§ 38-115. Local housing assistance trust fund.

(a)

Creation. The local housing assistance trust fund is hereby created and established.

(b)

Deposits. All monies received from the state pursuant to the State Housing Initiative Partnership Act and any other funds received or budgeted to provide funding for the local housing assistance program shall be deposited into the local housing assistance trust fund. Administration of the local housing assistance trust fund shall comply with Rule 9I-37.007, Florida Administrative Code.

(c)

Expenditures. Expenditures other than for the administration and implementation of the local housing assistance program shall not be made from the local housing assistance trust fund.

(d)

Investment of funds. Amounts on deposit in the local housing assistance trust fund shall be invested in the state board of administrator's local government surplus fund trust fund established pursuant to F.S. ch. 218, part IV. All investment earnings shall be retained in the local housing assistance trust fund and used for the purposes of such fund.

(e)

Funds held in trust by county. Until utilized for the purposes of the trust fund, monies in the local housing assistance trust fund shall be held in trust by the county solely for use, pursuant to the local housing assistance program. All local housing assistance program income, including investment earnings, shall be retained in the local housing assistance trust fund and used for the purposes of the trust fund.

(f)

Fund classified as special revenue fund for county auditing. The county agrees that the local housing assistance trust fund shall be separately stated as a special revenue fund in the county's audited financial statements. Copies of such audited financial statements shall be forwarded to the state housing finance agency as soon as such statements are available.

(Ord. No. 93-2, § II, 3-11-93; Ord. No. 96-02, § II, 2-2-96)

State law reference

Local government housing trust fund, F.S. § 420.9079.