Florida Senate - 2009                          SENATOR AMENDMENT
       Bill No. CS for CS for SB 732
       
       
       
       
       
       
                                Barcode 204338                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                Floor: 1/AD/2R         .                                
             04/28/2009 02:39 PM       .                                
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       Senator Smith moved the following:
       
    1         Senate Amendment (with directory and title amendments)
    2  
    3         Delete lines 40 - 125
    4  and insert:
    5         (7) In addition to the deposits authorized under this
    6  section and notwithstanding any other provisions of law, funds
    7  that are not needed to meet the disbursement needs of the state
    8  may be deposited by the Chief Financial Officer in accordance
    9  with the following conditions:
   10         (a) The funds are initially deposited in a qualified public
   11  depository, as defined in s. 280.02, selected by the Chief
   12  Financial Officer.
   13         (b) The selected depository arranges for depositing the
   14  deposit of the funds in financial deposit instruments insured by
   15  the Federal Deposit Insurance Corporation certificates of
   16  deposit in one or more federally insured banks or savings and
   17  loan associations, wherever located, for the account of the
   18  state.
   19         (c) The full amount of the principal and accrued interest
   20  of each financial deposit instrument such certificate of deposit
   21  is insured by the Federal Deposit Insurance Corporation.
   22         (d) The selected depository acts as custodian for the state
   23  with respect to each financial deposit instrument such
   24  certificates of deposit issued for its account.
   25         (e) At the same time the state’s funds are deposited and
   26  the certificates of deposit are issued, the selected depository
   27  receives an amount of deposits from customers of other federally
   28  insured financial institutions, wherever located, equal to or
   29  greater than the amount of the funds initially invested by the
   30  Chief Financial Officer through the selected depository.
   31  
   32  ====== D I R E C T O R Y  C L A U S E  A M E N D M E N T ======
   33         And the directory clause is amended as follows:
   34         Delete lines 37 - 38
   35  and insert:
   36         Section 1. Subsection (7) of section 17.57, Florida
   37  Statutes, is amended to read:
   38  
   39  ================= T I T L E  A M E N D M E N T ================
   40         And the title is amended as follows:
   41         Delete lines 3 - 23
   42  and insert:
   43         17.57, F.S.; requiring that the Chief Financial
   44         Officer and local governments deposit surplus funds in
   45         financial deposit instruments insured by the Federal
   46         Deposit Insurance Corporation rather than in
   47         certificates of deposit; amending s.