§ 10. Use of funds.

(1)

Those funds obtained from the levy of the annual assessment on the parcels shall be maintained in a separate account on deposit with the Clerk of Circuit Court of Okaloosa County and used solely for funding the expenditures for assessment projects.

(2)

The board nor anyone else acting on shall not contract for the expenditure of funds in any fiscal year other than the current fiscal year, and only for the purposes authorized in the budget. Funds obtained from the levy of the annual assessment shall not be used to finance any project outside of the MSBU. All funds collected by the annual assessment for a specific fiscal year need not be expended by the end of that fiscal year if actual costs do not meet the estimated amount. Any funds remaining at the end of the fiscal year shall be carried forward to the next fiscal year.

(3)

The board of directors may amend the budget for the fiscal year in order to add projects for which funds are available. The board of directors may delete projects from an existing budget so that their allocated funds can be transferred to other projects already approved. All amendments are subject to approval and ratification by the board of county commissioners.

(4)

A reserve fund shall be established in the initial budget, and thereafter, shall be replenished, as required, so that the balance at the beginning of each fiscal year is at least ten percent of the anticipated expenditures for that year.

(5)

Insurance requirements. The board of directors, shall purchase and continue in force property, liability, workers compensation, and other insurance policies to adequately protect against work related injuries, property damage and third party claims. All property and liability policies shall include Okaloosa County, Florida as an additional insured. Certificates of insurance evidencing the type and amount of insurance shall be provided the Board of County Commissioners of Okaloosa County, Florida at least annually. Any claim deductible or other claim cost will be paid from the reserve fund of the MSBU. To the extent the MSBU has no property or employees which would be protected from the provision of insurance, then they may seek an waiver from this requirement for those particular types of insurance policies for which there is no need. This waiver request shall be subject to the approval of risk management and the county administrator.

( Ord. No. 16-05 , § 2, 3-15-16; Ord. No. 2016-22 , 11-15-16)