Laserfiche WebLink
Resolution No. 88-67 <br />Page 3 <br /> <br /> WHEREAS, it is anticipated that the Authority will <br />assist the City and the other Participants to obtain <br />self-insurance for liability risks (the "Coverage") <br />through and on the terms set forth in the Liability Risk <br />Coverage Agreement presented to this meeting and on file <br />with the Clerk of the city Council (the "Coverage <br />Agreement") by and among the Authority and other <br />California cities, which initially may include the Cities <br />of Huntington Beach, Oxnard, Pomona, San Bernardino and <br />Santa Aha, california (each of the City and such Cities <br />set forth in this paragraph being referred to herein <br />individually as a "Participant" and collectively as the <br />"Participants"); <br /> <br /> WHEREAS, this Council proposes to authorize the <br />execution of the Coverage Agreement for the purpose of <br />providing Coverage for the City for the benefit of the <br />City's residents and taxpayers and for the health and <br />safety of the public; <br /> <br /> WHEREAS, the Participants propose to cause the <br />Authority to authorize the issuance, sale and delivery <br />pursuant to a Trust Indenture (the "Indenture") of <br />insurance program revenue bonds (the "Bonds') payable from <br />revenues of the Authority, including Basic Premium (as <br />defined in the Coverage Agreement) to be paid by the City <br />and the other Participants under the Coverage Agreement, <br />in order to fund reserves initially in an amount <br /> <br />413! <br /> <br /> <br />