The city may establish a trust, or escrow, account to hold proceeds from losses arising from fire or explosion of insured real property located within the city. The city may utilize these funds to secure, repair, or demolish damaged, or destroyed, structures, and clear the property in question, so that the structure, and property, are in compliance with local code requirements, and applicable city code provisions. Any unused portion of the retained proceeds shall be returned to the insured. In addition, the regulatory, and procedural, provisions of M.S. § 65A.50, “Trust or Escrow Accounts; Insured Real Property Fire or Explosion Loss Proceeds”, as it may be amended from time to time, are hereby incorporated herein, and adopted by reference, including the penalty provision thereof.
(Prior Code, § 2.64)