Florida Senate - 2017                                    SB 1170
       
       
        
       By Senator Hutson
       
       
       
       
       
       7-00524-17                                            20171170__
    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; amending s. 280.07,
    7         F.S.; specifying the mutual responsibility and
    8         contingent liability of certain credit unions
    9         designated as qualified public depositories;
   10         conforming a provision to changes made by the act;
   11         amending ss. 280.03, 280.05, 280.052, 280.053,
   12         280.055, 280.08, 280.085, 280.10, 280.13, and 280.17,
   13         F.S.; conforming provisions to changes made by the
   14         act; reenacting ss. 17.57(7)(a); 24.114(1);
   15         125.901(3)(e); 136.01; 159.608(11); 175.301;
   16         175.401(8); 185.30; 185.50(8); 190.007(3);
   17         191.006(16); 215.34(2); 218.415(16)(c), (17), and
   18         (23)(a); 255.502(4)(h); 331.309(1) and (2);
   19         373.553(2); 631.221; and 723.06115(3)(c), F.S.,
   20         relating to deposits and investments of state money;
   21         bank deposits and control of lottery transactions;
   22         children’s services and independent special districts;
   23         county depositories; powers of housing finance
   24         authorities; depositories for pension funds; retiree
   25         health insurance subsidies; depositories for
   26         retirement funds; retiree health insurance subsidies;
   27         board of supervisors; general powers; state funds and
   28         noncollectible items; local government investment
   29         policies; definitions; treasurers, depositories, and a
   30         fiscal agent; a treasurer of the board, payment of
   31         funds, and depositories; deposit of moneys collected;
   32         and the Florida Mobile Home Relocation Trust Fund,
   33         respectively, to incorporate the amendments made to s.
   34         280.02, F.S., in references thereto; providing an
   35         effective date.
   36          
   37  Be It Enacted by the Legislature of the State of Florida:
   38  
   39         Section 1. Subsections (6), (10), (21), (23), and (26) of
   40  section 280.02, Florida Statutes, are amended to read:
   41         280.02 Definitions.—As used in this chapter, the term:
   42         (6) “Capital account” or “tangible equity capital” means
   43  total equity capital, as defined on the balance-sheet portion of
   44  the Consolidated Reports of Condition and Income (call report);
   45  or net worth, as defined in the National Credit Union
   46  Administration 5300 Call Report;, less intangible assets, as
   47  submitted to the regulatory financial banking authority.
   48         (10) “Custodian” means the Chief Financial Officer or a
   49  bank, credit union, savings association, or trust company that:
   50         (a) Is organized and existing under the laws of this state,
   51  any other state, or the United States;
   52         (b) Has executed all forms required under this chapter or
   53  any rule adopted hereunder;
   54         (c) Agrees to be subject to the jurisdiction of the courts
   55  of this state, or of the courts of the United States which are
   56  located within this state, for the purpose of any litigation
   57  arising out of this chapter; and
   58         (d) Has been approved by the Chief Financial Officer to act
   59  as a custodian.
   60         (21) “Pool figure” means the total average monthly balances
   61  of public deposits held by all banks, savings banks, or savings
   62  associations, or held separately for all credit unions,
   63  qualified public depositories during the immediately preceding
   64  12-month period.
   65         (23) “Public deposit” means the moneys of the state or of
   66  any state university, county, school district, community college
   67  district, special district, metropolitan government, or
   68  municipality, including agencies, boards, bureaus, commissions,
   69  and institutions of any of the foregoing, or of any court, and
   70  includes the moneys of all county officers, including
   71  constitutional officers, which are placed on deposit in a bank,
   72  credit union, savings bank, or savings association. This
   73  includes, but is not limited to, time deposit accounts, demand
   74  deposit accounts, and nonnegotiable certificates of deposit.
   75  Moneys in deposit notes and in other nondeposit accounts such as
   76  repurchase or reverse repurchase operations are not public
   77  deposits. Securities, mutual funds, and similar types of
   78  investments are not public deposits and are not subject to this
   79  chapter.
   80         (26) “Qualified public depository” means a bank, credit
   81  union, savings bank, or savings association that:
   82         (a) Is organized and exists under the laws of the United
   83  States or the laws of this state or any other state or territory
   84  of the United States.
   85         (b) Has its principal place of business in this state or
   86  has a branch office in this state which is authorized under the
   87  laws of this state or of the United States to receive deposits
   88  in this state.
   89         (c) Is insured by the Federal Deposit Insurance Corporation
   90  or the National Credit Union Share Insurance Fund Has deposit
   91  insurance pursuant to the Federal Deposit Insurance Act, as
   92  amended, 12 U.S.C. ss. 1811 et seq.
