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<br />BYLAWS AND INTERGOVERNMENTAL AGREEMENT <br />COLORADO INTERGOVERNMENTAL RISK SHARING AGENCY <br /> <br />ARTICLE I. Definitions. As used in this agreement, the following terms shall have the meanings <br />hereinafter set out: <br /> <br />(1) ADMINISTRATIVE COSTS. All costs of CIRSA other than contributions to a loss <br />fund or a reserve fund. <br /> <br />(2) BOARD. Board of Directors of CIRSA. <br /> <br />(3) BYLA WS. The Bylaws and Intergovernmental Agreement, Colorado <br />Intergovernmental Risk Sharing Agency. <br /> <br />(4) CIRSA. The Colorado Intergovernmental Risk Sharing Agency established pursuant <br />to the Constitution and the statutes of this state by this intergovernmental agreement. <br /> <br />(5) CLAIM YEAR. Any twelve consecutive month period established by the Board. <br /> <br />(6) DIRECTOR. A person serving on the Board. <br /> <br />(7) EXCESS INSURANCE. Insurance purchased by CIRSA from an insurance company <br />approved by the Insurance Commissioner of the State of Colorado to underwrite such coverage in <br />Colorado providing certain coverage for losses over a prudent amount up to a pre-set maximum <br />amount of coverage. <br /> <br />(8) EXECUTIVE DIRECTOR. Executive Director of CIRSA. <br /> <br />(9) FISCAL YEAR. January 1 to December 31. <br /> <br />(10) INTERGOVERNMENTAL AGREEMENT. The Bylaws and Intergovem-mental <br />Agreement, Colorado Intergovernmental Risk Sharing Agency. <br /> <br />(11) LOSS FUND. A fund or funds of money established by the Board to pay covered <br />losses and loss adjustment expenses. <br /> <br />(12) MEMBERS. The municipalities and other entities which are authorized to participate <br />in CIRSA pursuant to Article VI of these Bylaws and which enter into this intergovernmental <br />agreement. <br /> <br />(13) RESERVE FUND. A fund or funds of money established by the Board to be used <br />as provided in Article IX of this intergovernmental agreement. <br /> <br />1 <br /> <br />As amended June, 1995 <br />