Florida Senate - 2015                                    SB 1154
       
       
        
       By Senator Garcia
       
       
       
       
       
       38-00696B-15                                          20151154__
    1                        A bill to be entitled                      
    2         An act relating to public depositories; amending s.
    3         280.02, F.S.; revising terms applicable to the Florida
    4         Security for Public Deposits Act to add credit unions
    5         to the list of entities that may qualify as a
    6         “qualified public depository”; conforming provisions
    7         to changes made by the act; amending ss. 280.03,
    8         280.052, 280.053, 280.055, 280.07, 280.085, 280.10,
    9         and 280.13, F.S.; conforming provisions to changes
   10         made by the act; amending s. 280.17, F.S.; revising
   11         the evidence of insurance required to be submitted by
   12         a public depositor to the Chief Financial Officer;
   13         reenacting s. 17.57(7)(a), F.S., relating to certain
   14         state funds deposited by the Chief Financial Officer,
   15         s. 24.114(1), F.S., relating to certain moneys
   16         received by lottery retailers, s. 125.901(3)(e), F.S.,
   17         relating to moneys received by an independent special
   18         district providing funding for children’s services, s.
   19         136.01, F.S., relating to county depositories, s.
   20         159.608(11), F.S., relating to surplus funds of a
   21         housing finance authority, s. 175.301, F.S., relating
   22         to funds of a firefighters’ pension trust fund, s.
   23         175.401(8), F.S., relating to funds of certain locally
   24         funded health insurance subsidy programs, s. 185.30,
   25         F.S., relating to funds of a municipal police
   26         officers’ retirement trust fund, s. 185.50(8), F.S.,
   27         relating to funds of a health insurance subsidy fund,
   28         s. 190.007(3), F.S., relating to funds deposited by
   29         the board of supervisors of a community development
   30         district, s. 191.006(16), F.S., relating to funds
   31         deposited by an independent special fire control
   32         district, s. 215.34(2), F.S., relating to
   33         noncollectible items received by certain government
   34         entities, s. 218.415(16)(c), (17), and (23)(a), F.S.,
   35         relating to certain deposits made pursuant to local
   36         government investment policies, s. 255.502(4)(h),
   37         F.S., relating to authorized investments made on
   38         behalf of the Department of Management Services by the
   39         State Board of Administration or the Chief Financial
   40         Officer, s. 331.309(1) and (2), F.S., relating to
   41         funds deposited by Space Florida, s. 373.553(2), F.S.,
   42         relating to funds deposited by the governing board of
   43         a water management district, s. 631.221, F.S.,
   44         relating to certain funds collected by the Department
   45         of Financial Services, and s. 723.06115(3)(c), F.S.,
   46         relating to certain funds transferred to the Florida
   47         Mobile Home Relocation Corporation, to incorporate the
   48         amendment made by this act to s. 280.02, F.S., in
   49         references thereto; providing an effective date.
   50          
   51  Be It Enacted by the Legislature of the State of Florida:
   52  
   53         Section 1. Subsections (6), (10), (23), and (26) of section
   54  280.02, Florida Statutes, are amended to read:
   55         280.02 Definitions.—As used in this chapter, the term:
   56         (6) “Capital account” or “tangible equity capital” means
   57  total equity capital, as defined on the balance-sheet portion of
   58  the Consolidated Reports of Condition and Income (call report)
   59  or the National Credit Union Administration 5300 Call Report,
   60  less intangible assets, as submitted to the regulatory financial
   61  banking authority.
   62         (10) “Custodian” means the Chief Financial Officer or a
   63  bank, credit union, savings association, or trust company that:
   64         (a) Is organized and existing under the laws of this state,
   65  any other state, or the United States;
   66         (b) Has executed all forms required under this chapter or
   67  any rule adopted hereunder;
   68         (c) Agrees to be subject to the jurisdiction of the courts
   69  of this state, or of the courts of the United States which are
   70  located within this state, for the purpose of any litigation
   71  arising out of this chapter; and
   72         (d) Has been approved by the Chief Financial Officer to act
   73  as a custodian.
