Explanation
BACKGROUND: The Department of Public Utilities, Division of Water is currently constructing an Upground Reservoir off the Scioto River north of the O'Shaughnessy Dam (Upground Reservoir - Site No. 2). Prior to construction the Division of Water deposited surety funds in the amount of $530,000.00 into the State of Ohio’s State Treasury Asset Reserve of Ohio (Star Ohio) program, as a means of obtaining the construction permit. These funds were legislated under Ordinance No. 0318-2011. That surety bond covered the construction period from initiation through construction inspection approval (by Ohio Department of Natural Resources {ODNR}).
Ordinance No. 0318-2011 also stated that an additional deposit would be needed after ODNR’s construction inspection approval. Therefore, this Ordinance is establishing the $500,000.00 surety deposit to cover the period between ODNR’s construction inspection approval and final acceptance after filling of the reservoir.
Both deposits remain in the Star Ohio account through ODNR’s final acceptance, projected between 2014 and 2015.
STAR Ohio FID#: 31-6402047/232
ODNR FID#: 31-1334820
FISCAL IMPACT: The expenditure for the surety bond will be taken directly from the Water System Reserve Fund, Fund No. 603.
Title
To authorizes the City Auditor to deposit funds in the amount of $500,000.00 into the State Treasury Asset Reserve of Ohio (Star Ohio) program for the Division of Water; for surety funds required for the Columbus Upground Reservoir - Reservoir Site No. 2 Project; to authorize the appropriation and expenditure of $500,000.00 from the Water System Reserve Fund. ($500,000.00)
Body
WHEREAS, the Department of Public Utilities needs to deposit additional surety funds into the State of Ohio’s State Treasury Asset Reserve of Ohio (Star Ohio) program for the Upground Reservoir - Reservoir Site No. 2 Project, and
WHEREAS, the surety bond covers the period between the Ohio Department of Natural Resources’s...
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