(a) The funds in the escrow account shall be used only for the purposes of remedying the hazardous condition.
(b) The amount of the escrow account shall be the estimated cost of correcting the hazardous condition or $5,000 whichever is greater.
(c) The escrow account is to be established by the related institution at an authorized financial institution selected by the related institution.
(d) Current operating funds may not be used to establish the escrow account.
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