There is hereby created an insurance proceeds fund. The city is hereby authorized
to utilize the procedures established by K.S.A.
40-3901
et seq., whereby no insurance company shall pay a claim of a named insured for loss
or damage to any building or other structure located within the city, where the amount
recoverable for the loss or damage to the building or other structure under all policies
is in excess of 75 percent of the face value of the policy covering such building
or other insured structure, unless there is compliance with the procedures set out
in this article.
