When the loss agreed to between the named insured or insureds and the company or companies equals or exceeds sixty percent (60%) of the aggregate limits of liability on all fire policies covering the building or structure, the insurance company or companies in accordance with Ohio R.C. 715.26(F) shall transfer from the insurance proceeds to the Chief Building Inspector in the aggregate one thousand dollars ($1,000) for each twenty thousand dollars ($20,000), and each fraction of that amount, of a claim, or, if at the time of a proof of loss agreed to between the named insured or insureds and the insurance company or companies, the named insured or insureds have submitted a contractor's signed estimate of the cost of removing, repairing or securing the building or other structure, shall transfer from the insurance proceeds the amount specified in the estimate.
(Ord. 1981-154. Passed 12-2-81.)