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AI-6835 Pending Business     B.       
City Manager  
Meeting Date: 02/10/2020  
City Code Amendments - Administrative Code
Submitted By: Jim Bell
Department: Finance Division: Accounting
Council Committee Review?: Council Work Session
Date(s) of Committee Review: 01/21/2020
Audio-Visual Needs: None
Emergency Legislation?: No
Motion/Ordinance/
Resolution No.:
2020-O-2417

Agenda Item Description or Legislation Title

An Ordinance To Amend Chapter 179 “Funds” Of Title Seven, “Finance” Of Part One “Administrative Code” Of The Codified Ordinances Of The City Of Huber Heights By Amending Section 179.05 Fire Insurance Trust Fund. 
(second reading)

Purpose and Background
Section 179.05 of the Huber Heights Administrative Code provides that in the event of any loss by fire within the City, when the amount of such loss agreed to between the named insureds and the company insuring such loss equals or exceeds 60 percent of the aggregate limits of liability on all fire policies covering the building or structure insured, the insurance company in accordance with ORC 715.26F shall transfer from the insurance proceeds to the Director of Finance.

The Huber Heights Administrative Code Section 179.05 currently references ORC 715.26(F) that the amount to be transferred is $1,000 for each $20,000.  However, ORC 715.26(F) actually states the amount to be transferred is $2,000 for each $15,000.  Therefore, the City desires to amend section 179.05 of the Administrative Code to be consistent with the amount stated in ORC 715.26(F).  This legislation is not an emergency measure.

Fiscal Impact
Source of Funds: N/A
Cost: N/A
Recurring Cost? (Yes/No): N/A
Funds Available in Current Budget? (Yes/No): N/A
Financial Implications:
Attachments
Ordinance
2020-O-2417


    

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