   93         (d) Has procedures and practices for accurate
   94  identification, classification, reporting, and collateralization
   95  of public deposits.
   96         (e) Meets all the requirements of this chapter.
   97         (f) Has been designated by the Chief Financial Officer as a
   98  qualified public depository.
   99         Section 2. Section 280.07, Florida Statutes, is amended to
  100  read:
  101         280.07 Mutual responsibility and contingent liability.—
  102         (1) Any bank, savings bank, or savings association that is
  103  designated as a qualified public depository and that is not
  104  insolvent shall guarantee public depositors against loss caused
  105  by the default or insolvency of other banks, savings banks, or
  106  savings associations designated as qualified public depositories
  107  qualified public depositories.
  108         (2) Any credit union that is designated as a qualified
  109  public depository and that is not insolvent shall guarantee
  110  public depositors against loss caused by the default or
  111  insolvency of other credit unions designated as qualified public
  112  depositories.
  113  
  114  Each qualified public depository shall execute a form prescribed
  115  by the Chief Financial Officer for such guarantee which must
  116  shall be approved by the board of directors and shall become an
  117  official record of the institution.
  118         Section 3. Paragraph (a) of subsection (3) of section
  119  280.03, Florida Statutes, is amended to read:
  120         280.03 Public deposits to be secured; prohibitions;
  121  exemptions.—
  122         (3) The following are exempt from the requirements of, and
  123  protection under, this chapter:
  124         (a) Public deposits deposited in a bank, credit union, or
  125  savings association by a trust department or trust company which
  126  are fully secured under trust business laws.
  127         Section 4. Subsection (11) of section 280.05, Florida
  128  Statutes, is amended to read:
  129         280.05 Powers and duties of the Chief Financial Officer.—In
  130  fulfilling the requirements of this act, the Chief Financial
  131  Officer has the power to take the following actions he or she
  132  deems necessary to protect the integrity of the public deposits
  133  program:
  134         (11) Sell securities for the purpose of paying losses to
  135  public depositors not covered by deposit or share insurance.
  136         Section 5. Subsection (1) of section 280.052, Florida
  137  Statutes, is amended to read:
  138         280.052 Order of suspension or disqualification;
  139  procedure.—
  140         (1) The suspension or disqualification of a bank, credit
  141  union, or savings association as a qualified public depository
  142  must be by order of the Chief Financial Officer and must be
  143  mailed to the qualified public depository by registered or
  144  certified mail.
  145         Section 6. Paragraph (c) of subsection (1) and paragraph
  146  (c) of subsection (2) of section 280.053, Florida Statutes, are
  147  amended to read:
  148         280.053 Period of suspension or disqualification;
  149  obligations during period; reinstatement.—
  150         (1)
  151         (c) Upon expiration of the suspension period, the bank,
  152  credit union, or savings association may, by order of the Chief
  153  Financial Officer, be reinstated as a qualified public
  154  depository, unless the cause of the suspension has not been
  155  corrected or the bank, credit union, or savings association is
  156  otherwise not in compliance with this chapter or any rule
  157  adopted pursuant to this chapter.
  158         (2)
  159         (c) Upon expiration of the disqualification period, the
  160  bank, credit union, or savings association may reapply for
  161  qualification as a qualified public depository. If a
  162  disqualified bank, credit union, or savings association is
  163  purchased or otherwise acquired by new owners, it may reapply to
  164  the Chief Financial Officer to be a qualified public depository
  165  prior to the expiration date of the disqualification period.
  166  Redesignation as a qualified public depository may occur only
  167  after the Chief Financial Officer has determined that all
  168  requirements for holding public deposits under the law have been
  169  met.
  170         Section 7. Paragraphs (b) and (f) of subsection (1) and
  171  subsection (2) of section 280.055, Florida Statutes, are amended
  172  to read:
  173         280.055 Cease and desist order; corrective order;
  174  administrative penalty.—
  175         (1) The Chief Financial Officer may issue a cease and
  176  desist order and a corrective order upon determining that:
  177         (b) A bank, credit union, savings association, or other
  178  financial institution is holding public deposits without a
  179  certificate of qualification issued by the Chief Financial
  180  Officer;
  181         (f) A qualified public depository; a bank, credit union,
  182  savings association, or other financial institution; or a
  183  custodian has committed any other violation of this chapter or
  184  any rule adopted pursuant to this chapter that the Chief
  185  Financial Officer determines may be remedied by a cease and
  186  desist order or corrective order.
  187         (2) Any qualified public depository or other bank, credit
  188  union, savings association, or financial institution or
  189  custodian that violates a cease and desist order or corrective
  190  order of the Chief Financial Officer is subject to an
  191  administrative penalty not exceeding $1,000 for each violation
  192  of the order. Each day the violation of the order continues
  193  constitutes a separate violation.