   74         (23) “Public deposit” means the moneys of the state or of
   75  any state university, county, school district, community college
   76  district, special district, metropolitan government, or
   77  municipality, including agencies, boards, bureaus, commissions,
   78  and institutions of any of the foregoing, or of any court, and
   79  includes the moneys of all county officers, including
   80  constitutional officers, which are placed on deposit in a bank,
   81  credit union, savings bank, or savings association. This
   82  includes, but is not limited to, time deposit accounts, demand
   83  deposit accounts, and nonnegotiable certificates of deposit.
   84  Moneys in deposit notes and in other nondeposit accounts such as
   85  repurchase or reverse repurchase operations are not public
   86  deposits. Securities, mutual funds, and similar types of
   87  investments are not public deposits and are not subject to this
   88  chapter.
   89         (26) “Qualified public depository” means a bank, credit
   90  union, savings bank, or savings association that:
   91         (a) Is organized and exists under the laws of the United
   92  States or the laws of this state or any other state or territory
   93  of the United States.
   94         (b) Has its principal place of business in this state or
   95  has a branch office in this state which is authorized under the
   96  laws of this state or of the United States to receive deposits
   97  in this state.
   98         (c) Is insured by the Federal Deposit Insurance Corporation
   99  or the National Credit Union Share Insurance Fund Has deposit
  100  insurance pursuant to the Federal Deposit Insurance Act, as
  101  amended, 12 U.S.C. ss. 1811 et seq.
  102         (d) Has procedures and practices for accurate
  103  identification, classification, reporting, and collateralization
  104  of public deposits.
  105         (e) Meets all the requirements of this chapter.
  106         (f) Has been designated by the Chief Financial Officer as a
  107  qualified public depository.
  108         Section 2. Paragraph (a) of subsection (3) of section
  109  280.03, Florida Statutes, is amended to read:
  110         280.03 Public deposits to be secured; prohibitions;
  111  exemptions.—
  112         (3) The following are exempt from the requirements of, and
  113  protection under, this chapter:
  114         (a) Public deposits deposited in a bank, credit union, or
  115  savings association by a trust department or trust company which
  116  are fully secured under trust business laws.
  117         Section 3. Subsection (1) of section 280.052, Florida
  118  Statutes, is amended to read:
  119         280.052 Order of suspension or disqualification;
  120  procedure.—
  121         (1) The suspension or disqualification of a bank, credit
  122  union, or savings association as a qualified public depository
  123  must be by order of the Chief Financial Officer and must be
  124  mailed to the qualified public depository by registered or
  125  certified mail.
  126         Section 4. Paragraph (c) of subsection (1) and paragraph
  127  (c) of subsection (2) of section 280.053, Florida Statutes, are
  128  amended to read:
  129         280.053 Period of suspension or disqualification;
  130  obligations during period; reinstatement.—
  131         (1)
  132         (c) Upon expiration of the suspension period, the bank,
  133  credit union, or savings association may, by order of the Chief
  134  Financial Officer, be reinstated as a qualified public
  135  depository, unless the cause of the suspension has not been
  136  corrected or the bank, credit union, or savings association is
  137  otherwise not in compliance with this chapter or any rule
  138  adopted pursuant to this chapter.
  139         (2)
  140         (c) Upon expiration of the disqualification period, the
  141  bank, credit union, or savings association may reapply for
  142  qualification as a qualified public depository. If a
  143  disqualified bank, credit union, or savings association is
  144  purchased or otherwise acquired by new owners, it may reapply to
  145  the Chief Financial Officer to be a qualified public depository
  146  prior to the expiration date of the disqualification period.
  147  Redesignation as a qualified public depository may occur only
  148  after the Chief Financial Officer has determined that all
  149  requirements for holding public deposits under the law have been
  150  met.
  151         Section 5. Paragraphs (b) and (f) of subsection (1) and
  152  subsection (2) of section 280.055, Florida Statutes, are amended
  153  to read:
  154         280.055 Cease and desist order; corrective order;
  155  administrative penalty.—
  156         (1) The Chief Financial Officer may issue a cease and
  157  desist order and a corrective order upon determining that:
  158         (b) A bank, credit union, savings association, or other
  159  financial institution is holding public deposits without a
  160  certificate of qualification issued by the Chief Financial
  161  Officer;
  162         (f) A qualified public depository; a bank, credit union,
  163  savings association, or other financial institution; or a
  164  custodian has committed any other violation of this chapter or
  165  any rule adopted pursuant to this chapter that the Chief
  166  Financial Officer determines may be remedied by a cease and
  167  desist order or corrective order.
