The Florida Senate

280.13  Collateral eligible for pledge by banks and savings associations.--

(1)  Securities eligible to be pledged as collateral by banks and savings associations shall be limited to:

(a)  Direct obligations of the United States Government.

(b)  Obligations of any federal agency that are fully guaranteed as to payment of principal and interest by the United States Government.

(c)  Obligations of the following federal agencies:

1.  Farm credit banks.

2.  Federal land banks.

3.  The Federal Home Loan Bank and its district banks.

4.  Federal intermediate credit banks.

5.  The Federal Home Loan Mortgage Corporation.

6.  The Federal National Mortgage Association.

7.  Obligations guaranteed by the Government National Mortgage Association.

(d)  General obligations of a state of the United States, or of Puerto Rico, or of a political subdivision or municipality thereof.

(e)  Obligations issued by the Florida State Board of Education under authority of the State Constitution or applicable statutes.

(f)  Tax anticipation certificates or warrants of counties or municipalities having maturities not exceeding 1 year.

(g)  Public housing authority obligations.

(h)  Revenue bonds or certificates of a state of the United States or of a political subdivision or municipality thereof.

(i)  Corporate bonds of any corporation that is not an affiliate or subsidiary of the qualified public depository.

(2)  In addition to the securities listed in subsection (1), the Treasurer may, in his or her discretion, allow the pledge of the following types of securities. The Treasurer shall, by rule, define any restrictions, specific criteria, or circumstances for which these instruments will be acceptable.

(a)  Securities of, or other interests in, any open-end management investment company registered under the Investment Company Act of 1940, 15 U.S.C. ss. 80a-1 et seq., as amended from time to time, provided the portfolio of such investment company is limited to direct obligations of the United States Government and to repurchase agreements fully collateralized by such direct obligations of the United States Government and provided such investment company takes delivery of such collateral either directly or through an authorized custodian.

(b)  Collateralized Mortgage Obligations.

(c)  Real Estate Mortgage Investment Conduits.

(3)  Except as to obligations issued by or with respect to which payment of interest and principal is guaranteed by the United States Government or obligations of federal agencies listed in subsection (1), the debt obligations mentioned in this section shall be rated in one of the four highest classifications by an established, nationally recognized investment rating service.

(4)  To be eligible as collateral under this section, all debt obligations shall be interest bearing or accruing.

(5)  The Treasurer may disapprove any security that does not meet the requirements of this section or any rule adopted pursuant to this section or any security for which no current market price can be obtained from a nationally recognized source deemed acceptable to the Treasurer.

History.--s. 3, ch. 81-285; s. 14, ch. 83-122; s. 133, ch. 83-217; s. 18, ch. 87-409; s. 7, ch. 88-171; s. 11, ch. 90-357; s. 21, ch. 91-244; s. 192, ch. 95-148; s. 14, ch. 96-216; s. 4, ch. 2000-352.