  194         Section 8. Subsection (1) and paragraph (a) of subsection
  195  (3) of section 280.08, Florida Statutes, are amended to read:
  196         280.08 Procedure for payment of losses.—When the Chief
  197  Financial Officer determines that a default or insolvency has
  198  occurred, he or she shall provide notice as required in s.
  199  280.085 and implement the following procedures:
  200         (1) The Division of Treasury, in cooperation with the
  201  Office of Financial Regulation of the Financial Services
  202  Commission or the receiver of the qualified public depository in
  203  default, shall ascertain the amount of funds of each public
  204  depositor on deposit at such depository and the amount of
  205  deposit or share insurance applicable to such deposits.
  206         (3)(a) The loss to public depositors shall be satisfied,
  207  insofar as possible, first through any applicable deposit or
  208  share insurance and then through demanding payment under letters
  209  of credit or the sale of collateral pledged or deposited by the
  210  defaulting depository. The Chief Financial Officer may assess
  211  qualified public depositories as provided in paragraph (b) for
  212  the total loss if the demand for payment or sale of collateral
  213  cannot be accomplished within 7 business days.
  214         Section 9. Subsection (4) of section 280.085, Florida
  215  Statutes, is amended to read:
  216         280.085 Notice to claimants.—
  217         (4) The notice required in subsection (1) is not required
  218  if the default or insolvency of a qualified public depository is
  219  resolved in a manner in which all Florida public deposits are
  220  acquired by another insured bank, credit union, savings bank, or
  221  savings association.
  222         Section 10. Subsections (1) and (3) of section 280.10,
  223  Florida Statutes, are amended to read:
  224         280.10 Effect of merger, acquisition, or consolidation;
  225  change of name or address.—
  226         (1) When a qualified public depository is merged into,
  227  acquired by, or consolidated with a bank, credit union, savings
  228  bank, or savings association that is not a qualified public
  229  depository:
  230         (a) The resulting institution shall automatically become a
  231  qualified public depository subject to the requirements of the
  232  public deposits program.
  233         (b) The contingent liability of the former institution
  234  shall be a liability of the resulting institution.
  235         (c) The public deposits and associated collateral of the
  236  former institution shall be public deposits and collateral of
  237  the resulting institution.
  238         (d) The resulting institution shall, within 90 calendar
  239  days after the effective date of the merger, acquisition, or
  240  consolidation, deliver to the Chief Financial Officer:
  241         1. Documentation in its name as required for participation
  242  in the public deposits program; or
  243         2. Written notice of intent to withdraw from the program as
  244  provided in s. 280.11 and a proposed effective date of
  245  withdrawal which shall be within 180 days after the effective
  246  date of the acquisition, merger, or consolidation of the former
  247  institution.
  248         (e) If the resulting institution does not meet
  249  qualifications to become a qualified public depository or does
  250  not submit required documentation within 90 calendar days after
  251  the effective date of the merger, acquisition, or consolidation,
  252  the Chief Financial Officer shall initiate mandatory withdrawal
  253  actions as provided in s. 280.11 and shall set an effective date
  254  of withdrawal that is within 180 days after the effective date
  255  of the acquisition, merger, or consolidation of the former
  256  institution.
  257         (3) If the default or insolvency of a qualified public
  258  depository results in acquisition of all or part of its Florida
  259  public deposits by a bank, credit union, savings bank, or
  260  savings association that is not a qualified public depository,
  261  the bank, credit union, savings bank, or savings association
  262  acquiring the Florida public deposits is subject to subsection
  263  (1).
  264         Section 11. Subsection (1) of section 280.13, Florida
  265  Statutes, is amended to read:
  266         280.13 Eligible collateral.—
  267         (1) Securities eligible to be pledged as collateral by
  268  qualified public depositories are banks and savings associations
  269  shall be limited to:
  270         (a) Direct obligations of the United States Government.
  271         (b) Obligations of any federal agency that are fully
  272  guaranteed as to payment of principal and interest by the United
  273  States Government.
  274         (c) Obligations of the following federal agencies:
  275         1. Farm credit banks.
  276         2. Federal land banks.
  277         3. The Federal Home Loan Bank and its district banks.
  278         4. Federal intermediate credit banks.
  279         5. The Federal Home Loan Mortgage Corporation.
  280         6. The Federal National Mortgage Association.
  281         7. Obligations guaranteed by the Government National
  282  Mortgage Association.
  283         (d) General obligations of a state of the United States, or
  284  of Puerto Rico, or of a political subdivision or municipality
  285  thereof.
