§ 2-135. Local housing assistance trust fund.

(a)

There shall be created within the official fiscal and accounting records of the Board of County Commissioners of Santa Rosa County, a specially designated and dedicated affordable housing trust fund, hereinafter referred to as the "fund." The fund shall be created within 30 days of the effective date of this division. Said fund shall be solely reserved for the deposit and expenditure of funds in support of the local housing assistance program as required by F.S. ch. 420 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 Florida Housing Finance Agency, the Florida Department of Community Affairs and/or other agencies as designated by the State of Florida.

(b)

Until utilized for the purposes thereof, monies in the affordable housing trust fund shall be held in trust by the county solely for use pursuant to the local housing assistance program. All local housing assistance program income, including investment earnings, shall be retained in the local affordable housing trust fund and used for the purposes thereof. No expenditure, other than for administration and implementation of the local housing assistance program may be made from this trust fund.

(Ord. No. 93-09, § V, 4-22-93)