Florida Senate - 2005                        SENATOR AMENDMENT
    Bill No. SB 1998
                        Barcode 272676
                            CHAMBER ACTION
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       05/03/2005 12:25 PM         .                    
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11  Senator Alexander moved the following amendment:
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13         Senate Amendment (with title amendment) 
14         Delete everything after the enacting clause
15  
16  and insert:  
17         Section 1.  Subsection (7) is added to section 17.57,
18  Florida Statutes, to read:
19         17.57  Deposits and investments of state money.--
20         (7)  In addition to the deposits authorized under this
21  section and notwithstanding any other provisions of law, funds
22  that are not needed to meet the disbursement needs of the
23  state may be deposited by the Chief Financial Officer in
24  accordance with the following conditions:
25         (a)  The funds are initially deposited in a qualified
26  public depository, as defined in s. 280.02, selected by the
27  Chief Financial Officer.
28         (b)  The selected depository arranges for the deposit
29  of the funds in certificates of deposit in one or more
30  federally insured banks or savings and loan associations,
31  wherever located, for the account of the state.
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    4:37 PM   04/29/05                               s1998d-17-j02

Florida Senate - 2005 SENATOR AMENDMENT Bill No. SB 1998 Barcode 272676 1 (c) The full amount of principal and accrued interest 2 of each such certificate of deposit is insured by the Federal 3 Deposit Insurance Corporation. 4 (d) The selected depository acts as custodian for the 5 state with respect to such certificates of deposit issued for 6 its account. 7 (e) At the same time the state's funds are deposited 8 and the certificates of deposit are issued, the selected 9 depository receives an amount of deposits from customers of 10 other federally insured financial institutions, wherever 11 located, equal to or greater than the amount of the funds 12 initially invested by the Chief Financial Officer through the 13 selected depository. 14 Section 2. Subsection (23) is added to section 15 218.415, Florida Statutes, to read: 16 218.415 Local government investment 17 policies.--Investment activity by a unit of local government 18 must be consistent with a written investment plan adopted by 19 the governing body, or in the absence of the existence of a 20 governing body, the respective principal officer of the unit 21 of local government and maintained by the unit of local 22 government or, in the alternative, such activity must be 23 conducted in accordance with subsection (17). Any such unit of 24 local government shall have an investment policy for any 25 public funds in excess of the amounts needed to meet current 26 expenses as provided in subsections (1)-(16), or shall meet 27 the alternative investment guidelines contained in subsection 28 (17). Such policies shall be structured to place the highest 29 priority on the safety of principal and liquidity of funds. 30 The optimization of investment returns shall be secondary to 31 the requirements for safety and liquidity. Each unit of local 2 4:37 PM 04/29/05 s1998d-17-j02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. SB 1998 Barcode 272676 1 government shall adopt policies that are commensurate with the 2 nature and size of the public funds within its custody. 3 (23) AUTHORIZED DEPOSITS.--In addition to the 4 investments authorized for local governments in subsections 5 (16) and (17) and notwithstanding any other provisions of law, 6 a unit of local government may deposit any portion of surplus 7 public funds in its control or possession in accordance with 8 the following conditions: 9 (a) The funds are initially deposited in a qualified 10 public depository, as defined in s. 280.02, selected by the 11 unit of local government. 12 (b) The selected depository arranges for the deposit 13 of the funds in certificates of deposit in one or more 14 federally insured banks or savings and loan associations, 15 wherever located, for the account of the unit of local 16 government. 17 (c) The full amount of principal and accrued interest 18 of each such certificate of deposit is insured by the Federal 19 Deposit Insurance Corporation. 20 (d) The selected depository acts as custodian for the 21 unit of local government with respect to such certificates of 22 deposit issued for its account. 23 (e) At the same time the unit of local government's 24 funds are deposited and the certificates of deposit are 25 issued, the selected depository receives an amount of deposits 26 from customers of other federally insured financial 27 institutions, wherever located, equal to or greater than the 28 amount of the funds initially invested by the unit of local 29 government through the selected depository. 30 Section 3. Subsection (3) of section 280.03, Florida 31 Statutes, is amended to read: 3 4:37 PM 04/29/05 s1998d-17-j02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. SB 1998 Barcode 272676 1 280.03 Public deposits to be secured; prohibitions; 2 exemptions.-- 3 (3) The following are exempt from the requirements of, 4 and protection under, this chapter: 5 (a) Public deposits deposited in a bank or savings 6 association by a trust department or trust company which are 7 fully secured under trust business laws. 8 (b) Moneys of the System Trust Fund, as defined in s. 9 121.021(36). 10 (c) Public deposits held outside the country. 11 (d) Wire transfers and transfers of funds solely for 12 the purpose of paying registrars and paying agents. 13 (e) Public deposits which are fully secured under 14 federal regulations. 15 (f) Public deposits made in accordance with s. 16 17.57(7) or s. 218.415(23). 17 Section 4. This act shall take effect July 1, 2005. 18 19 20 ================ T I T L E A M E N D M E N T =============== 21 And the title is amended as follows: 22 Delete everything before the enacting clause 23 24 and insert: 25 A bill to be entitled 26 An act relating to deposit of public funds; 27 amending s. 17.57, F.S.; providing additional 28 authorization for the Chief Financial Officer 29 to deposit state funds; amending s. 218.415, 30 F.S.; providing additional authorization for 31 units of local government to deposit surplus 4 4:37 PM 04/29/05 s1998d-17-j02
Florida Senate - 2005 SENATOR AMENDMENT Bill No. SB 1998 Barcode 272676 1 local government funds; amending s. 280.03, 2 F.S.; exempting certain public deposits from 3 the security for public deposits requirements 4 of chapter 280, F.S.; providing an effective 5 date. 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 5 4:37 PM 04/29/05 s1998d-17-j02