(A) Public Act 495 of the Michigan Public Acts of 1980, establishes the rights of a city, township or village to receive up to 15% of the proceeds of a fire insurance policy settlement for a structure located within such city, village or township which is destroyed by fire.
(B) State statute demands that in order to participate in such program the City Treasurer/ Controller’s Office must establish an escrow account specifically for the receipt of such funds, and further specifies that the city must designate and authorize a representative of the city to administer such program.
(C) The City of Burton is hereby authorized to participate in the Fire Insurance Withholding Program as set forth in Public Act 495 of the Michigan Public Acts of 1980.
(D) The Fire Chief or his or her designee of the Fire Department is hereby designated administrator of the Fire Insurance Withholding Program for the City of Burton.
(E) An escrow account is established specifically for the receipt of such funds as may be received under this program.