The fund established by the transfer of insurance proceeds under this Article shall be returned to the named insured, less the administrative costs set forth in Section 1541.12, when repairs, removal or securing of the building or other structure have been completed and the required proof received by the designated officer if the Borough has not incurred any costs for repairs, removal or securing. If the Borough has incurred costs for repairs, removal or securing of the building or other structure, the cost shall be paid from the fund and, if excess funds remain, the Borough shall transfer the remaining funds to the named insured, after deduction of administrative costs set forth in Section 1541.12.
(Ord. 3083. Passed 3-16-98.)