Upon receipt of proceeds by the City, as authorized by Section 1448.02, the City Manager shall place the proceeds in a separate fund, hereby designated the Fire Loss Trusts Fund, to be used solely as security against the total cost of removing, repairing or securing incurred by the City pursuant to Ohio R.C. 715.261.
When transferring the funds, as required by Section 1448.02, an insurance company shall provide the City with the name and address of the named insured or insureds, whereupon the City Manager shall contact the named insured or insureds, certify that the proceeds have been received by the City and notify them that the fund will be returned to the named insured or insureds when repair, removal or securing of the building or other structure has been completed, the required proof has been received by the City Manager and the City has not incurred any costs for such repair, removal or securing. However, the funds shall be returned to the named insured or insureds no later than sixty days after the designated officer receives the required proof. If the City has incurred any costs for repair, removal or securing of the building or other structure, such costs shall be paid from the fund. If excess funds remain, the City shall transfer, no later than sixty days after all such costs have been paid, the remaining funds to the named insured or insureds. Nothing in this chapter shall be construed to limit the ability of the City to recover any deficiency under Ohio R.C. 715.261, nor shall anything in this chapter be construed to prohibit the City and the named insured or insureds from entering into an agreement that permits the transfer of funds to the named insured or insureds if some other reasonable disposition of the damaged property has been negotiated.
(Ord. 2341. Passed 10-12-92.)