[Adopted 6-15-1998 by Ord.
No. 809]
The Secretary of the Borough of Perkasie is hereby designated to perform
all duties assigned by 40 P.S. § 638 in connection with the issuance
of fire loss certifications and collection of funds paid by insurers in settlement
of outstanding municipal taxes and claims against fire damaged buildings or
structures located within Perkasie Borough for the collection of funds paid
by insurers as security against the total cost incurred by the Borough for
the removing, repairing or securing of fire-damaged buildings and structures
located within the Borough of Perkasie; for the establishment and administration
of a separate account for deposit of such security funds; and for the distribution
of such security funds.
When the loss agreed to by the named insured and the company equals
or exceeds 60% of the aggregate limits of liability on all fire policies covering
the building or other structure, the insurance company shall transfer from
the insurance proceeds to the Borough Secretary in the aggregate $2,000 for
each $15,000 and each fraction of that amount of a claim. If at the time of
a loss report the named insured has submitted a contractor's signed estimate
of the costs of removing, repairing or securing the building or other structure,
in an amount less than the amount calculated under the foregoing transfer
formula, the insurance company shall transfer from the insurance proceeds
the amount specified in the estimate. The named insured may submit a contractor's
signed estimate of the costs of removing, repairing or securing the building
or other structure after the transfer. The Borough Secretary shall then return
the amount of the fund in excess of the estimate to the named insured if the
Borough has not commenced to remove, repair or secure the building or other
structure.