There is hereby established a separate trust fund to be known as the Hernando County
Housing Authority 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 Hernando County
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 Hernando County Housing Assistance
Program, may be made from this trust fund. Expenditures other than for administrative
expenses and implementation of the Hernando County Housing Assistance Program may
not be made from the Hernando County Assistance Trust Fund. Until utilized for the
purposes thereof, monies in the 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 Hernando County Assistance Trust Fund and used for the purposes
hereof. The county agrees that the local administrative expenses in connection with
such program, including any costs of employee's salary and benefits, shall not exceed
ten (10) percent of the proceeds of the SHIP funds. The county feels that the five
(5) percent is not sufficient to administer and implement the SHIP program in the
initial year, The county will not treat as an administrative expense any costs previously
borne by another funding source which continue to be available at the time the Hernando
County Local Housing Assistance Plan is submitted.
(Ord. No. 2008-10, § VI, 5-20-08)
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