When transferring the funds as required by this chapter, the insurance company or companies making such transfer shall provide the Chief Building Inspector with the name and address of the named insured or insureds, certify that the proceeds have been received by the City, and notify such named insured or insureds of such transfer and the procedures created by this chapter with respect to the ultimate disposition of the funds so transferred. The Chief Building Inspector simultaneously shall deposit the proceeds with the Director of Finance who shall place the proceeds in a separate fund to be used solely as security incurred by the City pursuant to Ohio R. C. 715.261.
(Ord. 1981-154. Passed 12-2-81.)