Florida Senate - 2017 CS for SB 1170
By the Committee on Banking and Insurance; and Senators Hutson
and Garcia
597-02424-17 20171170c1
1 A bill to be entitled
2 An act relating to the Florida Security for Public
3 Deposits Act; amending s. 280.02, F.S.; redefining
4 terms, which includes the addition of credit unions as
5 qualified public depositories under the Florida
6 Security for Public Deposits Act; creating s. 280.042,
7 F.S.; specifying conditions that must be met before
8 the Chief Financial Officer may designate a credit
9 union as a qualified public depository; requiring the
10 Chief Financial Officer to withdraw from a collateral
11 agreement with a credit union under certain
12 circumstances; providing construction and notice and
13 public deposit return requirements after such
14 withdrawal; authorizing the Chief Financial Officer to
15 limit, for a certain purpose, the amount of public
16 deposits a credit union may hold; amending s. 280.07,
17 F.S.; specifying the mutual responsibility and
18 contingent liability of certain credit unions
19 designated as qualified public depositories;
20 conforming a provision to changes made by the act;
21 amending s. 280.08, F.S.; conforming provisions to
22 changes made by the act; providing that certain
23 assessments by the Chief Financial Officer upon
24 qualified public depositories are subject to certain
25 segregation of contingent liability provisions;
26 amending s. 280.09, F.S.; requiring the Chief
27 Financial Officer, in administering the Public
28 Deposits Trust Fund, to segregate and separately
29 account for certain proceeds, assessments, or
30 penalties attributable to a credit union from those
31 attributable to a bank, savings bank, or savings
32 association; providing that payment of losses is
33 subject to such limitations; amending ss. 280.03,
34 280.05, 280.052, 280.053, 280.055, 280.085, 280.10,
35 280.13, and 280.17, F.S.; conforming provisions to
36 changes made by the act; reenacting ss. 17.57(7)(a);
37 24.114(1); 125.901(3)(e); 136.01; 159.608(11);
38 175.301; 175.401(8); 185.30; 185.50(8); 190.007(3);
39 191.006(16); 215.34(2); 218.415(16)(c), (17), and
40 (23)(a); 255.502(4)(h); 331.309(1) and (2);
41 373.553(2); 631.221; and 723.06115(3)(c), F.S.,
42 relating to deposits and investments of state money;
43 bank deposits and control of lottery transactions;
44 children’s services and independent special districts;
45 county depositories; powers of housing finance
46 authorities; depositories for pension funds; retiree
47 health insurance subsidies; depositories for
48 retirement funds; retiree health insurance subsidies;
49 board of supervisors; general powers; state funds and
50 noncollectible items; local government investment
51 policies; definitions; treasurers, depositories, and a
52 fiscal agent; a treasurer of the board, payment of
53 funds, and depositories; deposit of moneys collected;
54 and the Florida Mobile Home Relocation Trust Fund,
55 respectively, to incorporate the amendments made to s.
56 280.02, F.S., in references thereto; providing an
57 effective date.
58
59 Be It Enacted by the Legislature of the State of Florida:
60
61 Section 1. Subsections (6), (10), (21), (23), and (26) of
62 section 280.02, Florida Statutes, are amended to read:
63 280.02 Definitions.—As used in this chapter, the term:
64 (6) “Capital account” or “tangible equity capital” means
65 total equity capital, as defined on the balance-sheet portion of
66 the Consolidated Reports of Condition and Income (call report);
67 or net worth, as defined in the National Credit Union
68 Administration 5300 Call Report;, less intangible assets, as
69 submitted to the regulatory financial banking authority.
70 (10) “Custodian” means the Chief Financial Officer or a
71 bank, credit union, savings association, or trust company that:
72 (a) Is organized and existing under the laws of this state,
73 any other state, or the United States;
74 (b) Has executed all forms required under this chapter or
75 any rule adopted hereunder;
76 (c) Agrees to be subject to the jurisdiction of the courts
77 of this state, or of the courts of the United States which are
78 located within this state, for the purpose of any litigation
79 arising out of this chapter; and
80 (d) Has been approved by the Chief Financial Officer to act
81 as a custodian.
82 (21) “Pool figure” means the total average monthly balances
83 of public deposits held by all banks, savings banks, or savings
84 associations, or held separately for all credit unions,
85 qualified public depositories during the immediately preceding
86 12-month period.
87 (23) “Public deposit” means the moneys of the state or of
88 any state university, county, school district, community college
89 district, special district, metropolitan government, or
90 municipality, including agencies, boards, bureaus, commissions,
91 and institutions of any of the foregoing, or of any court, and
92 includes the moneys of all county officers, including
93 constitutional officers, which are placed on deposit in a bank,
94 credit union, savings bank, or savings association. This
95 includes, but is not limited to, time deposit accounts, demand
96 deposit accounts, and nonnegotiable certificates of deposit.
97 Moneys in deposit notes and in other nondeposit accounts such as
98 repurchase or reverse repurchase operations are not public
99 deposits. Securities, mutual funds, and similar types of
100 investments are not public deposits and are not subject to this
101 chapter.
102 (26) “Qualified public depository” means a bank, credit
103 union, savings bank, or savings association that:
104 (a) Is organized and exists under the laws of the United
105 States or the laws of this state or any other state or territory
106 of the United States.
