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55A - BICEP
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06/19/2006
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55A - BICEP
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Last modified
1/3/2012 4:45:43 PM
Creation date
6/14/2006 2:17:28 PM
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City Clerk
Doc Type
Agenda Packet
Item #
55A
Date
6/19/2006
Destruction Year
2011
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<br />CITY COUNCIL MEETING DATE: <br /> <br /> <br />CLERK OF COUNCIL USE ONLY: <br /> <br />REQUEST FOR <br />COUNCIL ACTION <br /> <br />JUNE 19, 2006 <br />TITLE: <br />AMENDMENTS TO BIG INDEPENDENT <br />CITIES EXCESS POOL (BICEP) <br />AGREEMENTS AND NEW PROGRAM <br />DOCUMENTS <br /> <br />APPROVED <br /> <br />o As Recommended <br />o As Amended <br />o Ordinance on 1st Reading <br />o Ordinance on 2nd Reading <br />o Implementing Resolution <br />o Set Public Hearing For <br /> <br />!l../lJ U. <br /> <br />CITY MANAGER <br /> <br />CONTINUED TO <br /> <br />--- <br /> <br />FILE NUMBER <br /> <br />RECOMMENDED ACTION <br /> <br />Adopt a resolution which shall: <br /> <br />1. Approve the Amended and Restated BICEP Joint Powers Agreement among <br />the five city members of BICEP. <br /> <br />2. Approve the Amended Bylaws between BICEP and the member cities. <br /> <br />3. Approve the Revised Master Memorandum of Liability Coverage. <br /> <br />4. Approve the Liability Program document. <br /> <br />5. Approve the Workers' Compensation Program document. <br /> <br />DISCUSSION <br /> <br />BICEP was initially formed in 1988 in response to the extreme difficulty <br />cities were having in obtaining liability insurance coverage. The cities <br />of Huntington Beach, Santa Ana, San Bernardino, Oxnard and Pomona were <br />the charter members which formed BICEP. Subsequently, the City of Pomona <br />withdrew and the City of West covina joined BICEP in October 2003. <br /> <br />In order to provide adequate reserves for liability coverage, BICEP <br />issued bonds in 1988 and as a further consequence entered into certain <br />legal "operating" documents to provide the necessary and required <br />protection for bondholders. More specifically, the Liability Risk <br />Coverage Agreement and Trust Indenture were specifically crafted to <br />ensure that the premiums paid in and the settlements paid out under the <br />liability coverage program, were administratively handled to protect the <br />interest of bondholders. <br /> <br />In October 2003, BICEP determined to retire the bonds and with the <br />ratification of the City Councils of each Member, undertook necessary <br />actions to defease the bonds in March 2004. With the retirement of this <br /> <br />55A-1 <br />
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