(A) Upon receipt of insurance proceeds as authorized by this chapter, the Clerk-Treasurer shall place the proceeds in a separate fund to be used solely as security against the total cost incurred by the village for removing, repairing, or securing a building or structure damaged by fire loss.
(B) When transferring funds to the village pursuant to this chapter, an insurance company shall provide the village with the name and address of the named insured(s). The village shall then contact the named insured(s), certify that the proceeds have been received by the village and notify them that the following procedures will be followed:
(1) The fund shall be returned to the named insured(s) no later than 60 days after the Clerk- Treasurer receives proof that repairs, removal, or securing of the building or structure has been completed, provided that the village has not incurred any costs for such repairs, removal, or securing.
(2) If the village has incurred any costs for repairs, removal, or securing of the building or structure, the costs shall be paid from the fund, and if excess funds remain, the village shall transfer the remaining funds to the insured(s) no later than 60 days after all such costs have been paid.
(C) Nothing in this chapter shall be construed to limit the ability of the village to recover any deficiency under R.C. § 715.261.
(Ord. 72, passed 12-20-00)