Letter: City has a bond responsibility, too
The Forum may have stated a partial solution to the conflict over the diversion project when it suggested that a bond should be posted to cover expenses related to the Oxbow ring dike. By the same logic, The Forum would expect Fargo to provide a bond to cover the potential loss and expense caused by the Fargo dam.
The principle amount of the bond would need to include the cost of seed bed preparation: seed, fertilizer, chemicals, fuel and labor. Then there would be the rental rate of harvest equipment idled because of failed crops. This bond would need to cover the cost of maintenance and repair of grain storage facilities, machine storage buildings, machinery repair buildings and the tools and equipment in them. Restoration of homes and other out-buildings damaged by flood would need to be covered as well as the cost of moving and living elsewhere while the dam back-water is present.
Then there is the reduction of value of property susceptible to flooding by the dam. Included in the bond would have to be the land rental for those who own land south of Fargo and rent it to others. And too, the real estate taxes which remain unadjusted even though the threat of a man-made flood will be ever-present because of the dam.
All those costs, expenses and losses would need to be tallied for all property in the staging area affected by the dam. No doubt, the Fargo City Commission with the help of the Corps of Engineers will be able to find an underwriter for this bond. The Fargo mayor will be able to determine the amount of increased sales tax necessary to pay the bond premium.
The difference with this bond is that the city of Fargo will have to pay the premium every year that the dam exists. This will be just a nuisance expense for the city of Fargo.