The Florida Senate

280.03  Public deposits to be secured; exceptions.--

(1)

(a)  All public deposits shall be secured as provided in this chapter. Notwithstanding the provisions of any other law, a public deposit as defined in s. 280.02(13) may be deposited in a qualified public depository as defined in s. 280.02(16).

(b)  Public funds shall not be deposited directly or indirectly in negotiable certificates of deposit. Except as otherwise provided by law, no public deposit may be made except in a qualified public depository.

(2)  Every public deposit held by a trust company, which trust company has legal title thereto and is subject to the applicable provisions of chapters 658 and 660 or such federal laws that are applicable to trusts and trust companies, in trust or in escrow pursuant to the provisions of any written trust indenture or escrow agreement authorized by law, unless provided otherwise in the documents or proceedings authorizing the terms of and the execution of the trust indenture or escrow agreement, and moneys of the System Trust Fund, as defined in s. 121.021(36), are exempt from the requirements of this chapter.

(3)  Public deposits held outside the country are exempt from the requirements and protection of this chapter.

(4)  Wire transfers and transfers of funds for a period not exceeding 7 days solely for the purpose of paying registrars and paying agents are exempt from the requirements of this chapter.

History.--s. 3, ch. 81-285; s. 8, ch. 83-122; s. 2, ch. 85-259; s. 55, ch. 86-152; s. 4, ch. 86-236; s. 2, ch. 87-409; s. 6, ch. 90-357; s. 2, ch. 93-75; s. 5, ch. 96-216; s. 17, ch. 97-30.