§ 1-8-62. Creation of the local housing assistance trust fund.

(a)

The local housing assistance trust fund ("LHATF") is hereby created and established.

(b)

All monies received from Charlotte County's share of the local housing distribution and any other monies received or budgeted by Charlotte County to provide for the local housing assistance program ("LHA program"), as well as monies generated from the LHA program activities such as interest earned on loans, shall be deposited into the LHATF.

(c)

Monies from the LHATF shall be used for the administration and implementation of the LHA program.

(d)

The cost of administering the program may not exceed five (5) percent of the local housing distribution deposited into the LHATF.

(e)

The county may not exceed the five (5) percent limitation on administrative costs, unless the board of county commissioners finds by resolution, that five (5) percent of the local housing distribution is insufficient to adequately pay necessary costs of administering the LHA program. The cost of administrating the program may not exceed ten (10) percent of the local housing distribution deposited into the LHATF.

(f)

Amounts on deposit in the LHATF shall be invested as permitted by law for funds of Charlotte County. All investment earnings shall be retained in the LHATF and used for the purposes thereof. Amounts on deposit in the LHATF may be otherwise invested by Charlotte County if so approved in the local housing assistant plan ("LHA plan").

(g)

The county agrees that the LHATF shall be separately stated as a special revenue fund in Charlotte County'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. No. 93-07, § 2, 4-6-93)