Agenda - 04-19-2016 - 7-a - Adoption of the Final Financing Resolution Authorizing the Issuance of $8,150,000 in Installment Purchase Financing for Various Capital Investment Plan Projects

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14 ever, the Lender notifies the County that, in the opinion of independent counsel selected by the Lender, the security afforded pursuant to this Contract or the Deed of Trust will be materially endangered by nonpayment of any items, or the Mortgaged Property (or any portion) will be subject to loss or forfeiture, then the County must promptly pay those items (but the payment will not in itself constitute a waiver of the right to continue to contest the charges). 3.9. County's Insurance. (a) Property Damage Insurance — The County shall, at its own expense, acquire, carry and maintain broad-form extended coverage property damage insurance with respect to the Pledged Facilities in an amount equal to their estimated replacement cost. In the al- ternative, the County may provide for the School Board to acquire, carry and maintain this insurance with respect to the Financed Facilities. In either case, this insurance must include standard mortgagee coverage in favor of the Lender. Any Net Proceeds of the insur- ance required by this subsection (a) shall be payable as provided in Article VI. (b) General Liability Insurance — To the extent permitted by law, the County agrees that it will, at its own expense, acquire, carry and maintain comprehensive general liability insurance in an amount not less than $2,000,000 for personal injury or death and $2,000,000 for property damage, and that it will include the Lender as an additional insured with respect to occurrences related to the Facilities. (c) Worker's Compensation Insurance — The County will, at its own expense, ac- quire, carry and maintain worker's compensation insurance in the manner required by law. (d) Additional Provisions -- (i) The insurance required by this Section must be maintained with generally recognized responsible insurers and may carry reasonable deductible or risk-retention amounts. The County must provide copies of all such policies to the Lender upon request. (ii) In the alternative, the County or the School Board may maintain the insurance required by subsection (a) and (b) above (A) by one or more blanket or umbrella insurance policies or (B) by means of an adequate self-insurance fund or risk-retention program, or by participation in a group risk pool or similar program. (iii) If the County or the School Board obtains blanket or umbrella coverage, the County must provide to the Lender, upon the Lender's request, a certificate or certificates of the respective insurers evidencing the coverage and, with respect to property insurance, stat- ing the amount of coverage provided with respect to the Pledged Facilities (or any covered portion). If the County or the School Board provides for any alternative risk management programs, the County's risk manager or an independent insurance consultant must review the programs annually for sufficiency. The County must provide to the Lender evidence as to the sufficiency of any alternative program as the Lender may reasonably request.