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115.6 Public nuisance: Structures which are declared a nuisance under the terms of Chapter 8.28 of the University City Municipal Code shall be vacated and demolished or repaired as required by said chapter. 115.7 Insurance proceeds: If there are proceeds of any insurance policy based upon a covered claim payment made for damage or loss to a building or other structure caused by or arising out of any flre, explosion, or other casualty loss, and if the covered claim payment is in excess of flfty percent (50%) of the face value of the policy covering a building or other structure, then the following procedures apply: a) The insurer shall withhold from the covered claim payment ten percent (10%) of the covered claim payment, and shall pay that amount to the city to deposit into an interest-bearing account. Any named mortgagee on the insurance policy shall maintain priority over any obligation under this section. If a special tax bill or assessment is issued by the city for the expense of demolition of such building as a dangerous building, the money held by the city shall be applied toward a payment of special tax bill or assessment. If there is any excess, it shall be paid by the city to the insured or as the terms of the policy, including any endorsements thereto, provide. b) If within thirty (30) days of the receipt of such insurance moneys the city has not instituted legal proceedings by issuance of the notice provided for in Chapter 8.28 of the University City Municipal Code or Section 119.3, or by taking emergency measures as provided for in Section 120, then the city's director of flnance shall release such proceeds and any interest which has accrued on such proceeds to the insured under the insurance policy or as the terms of the policy, including any endorsements thereto, provide. c) If such building or structure is repaired or demolished pursuant to this article as attested to by the building offlcial without cost to the city, then any insurance proceeds paid to the city's director of flnance and any interest thereon shall be paid to the insured under the insurance policy, or as the terms of the policy, including any endorsements thereto, provide. d) When the city takes bids from independent contractors for demolition of a building, bidders shall deduct any salvage value materials of the building or structure may have, from the cost of demolition in arriving at their bid amount. Should city employees do the demolition, the actual cash value of salvaged materials shall be deducted from the special tax bill for such demolition. In no case will the net cost of demolition be increased in order to effect salvage of materials. . e) Upon presentation of satisfactory proof that the insured has removed or will remove debris, and repair, rebuild or otherwise make the insured premises safe and secure, the building offlcial shall issue a certiflcate within thirty (30) days after receipt of such satisfactory proof to permit covered claim payment to the insured without deduction, payable to the city's director of flnance as herein provided in this section. It shall be 8