107 (b) Has its principal place of business in this state or
108 has a branch office in this state which is authorized under the
109 laws of this state or of the United States to receive deposits
110 in this state.
111 (c) Is insured by the Federal Deposit Insurance Corporation
112 or the National Credit Union Share Insurance Fund Has deposit
113 insurance pursuant to the Federal Deposit Insurance Act, as
114 amended, 12 U.S.C. ss. 1811 et seq.
115 (d) Has procedures and practices for accurate
116 identification, classification, reporting, and collateralization
117 of public deposits.
118 (e) Meets all the requirements of this chapter.
119 (f) Has been designated by the Chief Financial Officer as a
120 qualified public depository.
121 Section 2. Section 280.042, Florida Statutes, is created to
122 read:
123 280.042 Conditions for designating credit unions as
124 qualified public depositories; withdrawal by the Chief Financial
125 Officer from a collateral agreement and return of deposits;
126 limit on public deposits.—
127 (1) The Chief Financial Officer may not designate a credit
128 union as a qualified public depository as defined under s.
129 280.02, unless, at the time the credit union submits its
130 agreement of contingent liability and its collateral agreement:
131 (a) The credit union submits a signed statement from a
132 public official indicating that if the credit union is
133 designated as a qualified public depository, the public official
134 intends to deposit more than $250,000 of public funds with the
135 credit union; and
136 (b) At least four other credit unions have each submitted
137 an agreement of contingent liability, a collateral agreement,
138 and a signed statement from a public official indicating that if
139 the credit union is designated as a qualified public depository,
140 the public official intends to deposit more than $250,000 of
141 public funds with the credit union.
142 (2) The Chief Financial Officer must withdraw from a
143 collateral agreement previously entered into with a credit union
144 if fewer than five credit unions are designated as qualified
145 public depositories during any period of 90 calendar days or
146 longer.
147 (3) A credit union that is a party to a collateral
148 agreement from which the Chief Financial Officer withdraws in
149 accordance with subsection (2) may no longer be designated as a
150 qualified public depository. Within 10 business days after the
151 Chief Financial Officer notifies the credit union that the Chief
152 Financial Officer has withdrawn from the collateral agreement,
153 the credit union must return all public deposits that the credit
154 union holds to the public official who deposited the funds. The
155 notice provided for in this subsection may be sent to a credit
156 union by regular mail or by e-mail.
157 (4) The Chief Financial Officer may limit the amount of
158 public deposits which any credit union may hold in order to
159 ensure that no single credit union holds an amount of public
160 deposits which might adversely affect the integrity of the
161 public deposits program.
162 Section 3. Section 280.07, Florida Statutes, is amended to
163 read:
164 280.07 Mutual responsibility and contingent liability.—
165 (1) Any bank, savings bank, or savings association that is
166 designated as a qualified public depository and that is not
167 insolvent shall guarantee public depositors against loss caused
168 by the default or insolvency of other banks, savings banks, or
169 savings associations designated as qualified public
170 depositories.
171 (2) Any credit union that is designated as a qualified
172 public depository and that is not insolvent shall guarantee
173 public depositors against loss caused by the default or
174 insolvency of other credit unions designated as qualified public
175 depositories.
176
177 Each qualified public depository shall execute a form prescribed
178 by the Chief Financial Officer for such guarantee which must
179 shall be approved by the board of directors and shall become an
180 official record of the institution.
181 Section 4. Subsections (1) and (3) of section 280.08,
182 Florida Statutes, are amended to read:
183 280.08 Procedure for payment of losses.—When the Chief
184 Financial Officer determines that a default or insolvency has
185 occurred, he or she shall provide notice as required in s.
186 280.085 and implement the following procedures:
187 (1) The Division of Treasury, in cooperation with the
188 Office of Financial Regulation of the Financial Services
189 Commission or the receiver of the qualified public depository in
190 default, shall ascertain the amount of funds of each public
191 depositor on deposit at such depository and the amount of
192 deposit or share insurance applicable to such deposits.
193 (3)(a) The loss to public depositors shall be satisfied,
194 insofar as possible, first through any applicable deposit or
195 share insurance and then through demanding payment under letters
196 of credit or the sale of collateral pledged or deposited by the
197 defaulting depository. The Chief Financial Officer may assess
198 qualified public depositories as provided in paragraph (b),
199 subject to the segregation of contingent liability in s. 280.07,
200 for the total loss if the demand for payment or sale of
201 collateral cannot be accomplished within 7 business days.
202 (b) The Chief Financial Officer shall provide coverage of
203 any remaining loss by assessment against the other qualified
204 public depositories. The Chief Financial Officer shall determine
205 such assessment for each qualified public depository by
206 multiplying the total amount of any remaining loss to all public
207 depositors by a percentage which represents the average monthly
208 balance of public deposits held by each qualified public
209 depository during the previous 12 months divided by the total
210 average monthly balances of public deposits held by all
211 qualified public depositories, excluding the defaulting
212 depository, during the same period. The assessment calculation
213 must shall be computed to six decimal places.
