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Resolution No. 88-~ <br />Page 7 <br /> <br />be provided in such year under the Coverage Agreement, but <br />in the event that such protection is so provided in any <br />year such Participation Premium will be a binding <br />obligation of the City payable from legally available <br />moneys; <br /> <br /> WHEREAS, this Council hereby further determines that <br />the obtaining of the insurance protection and services <br />provided for under the Coverage Agreement is essential in <br />the preservation and fostering of the health, safety and <br /> <br />property rights of the citizens of the City and the lack <br />of availability of reasonable commercial public entity <br />liability insurance to local governments generally in the <br />State of California and to the City in particular <br /> <br />constitutes a public emergency; <br /> <br /> WHEREAS, it is necessary and in <br />citizens of the City to establish, <br /> <br />the interest of the <br />through the execution <br /> <br />of the Joint Powers Agreement and the Coverage Agreement <br />and sale of the Bonds, and maintain through pro rata <br />contributions of each Participant, including the City, a <br />debt service reserve fund therefore, in order to establish <br />adequate reserves to permit the Bonds to be marketed at <br />the lowest possible interest rates; <br /> <br /> WHEREAS, this Council hereby determines that it is <br />reasonably expected that the cost of funding and <br />maintaining such reserve fund will be more than offset by <br /> <br />-191 <br /> <br /> <br />