(A) The Local Housing Assistance Trust Fund is hereby created and established.
(B) All monies received from the state pursuant to SHIP 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-37.008, Florida Administrative Code. Any funds deposited into the Local Housing Assistance Trust Fund shall be subject to the requirements of 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 as permitted by law. All investment earnings and other income shall be retained in the Local Housing Assistance Trust Fund until used for the Local Housing Assistance Program.
(E) The Local Housing 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 as soon as such statements are available.
(Ord. 93-56, passed 7-20-93)