§ 11.5-55. Local housing assistance trust fund.

(a)

There shall be created within the official fiscal and accounting records of the board of county commissioners, a specially designated and dedicated local housing assistance trust fund, hereinafter referred to as "the fund." The fund shall be created within 30 days of the effective date of this article. Said fund shall be solely reserved for the deposit and expenditure of funds in support of the Local Housing Assistance Program as required by Chapter 420, Florida Statutes, and Rule 9I-37, Florida Administrative Code. Said fund shall be audited annually and the financial condition thereof shall be separately stated in the audited financial statements of the county. Copies of said audit shall be provided to the state housing finance agency, the state department of community affairs and/or other agencies designated by law. Amounts on deposit in the local housing assistance trust fund shall be properly invested by the Okaloosa Community Development Corporation Inc. with a qualified depository. All investment earnings shall be retained in the local housing assistance trust fund and used for the purposes thereof.

(b)

Until utilized for the purposes thereof, monies in the local housing assistance trust fund shall be held solely for use pursuant to the Local Housing Assistance Program.

(Ord. No. 93-13, § V, 4-13-93)