  286         (e) Obligations issued by the Florida State Board of
  287  Education under authority of the State Constitution or
  288  applicable statutes.
  289         (f) Tax anticipation certificates or warrants of counties
  290  or municipalities having maturities not exceeding 1 year.
  291         (g) Public housing authority obligations.
  292         (h) Revenue bonds or certificates of a state of the United
  293  States or of a political subdivision or municipality thereof.
  294         (i) Corporate bonds of any corporation that is not an
  295  affiliate or subsidiary of the qualified public depository.
  296         Section 12. Paragraph (b) of subsection (4) of section
  297  280.17, Florida Statutes, is amended to read:
  298         280.17 Requirements for public depositors; notice to public
  299  depositors and governmental units; loss of protection.—In
  300  addition to any other requirement specified in this chapter,
  301  public depositors shall comply with the following:
  302         (4) If public deposits are in a qualified public depository
  303  that has been declared to be in default or insolvent, each
  304  public depositor shall:
  305         (b) Submit to the Chief Financial Officer for each public
  306  deposit, within 30 days after the date of official notification
  307  from the Chief Financial Officer, the following:
  308         1. A claim form and agreement, as prescribed by the Chief
  309  Financial Officer, executed under oath, accompanied by proof of
  310  authority to execute the form on behalf of the public depositor.
  311         2. A completed public deposit identification and
  312  acknowledgment form, as described in subsection (2).
  313         3. Evidence of the insurance afforded the deposit pursuant
  314  to the Federal Deposit Insurance Act or the Federal Credit Union
  315  Act, as appropriate.
  316         Section 13. For the purpose of incorporating the amendment
  317  made by this act to section 280.02, Florida Statutes, in a
  318  reference thereto, paragraph (a) of subsection (7) of section
  319  17.57, Florida Statutes, is reenacted to read:
  320         17.57 Deposits and investments of state money.—
  321         (7) In addition to the deposits authorized under this
  322  section and notwithstanding any other provisions of law, funds
  323  that are not needed to meet the disbursement needs of the state
  324  may be deposited by the Chief Financial Officer in accordance
  325  with the following conditions:
  326         (a) The funds are initially deposited in a qualified public
  327  depository, as defined in s. 280.02, selected by the Chief
  328  Financial Officer.
  329         Section 14. For the purpose of incorporating the amendment
  330  made by this act to section 280.02, Florida Statutes, in a
  331  reference thereto, subsection (1) of section 24.114, Florida
  332  Statutes, is reenacted to read:
  333         24.114 Bank deposits and control of lottery transactions.—
  334         (1) All moneys received by each retailer from the operation
  335  of the state lottery, including, but not limited to, all ticket
  336  sales, interest, gifts, and donations, less the amount retained
  337  as compensation for the sale of the tickets and the amount paid
  338  out as prizes, shall be remitted to the department or deposited
  339  in a qualified public depository, as defined in s. 280.02, as
  340  directed by the department. The department shall have the
  341  responsibility for all administrative functions related to the
  342  receipt of funds. The department may also require each retailer
  343  to file with the department reports of the retailer’s receipts
  344  and transactions in the sale of lottery tickets in such form and
  345  containing such information as the department may require. The
  346  department may require any person, including a qualified public
  347  depository, to perform any function, activity, or service in
  348  connection with the operation of the lottery as it may deem
  349  advisable pursuant to this act and rules of the department, and
  350  such functions, activities, or services shall constitute lawful
  351  functions, activities, and services of such person.
  352         Section 15. For the purpose of incorporating the amendment
  353  made by this act to section 280.02, Florida Statutes, in a
  354  reference thereto, paragraph (e) of subsection (3) of section
  355  125.901, Florida Statutes, is reenacted to read:
  356         125.901 Children’s services; independent special district;
  357  council; powers, duties, and functions; public records
  358  exemption.—
  359         (3)
  360         (e)1. All moneys received by the council on children’s
  361  services shall be deposited in qualified public depositories, as
  362  defined in s. 280.02, with separate and distinguishable accounts
  363  established specifically for the council and shall be withdrawn
  364  only by checks signed by the chair of the council and
  365  countersigned by either one other member of the council on
  366  children’s services or by a chief executive officer who shall be
  367  so authorized by the council.
  368         2. Upon entering the duties of office, the chair and the
  369  other member of the council or chief executive officer who signs
  370  its checks shall each give a surety bond in the sum of at least
  371  $1,000 for each $1 million or portion thereof of the council’s
  372  annual budget, which bond shall be conditioned that each shall
  373  faithfully discharge the duties of his or her office. The
  374  premium on such bond may be paid by the district as part of the
  375  expense of the council. No other member of the council shall be
  376  required to give bond or other security.
