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3. Refunds /Recaptures City agrees that any <br />retrospective premium returns (refunds) will be held in trust <br />until the final adjustment has been made for this plan year. Any <br />premium recaptures will be paid out of the trust fund. At such <br />time as the final adjustment has been made, distribution will be <br />made to participating cities using a formula to be developed by <br />WCIA staff and adopted by a majority vote of the participant <br />cities prior to the end of the plan year. <br />Interest earned on the trust fund account will be <br />distributed, held, or applied toward administrative costs at the <br />direction of the participants. <br />4. Retrospective Penalties In the event WCIA <br />is assessed a penalty by Labor and Industries, group members will <br />be invoiced to a maximum of 50% of their plan year premium. <br />Returned penalties will be redistributed in similar fashion as <br />they are collected. <br />5. Failure to Pay Failure of a city to <br />promptly pay its original premium to the Department, its pro rata <br />share of administrative expenses, or retrospective penalty <br />assessment entitles WCIA to withhold any monies credited to city <br />in the trust fund to satisfy city's debt. City may be barred <br />from participating in future retrospective rating plans by <br />two thirds vote of the plan year participating cities without <br />cause having to be stated or proven. <br />6. Agency City hereby appoints WCIA to act as <br />its agent in matters pertaining to industrial insurance pursuant <br />to this Retrospective Rating Agreement. <br />7. Information Release City hereby authorizes <br />Department of Labor and Industries of the State of Washington to <br />release any and all information pertaining to industrial <br />insurance, experience, and files of the city to WCIA. <br />8. No Liability to State WCIA disclaims any <br />liability to the state for any premiums or penalties owed by any <br />city to the state. City acknowledges that WCIA assumes no <br />liability to the state for payments of premiums or penalties owed <br />by the city to the state with the expection of retro penalties <br />owed the state as provided in Paragraph 4. <br />9. The text herein shall constitute the entire <br />agreement between the parties and supersedes any other oral or <br />written agreement of any kind. <br />