(a) Upon receipt of proceeds by the Village, as authorized by this chapter, the Clerk-Treasurer shall place the proceeds in a separate fund, hereby designated "Fire Loss Trusts Fund" to be used solely as security against the total cost of removing, repairing or securing incurred by the Village pursuant to Ohio R.C. 715.261.
(b) When transferring the funds as required in this section, an insurance company shall provide the Village with the name and address of the named insured or insureds, whereupon the Village Administrator shall contact the named insured or insureds, certify that the proceeds have been received by the Village and notify them that the following procedures will be followed.
(c) The fund shall be returned to the named insured or insureds when repairs, or removal, or securing of the building or other structure have been completed and the required proof received by the designated officer, and the Village has not incurred any costs for such repairs, removal or securing. If the Village has incurred any costs for repair, removal or securing of the building or other structure, such costs shall be paid from the fund and if excess funds remain, the Village shall transfer the remaining funds to the named insured or insureds. Nothing in this chapter shall be construed to limit the ability of a municipal corporation to recover any deficiency under Ohio R.C. 715.261.
(d) Nothing in this chapter shall be construed to prohibit the municipal corporation 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. 10-90. Passed 3-5-90.)
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