214 Section 5. Section 280.09, Florida Statutes, is amended to
215 read:
216 280.09 Public Deposits Trust Fund.—
217 (1) In order to facilitate the administration of this
218 chapter, there is created the Public Deposits Trust Fund,
219 hereafter in this section designated as “the fund.” The proceeds
220 from the sale of securities or draw on letters of credit held as
221 collateral or from any assessment pursuant to s. 280.08 must
222 shall be deposited into the fund. The Chief Financial Officer
223 must segregate and separately account for any collateral
224 proceeds, assessments, or administrative penalties attributable
225 to a credit union from any collateral proceeds, assessments, or
226 administrative penalties attributable to any bank, savings bank,
227 or savings association. Any administrative penalty collected
228 pursuant to this chapter shall be deposited into the Treasury
229 Administrative and Investment Trust Fund.
230 (2) The Chief Financial Officer is authorized to pay any
231 losses to public depositors from the fund, subject to the
232 limitations provided in subsection (1), and there are hereby
233 appropriated from the fund such sums as may be necessary from
234 time to time to pay the losses. The term “losses,” for purposes
235 of this chapter, shall also include losses of interest or other
236 accumulations to the public depositor as a result of penalties
237 for early withdrawal required by Depository Institution
238 Deregulatory Commission Regulations or applicable successor
239 federal laws or regulations because of suspension or
240 disqualification of a qualified public depository by the Chief
241 Financial Officer pursuant to s. 280.05 or because of withdrawal
242 from the public deposits program pursuant to s. 280.11. In that
243 event, the Chief Financial Officer is authorized to assess
244 against the suspended, disqualified, or withdrawing public
245 depository, in addition to any amount authorized by any other
246 provision of this chapter, an administrative penalty equal to
247 the amount of the early withdrawal penalty and to pay that
248 amount over to the public depositor as reimbursement for such
249 loss. Any money in the fund estimated not to be needed for
250 immediate cash requirements shall be invested pursuant to s.
251 17.61.
252 Section 6. Paragraph (a) of subsection (3) of section
253 280.03, Florida Statutes, is amended to read:
254 280.03 Public deposits to be secured; prohibitions;
255 exemptions.—
256 (3) The following are exempt from the requirements of, and
257 protection under, this chapter:
258 (a) Public deposits deposited in a bank, credit union, or
259 savings association by a trust department or trust company which
260 are fully secured under trust business laws.
261 Section 7. Subsection (11) of section 280.05, Florida
262 Statutes, is amended to read:
263 280.05 Powers and duties of the Chief Financial Officer.—In
264 fulfilling the requirements of this act, the Chief Financial
265 Officer has the power to take the following actions he or she
266 deems necessary to protect the integrity of the public deposits
267 program:
268 (11) Sell securities for the purpose of paying losses to
269 public depositors not covered by deposit or share insurance.
270 Section 8. Subsection (1) of section 280.052, Florida
271 Statutes, is amended to read:
272 280.052 Order of suspension or disqualification;
273 procedure.—
274 (1) The suspension or disqualification of a bank, credit
275 union, or savings association as a qualified public depository
276 must be by order of the Chief Financial Officer and must be
277 mailed to the qualified public depository by registered or
278 certified mail.
279 Section 9. Paragraph (c) of subsection (1) and paragraph
280 (c) of subsection (2) of section 280.053, Florida Statutes, are
281 amended to read:
282 280.053 Period of suspension or disqualification;
283 obligations during period; reinstatement.—
284 (1)
285 (c) Upon expiration of the suspension period, the bank,
286 credit union, or savings association may, by order of the Chief
287 Financial Officer, be reinstated as a qualified public
288 depository, unless the cause of the suspension has not been
289 corrected or the bank, credit union, or savings association is
290 otherwise not in compliance with this chapter or any rule
291 adopted pursuant to this chapter.
292 (2)
293 (c) Upon expiration of the disqualification period, the
294 bank, credit union, or savings association may reapply for
295 qualification as a qualified public depository. If a
296 disqualified bank, credit union, or savings association is
297 purchased or otherwise acquired by new owners, it may reapply to
298 the Chief Financial Officer to be a qualified public depository
299 prior to the expiration date of the disqualification period.
300 Redesignation as a qualified public depository may occur only
301 after the Chief Financial Officer has determined that all
302 requirements for holding public deposits under the law have been
303 met.
304 Section 10. Section 280.055, Florida Statutes, is amended
305 to read:
306 280.055 Cease and desist order; corrective order;
307 administrative penalty.—
308 (1) The Chief Financial Officer may issue a cease and
309 desist order and a corrective order upon determining that:
310 (a) A qualified public depository has requested and
311 obtained a release of pledged collateral without approval of the
312 Chief Financial Officer;
313 (b) A bank, credit union, savings association, or other
314 financial institution is holding public deposits without a
315 certificate of qualification issued by the Chief Financial
316 Officer;
317 (c) A qualified public depository pledges, deposits, or
318 arranges for the issuance of unacceptable collateral;
319 (d) A custodian has released pledged collateral without
320 approval of the Chief Financial Officer;
321 (e) A qualified public depository or a custodian has not
322 furnished to the Chief Financial Officer, when the Chief
323 Financial Officer requested, a power of attorney or bond power
324 or bond assignment form required by the bond agent or bond
325 trustee for each issue of registered certificated securities
326 pledged and registered in the name, or nominee name, of the
327 qualified public depository or custodian; or
328 (f) A qualified public depository; a bank, credit union,
329 savings association, or other financial institution; or a
330 custodian has committed any other violation of this chapter or
331 any rule adopted pursuant to this chapter that the Chief
332 Financial Officer determines may be remedied by a cease and
333 desist order or corrective order.