  168         (2) Any qualified public depository or other bank, credit
  169  union, savings association, or financial institution or
  170  custodian that violates a cease and desist order or corrective
  171  order of the Chief Financial Officer is subject to an
  172  administrative penalty not exceeding $1,000 for each violation
  173  of the order. Each day the violation of the order continues
  174  constitutes a separate violation.
  175         Section 6. Section 280.07, Florida Statutes, is amended to
  176  read:
  177         280.07 Mutual responsibility and contingent liability.—Any
  178  bank, credit union, or savings association that is designated as
  179  a qualified public depository and that is not insolvent shall
  180  guarantee public depositors against loss caused by the default
  181  or insolvency of other qualified public depositories. Each
  182  qualified public depository shall execute a form prescribed by
  183  the Chief Financial Officer for such guarantee which shall be
  184  approved by the board of directors and shall become an official
  185  record of the institution.
  186         Section 7. Subsection (4) of section 280.085, Florida
  187  Statutes, is amended to read:
  188         280.085 Notice to claimants.—
  189         (4) The notice required in subsection (1) is not required
  190  if the default or insolvency of a qualified public depository is
  191  resolved in a manner in which all Florida public deposits are
  192  acquired by another insured bank, credit union, savings bank, or
  193  savings association.
  194         Section 8. Subsections (1) and (3) of section 280.10,
  195  Florida Statutes, are amended to read:
  196         280.10 Effect of merger, acquisition, or consolidation;
  197  change of name or address.—
  198         (1) When a qualified public depository is merged into,
  199  acquired by, or consolidated with a bank, credit union, savings
  200  bank, or savings association that is not a qualified public
  201  depository:
  202         (a) The resulting institution shall automatically become a
  203  qualified public depository subject to the requirements of the
  204  public deposits program.
  205         (b) The contingent liability of the former institution
  206  shall be a liability of the resulting institution.
  207         (c) The public deposits and associated collateral of the
  208  former institution shall be public deposits and collateral of
  209  the resulting institution.
  210         (d) The resulting institution shall, within 90 calendar
  211  days after the effective date of the merger, acquisition, or
  212  consolidation, deliver to the Chief Financial Officer:
  213         1. Documentation in its name as required for participation
  214  in the public deposits program; or
  215         2. Written notice of intent to withdraw from the program as
  216  provided in s. 280.11 and a proposed effective date of
  217  withdrawal which shall be within 180 days after the effective
  218  date of the acquisition, merger, or consolidation of the former
  219  institution.
  220         (e) If the resulting institution does not meet
  221  qualifications to become a qualified public depository or does
  222  not submit required documentation within 90 calendar days after
  223  the effective date of the merger, acquisition, or consolidation,
  224  the Chief Financial Officer shall initiate mandatory withdrawal
  225  actions as provided in s. 280.11 and shall set an effective date
  226  of withdrawal that is within 180 days after the effective date
  227  of the acquisition, merger, or consolidation of the former
  228  institution.
  229         (3) If the default or insolvency of a qualified public
  230  depository results in acquisition of all or part of its Florida
  231  public deposits by a bank, credit union, savings bank, or
  232  savings association that is not a qualified public depository,
  233  the bank, credit union, savings bank, or savings association
  234  acquiring the Florida public deposits is subject to subsection
  235  (1).
  236         Section 9. Subsection (1) of section 280.13, Florida
  237  Statutes, is amended to read:
  238         280.13 Eligible collateral.—
  239         (1) Securities eligible to be pledged as collateral by
  240  qualified public depositories are banks and savings associations
  241  shall be limited to:
  242         (a) Direct obligations of the United States Government.
