RES 10385 - Laserfiche WebLink

12. AUDITS AND ACTUARIAL ANALYSIS At the end of each fiscal year. the Authority shall have a financial audit by a qualified. independent Certified Accountant. A report from the Accountant shall be distributed to each and every "Party' to this Agreement. The Authority shall have an audit of its claims performed at least once every two (2) years. Such audits shall be performed by an independent individual or company qualified to perform such audits. A report of the findings of such audit shall be distributed to each and every "Party' to this Agreement. The Authority shall have an actuarial study performed at least once every two (2) years. Such actuarial study shall be performed by a qualified actuary and the findings of such a study shall be distributed to each and every "Party" to this Agreement. 13. SEVERABILITY Should any portion, term, condition, or provision of this Agreement be decided by a court of competent jurisdiction to be illegal or in conflict with any law of the State of California, or be otherwise rendered unenforceable or ineffectual. the validity of the remaining portions, terms. conditions. and provisions shall not be affected thereby. 14. LIABILITY A. If a "Member' or the Authority is held liable upon any judgment for damages caused by an act or omission that is subject to Sections 895, et. seq., of the California Government Code and makes payments in excess of its "Pro Rata Share" on such judgment, such "Member" of the Authority is entitled to contribution from each of the other "Parties" to the Agreement. A "Members" "Pro Rata Share" shall be determined in the same manner as for the disposition of property and funds as provided in the Agreement and the Bylaws. B. The Authority may insure itself. its directors, officers. and employees, to the extent deemed necessary or appropriate by the Board of Directors, against loss. liability, and claims arising out of or connected with this Agreement. 15. ENFORCEMENT The Authority is hereby given authority to enforce this Agreement. In the event the Authority brings suit against a "Member' for breach of this Agreement and a judgment is rendered for the Authority, the "Member' shall pay all costs incurred by the Authority as a result of such suit. including reasonable attorney's fees as fixed by the court. 16. DEFINITIONS The teens used herein and in the Bylaws shall have the following meanings: A. "Claims Service" shall mean a claim adjuster or claims adjusting company as may be engaged by the Board of Directors for the purpose of determining losses and payments with respect to the Claims Fund. B. "Contribution shall mean money payable by a "Party" to the Authority for the purpose of funding for losses and administrative expenses of the Authority. C. "Workers' Compensation Excess" shall mean coverage for Workers' Compensation and Employers' I.AwCX AGREEMENT (3/19192 June 18. 1992 7