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<br />4.2.3. Rate on Overdue Payments. In the event a Member or Terminated <br />Member fails to make any of the paYJTIents required in this Article, the payment in <br />default shall continue as an obligation of the Member or Terminated Member until the <br />amount in default shall have been fully paid; and in addition to any remedies available <br />with respect to such default, the Member or Terminated Member agrees to pay the <br />same with interest thereon. Interest shall be calculated using the BICEP's average <br />earnings rate as determined in the latest 12-month Investment Performance Porfolio <br />prepared by BICEP's investment managers, but not to exceed the highest rate. <br />permitted by law from the. date such amount was originally payable. This provision can <br />be waived by the Board on a case-by-case basis. <br /> <br />4.2.4. Termination of Coverage. In no event shall termination of <br />Coverage due to withdrawal or expulsion release a Member from its obligation to pay <br />damages resulting from default under the terms of this Program or from its obligation to <br />pay their Self-Insured Retention of Claims within the scope of Coverage prior to such <br />withdrawal. BICEP shall continue to pay Settlement of Claims relating to the withdrawn <br />Member within the scope of Coverage prior to withdrawal as provided herein, unl~ss the <br />Member defaults in the payment of its continuing obligations described in the preceding <br />sentence. Notice to withdraw shall be revocable by the Member only with the consent <br />of BICEP. <br /> <br />4.2.5. Member's Rights Upon Dissolution of BICEP. In the event of the <br />dissolution of BICEP in accordance with Article VI of the Bylaws, the terms and <br />conditions of this Workers' Compensation Program shall remain in full force and effect. <br />until such time as all Claims within the scope of Coverage have been finally determined <br />and/or paid. <br /> <br />IN WITNESS WHEREOF, the undersigned Member acknowledges reading, fully <br />understanding and accepting the terms and provisions of the Program. <br /> <br />Date: ,Tilly 1 f '006 <br /> <br />~~. <br />Bt; <br />Prrnt Name: David . Ream P <br />City Manager <br /> <br />Z2TTI ~./. <br />. 7' I 6 <br />~/ <br />PA TRICIA E. HEAL Y <br />.CLERK OF THE COLlNCll <br /> <br /> <br />Workers' Compensation Program <br />0]-2]-06 <br /> <br />-4- <br />