  243         (b) Obligations of any federal agency that are fully
  244  guaranteed as to payment of principal and interest by the United
  245  States Government.
  246         (c) Obligations of the following federal agencies:
  247         1. Farm credit banks.
  248         2. Federal land banks.
  249         3. The Federal Home Loan Bank and its district banks.
  250         4. Federal intermediate credit banks.
  251         5. The Federal Home Loan Mortgage Corporation.
  252         6. The Federal National Mortgage Association.
  253         7. Obligations guaranteed by the Government National
  254  Mortgage Association.
  255         (d) General obligations of a state of the United States, or
  256  of Puerto Rico, or of a political subdivision or municipality
  257  thereof.
  258         (e) Obligations issued by the Florida State Board of
  259  Education under authority of the State Constitution or
  260  applicable statutes.
  261         (f) Tax anticipation certificates or warrants of counties
  262  or municipalities having maturities not exceeding 1 year.
  263         (g) Public housing authority obligations.
  264         (h) Revenue bonds or certificates of a state of the United
  265  States or of a political subdivision or municipality thereof.
  266         (i) Corporate bonds of any corporation that is not an
  267  affiliate or subsidiary of the qualified public depository.
  268         Section 10. Paragraph (b) of subsection (4) of section
  269  280.17, Florida Statutes, is amended to read:
  270         280.17 Requirements for public depositors; notice to public
  271  depositors and governmental units; loss of protection.—In
  272  addition to any other requirement specified in this chapter,
  273  public depositors shall comply with the following:
  274         (4) If public deposits are in a qualified public depository
  275  that has been declared to be in default or insolvent, each
  276  public depositor shall:
  277         (b) Submit to the Chief Financial Officer for each public
  278  deposit, within 30 days after the date of official notification
  279  from the Chief Financial Officer, the following:
  280         1. A claim form and agreement, as prescribed by the Chief
  281  Financial Officer, executed under oath, accompanied by proof of
  282  authority to execute the form on behalf of the public depositor.
  283         2. A completed public deposit identification and
  284  acknowledgment form, as described in subsection (2).
  285         3. Evidence of the insurance afforded the deposit pursuant
  286  to the Federal Deposit Insurance Act or the Federal Credit Union
  287  Act, as appropriate.
  288         Section 11. For the purpose of incorporating the amendment
  289  made by this act to section 280.02, Florida Statutes, in a
  290  reference thereto, paragraph (a) of subsection (7) of section
  291  17.57, Florida Statutes, is reenacted to read:
  292         17.57 Deposits and investments of state money.—
  293         (7) In addition to the deposits authorized under this
  294  section and notwithstanding any other provisions of law, funds
  295  that are not needed to meet the disbursement needs of the state
  296  may be deposited by the Chief Financial Officer in accordance
  297  with the following conditions:
  298         (a) The funds are initially deposited in a qualified public
  299  depository, as defined in s. 280.02, selected by the Chief
  300  Financial Officer.
  301         Section 12. For the purpose of incorporating the amendment
  302  made by this act to section 280.02, Florida Statutes, in a
  303  reference thereto, subsection (1) of section 24.114, Florida
  304  Statutes, is reenacted to read:
  305         24.114 Bank deposits and control of lottery transactions.—
  306         (1) All moneys received by each retailer from the operation
  307  of the state lottery, including, but not limited to, all ticket
  308  sales, interest, gifts, and donations, less the amount retained
  309  as compensation for the sale of the tickets and the amount paid
  310  out as prizes, shall be remitted to the department or deposited
  311  in a qualified public depository, as defined in s. 280.02, as
  312  directed by the department. The department shall have the
  313  responsibility for all administrative functions related to the
  314  receipt of funds. The department may also require each retailer
  315  to file with the department reports of the retailer’s receipts
  316  and transactions in the sale of lottery tickets in such form and
  317  containing such information as the department may require. The
  318  department may require any person, including a qualified public
  319  depository, to perform any function, activity, or service in
  320  connection with the operation of the lottery as it may deem
  321  advisable pursuant to this act and rules of the department, and
  322  such functions, activities, or services shall constitute lawful
  323  functions, activities, and services of such person.
