[HISTORY: Adopted by the Common Council of the City of North Tonawanda 2-13-1989 as L.L. No. 2-1989. Amendments noted where applicable.]
Upon the adoption of a resolution by the Common Council providing therefor, the City Treasurer shall cause a notice of intention to claim against proceeds of a fire insurance policy, to the extent of the lien for unpaid taxes, to be served upon the State Superintendent of Insurance for entry in the index of tax districts maintained by him as provided in § 331 of the Insurance Law.
The Common Council hereby provides for the release or return to the insured of any amounts to which the City of North Tonawanda would otherwise be entitled to claim, provided that the insured agrees with said city in writing to restore the affected premises to the same or improved condition that it was in prior to the time that the lien of said city against proceeds as provided in § 22 of the General Municipal Law arose.
Said written agreement between the City of North Tonawanda and the insured shall be subject to such conditions as said resolution, referred to in § 27B-1, shall provide to guarantee performance of said obligation to restore the affected premises. Said performance guaranty includes, but is not limited to, an agreement to deposit such proceeds in an escrow account or that the insured shall obtain a performance bond.
This local law shall become effective upon filing with the Secretary of State.