There is hereby established a trust fund to be known as the Hollywood Local Housing Assistance Trust Fund. All monies received from the state pursuant to the State Housing Initiative Partnership Act or the federal government, and any local or private monies contributed for the purposes established by the Hollywood local housing assistance program, shall be deposited into this trust fund. Administration of the Local Housing Assistance Trust Fund shall comply with Rule 91-37.007, Florida Administrative Code. The assets in the trust fund may be deposited or invested as provided by law. No expenditure, other than for the administration and implementation of the local housing assistance program, may be made from this trust fund. Expenditures other than for administrative expenses and implementation of the local housing assistance program may not be made from the trust fund. Until used for the purposes thereof, moneys in the trust fund shall be held in trust by the city solely for use pursuant to the program. All program income, including investment earnings, shall be retained in the trust fund and used for the purposes thereof. The city agrees that the local assistance trust fund shall be separately stated as a special revenue fund in the city's audited financial statements. Copies of such audited financial statements shall be forwarded to the Florida Housing Finance Agency each year as soon as such statements are available.
(Ord. O-92-68, passed 12-16-92)