334 (2) Any qualified public depository or other bank, credit
335 union, savings association, or financial institution or
336 custodian that violates a cease and desist order or corrective
337 order of the Chief Financial Officer is subject to an
338 administrative penalty not exceeding $1,000 for each violation
339 of the order. Each day the violation of the order continues
340 constitutes a separate violation.
341 Section 11. Subsection (4) of section 280.085, Florida
342 Statutes, is amended to read:
343 280.085 Notice to claimants.—
344 (4) The notice required in subsection (1) is not required
345 if the default or insolvency of a qualified public depository is
346 resolved in a manner in which all Florida public deposits are
347 acquired by another insured bank, credit union, savings bank, or
348 savings association.
349 Section 12. Subsections (1) and (3) of section 280.10,
350 Florida Statutes, are amended to read:
351 280.10 Effect of merger, acquisition, or consolidation;
352 change of name or address.—
353 (1) When a qualified public depository is merged into,
354 acquired by, or consolidated with a bank, credit union, savings
355 bank, or savings association that is not a qualified public
356 depository:
357 (a) The resulting institution shall automatically become a
358 qualified public depository subject to the requirements of the
359 public deposits program.
360 (b) The contingent liability of the former institution
361 shall be a liability of the resulting institution.
362 (c) The public deposits and associated collateral of the
363 former institution shall be public deposits and collateral of
364 the resulting institution.
365 (d) The resulting institution shall, within 90 calendar
366 days after the effective date of the merger, acquisition, or
367 consolidation, deliver to the Chief Financial Officer:
368 1. Documentation in its name as required for participation
369 in the public deposits program; or
370 2. Written notice of intent to withdraw from the program as
371 provided in s. 280.11 and a proposed effective date of
372 withdrawal which shall be within 180 days after the effective
373 date of the acquisition, merger, or consolidation of the former
374 institution.
375 (e) If the resulting institution does not meet
376 qualifications to become a qualified public depository or does
377 not submit required documentation within 90 calendar days after
378 the effective date of the merger, acquisition, or consolidation,
379 the Chief Financial Officer shall initiate mandatory withdrawal
380 actions as provided in s. 280.11 and shall set an effective date
381 of withdrawal that is within 180 days after the effective date
382 of the acquisition, merger, or consolidation of the former
383 institution.
384 (3) If the default or insolvency of a qualified public
385 depository results in acquisition of all or part of its Florida
386 public deposits by a bank, credit union, savings bank, or
387 savings association that is not a qualified public depository,
388 the bank, credit union, savings bank, or savings association
389 acquiring the Florida public deposits is subject to subsection
390 (1).
391 Section 13. Subsection (1) of section 280.13, Florida
392 Statutes, is amended to read:
393 280.13 Eligible collateral.—
394 (1) Securities eligible to be pledged as collateral by
395 qualified public depositories are banks and savings associations
396 shall be limited to:
397 (a) Direct obligations of the United States Government.
398 (b) Obligations of any federal agency that are fully
399 guaranteed as to payment of principal and interest by the United
400 States Government.
401 (c) Obligations of the following federal agencies:
402 1. Farm credit banks.
403 2. Federal land banks.
404 3. The Federal Home Loan Bank and its district banks.
405 4. Federal intermediate credit banks.
406 5. The Federal Home Loan Mortgage Corporation.
407 6. The Federal National Mortgage Association.
408 7. Obligations guaranteed by the Government National
409 Mortgage Association.
410 (d) General obligations of a state of the United States, or
411 of Puerto Rico, or of a political subdivision or municipality
412 thereof.
413 (e) Obligations issued by the Florida State Board of
414 Education under authority of the State Constitution or
415 applicable statutes.
416 (f) Tax anticipation certificates or warrants of counties
417 or municipalities having maturities not exceeding 1 year.
418 (g) Public housing authority obligations.
419 (h) Revenue bonds or certificates of a state of the United
420 States or of a political subdivision or municipality thereof.
421 (i) Corporate bonds of any corporation that is not an
422 affiliate or subsidiary of the qualified public depository.
423 Section 14. Paragraph (b) of subsection (4) of section
424 280.17, Florida Statutes, is amended to read:
425 280.17 Requirements for public depositors; notice to public
426 depositors and governmental units; loss of protection.—In
427 addition to any other requirement specified in this chapter,
428 public depositors shall comply with the following:
429 (4) If public deposits are in a qualified public depository
430 that has been declared to be in default or insolvent, each
431 public depositor shall:
432 (b) Submit to the Chief Financial Officer for each public
433 deposit, within 30 days after the date of official notification
434 from the Chief Financial Officer, the following:
435 1. A claim form and agreement, as prescribed by the Chief
436 Financial Officer, executed under oath, accompanied by proof of
437 authority to execute the form on behalf of the public depositor.
