(A) The city may establish a trust or escrow account to hold proceeds from losses arising from the fire or explosion of insured real property located within the city. Except as permitted by statute, moneys in this account shall not be commingled with other city funds. The city may utilize these funds to secure, repair or demolish damaged or destroyed structures and clear the property in question, so that the structure and property are in compliance with local code requirements and applicable city ordinances. Any unused portion of the retained proceeds shall be returned to the insured.
(B) In addition, the regulatory and procedural provisions of M.S. § 65A.50, as it may be amended from time to time, Trust or Escrow Accounts; Insured Real Property Fire or Explosion Loss Proceeds, are hereby incorporated herein and adopted by reference, including the penalty provision thereof.
(Ord. 355, passed 6-6-2011)