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9 <br /> Y <br /> a) T he insurer shall withhold from the covered claim payment twenty five percent (25%) <br /> of the covered claim payment, and shall pay such moneys to the city to deposit into an <br /> interest-bearing account. Any named mortgagee on the insurance policy shall maintain <br /> priority over any obligation under this Section. If a special tax bill or assessment is <br /> issued by the City for the expense of demolition of such building or structure as a <br /> dangerous building or structure, the money held by the city shall be applied toward a <br /> payment of special tax bill or assessment. If there is any excess, it shall be paid by the <br /> city to the insured or as the terms of the policy and endorsements thereto provide. <br /> b) I f within thirty (30) days of the receipt of such insurance moneys the city has not <br /> instituted legal proceedings by issuance of the notice provided for in Section 110, or <br /> Section 119.3 of the Building Code of University City, or by taking emergency measures <br /> as provided for in Section 120 of the Building Code of University City, then the city's <br /> director of finance shall release such proceeds and any interest which has accrued on <br /> such proceeds to the insured under the insurance policy or as the terms of the policy g <br /> and endorsements thereto provide. <br /> c) I f such building or structure is repaired or demolished pursuant to this article as <br /> attested to by the building official without cost to the city, then any insurance proceeds <br /> paid to the city's director of finance and any interest thereon shall be paid to the insured <br /> under the insurance policy, or as the terms of the policy and endorsements thereto <br /> provide. <br /> d) When the city takes bids from independent contractors for demolition of a building, <br /> bidders shall deduct any salvage value materials of the building or structure may have, <br /> from the cost of demolition in arriving at their bid amount. Should city employees do the <br /> demolition, the actual cash value of salvaged materials shall be deducted from the <br /> special tax bill for such demolition. In no case will the net cost of demolition be <br /> increased in order to effect salvage of materials. <br /> e) Upon presentation of satisfactory proof that the insured has removed or will remove <br /> debris, and repair, rebuild or otherwise make the insured premises safe and secure, the <br /> building official shall issue a certificate within thirty (30) days after receipt of such <br /> satisfactory proof to permit covered claim payment to the insured without deduction, <br /> payable to the city's director of finance as herein provided in this Section. It shall be the <br /> obligation of the insured or other person making claim to provide the insurance '' <br /> company with such certificate. <br /> 1) No provision of this Section shall be construed to make the city a party to any <br /> insurance contract. <br /> 13 <br />