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Mayor & Members of Council <br />Page -2- <br />5/29/87 <br />insurance proceeds to he sent to the designated officer is <br />either One Thousand Dollars ($1,000.00) for each Twenty <br />Thousand Dollars ($20,000.00) of the claim or an amount <br />equal to a contractor's signed estimate of the costs of <br />removing, repairing, or securing the structure. <br />The provisions of subsection (a) hereinabove are self-executing under <br />the statute, that is, each municipality need take no action since the <br />requirement is imposed upon the County Treasurer, However, the <br />requirement under subsection (b) can only be established by a munici- <br />pality that has passed legislation electing to avail itself of the <br />procedures provided therein. Thus, if the municipality designates an <br />officer to receive the security, no insurance company in adjusting a <br />loss to a structure from fire that equals or exceeds sixty percent <br />(60%) of the aggregate limits of liability on all fire policies <br />covering the structure, can pay the loss unless and until it pays to <br />the designated officer of the municipality the amounts specified in <br />subsection (b) which represents the present costs of removing, <br />repairing or securing the structure. <br />n7 <br />f <br />For what I believe are obvious reasons, I have selected the Director <br />of Finance to be the designated officer in the municipality to receive <br />such security in the event this situation arises. I hope the <br />foregoing provides some explanation on the basis of this legislation <br />If not, I can provide further information at the Caucus on Monday, <br />June lst. <br />._--? <br />Sincerely, <br />!Z ?•,Ci. ?.`-1DALE C. FENELI, Director of Law <br />Mayfield Village, Ohio <br />DCF:dmk <br />