ENROLLED
       2013 Legislature                                          SB 558
       
       
       
       
       
       
                                                              2013558er
    1  
    2         An act relating to letters of credit issued by a
    3         Federal Home Loan Bank; amending s. 280.13, F.S.;
    4         revising circumstances under which letters of credit
    5         issued by a Federal Home Loan Bank are eligible as
    6         collateral; providing an effective date.
    7  
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Paragraph (c) of subsection (5) of section
   11  280.13, Florida Statutes, is amended to read:
   12         280.13 Eligible collateral.—
   13         (5) Letters of credit issued by a Federal Home Loan Bank
   14  are eligible as collateral under this section provided that:
   15         (c) Obligations issued by the Federal Home Loan Bank remain
   16  triple-A triple A rated by a nationally recognized source or, if
   17  no longer triple-A rated, rated by a nationally recognized
   18  source at not lower than its rating of the long-term sovereign
   19  credit of the United States.
   20         Section 2. This act shall take effect July 1, 2013.