(a) Upon receipt of proceeds by the municipal corporation as authorized by this chapter and by Ohio R.C. 3929.86 (D), the designated officer 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 municipal corporation pursuant to Ohio R.C. 715.261.
(b) When transferring the funds the insurance companies shall provide the municipal corporation with the names and addresses of the named insured or insureds, whereupon the municipal corporation shall contact the named insured or insureds to certify that the proceeds have been received by the municipal corporation and notify them that the following procedures will be followed.
(c) The fund shall be returned to the named insured or insureds when repairs or removal, or securing of the building or other structure has been completed and the required proof received by the designated officer, if the municipal corporation has not incurred any cost for such repairs, removal, or securing. If the municipal corporation has incurred any cost for repairs, removal, or securing of the building or other structure such cost shall be paid from the fund and if excess funds remain, the municipal corporation shall transfer the remaining funds to the named insured or insureds. Nothing in this section shall be construed to limit the ability of the municipal corporation to recover any deficiency under Ohio R.C. 715.261.
(1980 Code 36.03; Ord. 13-81.)