(a) The Village hereby adopts and authorizes the procedures described in divisions (C) and (D) of Ohio R.C. 3929.86 stipulating that certain fire loss claims within the Village are not to be paid by insurance companies to the named insured without complying with the requirements of the Village for such payment as set forth in said section of the Ohio Revised Code.
(b) The Mayor shall be designated as the officer authorized to carry out the duties set forth in Ohio R.C. 3929.86 (C) and (D).
(c) The proceeds received by the Village pursuant to this section and Ohio R.C. 3929.86 shall be placed by the Fiscal Officer in a separate fund to be used solely as security against the cost of removing, repairing or securing the damaged structure when such expenses are incurred by the Village, pursuant to Ohio R.C. 715.261. The Fiscal Officer shall file a certified copy of this section for public record with the Superintendent of Insurance for the State of Ohio.
(Ord. 35.15. Passed 5-14-87.)