[HISTORY: Adopted by the Town Council of the Town of Farmington 12-16-1986 by Ord. No. 85. Amendments noted where applicable.]
Housing agencies — See Ch. 31.
For several years the Housing Authority of the Town of Farmington has been administering a program to promote the construction of housing for low- and moderate-income persons and families by leasing land at a nominal rent on which the lessee constructs and finances a home to be occupied by the lessee and his or her family. A summary of the plan is attached hereto as Exhibit A. The Housing Authority is hereby authorized to revise Exhibit A from time to time, as appropriate. At the time of sale of the property or at the time that a lessee purchases the land, the Town receives the current fair market value for the land. In order to have a fund in which the proceeds of the sale of land and other money may be deposited and held for use in effecting future purchases of land for the program, it is appropriate that a trust fund be established.
Editor's Note: Exhibit A is on file in the Clerk's office.
The purpose of a trust fund is to hold and maintain proceeds derived from the sale of cooperative housing lots, accrued interest income and any other money received for the purpose of acquiring additional lots for the Cooperative Housing Program.
A trust fund, to be known as the "Farmington Cooperative Housing Trust Fund" (the "trust fund") be and is hereby established to promote the acquisition of additional lots for construction of housing for persons and families having low or moderate income.
The trustee of the trust fund shall be the Housing Authority of the Town of Farmington. All actions involving the receipt of funds into the trust fund and the expenditure of funds from the trust fund shall be approved by the trustee. Approval by the trustee shall consist of a vote by a majority of the members of the Authority present at any meeting at which a quorum is present.
All checks drawn on the trust fund shall be signed by the Town Manager and the Town Treasurer or their designated agents approved by the Town Council. The trust fund shall be held or invested in bank accounts or short-term securities which can be readily liquidated to obtain funds to carry out the purpose of the trust.
The facilities and services of the various agencies and departments of the Town of Farmington shall be available to the trustee as it may reasonably require.