  377         3. No funds of the district shall be expended except by
  378  check as aforesaid, except expenditures from a petty cash
  379  account which shall not at any time exceed $100. All
  380  expenditures from petty cash shall be recorded on the books and
  381  records of the council on children’s services. No funds of the
  382  council on children’s services, excepting expenditures from
  383  petty cash, shall be expended without prior approval of the
  384  council, in addition to the budgeting thereof.
  385         Section 16. For the purpose of incorporating the amendment
  386  made by this act to section 280.02, Florida Statutes, in a
  387  reference thereto, section 136.01, Florida Statutes, is
  388  reenacted to read:
  389         136.01 County depositories.—Each county depository shall be
  390  a qualified public depository as defined in s. 280.02 for the
  391  following funds: county funds; funds of all county officers,
  392  including constitutional officers; funds of the school board;
  393  and funds of the community college district board of trustees.
  394  This enumeration of funds is made not by way of limitation, but
  395  of illustration; and it is the intent hereof that all funds of
  396  the county, the board of county commissioners or the several
  397  county officers, the school board, or the community college
  398  district board of trustees be included.
  399         Section 17. For the purpose of incorporating the amendment
  400  made by this act to section 280.02, Florida Statutes, in a
  401  reference thereto, subsection (11) of section 159.608, Florida
  402  Statutes, is reenacted to read:
  403         159.608 Powers of housing finance authorities.—A housing
  404  finance authority shall constitute a public body corporate and
  405  politic, exercising the public and essential governmental
  406  functions set forth in this act, and shall exercise its power to
  407  borrow only for the purpose as provided herein:
  408         (11) To invest and reinvest surplus funds of the housing
  409  finance authority in accordance with s. 218.415. However, in
  410  addition to the investments expressly authorized in s.
  411  218.415(16)(a)-(g) and (17)(a)-(d), a housing finance authority
  412  may invest surplus funds in interest-bearing time deposits or
  413  savings accounts that are fully insured by the Federal Deposit
  414  Insurance Corporation regardless of whether the bank or
  415  financial institution in which the deposit or investment is made
  416  is a qualified public depository as defined in s. 280.02. This
  417  subsection is supplementary to and may not be construed as
  418  limiting any powers of a housing finance authority or providing
  419  or implying a limiting construction of any other statutory
  420  provision.
  421         Section 18. For the purpose of incorporating the amendment
  422  made by this act to section 280.02, Florida Statutes, in a
  423  reference thereto, section 175.301, Florida Statutes, is
  424  reenacted to read:
  425         175.301 Depository for pension funds.—For any municipality,
  426  special fire control district, chapter plan, local law
  427  municipality, local law special fire control district, or local
  428  law plan under this chapter, all funds of the firefighters’
  429  pension trust fund of any chapter plan or local law plan under
  430  this chapter may be deposited by the board of trustees with the
  431  treasurer of the municipality or special fire control district,
  432  acting in a ministerial capacity only, who shall be liable in
  433  the same manner and to the same extent as he or she is liable
  434  for the safekeeping of funds for the municipality or special
  435  fire control district. However, any funds so deposited with the
  436  treasurer of the municipality or special fire control district
  437  shall be kept in a separate fund by the treasurer or clearly
  438  identified as such funds of the firefighters’ pension trust
  439  fund. In lieu thereof, the board of trustees shall deposit the
  440  funds of the firefighters’ pension trust fund in a qualified
  441  public depository as defined in s. 280.02, which depository with
  442  regard to such funds shall conform to and be bound by all of the
  443  provisions of chapter 280.
  444         Section 19. For the purpose of incorporating the amendment
  445  made by this act to section 280.02, Florida Statutes, in
  446  references thereto, subsection (8) of section 175.401, Florida
  447  Statutes, is reenacted to read:
  448         175.401 Retiree health insurance subsidy.—For any
  449  municipality, special fire control district, chapter plan, local
  450  law municipality, local law special fire control district, or
  451  local law plan under this chapter, under the broad grant of home
  452  rule powers under the Florida Constitution and chapter 166,
  453  municipalities have the authority to establish and administer
  454  locally funded health insurance subsidy programs. In addition,
  455  special fire control districts may, by resolution, establish and
  456  administer locally funded health insurance subsidy programs.
