The Village hereby authorize the procedures described in Ohio R.C. 3929.86(C) and (D) to be implemented whereby no insurance company doing business in the State shall pay a claim of a named insured for fire damage to a structure located within the Municipality unless the applicable provisions of Ohio R.C. 3929.86 are fully complied with. The Fire Chief of the Village of North Baltimore is hereby designated as the officer authorized to carry out the duties of Ohio R.C. 3929.86, save and except that the Clerk of the Village of North Baltimore shall be designated as the officer required to receive all funds payable to the Village pursuant to the terms of Ohio R.C. 3929.86, which funds shall be placed in a separate fund to be used solely as security against the cost of removing, repairing, or securing incurred by the Village pursuant to Ohio R.C. 715.261 and the Codified Ordinances of the Village adopted pursuant thereto. (Ord. 6-81.)