438 2. A completed public deposit identification and
439 acknowledgment form, as described in subsection (2).
440 3. Evidence of the insurance afforded the deposit pursuant
441 to the Federal Deposit Insurance Act or the Federal Credit Union
442 Act, as appropriate.
443 Section 15. For the purpose of incorporating the amendment
444 made by this act to section 280.02, Florida Statutes, in a
445 reference thereto, paragraph (a) of subsection (7) of section
446 17.57, Florida Statutes, is reenacted to read:
447 17.57 Deposits and investments of state money.—
448 (7) In addition to the deposits authorized under this
449 section and notwithstanding any other provisions of law, funds
450 that are not needed to meet the disbursement needs of the state
451 may be deposited by the Chief Financial Officer in accordance
452 with the following conditions:
453 (a) The funds are initially deposited in a qualified public
454 depository, as defined in s. 280.02, selected by the Chief
455 Financial Officer.
456 Section 16. For the purpose of incorporating the amendment
457 made by this act to section 280.02, Florida Statutes, in a
458 reference thereto, subsection (1) of section 24.114, Florida
459 Statutes, is reenacted to read:
460 24.114 Bank deposits and control of lottery transactions.—
461 (1) All moneys received by each retailer from the operation
462 of the state lottery, including, but not limited to, all ticket
463 sales, interest, gifts, and donations, less the amount retained
464 as compensation for the sale of the tickets and the amount paid
465 out as prizes, shall be remitted to the department or deposited
466 in a qualified public depository, as defined in s. 280.02, as
467 directed by the department. The department shall have the
468 responsibility for all administrative functions related to the
469 receipt of funds. The department may also require each retailer
470 to file with the department reports of the retailer’s receipts
471 and transactions in the sale of lottery tickets in such form and
472 containing such information as the department may require. The
473 department may require any person, including a qualified public
474 depository, to perform any function, activity, or service in
475 connection with the operation of the lottery as it may deem
476 advisable pursuant to this act and rules of the department, and
477 such functions, activities, or services shall constitute lawful
478 functions, activities, and services of such person.
479 Section 17. For the purpose of incorporating the amendment
480 made by this act to section 280.02, Florida Statutes, in a
481 reference thereto, paragraph (e) of subsection (3) of section
482 125.901, Florida Statutes, is reenacted to read:
483 125.901 Children’s services; independent special district;
484 council; powers, duties, and functions; public records
485 exemption.—
486 (3)
487 (e)1. All moneys received by the council on children’s
488 services shall be deposited in qualified public depositories, as
489 defined in s. 280.02, with separate and distinguishable accounts
490 established specifically for the council and shall be withdrawn
491 only by checks signed by the chair of the council and
492 countersigned by either one other member of the council on
493 children’s services or by a chief executive officer who shall be
494 so authorized by the council.
495 2. Upon entering the duties of office, the chair and the
496 other member of the council or chief executive officer who signs
497 its checks shall each give a surety bond in the sum of at least
498 $1,000 for each $1 million or portion thereof of the council’s
499 annual budget, which bond shall be conditioned that each shall
500 faithfully discharge the duties of his or her office. The
501 premium on such bond may be paid by the district as part of the
502 expense of the council. No other member of the council shall be
503 required to give bond or other security.
504 3. No funds of the district shall be expended except by
505 check as aforesaid, except expenditures from a petty cash
506 account which shall not at any time exceed $100. All
507 expenditures from petty cash shall be recorded on the books and
508 records of the council on children’s services. No funds of the
509 council on children’s services, excepting expenditures from
510 petty cash, shall be expended without prior approval of the
511 council, in addition to the budgeting thereof.
512 Section 18. For the purpose of incorporating the amendment
513 made by this act to section 280.02, Florida Statutes, in a
514 reference thereto, section 136.01, Florida Statutes, is
515 reenacted to read:
516 136.01 County depositories.—Each county depository shall be
517 a qualified public depository as defined in s. 280.02 for the
518 following funds: county funds; funds of all county officers,
519 including constitutional officers; funds of the school board;
520 and funds of the community college district board of trustees.
521 This enumeration of funds is made not by way of limitation, but
522 of illustration; and it is the intent hereof that all funds of
523 the county, the board of county commissioners or the several
524 county officers, the school board, or the community college
525 district board of trustees be included.
526 Section 19. For the purpose of incorporating the amendment
527 made by this act to section 280.02, Florida Statutes, in a
528 reference thereto, subsection (11) of section 159.608, Florida
529 Statutes, is reenacted to read:
530 159.608 Powers of housing finance authorities.—A housing
531 finance authority shall constitute a public body corporate and
532 politic, exercising the public and essential governmental
533 functions set forth in this act, and shall exercise its power to
534 borrow only for the purpose as provided herein:
535 (11) To invest and reinvest surplus funds of the housing
536 finance authority in accordance with s. 218.415. However, in
537 addition to the investments expressly authorized in s.
538 218.415(16)(a)-(g) and (17)(a)-(d), a housing finance authority
539 may invest surplus funds in interest-bearing time deposits or
540 savings accounts that are fully insured by the Federal Deposit
541 Insurance Corporation regardless of whether the bank or
542 financial institution in which the deposit or investment is made
543 is a qualified public depository as defined in s. 280.02. This
544 subsection is supplementary to and may not be construed as
545 limiting any powers of a housing finance authority or providing
546 or implying a limiting construction of any other statutory
547 provision.
