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Resolution No. 88- 7~ <br />Page 5 <br /> <br /> SECTION 2. Basic Premium Obligation Under First <br />Amendment to Liabilit~ Risk Coverage Agreement. The Mayor, <br />City Manager and Finance Director are hereby authorized and <br />directed, for and in the name and on behalf of the city, to <br />execute, acknowledge and deliver to the Authority the First <br />Amendment to Liability Risk Coverage Agreement in <br />substantially the form approved by this City Council by <br />Resolution NO. 88-67 and on file with the Clerk of the City <br />Council, with such changes therein as such officer may <br />require or approve, such approval to be conclusively <br />evidenced by the execution and delivery thereof; provided, <br />however, that the maximum annual Basic Premium obligation of <br />the City established thereunder shall not exceed ~735,000 <br />and the aggregate principal component of Basic Premium <br />established thereunder shall not exceed ~6,600,000. <br /> <br /> SECTION 3. Authorization of Representatives to <br />Authorize Issuance of Authority Bonds. The representatives <br />of the City to the Big Independent Cities Excess Pool Joint <br />Powers Authority (the "Authority') are hereby authorized and <br />directed to authorize, as representatives of the City to the <br /> <br />Authority, the issuance of <br /> <br />Program Revenue Bonds (the <br />provided that the principal <br />exceed %18,800,080 and the interest <br />Bonds shall not exceed 9%. <br /> <br />the first series of Insurance <br />"Bonds") by the Authority; <br /> <br /> amount of the Bonds shall not <br /> <br /> rate per annum on the <br /> <br /> <br />