2003-090 - Amending the Liability Risk Coverage Agreement

Home Browse Search

certain provisions of the Agreement and the exhibits thereto are required to be amended, supplemented, or waived, as applicable; and The City proposes to enter into a Third Amendment to Liability Risk Coverage Agreement (the "Third Amendment") by and among the Authority and the Cities of Santa Ana, Huntington Beach, Oxnard, San Bernardino, and West Covina, to provide for, among other things, the admission of West Covina as a new Participant; and In connection with the admission of West Covina as a new Participant, West Covina is required under the Agreement, among other things, to become a member of the Authority under the Joint Powers Agreement Creating the Big Independent Cities Excess Pool Joint Powers Authority (the "JPA Agreement"), executed by each of the Cities of Huntington Beach, Oxnard, Pomona, San Bernardino, and Santa Ana in September 1998; and In connection with the expulsion of Pomona from Coverage as a Participant under the Agreement, Pomona shall be deemed under Article 17 of the JPA Agreement to have withdrawn from the JPA Agreement and shall no longer be a party to the JPA Agreement; and In connection with the admission of West Covina as a member of the Authority and the withdrawal of Pomona as a member of the Authority, certain provisions of the JPA Agreement are required to be amended or supplemented, as applicable; and The City proposes to enter into the First Amendment to Joint Powers Agreement Creating the Big Independent Cities Excess Pool Joint Powers Authority (the "JPA Amendment") by and among the Cities of Santa Ana, Huntington Beach, Oxnard, San Bernardino, and West Covina, to provide for, among other things, the admission of West Covina as a member of the Authority and the acknowledgement of the withdrawal of Pomona as a member of the Authority; and Section 11.2 of the Agreement permits all Participants (i.e., the Cities of Santa Ana, Huntington Beach, Oxnard, and San Bernardino), with at least two-thirds approval of the members of the Board, to exercise as a group the option to prepay the Basic Premium (as defined in the Agreement) of all Participants pursuant to Section 11.1 or 11.3 of the Agreement, as applicable, in the manner and upon the terms set forth in such applicable section; and The City desires to approve the prepayment of its Basic Premium, subject to the conditions set forth herein; and The City desires to approve the prepayment of its Basic Premium, subject to the conditions set forth herein; and Resolution No. 2003-090 Page 2 of 5