§ 37-73. Trust fund.

(a)

There is hereby established effective June 16, 2005, the adoption date of Ordinance 2005-06, the Spring Hill Community Redevelopment Area Trust Fund, which shall be maintained separately and utilized in accordance with the community redevelopment plan and consistent with law.

(b)

The fund shall exist for the duration of the community redevelopment undertaken by the agency pursuant to the plan. The agency board of commissioners shall be the fund trustees. They shall be responsible for the receipt, disbursement, accountability, management, investment, and proper application of all money paid into the fund. The City of DeLand shall be the custodian of the fund; act for and on behalf of the agency; and disburse from the fund as provided by the agency. The agency shall utilize city accounting standards and procurement policies. The fund shall be maintained as a separate trust fund.

(Ord. No. 2011-07, § I, 3-17-11; Ord. No. 2016-14, § I, 8-4-16)