(a) Upon receipt of the proceeds by the City as authorized by this section, the Service- Safety Director shall place the proceeds in the City Treasury in a separate fund, entitled Special State Fire Loss Insurance 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.
(b) When transferring the funds as required in Section 1333.09, an insurance company shall provide the City with the name and address of the named insured or insureds, whereupon the City shall contact the named insured or insureds, certify that the proceeds have been received by the City and notify them that the following procedures will be followed:
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, if the City has not incurred any costs for such repairs, removal or securing. However, the fund shall be returned to the named insured or insureds no later than sixty days after the Service-Safety Director receives the required proof. If the City has incurred any costs for repairs, removal or securing of the building or other structure, such costs shall be paid from the Fund and if excess funds remain, the City shall transfer, no later than sixty days after all costs have been paid, the remaining funds to the named insured or insureds.
(c) Nothing in this section 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 section 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. 117-93. Passed 12-13-93.)