[HISTORY: Adopted by the Council of the City of New Rochelle as indicated
in article histories. Amendments noted where applicable.]
[Adopted 4-20-1982 by L.L.
No. 2-1982]
The release or return to an insured of any amounts to which the insured
would otherwise be entitled to claim under a policy of fire insurance is hereby
authorized, provided that the insured enters into written agreement with the
City of New Rochelle to restore the property affected to the same or improved
condition that it was in prior to the time that the lien of the City against
the proceeds provided in § 22 of the General Municipal Law arose,
and further provided that such agreement shall require the insured to file
with the City a performance bond or, in the alternative, agree that such proceeds
remain in the escrow of the City, as guaranty of the insured's obligation
to timely restore the property.
