When transferring the funds as required by this chapter, the insurance company or companies making such transfer shall provide the Village Administrator with the name and address of the named insured or insureds, certify the amount of the proceeds that have been forwarded to the Village, and notify such named insured or insureds of such transfer and the procedures created by this chapter and under Ohio R.C. 3929.86 with respect to the ultimate disposition of the funds so transferred. The Village Administrator shall deposit the proceeds with the Fiscal Officer who shall place the proceeds in a separate fund to be used solely as security for the costs incurred by the Village pursuant to Ohio R.C. 715.261.
(Ord. 2012-9. Passed 4-26-12.)