§ 2-136. Local housing assistance trust fund.

There is hereby established a separate trust fund to be known as the Osceola County 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 county local housing assistance program shall be deposited into this trust fund. 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 county 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 local assistance trust fund. Until utilized for the purposes thereof, monies in the local housing assistance trust fund shall be held in trust by the county solely for usage pursuant to the program. All program income, including investment earnings, shall be retained in the local housing assistance trust fund and used for the purposes thereof. 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 agency each year as soon as such statements are available.

(Ord. No. 93-6, § 6, 4-8-93)