2003-090 - Amending the Liability Risk Coverage Agreement

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N. The City desires to approve, ratify, and confirm in all respects all previous actions taken by the City or any member of this City Council of this City (the "City Council") or any other officer or staff member of the City with respect to the foregoing; and O. The forms of the following documents are on file with the Clerk of the Council and have been submitted to this City Council: (a) (b) the Third Amendment; and the JPA Amendment; Section 2. The Third Amendment is hereby approved in substantially the form on file with the Clerk of the Council. The City Manager and the Clerk of the Council are hereby authorized and directed, to execute and deliver the Third Amendment on behalf of the City with such changes, insertions, and omissions as they, in consultation with the City Attorney, shall require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. Section 3. The JPA Amendment is hereby approved in substantially the form on file with the Clerk of the Council. The City Manager and the Clerk of the Council are hereby authorized and directed, to execute and deliver the Third Amendment on behalf of the City with such changes, insertions, and omissions as they, in consultation with the City Attorney, shall require or approve, such approval to be conclusively evidenced by the execution and delivery thereof. Section 4. The option to prepay all of the City's Basic Premium at any time pursuant to Section 11.2 of the Agreement is approved, without further action by this City Council; provided that all of the following conditions are satisfied: (a) all Participants (i.e., the Cities of Santa Ana, Huntington Beach, Oxnard and, San Bernardino) shall have approved such option to prepay, so that such option shall be exercised by all such Participants as a group; (b) at least two-thirds of the members of the Board shall have so approved the exercise of such option to prepay all Basic Premium; (c) Undesignated Reserves (as defined in the Agreement) in the Claims Payment Fund (as defined in the Agreement), moneys in the Debt Service Reserve Fund (as defined in the Agreement), or any other lawfully available moneys shall be used for such prepayment; and (d) notwithstanding the last paragraph of Section 11.2 of the Agreement, the majority of the Participant members of the Board shall have determined that the Authority's pooled self-insurance program shall not terminate by virtue of such prepayment of Basic Premium, except for the obligations of each such Participant to pay Pure Premium Adjustments (as defined in the Agreement). The Board shall determine the time that any such optional prepayment of Basic Premium shall be made under Section 11.2 of the Agreement and whether any such optional prepayment shall be exercised pursuant to Section 11.1 or 11.3 of the Agreement, in the manner and upon the terms set forth in such applicable section. Resolution No. 2003-090 Page 3 of 5