§ 70-32. Creation of the local housing assistance trust fund.

(a)

The local housing assistance trust fund is hereby created and established. (Note: Any interlocal entity shall establish with a qualified depository as defined in F.S. ch. 280, a local housing assistance trust fund.)

(b)

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 F.A.C. 91-37.007. (Note: Any funds deposited into the local housing assistance trust fund will be subject to the requirements of the SHIP program see F.S. § 420.9075(4).)

(c)

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)

Amounts on deposit in the local housing assistance trust fund shall be invested in the state board of administrator's local government surplus trust fund established pursuant to F.S. ch. 218, pt. IV (F.S. § 218.40 et seq.). All investment earnings shall be retained in the local housing assistance trust fund and used for the purposes thereof. (Note: F.A.C. 91-37.007 states that amounts on deposit in the local housing assistance trust fund may be otherwise invested if so approved in the local housing assistance plan.)

(e)

Until utilized for the purposes thereof, 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 thereof.

(f)

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 Florida Housing Finance Agency as soon as such statements are available. (Note: Each interlocal entity shall have its local housing assistance trust fund separately audited for each state fiscal year, which audit shall be forwarded to the Florida Housing Finance Agency not later than the November 1 following such fiscal year.)

(Ord. No. 93-3, § II, 4-29-1993)

State law reference

Local housing assistance trust fund, F.S. §§ 420.9072(2)(b)4, 420.9075(5), (6).