  457  Pursuant thereto:
  458         (8) DEPOSIT OF HEALTH INSURANCE SUBSIDY FUNDS.—All funds of
  459  the health insurance subsidy fund may be deposited by the board
  460  of trustees with the treasurer of the municipality or special
  461  fire control district, acting in a ministerial capacity only,
  462  who shall be liable in the same manner and to the same extent as
  463  he or she is liable for the safekeeping of funds for the
  464  municipality or special fire control district. Any funds so
  465  deposited shall be segregated by the treasurer in a separate
  466  fund, clearly identified as funds of the health insurance
  467  subsidy fund. In lieu thereof, the board of trustees shall
  468  deposit the funds of the health insurance subsidy fund in a
  469  qualified public depository as defined in s. 280.02, which shall
  470  conform to and be bound by the provisions of chapter 280 with
  471  regard to such funds. In no case shall the funds of the health
  472  insurance subsidy fund be deposited in any financial
  473  institution, brokerage house trust company, or other entity that
  474  is not a public depository as provided by s. 280.02.
  475         Section 20. For the purpose of incorporating the amendment
  476  made by this act to section 280.02, Florida Statutes, in a
  477  reference thereto, section 185.30, Florida Statutes, is
  478  reenacted to read:
  479         185.30 Depository for retirement fund.—For any
  480  municipality, chapter plan, local law municipality, or local law
  481  plan under this chapter, all funds of the municipal police
  482  officers’ retirement trust fund of any municipality, chapter
  483  plan, local law municipality, or local law plan under this
  484  chapter may be deposited by the board of trustees with the
  485  treasurer of the municipality acting in a ministerial capacity
  486  only, who shall be liable in the same manner and to the same
  487  extent as he or she is liable for the safekeeping of funds for
  488  the municipality. However, any funds so deposited with the
  489  treasurer of the municipality shall be kept in a separate fund
  490  by the municipal treasurer or clearly identified as such funds
  491  of the municipal police officers’ retirement trust fund. In lieu
  492  thereof, the board of trustees shall deposit the funds of the
  493  municipal police officers’ retirement trust fund in a qualified
  494  public depository as defined in s. 280.02, which depository with
  495  regard to such funds shall conform to and be bound by all of the
  496  provisions of chapter 280.
  497         Section 21. For the purpose of incorporating the amendment
  498  made by this act to section 280.02, Florida Statutes, in
  499  references thereto, subsection (8) of section 185.50, Florida
  500  Statutes, is reenacted to read:
  501         185.50 Retiree health insurance subsidy.—For any
  502  municipality, chapter plan, local law municipality, or local law
  503  plan under this chapter, under the broad grant of home rule
  504  powers under the Florida Constitution and chapter 166,
  505  municipalities have the authority to establish and administer
  506  locally funded health insurance subsidy programs. Pursuant
  507  thereto:
  508         (8) DEPOSIT OF PENSION FUNDS.—All funds of the health
  509  insurance subsidy fund may be deposited by the board of trustees
  510  with the treasurer of the municipality, acting in a ministerial
  511  capacity only, who shall be liable in the same manner and to the
  512  same extent as he or she is liable for the safekeeping of funds
  513  for the municipality. Any funds so deposited shall be segregated
  514  by said treasurer in a separate fund, clearly identified as
  515  funds of the health insurance subsidy fund. In lieu thereof, the
  516  board of trustees shall deposit the funds of the health
  517  insurance subsidy fund in a qualified public depository as
  518  defined in s. 280.02, which shall conform to and be bound by the
  519  provisions of chapter 280 with regard to such funds. In no case
  520  shall the funds of the health insurance subsidy fund be
  521  deposited in any financial institution, brokerage house trust
  522  company, or other entity that is not a public depository as
  523  provided by s. 280.02.
  524         Section 22. For the purpose of incorporating the amendment
  525  made by this act to section 280.02, Florida Statutes, in a
  526  reference thereto, subsection (3) of section 190.007, Florida
  527  Statutes, is reenacted to read:
  528         190.007 Board of supervisors; general duties.—
  529         (3) The board is authorized to select as a depository for
  530  its funds any qualified public depository as defined in s.
  531  280.02 which meets all the requirements of chapter 280 and has
  532  been designated by the Chief Financial Officer as a qualified
  533  public depository, upon such terms and conditions as to the
  534  payment of interest by such depository upon the funds so
  535  deposited as the board may deem just and reasonable.
  536         Section 23. For the purpose of incorporating the amendment
  537  made by this act to section 280.02, Florida Statutes, in a
  538  reference thereto, subsection (16) of section 191.006, Florida
  539  Statutes, is reenacted to read:
  540         191.006 General powers.—The district shall have, and the
  541  board may exercise by majority vote, the following powers:
  542         (16) To select as a depository for its funds any qualified
  543  public depository as defined in s. 280.02 which meets all the
  544  requirements of chapter 280 and has been designated by the Chief
  545  Financial Officer as a qualified public depository, upon such
  546  terms and conditions as to the payment of interest upon the
  547  funds deposited as the board deems just and reasonable.
