Section 19-363 - Escrow account.
§ 19-363. Escrow account.
(a) Use of funds.- The funds in the escrow account shall be used only for the purposes of remedying the hazardous condition.
(b) Amount of account.- The amount of the escrow account shall be the estimated cost of correcting the hazardous condition or $5,000 whichever is greater.
(c) Establishment.- The escrow account is to be established by the related institution at an authorized financial institution selected by the related institution.
(d) Use of current operating funds.- Current operating funds may not be used to establish the escrow account.
[1984, ch. 639.]