  324         Section 13. For the purpose of incorporating the amendment
  325  made by this act to section 280.02, Florida Statutes, in a
  326  reference thereto, paragraph (e) of subsection (3) of section
  327  125.901, Florida Statutes, is reenacted to read:
  328         125.901 Children’s services; independent special district;
  329  council; powers, duties, and functions; public records
  330  exemption.—
  331         (3)
  332         (e)1. All moneys received by the council on children’s
  333  services shall be deposited in qualified public depositories, as
  334  defined in s. 280.02, with separate and distinguishable accounts
  335  established specifically for the council and shall be withdrawn
  336  only by checks signed by the chair of the council and
  337  countersigned by either one other member of the council on
  338  children’s services or by a chief executive officer who shall be
  339  so authorized by the council.
  340         2. Upon entering the duties of office, the chair and the
  341  other member of the council or chief executive officer who signs
  342  its checks shall each give a surety bond in the sum of at least
  343  $1,000 for each $1 million or portion thereof of the council’s
  344  annual budget, which bond shall be conditioned that each shall
  345  faithfully discharge the duties of his or her office. The
  346  premium on such bond may be paid by the district as part of the
  347  expense of the council. No other member of the council shall be
  348  required to give bond or other security.
  349         3. No funds of the district shall be expended except by
  350  check as aforesaid, except expenditures from a petty cash
  351  account which shall not at any time exceed $100. All
  352  expenditures from petty cash shall be recorded on the books and
  353  records of the council on children’s services. No funds of the
  354  council on children’s services, excepting expenditures from
  355  petty cash, shall be expended without prior approval of the
  356  council, in addition to the budgeting thereof.
  357         Section 14. For the purpose of incorporating the amendment
  358  made by this act to section 280.02, Florida Statutes, in a
  359  reference thereto, section 136.01, Florida Statutes, is
  360  reenacted to read:
  361         136.01 County depositories.—Each county depository shall be
  362  a qualified public depository as defined in s. 280.02 for the
  363  following funds: county funds; funds of all county officers,
  364  including constitutional officers; funds of the school board;
  365  and funds of the community college district board of trustees.
  366  This enumeration of funds is made not by way of limitation, but
  367  of illustration; and it is the intent hereof that all funds of
  368  the county, the board of county commissioners or the several
  369  county officers, the school board, or the community college
  370  district board of trustees be included.
  371         Section 15. For the purpose of incorporating the amendment
  372  made by this act to section 280.02, Florida Statutes, in a
  373  reference thereto, subsection (11) of section 159.608, Florida
  374  Statutes, is reenacted to read:
  375         159.608 Powers of housing finance authorities.—A housing
  376  finance authority shall constitute a public body corporate and
  377  politic, exercising the public and essential governmental
  378  functions set forth in this act, and shall exercise its power to
  379  borrow only for the purpose as provided herein:
  380         (11) To invest and reinvest surplus funds of the housing
  381  finance authority in accordance with s. 218.415. However, in
  382  addition to the investments expressly authorized in s.
  383  218.415(16)(a)-(g) and (17)(a)-(d), a housing finance authority
  384  may invest surplus funds in interest-bearing time deposits or
  385  savings accounts that are fully insured by the Federal Deposit
  386  Insurance Corporation regardless of whether the bank or
  387  financial institution in which the deposit or investment is made
  388  is a qualified public depository as defined in s. 280.02. This
  389  subsection is supplementary to and may not be construed as
  390  limiting any powers of a housing finance authority or providing
  391  or implying a limiting construction of any other statutory
  392  provision.
  393         Section 16. For the purpose of incorporating the amendment
  394  made by this act to section 280.02, Florida Statutes, in a
  395  reference thereto, section 175.301, Florida Statutes, is
  396  reenacted to read:
  397         175.301 Depository for pension funds.—For any municipality,
  398  special fire control district, chapter plan, local law
  399  municipality, local law special fire control district, or local
  400  law plan under this chapter, all funds of the firefighters’
  401  pension trust fund of any chapter plan or local law plan under
  402  this chapter may be deposited by the board of trustees with the
  403  treasurer of the municipality or special fire control district,
  404  acting in a ministerial capacity only, who shall be liable in
  405  the same manner and to the same extent as he or she is liable
  406  for the safekeeping of funds for the municipality or special
  407  fire control district. However, any funds so deposited with the
  408  treasurer of the municipality or special fire control district
  409  shall be kept in a separate fund by the treasurer or clearly
  410  identified as such funds of the firefighters’ pension trust
  411  fund. In lieu thereof, the board of trustees shall deposit the
  412  funds of the firefighters’ pension trust fund in a qualified
  413  public depository as defined in s. 280.02, which depository with
  414  regard to such funds shall conform to and be bound by all of the
  415  provisions of chapter 280.
