Dredging projects in Ocean City are removing sediment in the channels. By MADDY VITALEDredging projects are underway in Ocean City to remove sediment from lagoons and channels along the bayfront and provide clear waterways for boaters, marinas and property owners.Back in October during a town hall meeting, Mayor Jay Gillian explained that a five-year, $20 million dredging program is about improving quality of life. “When you put up all that money, it shows people that we’re serious,” the mayor said in an interview during a break from the meeting. “We’re going to keep on looking at our options.”This past week, Eric Rosina, project manager for ACT Engineers, the city’s dredging consultant, said, “Dredging progress continues throughout the city.”Rosina pointed out that the dredging contractor has worked in several areas, including Bluefish Lagoon, Glen Cove, Snug Harbor, Seventh Street and the Bayside Center. “Post-dredge surveys are being conducted to confirm required dredge volumes have been achieved,” Rosina said.The Bayside Center overlooks one of the waterways that will be dredged.Ocean City Public Information Officer Doug Bergen said the most recent bay dredging operation will be between the Bayside Center and North Point Lagoon.Dredging equipment was set up in North Point Lagoon last week, but the work has not begun yet. Bergen said he does not have exact start dates from the contractor.During the October town hall meeting, a list of dredging projects was provided to the public.In addition to Bayside Center and North Point Lagoon, there will be other areas in the north end of town dredged in this series of projects, including the Waterfront Park and Marina at Second Street.In the central part of the city, dredging will be done at the entrances to Snug Harbor, Glen Cove and Sunny Harbor. The entrance and midway in South Harbor, the bay end of Seventh Street and Bluefish Lagoon will also be dredged.The mayor and City Council have pledged to complete projects to clear out the sediment-choked channels. The city has been working in partnership with the state and federal governments for millions of dollars in grant money to help offset the cost of dredging and flood-mitigation projects. The dredging program has benefited from more than $8 million in grants.To view Ocean City’s presentations on dredging projects and flood control: www.ocnj.us/capital-projects-bay/Dock owners and marina owners will see clearer waterways for boating.
ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Originally utilized in 1969, LIBOR—the London Interbank Offered Rate—was officially adopted by the British Bankers Association in 1986 as a benchmark rate and has subsequently become the global standard for the rate at which banks lend to one another. LIBOR rates are set by banks daily, with each bank providing the estimated rate at which it expects to borrow funds at a series of maturities (as well as a variety of currencies, which has led to Euro and Yen LIBORs, among others).The presence of such a robust interest-rate setting process led market participants to adopt LIBOR rates as the basis for a wide variety of financial products. Current estimates place LIBOR as the reference rate in over $200 trillion of active financial contracts in the cash and derivatives markets. LIBOR exposure can most commonly be found in the investment portfolios of banks and credit unions in the form of variable rate mortgage-backed securities and collateralized mortgage obligations.With no guarantee that LIBOR will continue to be published as of the end of 2021, global financial regulators have drafted plans to facilitate floating rates in the post-LIBOR world. In the United States, the Alternative Reference Rates Committee has chosen the secured overnight funding rate as the replacement for LIBOR, and in our previous article we discussed the differences between the two benchmarks and the challenges to a smooth transition. Fannie Maeand Freddie Mac have recently released a joint playbook and timeline outlining the LIBOR transition, which should help ensure a smooth transition from LIBOR to SOFR. continue reading »