| 1 | A bill to be entitled |
| 2 | An act relating to public depositories; amending s. |
| 3 | 280.02, F.S.; revising the definition of the term |
| 4 | "qualified public depository"; amending s. 280.07, F.S.; |
| 5 | conforming provisions to changes made by the act; |
| 6 | providing an effective date. |
| 7 |
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| 8 | Be It Enacted by the Legislature of the State of Florida: |
| 9 |
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| 10 | Section 1. Subsection (26) of section 280.02, Florida |
| 11 | Statutes, is amended to read: |
| 12 | 280.02 Definitions.-As used in this chapter, the term: |
| 13 | (26) "Qualified public depository" means any financial |
| 14 | institution bank, savings bank, or savings association that: |
| 15 | (a) Is organized and exists under the laws of the United |
| 16 | States, the laws of this state, or the laws of any other state |
| 17 | or territory of the United States. |
| 18 | (b) Has its principal place of business in this state or |
| 19 | has a branch office in this state which is authorized under the |
| 20 | laws of this state or of the United States to receive deposits |
| 21 | in this state. |
| 22 | (c) Is insured by the Federal Has Deposit Insurance |
| 23 | Corporation, the Federal Savings and Loan Insurance Corporation, |
| 24 | or the National Credit Union Share Insurance Fund under the |
| 25 | provision of the Federal Deposit Insurance Act, as amended, 12 |
| 26 | U.S.C. ss. 1811 et seq. |
| 27 | (d) Has procedures and practices for accurate |
| 28 | identification, classification, reporting, and collateralization |
| 29 | of public deposits. |
| 30 | (e) Meets all the requirements of this chapter. |
| 31 | (f) Has been designated by the Chief Financial Officer as |
| 32 | a qualified public depository. |
| 33 | Section 2. Section 280.07, Florida Statutes, is amended to |
| 34 | read: |
| 35 | 280.07 Mutual responsibility and contingent liability.-Any |
| 36 | financial institution bank or savings association that is |
| 37 | designated as a qualified public depository and that is not |
| 38 | insolvent shall guarantee public depositors against loss caused |
| 39 | by the default or insolvency of other qualified public |
| 40 | depositories. Each qualified public depository shall execute a |
| 41 | form prescribed by the Chief Financial Officer for such |
| 42 | guarantee which shall be approved by the board of directors and |
| 43 | shall become an official record of the institution. |
| 44 | Section 3. This act shall take effect July 1, 2011. |