Upon receipt of proceeds by the Borough as authorized by this Part, the Treasurer shall place the proceeds in a separate fund to be used solely as security against the total cost of removing, repairing or securing incurred by the Borough. When transferring the funds as required in § 1-804, an insurance company, association or exchange shall provide the Borough with the name and address of the named insured, whereupon the Borough shall contact the named insured, certify that the proceeds have been received by the Borough and notify the named insured that the procedures under this ordinance shall be followed. The funds shall be returned to the named insured when repairs, removal or securing of the building or other structure have been completed and the required proof received by the Treasurer if the Borough has not incurred any costs for repairs, removal or securing. If the Borough has incurred costs for repairs, removal or securing of the building or other structure, the costs shall be paid from the fund, and, if excess funds remain, the Borough shall transfer the remaining funds to the named insured. Nothing in this ordinance shall be construed to limit the ability of the Borough to recover any deficiency. Further, nothing in this Section shall be construed to prohibit the Borough and the named insured from entering into an agreement that permits the transfer of funds to the named insured if some other reasonable disposition of the damaged property has been negotiated.
(Ord. 444, 6/7/1993, §4; as amended by Ord. 598, 9/10/2012)