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Resolution No. <br />Page 2 <br /> <br />88-74 <br /> <br /> WHEREAS, pursuant to the First Program Resolution and <br />the Joint Powers Agreement, the City executed a Liability <br /> <br />Risk Coverage Agreement, dated as of October 1, 1988 (the <br />'Liability Risk Coverage Agreement"), by and among the <br />Initial Participants and the Authority, pursuant to which <br /> <br />the Authority's pooled excess liability program (the <br />"Program") was established; <br /> <br /> WHEREAS, the Authority has implemented a pooled <br />self-insurance program for certain levels of coverage and <br />has purchased a policy of excess liability insurance for <br />the Initial Participants for coverage of $8 million in <br />excess of $2 million for the period of October 1, 1988 to <br /> <br />October 1, 1989; <br /> <br /> WHEREAS, full implementation of the Program requires <br />the Authority to issue bonds to establish larger claims <br />payment reserves in accordance with the recommendations of <br />an actuary retained by the Authority; <br /> <br /> WHEREAS, the Authority has executed a Trust Indenture, <br />dated as of October 1, 1988, by and between the Authority <br /> <br />and Seattle-First <br />pursuant to which <br />the Authority and <br />to issue its first series <br />Bonds (the "Bonds"); <br /> <br />National Bank, as trustee thereunder, <br />the Trustee is holding certain funds of <br />pursuant to which the Authority proposes <br /> <br /> of Insurance Program Revenue <br /> <br /> <br />