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The Authority shall maintain the insurance required by this Amended and Restated <br /> Agreement for a minimum of five years following the completion of the Fire Protection <br /> Services. In the event the Authority fails to obtain or maintain coverage as required by <br /> this Amended and Restated Agreement, Pleasanton or Livermore at their sole discretion <br /> may jointly or separately purchase the coverage required and the cost will be paid byrthe <br /> Authority. <br /> The premiums for insurance acquired by the Authority, as well as any anticipated <br /> funds necessary to pay for self-insured retentions and deductibles for insurance, shall be <br /> determined based upon actuarial studies and included in the budget. Any adjustments to. <br /> the budget to pay for insurance premiums, self-insured retentions, and deductibles shall <br /> be prepared by the Fire Chief with the approval of the Joint Executive Directorsi for <br /> presentation to the Board of Directors for recommendation to the City Councils; for <br /> Livermore and Pleasanton for consideration and approval. <br /> C. Subcontractors. <br /> The Board of Directors shall adopt minimum insurance requirements, as <br /> recommended by the General Counsel, Risk Manager, and Joint Executive Directors, for <br /> agreements with Subcontractors. <br /> D. Waiver of Right of Contribution. <br /> The Authority hereby waives and relinquishes any.right of contribution it may have <br /> at any time against the Parties under California Government Code sections 895.2 and <br /> 895.6, or otherwise, for any claim for which the Authority is obligated by this Section 7. <br /> E. Waiver of Subrogation. <br /> The Authority agrees to release Livermore and Pleasanton, and waives its rights <br /> of recovery against them under the insurance policies required by this Amended and <br /> Restated Agreement. The Authority shall ensure that each policy of insurance includes a <br /> waiver of subrogation against Livermore and Pleasanton. <br /> F. Settlement Agreements. <br /> The Authority shall not enter into any settlement of any litigation or other <br /> proceeding in which the Authority is jointly liable with Livermore or Pleasanton (or would <br /> be if joined in the litigation or proceeding) unless the settlement provides for a full and <br /> final release of all claims asserted against,Livermore and Pleasanton. <br /> SECTION 8. FISCAL YEAR <br /> The fiscal year of the Authority shall be the period from July 1 of each year to and <br /> including the following June 30. <br /> AMENDED AND RESTATED AGREEMENT FOR THE LIVERMORE-PLEASANTON <br /> FIRE DEPARTMENT JOINT POWERS AUTHORITY <br /> Page 17 <br />