  548         Section 24. For the purpose of incorporating the amendment
  549  made by this act to section 280.02, Florida Statutes, in a
  550  reference thereto, subsection (2) of section 215.34, Florida
  551  Statutes, is reenacted to read:
  552         215.34 State funds; noncollectible items; procedure.—
  553         (2) Whenever a check, draft, or other order for the payment
  554  of money is returned by the Chief Financial Officer, or by a
  555  qualified public depository as defined in s. 280.02, to a state
  556  officer, a state agency, or the judicial branch for collection,
  557  the officer, agency, or judicial branch shall add to the amount
  558  due a service fee of $15 or 5 percent of the face amount of the
  559  check, draft, or order, whichever is greater. An agency or the
  560  judicial branch may adopt a rule which prescribes a lesser
  561  maximum service fee, which shall be added to the amount due for
  562  the dishonored check, draft, or other order tendered for a
  563  particular service, license, tax, fee, or other charge, but in
  564  no event shall the fee be less than $15. The service fee shall
  565  be in addition to all other penalties imposed by law, except
  566  that when other charges or penalties are imposed by an agency
  567  related to a noncollectible item, the amount of the service fee
  568  shall not exceed $150. Proceeds from this fee shall be deposited
  569  in the same fund as the collected item. Nothing in this section
  570  shall be construed as authorization to deposit moneys outside
  571  the State Treasury unless specifically authorized by law.
  572         Section 25. For the purpose of incorporating the amendment
  573  made by this act to section 280.02, Florida Statutes, in
  574  references thereto, paragraph (c) of subsection (16), subsection
  575  (17), and paragraph (a) of subsection (23) of section 218.415,
  576  Florida Statutes, are reenacted to read:
  577         218.415 Local government investment policies.—Investment
  578  activity by a unit of local government must be consistent with a
  579  written investment plan adopted by the governing body, or in the
  580  absence of the existence of a governing body, the respective
  581  principal officer of the unit of local government and maintained
  582  by the unit of local government or, in the alternative, such
  583  activity must be conducted in accordance with subsection (17).
  584  Any such unit of local government shall have an investment
  585  policy for any public funds in excess of the amounts needed to
  586  meet current expenses as provided in subsections (1)-(16), or
  587  shall meet the alternative investment guidelines contained in
  588  subsection (17). Such policies shall be structured to place the
  589  highest priority on the safety of principal and liquidity of
  590  funds. The optimization of investment returns shall be secondary
  591  to the requirements for safety and liquidity. Each unit of local
  592  government shall adopt policies that are commensurate with the
  593  nature and size of the public funds within its custody.
  594         (16) AUTHORIZED INVESTMENTS; WRITTEN INVESTMENT POLICIES.
  595  Those units of local government electing to adopt a written
  596  investment policy as provided in subsections (1)-(15) may by
  597  resolution invest and reinvest any surplus public funds in their
  598  control or possession in:
  599         (c) Interest-bearing time deposits or savings accounts in
  600  qualified public depositories as defined in s. 280.02.
  601         (17) AUTHORIZED INVESTMENTS; NO WRITTEN INVESTMENT POLICY.
  602  Those units of local government electing not to adopt a written
  603  investment policy in accordance with investment policies
  604  developed as provided in subsections (1)-(15) may invest or
  605  reinvest any surplus public funds in their control or possession
  606  in:
  607         (a) The Local Government Surplus Funds Trust Fund, or any
  608  intergovernmental investment pool authorized pursuant to the
  609  Florida Interlocal Cooperation Act of 1969, as provided in s.
  610  163.01.
  611         (b) Securities and Exchange Commission registered money
  612  market funds with the highest credit quality rating from a
  613  nationally recognized rating agency.
  614         (c) Interest-bearing time deposits or savings accounts in
  615  qualified public depositories, as defined in s. 280.02.
  616         (d) Direct obligations of the U.S. Treasury.
  617  
  618  The securities listed in paragraphs (c) and (d) shall be
  619  invested to provide sufficient liquidity to pay obligations as
  620  they come due.
  621         (23) AUTHORIZED DEPOSITS.—In addition to the investments
  622  authorized for local governments in subsections (16) and (17)
  623  and notwithstanding any other provisions of law, a unit of local
  624  government may deposit any portion of surplus public funds in
  625  its control or possession in accordance with the following
  626  conditions:
  627         (a) The funds are initially deposited in a qualified public
  628  depository, as defined in s. 280.02, selected by the unit of
  629  local government.
