Sec. 555.107. - Trust fund.

The Jacksonville Housing Assistance Trust Fund is hereby created. A. All receipts of the Jacksonville Housing Distribution, program income, recaptured funds and other funds received or budgeted to implement the Housing Assistance Plan shall be deposited in the Trust Fund; however, Jacksonville Housing Distribution moneys used to match federal HOME program moneys may be repaid to the HOME fund if required by federal law or regulations. Expenditures other than for the administration and implementation of the Housing Assistance Plan may not be made from the trust fund. B. The moneys deposited in the trust fund shall be used to administer and implement the Housing Assistance Plan. The cost of administering the plan may not exceed five percent of the Jacksonville Housing Distribution moneys and program income deposited into the Trust Fund, unless the Council finds, by ordinance or resolution, that five percent of the Jacksonville Housing Distribution plus five percent of program income is insufficient to adequately pay the necessary costs of administering the Housing Assistance Plan. The cost of administering the program may not exceed ten percent of the Jacksonville Housing Distribution plus five percent of program income deposited into the trust fund. C. Amounts on deposit in the trust fund shall be invested as permitted by law in the same manner and to the same extent as other funds of the City and the Administrator. All investment earnings shall be retained in the trust fund and used for the purposes thereof. D. The trust fund shall be separately stated as a special revenue fund in the City's or the Administrator's, or both, as may be required or permitted, audited financial statements. Copies of such audited financial statements shall be forwarded to the Corporation as soon as available. (Ord. 98-570-E, § 2)