Florida Senate - 2005 SENATOR AMENDMENT
Bill No. SB 1998
Barcode 272676
CHAMBER ACTION
Senate House
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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
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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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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
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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:
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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.
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21 And the title is amended as follows:
22 Delete everything before the enacting clause
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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
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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.
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