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Resolution No. 88-74 <br />Page 3 <br /> <br /> WHEREAS, in order for the Authority to issue the <br />Bonds, the Initial Participants must execute a First <br />Amendment to Liability Risk Coverage Agreement (the "First <br />Amendment to Liability RiSk Coverage Agreement") <br />establishing the obligations of the Initial Participants <br />to pay Basic Premium under the Liability Risk Coverage <br />Agreement to provide for payment of principal of and <br />interest on the Bonds; <br /> <br /> WHEREAS, the City approved the form of the First <br />Amendment to Liability Risk Coverage Agreement in the <br />First Program Resolution and the City proposes to <br />authorize execution of the First Amendment to Liability <br />Risk Coverage Agreement containing a specified maximum <br />annual Basic Premium obligation; <br /> <br /> WHEREAS, in order to complete the Bond financing, the <br />Authority must execute and deliver the First Amendment to <br />Trust Indenture, the First Amendment to Liability Risk <br />Coverage Agreement, a Purchase Contract with municipal <br />underwriters relating to the sale of the Bonds and an <br />Official Statement relating to the public offering of the <br />Bonds; <br /> <br /> WHEREAS, the City council desires to specifically <br />authorize the representatives of the City to the Authority <br />to approve the issuance of the Bonds and the execution and <br />delivery by the Authority of such related agreements and <br /> <br /> <br />