83-055 - WA Cities Insurance Authority (WCIA)

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injury, errors and omissions, contractual liability, and such other areas of coverage as the state shall require or the Board shall determine. ARTICLE 13 (c) The initial premium for each City shall be determined by the Board, in its discretion, based upon a fair formula which shall consider, but not be limited to, total City payroll, administrative experience of the City, the previous loss experience of the City, the liability risks of the City and the costs to the Authority of adding the City as a member. ARTICLE 14 (c) Executive Director's Report. The Executive Director, within one hundred and twenty (120) days after the close of each fiscal year, shall give a complete written report of all financial activities for such fiscal year to the Board and to each Member City. ARTICLE 15 (c) The Treasurer's duties shall include (4) Pay any other sums due from Authority money only upon request for payment signed by the President of the Board or the Executive Director. ARTICLE 16 (h) Conduct risk management audits to review the participation of each City in the program. The audit shall by performed by the Executive Director or, at the discretion of the Board, an independent auditor may be retained by contract to conduct the audits. ARTICLE 17 (a) The City Council, Commission, or appointing official of each City shall appoint a representative and at least one alternate representative to the Board of Directors, pursuant to Article 7 of this Agreement. ARTICLE 19 After the effective date of the joint protection program is established by the Authority, according to the provisions of Article 18, additional cities shall be permitted to become signatories to this Agreement, or to enter the joint protection program, during the first year of operation. Following the first year of operation, the Authority shall allow entry into the program of new members approved by the Board at such time during the year as the Board deem appropriate. 3