be <br />necessary to provide such coverage; <br /> <br /> WHEREAS, pursuant to Section 990.8 of the Act, the <br />City is empowered to obtain insurance coverage through a <br />joint powers agreement with other local public entities, <br />and such pooling of self-insured claims and the risk <br />sharing of losses is not considered insurance subject to <br />regulation under the california Insurance Code; <br /> <br /> WHEREAS, the Independent cities Risk Management <br /> <br />Authority (the "Authority") is a joint exercise of powers <br />agency which currently acts as insurance provider in a <br /> <br />pooled excess liability program of its member cities; <br /> <br /> WHEREAS, the City, along with the other Prospective <br />Participants, proposes to become a member of the Authority <br />in order to implement the Program; <br /> <br /> WHEREAS, it is contemplated that the terms of the <br />Program would be set forth in a Liability Risk Coverage <br />Agreement between the Authority and the Prospective <br /> <br />Participants; <br /> <br /> WHEREAS, in order to adequately fund the claims <br />payment fund of the Program it is contemplated that the <br />Authority would issue bonds payable from revenues of the <br />Authority, including certain premium payments made by the <br />Prospective Participants; <br /> <br /> <br />