  630         Section 26. For the purpose of incorporating the amendment
  631  made by this act to section 280.02, Florida Statutes, in a
  632  reference thereto, paragraph (h) of subsection (4) of section
  633  255.502, Florida Statutes, is reenacted to read:
  634         255.502 Definitions; ss. 255.501-255.525.—As used in this
  635  act, the following words and terms shall have the following
  636  meanings unless the context otherwise requires:
  637         (4) “Authorized investments” means and includes without
  638  limitation any investment in:
  639         (h) Savings accounts in, or certificates of deposit of,
  640  qualified public depositories as defined in s. 280.02, in an
  641  amount that does not exceed 15 percent of the net worth of the
  642  institution, or a lesser amount as determined by rule by the
  643  State Board of Administration, provided such savings accounts
  644  and certificates of deposit are secured in the manner prescribed
  645  in chapter 280.
  646  
  647  Investments in any security authorized in this subsection may be
  648  under repurchase agreements or reverse repurchase agreements.
  649         Section 27. For the purpose of incorporating the amendment
  650  made by this act to section 280.02, Florida Statutes, in a
  651  reference thereto, subsections (1) and (2) of section 331.309,
  652  Florida Statutes, are reenacted to read:
  653         331.309 Treasurer; depositories; fiscal agent.—
  654         (1) The board shall designate an individual who is a
  655  resident of the state, or a qualified public depository as
  656  defined in s. 280.02, as treasurer of Space Florida, who shall
  657  have charge of the funds of Space Florida. Such funds shall be
  658  disbursed only upon the order of or pursuant to the resolution
  659  of the board by warrant, check, authorization, or direct deposit
  660  pursuant to s. 215.85, signed or authorized by the treasurer or
  661  his or her representative or by such other persons as may be
  662  authorized by the board. The board may give the treasurer such
  663  other or additional powers and duties as the board may deem
  664  appropriate and shall establish the treasurer’s compensation.
  665  The board may require the treasurer to give a bond in such
  666  amount, on such terms, and with such sureties as may be deemed
  667  satisfactory to the board to secure the performance by the
  668  treasurer of his or her powers and duties. The board shall audit
  669  or have audited the books of the treasurer at least once a year.
  670         (2) The board is authorized to select as depositories in
  671  which the funds of the board and of Space Florida shall be
  672  deposited any qualified public depository as defined in s.
  673  280.02, upon such terms and conditions as to the payment of
  674  interest by such depository upon the funds so deposited as the
  675  board may deem just and reasonable. The funds of Space Florida
  676  may be kept in or removed from the State Treasury upon written
  677  notification from the chair of the board to the Chief Financial
  678  Officer.
  679         Section 28. For the purpose of incorporating the amendment
  680  made by this act to section 280.02, Florida Statutes, in a
  681  reference thereto, subsection (2) of section 373.553, Florida
  682  Statutes, is reenacted to read:
  683         373.553 Treasurer of the board; payment of funds;
  684  depositories.—
  685         (2) The board is authorized to select as depositories in
  686  which the funds of the board and of the district shall be
  687  deposited in any qualified public depository as defined in s.
  688  280.02, and such deposits shall be secured in the manner
  689  provided in chapter 280.
  690         Section 29. For the purpose of incorporating the amendment
  691  made by this act to section 280.02, Florida Statutes, in a
  692  reference thereto, section 631.221, Florida Statutes, is
  693  reenacted to read:
  694         631.221 Deposit of moneys collected.—The moneys collected
  695  by the department in a proceeding under this chapter shall be
  696  deposited in a qualified public depository as defined in s.
  697  280.02, which depository with regards to such funds shall
  698  conform to and be bound by all the provisions of chapter 280, or
  699  invested with the Chief Financial Officer pursuant to chapter
  700  18. For the purpose of accounting for the assets and
  701  transactions of the estate, the receiver shall use such
  702  accounting books, records, and systems as the court directs
  703  after it hears and considers the recommendations of the
  704  receiver.
  705         Section 30. For the purpose of incorporating the amendment
  706  made by this act to section 280.02, Florida Statutes, in a
  707  reference thereto, paragraph (c) of subsection (3) of section
  708  723.06115, Florida Statutes, is reenacted to read:
  709         723.06115 Florida Mobile Home Relocation Trust Fund.—
  710         (3) The department shall distribute moneys in the Florida
  711  Mobile Home Relocation Trust Fund to the Florida Mobile Home
  712  Relocation Corporation in accordance with the following:
  713         (c) Funds transferred from the trust fund to the
  714  corporation shall be transferred electronically and shall be
  715  transferred to and maintained in a qualified public depository
  716  as defined in s. 280.02 which is specified by the corporation.
  717         Section 31. This act shall take effect July 1, 2018.