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192 <br /> <br />Resolution NO. 88-5 <br />Page 8 <br /> <br />the anticipated benefits and economies to be realized by <br />the pooling of risks and losses pursuant to the Coverage <br />Agreement; <br /> <br /> WHEREAS, Article 16, Section 6 of the Constitution of <br />the State, regarding lending of public credit or funds, <br />provides, in relevant part, that such Section "shall not <br />prohibit any county, city and county, city, township, or <br />other political corporation or subdivision of the State <br />from joining with other such agencies in providing for the <br />payment of workers' compensation, unemployment <br />compensation, tort liability, or public liability losses <br />incurred by such agencies, by entry into an insurance <br />pooling arrangement under a joint exercise of powers <br /> <br />agreement, or by membership in <br />nonprofit corporation or other <br />authorized by the Legislature"; <br /> <br />such publicly-owned <br />public agency as may be <br /> <br /> WHEREAS, Premium <br />consideration of the <br />Agreement and by the <br /> <br />shall be paid by the City in <br />Coverage offered by the Coverage <br /> <br />Memorandum and the sharing Of the <br /> <br />risk of liability for claims associated with the pooled <br />self-insurance program during each Coverage Period (as <br />defined in the Coverage Agreement); this Council hereby <br />agrees and determines that such Premium payments represent <br />the fair market value of the Coverage; in making such <br />determination, consideration has been given to the initial <br /> <br /> <br />