(a)   Council hereby authorizes the procedure described in Ohio R.C. 3929.86(C) and (D), concerning the handling of fire loss insurance proceeds, for the protection of the City, a municipal corporation.
   (b)   The Safety-Service Director is hereby designated as the officer authorized to carry out the duties of this section.
   (c)   The Clerk of Council is hereby authorized and directed to file a certified copy of original Ordinance 53-95 with the Superintendent of Insurance, as provided in said Ohio Revised Code section, and to obtain proof of said filing by way of a date-stamped copy or other receipt.
   (d)   It is understood that this section shall apply only to fire losses that occur after the filing of the certified copy set forth above.
   (e)   There is hereby created a new fund called the Property Security Fund in which any monies received pursuant to this section shall be placed, said fund to receive insurance proceeds to be used solely as security against the total cost of removing, repairing, or securing property damaged by fire, all as set forth in the Ohio Revised Code section referred to herein.
(Ord. 53-95.  Passed 10-10-95.)