§ 20-59. Escrow account; establishment, purpose, use.

If required the Commission shall establish an escrow savings account with a local bank or financial institution into which it shall deposit all rents or other funds paid to it within five (5) business days of receipt. Such funds shall be held in the escrow savings account until such time as compliance with the ordering necessitating the establishment of the account is achieved; or until the Commission acts on the complaint, or makes other appropriate order; or until a further order is made by a court of competent jurisdiction. Provided, however, the Commission may provide for the payment of the landlord's mortgage, taxes and insurance and his cost of heat, water, electricity and other essential utilities when the expenses become due and payable. In addition, at its discretion, the Commission may order payment of other necessary expenses which are due and payable, or may order payment of the full balance to the landlord in cases of unusual hardship. Any interest earned may be used as provided herein and, upon payment of the balance in whole or in part to the landlord, shall be remitted to the landlord.

(Code 1961, § 10-41; Ord. No. 149, § 11, 6-25-1970; Ord. No. 239, 2-6-1979; Ord. No. 424, 8-6-1991)