548 Section 20. For the purpose of incorporating the amendment
549 made by this act to section 280.02, Florida Statutes, in a
550 reference thereto, section 175.301, Florida Statutes, is
551 reenacted to read:
552 175.301 Depository for pension funds.—For any municipality,
553 special fire control district, chapter plan, local law
554 municipality, local law special fire control district, or local
555 law plan under this chapter, all funds of the firefighters’
556 pension trust fund of any chapter plan or local law plan under
557 this chapter may be deposited by the board of trustees with the
558 treasurer of the municipality or special fire control district,
559 acting in a ministerial capacity only, who shall be liable in
560 the same manner and to the same extent as he or she is liable
561 for the safekeeping of funds for the municipality or special
562 fire control district. However, any funds so deposited with the
563 treasurer of the municipality or special fire control district
564 shall be kept in a separate fund by the treasurer or clearly
565 identified as such funds of the firefighters’ pension trust
566 fund. In lieu thereof, the board of trustees shall deposit the
567 funds of the firefighters’ pension trust fund in a qualified
568 public depository as defined in s. 280.02, which depository with
569 regard to such funds shall conform to and be bound by all of the
570 provisions of chapter 280.
571 Section 21. For the purpose of incorporating the amendment
572 made by this act to section 280.02, Florida Statutes, in
573 references thereto, subsection (8) of section 175.401, Florida
574 Statutes, is reenacted to read:
575 175.401 Retiree health insurance subsidy.—For any
576 municipality, special fire control district, chapter plan, local
577 law municipality, local law special fire control district, or
578 local law plan under this chapter, under the broad grant of home
579 rule powers under the Florida Constitution and chapter 166,
580 municipalities have the authority to establish and administer
581 locally funded health insurance subsidy programs. In addition,
582 special fire control districts may, by resolution, establish and
583 administer locally funded health insurance subsidy programs.
584 Pursuant thereto:
585 (8) DEPOSIT OF HEALTH INSURANCE SUBSIDY FUNDS.—All funds of
586 the health insurance subsidy fund may be deposited by the board
587 of trustees with the treasurer of the municipality or special
588 fire control district, acting in a ministerial capacity only,
589 who shall be liable in the same manner and to the same extent as
590 he or she is liable for the safekeeping of funds for the
591 municipality or special fire control district. Any funds so
592 deposited shall be segregated by the treasurer in a separate
593 fund, clearly identified as funds of the health insurance
594 subsidy fund. In lieu thereof, the board of trustees shall
595 deposit the funds of the health insurance subsidy fund in a
596 qualified public depository as defined in s. 280.02, which shall
597 conform to and be bound by the provisions of chapter 280 with
598 regard to such funds. In no case shall the funds of the health
599 insurance subsidy fund be deposited in any financial
600 institution, brokerage house trust company, or other entity that
601 is not a public depository as provided by s. 280.02.
602 Section 22. For the purpose of incorporating the amendment
603 made by this act to section 280.02, Florida Statutes, in a
604 reference thereto, section 185.30, Florida Statutes, is
605 reenacted to read:
606 185.30 Depository for retirement fund.—For any
607 municipality, chapter plan, local law municipality, or local law
608 plan under this chapter, all funds of the municipal police
609 officers’ retirement trust fund of any municipality, chapter
610 plan, local law municipality, or local law plan under this
611 chapter may be deposited by the board of trustees with the
612 treasurer of the municipality acting in a ministerial capacity
613 only, who shall be liable in the same manner and to the same
614 extent as he or she is liable for the safekeeping of funds for
615 the municipality. However, any funds so deposited with the
616 treasurer of the municipality shall be kept in a separate fund
617 by the municipal treasurer or clearly identified as such funds
618 of the municipal police officers’ retirement trust fund. In lieu
619 thereof, the board of trustees shall deposit the funds of the
620 municipal police officers’ retirement trust fund in a qualified
621 public depository as defined in s. 280.02, which depository with
622 regard to such funds shall conform to and be bound by all of the
623 provisions of chapter 280.
624 Section 23. For the purpose of incorporating the amendment
625 made by this act to section 280.02, Florida Statutes, in
626 references thereto, subsection (8) of section 185.50, Florida
627 Statutes, is reenacted to read:
628 185.50 Retiree health insurance subsidy.—For any
629 municipality, chapter plan, local law municipality, or local law
630 plan under this chapter, under the broad grant of home rule
631 powers under the Florida Constitution and chapter 166,
632 municipalities have the authority to establish and administer
633 locally funded health insurance subsidy programs. Pursuant
634 thereto:
635 (8) DEPOSIT OF PENSION FUNDS.—All funds of the health
636 insurance subsidy fund may be deposited by the board of trustees
637 with the treasurer of the municipality, acting in a ministerial
638 capacity only, who shall be liable in the same manner and to the
639 same extent as he or she is liable for the safekeeping of funds
640 for the municipality. Any funds so deposited shall be segregated
641 by said treasurer in a separate fund, clearly identified as
642 funds of the health insurance subsidy fund. In lieu thereof, the
643 board of trustees shall deposit the funds of the health
644 insurance subsidy fund in a qualified public depository as
645 defined in s. 280.02, which shall conform to and be bound by the
646 provisions of chapter 280 with regard to such funds. In no case
647 shall the funds of the health insurance subsidy fund be
648 deposited in any financial institution, brokerage house trust
649 company, or other entity that is not a public depository as
650 provided by s. 280.02.
