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Resolution NO. 88- ~ <br />Page 7 <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 />property rights of the citizens of the City and from time <br />to time the lack of availability of reasonable commercial <br />public entity liability insurance to local governments <br />generally in the State of California and to the City in <br />particular constitutes a public emergency; <br /> <br /> WHEREAS, it is necessary and in the interest of the <br />citizens of the City to establish, through the execution <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 />the anticipated benefits and economies to be realized by <br />the pooling of risks and losses pursuant to the Coverage <br /> <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 /> <br /> <br />