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1 <br /> <br />3 <br /> (a) The recitals to this Agreement are true and <br />5 correct. <br /> <br /> SECTION 1.2 Findings. Each Participant hereby finds and <br />determines that: <br /> <br /> 7 <br /> <br /> 9 <br /> <br /> 11 <br /> <br />13 <br /> <br /> 15 <br /> <br /> 17 <br /> <br /> 19 <br /> <br />21 <br /> <br />23 <br /> <br />25 <br /> <br />27 <br /> <br />29 <br /> <br />31 <br /> <br />33 <br /> <br /> (b) Public entity liability insurance in the amount <br />and scope described in the Memorandum is not commercially <br />available to such Participant in the private marketplace at <br />a commercially reasonable price. <br /> <br /> (c) The Participation Premium shall be paid by each <br />Partioipant in consideration of the Coverage offered hereby <br />and by the Memorandum and the sharing of the risk of <br />liability for claims associated with the pooled <br />self-insurance program during each Coverage Period. The <br />parties hereto have agreed and determined that such <br />Participation Premium, together with any Pure Premium <br />Adjustments, represents the fair market value of the <br />Coverage. In making such determination, consideration has <br />been given to the initial costs of establishing the pooled <br />insurance program, the unavailability of commercial <br />liability insurance to such Participant and to other <br />Participants, ~he anticipated future costs of commercial <br />liability insurance should such insurance become available, <br />the obligations of Participants under this Agreement <br />(including the agreement to share the risk of costs imposed <br />by liability claims), the obligation of the Authority to <br />provide insurance services, the benefits resulting from the <br />funding of a pooled insurance program (including the <br />prospect of access to the commercial liability reinsurance <br />market) and the other benefits therefrom which will accrue <br />to such Participant and the general public. <br /> <br />35 <br /> <br />37 <br /> <br />39 <br /> <br />41 <br /> <br />43 <br /> <br /> (d) Such Participant receives benefit from the <br />sharing of risk of costs imposed by liability claims under <br />the terms of this Agreement during each Coverage Period. <br />The assessment of Pure Premium and Pure Premium Adjustment <br />is the means by which such risk sharing is implemented. <br />The procedure established for the calculation, adjustment <br />and assessment of Pure Premium and Pure Premium Adjustment <br />is fair, just and reasonable as a means of implementing <br />such risk sharing. <br /> <br />45 SECTION 1.3 <br /> are attached to, <br />47 Agreement: <br /> <br />Exhibits. The following Exhibits and Schedule <br />and by reference made a part of, this <br /> <br />49 <br /> <br />51 <br /> <br /> Exhibit A: The schedule of Basic Premium to be paid <br />by each Participant to the Authority, showing the date and <br />amount of such payments. <br /> <br /> 10 <br />2658002/2 <br /> <br /> <br />