651 Section 24. For the purpose of incorporating the amendment
652 made by this act to section 280.02, Florida Statutes, in a
653 reference thereto, subsection (3) of section 190.007, Florida
654 Statutes, is reenacted to read:
655 190.007 Board of supervisors; general duties.—
656 (3) The board is authorized to select as a depository for
657 its funds any qualified public depository as defined in s.
658 280.02 which meets all the requirements of chapter 280 and has
659 been designated by the Chief Financial Officer as a qualified
660 public depository, upon such terms and conditions as to the
661 payment of interest by such depository upon the funds so
662 deposited as the board may deem just and reasonable.
663 Section 25. For the purpose of incorporating the amendment
664 made by this act to section 280.02, Florida Statutes, in a
665 reference thereto, subsection (16) of section 191.006, Florida
666 Statutes, is reenacted to read:
667 191.006 General powers.—The district shall have, and the
668 board may exercise by majority vote, the following powers:
669 (16) To select as a depository for its funds any qualified
670 public depository as defined in s. 280.02 which meets all the
671 requirements of chapter 280 and has been designated by the Chief
672 Financial Officer as a qualified public depository, upon such
673 terms and conditions as to the payment of interest upon the
674 funds deposited as the board deems just and reasonable.
675 Section 26. For the purpose of incorporating the amendment
676 made by this act to section 280.02, Florida Statutes, in a
677 reference thereto, subsection (2) of section 215.34, Florida
678 Statutes, is reenacted to read:
679 215.34 State funds; noncollectible items; procedure.—
680 (2) Whenever a check, draft, or other order for the payment
681 of money is returned by the Chief Financial Officer, or by a
682 qualified public depository as defined in s. 280.02, to a state
683 officer, a state agency, or the judicial branch for collection,
684 the officer, agency, or judicial branch shall add to the amount
685 due a service fee of $15 or 5 percent of the face amount of the
686 check, draft, or order, whichever is greater. An agency or the
687 judicial branch may adopt a rule which prescribes a lesser
688 maximum service fee, which shall be added to the amount due for
689 the dishonored check, draft, or other order tendered for a
690 particular service, license, tax, fee, or other charge, but in
691 no event shall the fee be less than $15. The service fee shall
692 be in addition to all other penalties imposed by law, except
693 that when other charges or penalties are imposed by an agency
694 related to a noncollectible item, the amount of the service fee
695 shall not exceed $150. Proceeds from this fee shall be deposited
696 in the same fund as the collected item. Nothing in this section
697 shall be construed as authorization to deposit moneys outside
698 the State Treasury unless specifically authorized by law.
699 Section 27. For the purpose of incorporating the amendment
700 made by this act to section 280.02, Florida Statutes, in
701 references thereto, paragraph (c) of subsection (16), subsection
702 (17), and paragraph (a) of subsection (23) of section 218.415,
703 Florida Statutes, are reenacted to read:
704 218.415 Local government investment policies.—Investment
705 activity by a unit of local government must be consistent with a
706 written investment plan adopted by the governing body, or in the
707 absence of the existence of a governing body, the respective
708 principal officer of the unit of local government and maintained
709 by the unit of local government or, in the alternative, such
710 activity must be conducted in accordance with subsection (17).
711 Any such unit of local government shall have an investment
712 policy for any public funds in excess of the amounts needed to
713 meet current expenses as provided in subsections (1)-(16), or
714 shall meet the alternative investment guidelines contained in
715 subsection (17). Such policies shall be structured to place the
716 highest priority on the safety of principal and liquidity of
717 funds. The optimization of investment returns shall be secondary
718 to the requirements for safety and liquidity. Each unit of local
719 government shall adopt policies that are commensurate with the
720 nature and size of the public funds within its custody.
721 (16) AUTHORIZED INVESTMENTS; WRITTEN INVESTMENT POLICIES.
722 Those units of local government electing to adopt a written
723 investment policy as provided in subsections (1)-(15) may by
724 resolution invest and reinvest any surplus public funds in their
725 control or possession in:
726 (c) Interest-bearing time deposits or savings accounts in
727 qualified public depositories as defined in s. 280.02.
728 (17) AUTHORIZED INVESTMENTS; NO WRITTEN INVESTMENT POLICY.
729 Those units of local government electing not to adopt a written
730 investment policy in accordance with investment policies
731 developed as provided in subsections (1)-(15) may invest or
732 reinvest any surplus public funds in their control or possession
733 in:
734 (a) The Local Government Surplus Funds Trust Fund, or any
735 intergovernmental investment pool authorized pursuant to the
736 Florida Interlocal Cooperation Act of 1969, as provided in s.
737 163.01.
738 (b) Securities and Exchange Commission registered money
739 market funds with the highest credit quality rating from a
740 nationally recognized rating agency.
