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412 Resolution No. 88- ~ <br /> Page 2 <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 />created pursuant to chapter 5 of Division 7 of Title 1, <br /> <br />Sections 6500 et seq. of the California Government Code <br />(the "Joint Powers Law"), and such pooling of self-insured <br />claims and the risk sharing of losses is not considered <br />insurance subject to regulation u~nder the California <br />Insurance Code; <br /> <br /> WHEREAS, the City and certain other cities organized <br />under the laws of California having a population in excess <br />of 100,080 (which are referred to below as Participants) <br /> <br />propose to form a pooled liability <br />program pursuant to the Act; <br /> <br /> WHEREAS, in order to implement <br /> <br />insurance risk sharing <br /> <br />such pooled liability <br /> <br />insurance risk sharing program the City and the <br />Participants propose to create a joint powers authority <br />pursuant to the Joint Powers Law, to be known as the "Big <br />Independent Cities Excess Pool Joint Powers Authority' <br />(the 'Authority") by approving and executing a joint <br />powers agreement creating the Authority (the "Joint Powers <br />Agreement"); <br /> <br /> WHEREAS, the Joint Powers Agreement will authorize the <br />Authority to exercise necessary powers to implement the <br />purposes of the Authority through the Authority's Board of <br />Directors; <br /> <br /> <br />