§ 25-325. Transportation sales tax trust fund and trust accounts.

(a)

Transportation sales tax trust fund. There is hereby created the Orange County Transportation Sales Tax Trust Fund into which sales tax proceeds shall be deposited by the county as required by the interlocal agreement.

(b)

Trust accounts. There are hereby created within the trust fund the following trust accounts:

County Road Projects Trust Account

County Pedestrian Safety Projects Trust Account

Orlando Road Projects Trust Account

Orlando Pedestrian Safety Projects Trust Account

Other Municipalities Road Projects Trust Account

Other Municipalities Pedestrian Safety Projects Trust Account

Major Roads and Transit Holding Account

Surplus Sales Tax Trust Account

The Orange County Comptroller is authorized to establish additional accounts and subaccounts within the trust fund as may be necessary or useful in the administration of the sales tax proceeds and in complying with the requirements of Florida law, this article, the interlocal agreement, and the covenants and agreements entered into by the county from time to time in connection with any borrowings payable from the proceeds of the sales tax, so long as such additional accounts and subaccounts are not inconsistent with the requirements and restrictions of this article and the interlocal agreement. Furthermore, the comptroller is authorized and directed to take such additional steps as necessary or useful under generally accepted governmental accounting principles to ensure that the balances in the several accounts at the end of each fiscal year carry forward to the subsequent fiscal year.

(c)

Segregation of fund and accounts. The transportation sales tax trust fund and all its accounts and subaccounts shall be separate and apart from all other existing and future county funds, accounts, and subaccounts, and there shall be no other county revenues deposited or otherwise commingled in either the trust fund or its accounts and subaccounts. However, notwithstanding the foregoing, all interest and other investment earnings on the monies deposited in the trust fund and its several accounts and subaccounts shall be retained in the trust fund and shall be credited to the same account or subaccount as the monies on which they were earned. Thereafter, the interest and other investment earnings will follow the monies on which they were earned and will be subject to the same requirements and restrictions as are imposed by this article and the interlocal agreement on the monies on which they were earned.

The designation and establishment of the trust fund and the various accounts and subaccounts in and by this article shall be in keeping with generally accepted governmental accounting principles. Cash and investments required to be accounted for in the trust fund and its several accounts and subaccounts may be deposited in a single bank account, commingled for investment purposes, and/or pooled with other county monies in a common investment program or programs, provided that standard accounting records are maintained to reflect control or restricted allocation of the monies for the various purposes of the trust fund and its several accounts and subaccounts.

(d)

Transfers between accounts. Monies deposited in the several accounts within the transportation sales tax trust fund may not be transferred to other accounts within the trust fund except as follows:

(1)

The comptroller may transfer monies to correct deposits made to improper accounts; or

(2)

The comptroller may make any transfers expressly authorized or required by the interlocal agreement; or

(3)

In the case of an account other than the major roads and transit holding account, if all costs of all projects to be paid from the account have been paid in full (or provision for full payment has been made), then the remaining funds shall be deemed surplus and may be transferred to another account, but only if:

a.

No fewer than five (5) members of the oversight board vote to recommend approval of the transfer and, subsequently, no fewer than two-thirds ( 2/3 ) of the members of the governing board vote to approve the transfer; or

b.

The oversight board votes to recommend approval of the transfer by a vote of fewer than five (5) members or votes to recommend against the transfer, but the transfer is subsequently approved by vote of no fewer than four-fifths ( 4/5 ) of the members of the governing board; or

(4)

In the case of the major roads and transit holding account, if all costs of all transit projects or all freight-train-mitigation projects (or both) to be paid from the account have been paid in full (or provision for full payment has been made), then the funds remaining unencumbered in the account by virtue of such projects being completed shall be deemed surplus and may be transferred to another account, but only if no fewer than two-thirds ( 2/3 ) of the members of the transit board vote to recommend approval of the transfer and, subsequently, no fewer than two-thirds ( 2/3 ) of the members of the governing board vote to approve the transfer; or

(5)

In the case of the major roads and transit holding account, if all costs of all major-road projects to be paid from the account have been paid in full (or provision for full payment has been made), then the funds remaining unencumbered in the account by virtue of the major-road projects being completed shall be deemed surplus and may be transferred to another account, but only if no fewer than two-thirds ( 2/3 ) of the members of the oversight board vote to recommend approval of the transfer and, subsequently, no fewer than two-thirds ( 2/3 ) of the members of the governing board vote to approve the transfer.

(Ord. No. 2003-05, § 5, 5-20-03)