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-2- <br /> <br />appropriate, those Claims. The cost of the services and any out-of-pocket <br />expenses of the Claim Administrators shall be divided equally between the City <br />and the Board, provided, however, that the cost of services of the Claim <br />Administrators retained pursuant to this provision shall not exceed the amount <br />appropriated by the Council of the City and the Board and then available for <br />such purpose. <br /> <br /> 2. The cost of any settlements or payments of ClaimS or any final <br />Judgments rendered on account of Claims not otherwise paid pursuant to an <br />insurance policy of the City or the Board shall be divided equally betWeen the <br />City and the Board, provided, however, that the amount of a~y such final judg- <br />ment not otherwise paid pursuant to an insurance policy of the City or the <br />Board and in excess of the Available Yearly Limit (as defined in Section 3 <br />below) shall not be divided between the City and the Board, but the amount of <br />such final judgment in excess of the Available Yearly Limit shall be the sole <br />responsibility of and payable solely by the party against whom such final <br />Judgment is rendered. <br /> <br /> 3. As used herein, "Yearly Limit" means initially the aggregate sum <br />of $100,000 from the date of this Agreement to June 30, 1987; thereafter, the <br />Yearly Limit shall increase by increments of $100,000 each July 1, commencing <br />July 1, 1987. "Available Yearly Limit" means, on the date of calculation, the <br />Yearly Limit in effect on such date less the cumulative total costs paid <br />through that date and which were costs which were divided equally between the <br />City and the Board pursuant to Section 2 of this Agreement <br /> <br /> 4. The cost of any settlements or payments of Claims paid pursuant <br />to this provision shall not exceed the amount appropriated by the Council of <br />the City and the Board and then available for such purpose. At the time that <br />a final judgment is entered both the Council of the City and the Board shall <br />meet and each shall appropriate moneys to pay 50% of that final judgment, <br />provided, however, that each party shall only appropriate as its share of such <br />payment moneys equal in amount to 50% of the Available Yearly Limit on the <br />date on which the judgment became final. <br /> <br /> 5. This Agreement hereby amends all Prior Agreements with respect <br />to the matters set forth herein. <br /> <br /> 6. This Agreement may be amended at any time upon the mutual <br />written agreement of the parties hereto. <br /> <br /> IN WITNESS WHEREOF, the parties hereto hereunto set their hands the <br />day and year first written. <br /> <br />SIGNED IN THE PRESENCE OF: <br /> <br />CITY OF LAKEWOOD <br /> <br />(Witnesses as to both) <br /> <br />By: <br /> <br />Mayor <br /> <br />BOARD OF EDUCATION OF THE LAKEWOOD <br />CITY SCHOOL DISTRICT <br /> <br />By: <br /> Superintendent <br /> <br /> <br />