741 (c) Interest-bearing time deposits or savings accounts in
742 qualified public depositories, as defined in s. 280.02.
743 (d) Direct obligations of the U.S. Treasury.
744
745 The securities listed in paragraphs (c) and (d) shall be
746 invested to provide sufficient liquidity to pay obligations as
747 they come due.
748 (23) AUTHORIZED DEPOSITS.—In addition to the investments
749 authorized for local governments in subsections (16) and (17)
750 and notwithstanding any other provisions of law, a unit of local
751 government may deposit any portion of surplus public funds in
752 its control or possession in accordance with the following
753 conditions:
754 (a) The funds are initially deposited in a qualified public
755 depository, as defined in s. 280.02, selected by the unit of
756 local government.
757 Section 28. For the purpose of incorporating the amendment
758 made by this act to section 280.02, Florida Statutes, in a
759 reference thereto, paragraph (h) of subsection (4) of section
760 255.502, Florida Statutes, is reenacted to read:
761 255.502 Definitions; ss. 255.501-255.525.—As used in this
762 act, the following words and terms shall have the following
763 meanings unless the context otherwise requires:
764 (4) “Authorized investments” means and includes without
765 limitation any investment in:
766 (h) Savings accounts in, or certificates of deposit of,
767 qualified public depositories as defined in s. 280.02, in an
768 amount that does not exceed 15 percent of the net worth of the
769 institution, or a lesser amount as determined by rule by the
770 State Board of Administration, provided such savings accounts
771 and certificates of deposit are secured in the manner prescribed
772 in chapter 280.
773
774 Investments in any security authorized in this subsection may be
775 under repurchase agreements or reverse repurchase agreements.
776 Section 29. For the purpose of incorporating the amendment
777 made by this act to section 280.02, Florida Statutes, in a
778 reference thereto, subsections (1) and (2) of section 331.309,
779 Florida Statutes, are reenacted to read:
780 331.309 Treasurer; depositories; fiscal agent.—
781 (1) The board shall designate an individual who is a
782 resident of the state, or a qualified public depository as
783 defined in s. 280.02, as treasurer of Space Florida, who shall
784 have charge of the funds of Space Florida. Such funds shall be
785 disbursed only upon the order of or pursuant to the resolution
786 of the board by warrant, check, authorization, or direct deposit
787 pursuant to s. 215.85, signed or authorized by the treasurer or
788 his or her representative or by such other persons as may be
789 authorized by the board. The board may give the treasurer such
790 other or additional powers and duties as the board may deem
791 appropriate and shall establish the treasurer’s compensation.
792 The board may require the treasurer to give a bond in such
793 amount, on such terms, and with such sureties as may be deemed
794 satisfactory to the board to secure the performance by the
795 treasurer of his or her powers and duties. The board shall audit
796 or have audited the books of the treasurer at least once a year.
797 (2) The board is authorized to select as depositories in
798 which the funds of the board and of Space Florida shall be
799 deposited any qualified public depository as defined in s.
800 280.02, upon such terms and conditions as to the payment of
801 interest by such depository upon the funds so deposited as the
802 board may deem just and reasonable. The funds of Space Florida
803 may be kept in or removed from the State Treasury upon written
804 notification from the chair of the board to the Chief Financial
805 Officer.
806 Section 30. For the purpose of incorporating the amendment
807 made by this act to section 280.02, Florida Statutes, in a
808 reference thereto, subsection (2) of section 373.553, Florida
809 Statutes, is reenacted to read:
810 373.553 Treasurer of the board; payment of funds;
811 depositories.—
812 (2) The board is authorized to select as depositories in
813 which the funds of the board and of the district shall be
814 deposited in any qualified public depository as defined in s.
815 280.02, and such deposits shall be secured in the manner
816 provided in chapter 280.
817 Section 31. For the purpose of incorporating the amendment
818 made by this act to section 280.02, Florida Statutes, in a
819 reference thereto, section 631.221, Florida Statutes, is
820 reenacted to read:
821 631.221 Deposit of moneys collected.—The moneys collected
822 by the department in a proceeding under this chapter shall be
823 deposited in a qualified public depository as defined in s.
824 280.02, which depository with regards to such funds shall
825 conform to and be bound by all the provisions of chapter 280, or
826 invested with the Chief Financial Officer pursuant to chapter
827 18. For the purpose of accounting for the assets and
828 transactions of the estate, the receiver shall use such
829 accounting books, records, and systems as the court directs
830 after it hears and considers the recommendations of the
831 receiver.
832 Section 32. For the purpose of incorporating the amendment
833 made by this act to section 280.02, Florida Statutes, in a
834 reference thereto, paragraph (c) of subsection (3) of section
835 723.06115, Florida Statutes, is reenacted to read:
836 723.06115 Florida Mobile Home Relocation Trust Fund.—
837 (3) The department shall distribute moneys in the Florida
838 Mobile Home Relocation Trust Fund to the Florida Mobile Home
839 Relocation Corporation in accordance with the following:
840 (c) Funds transferred from the trust fund to the
841 corporation shall be transferred electronically and shall be
842 transferred to and maintained in a qualified public depository
843 as defined in s. 280.02 which is specified by the corporation.
844 Section 33. This act shall take effect July 1, 2018.