  416         Section 17. For the purpose of incorporating the amendment
  417  made by this act to section 280.02, Florida Statutes, in
  418  references thereto, subsection (8) of section 175.401, Florida
  419  Statutes, is reenacted to read:
  420         175.401 Retiree health insurance subsidy.—For any
  421  municipality, special fire control district, chapter plan, local
  422  law municipality, local law special fire control district, or
  423  local law plan under this chapter, under the broad grant of home
  424  rule powers under the Florida Constitution and chapter 166,
  425  municipalities have the authority to establish and administer
  426  locally funded health insurance subsidy programs. In addition,
  427  special fire control districts may, by resolution, establish and
  428  administer locally funded health insurance subsidy programs.
  429  Pursuant thereto:
  430         (8) DEPOSIT OF HEALTH INSURANCE SUBSIDY FUNDS.—All funds of
  431  the health insurance subsidy fund may be deposited by the board
  432  of trustees with the treasurer of the municipality or special
  433  fire control district, acting in a ministerial capacity only,
  434  who shall be liable in the same manner and to the same extent as
  435  he or she is liable for the safekeeping of funds for the
  436  municipality or special fire control district. Any funds so
  437  deposited shall be segregated by the treasurer in a separate
  438  fund, clearly identified as funds of the health insurance
  439  subsidy fund. In lieu thereof, the board of trustees shall
  440  deposit the funds of the health insurance subsidy fund in a
  441  qualified public depository as defined in s. 280.02, which shall
  442  conform to and be bound by the provisions of chapter 280 with
  443  regard to such funds. In no case shall the funds of the health
  444  insurance subsidy fund be deposited in any financial
  445  institution, brokerage house trust company, or other entity that
  446  is not a public depository as provided by s. 280.02.
  447         Section 18. For the purpose of incorporating the amendment
  448  made by this act to section 280.02, Florida Statutes, in a
  449  reference thereto, section 185.30, Florida Statutes, is
  450  reenacted to read:
  451         185.30 Depository for retirement fund.—For any
  452  municipality, chapter plan, local law municipality, or local law
  453  plan under this chapter, all funds of the municipal police
  454  officers’ retirement trust fund of any municipality, chapter
  455  plan, local law municipality, or local law plan under this
  456  chapter may be deposited by the board of trustees with the
  457  treasurer of the municipality acting in a ministerial capacity
  458  only, who shall be liable in the same manner and to the same
  459  extent as he or she is liable for the safekeeping of funds for
  460  the municipality. However, any funds so deposited with the
  461  treasurer of the municipality shall be kept in a separate fund
  462  by the municipal treasurer or clearly identified as such funds
  463  of the municipal police officers’ retirement trust fund. In lieu
  464  thereof, the board of trustees shall deposit the funds of the
  465  municipal police officers’ retirement trust fund in a qualified
  466  public depository as defined in s. 280.02, which depository with
  467  regard to such funds shall conform to and be bound by all of the
  468  provisions of chapter 280.
  469         Section 19. For the purpose of incorporating the amendment
  470  made by this act to section 280.02, Florida Statutes, in
  471  references thereto, subsection (8) of section 185.50, Florida
  472  Statutes, is reenacted to read:
  473         185.50 Retiree health insurance subsidy.—For any
  474  municipality, chapter plan, local law municipality, or local law
  475  plan under this chapter, under the broad grant of home rule
  476  powers under the Florida Constitution and chapter 166,
  477  municipalities have the authority to establish and administer
  478  locally funded health insurance subsidy programs. Pursuant
  479  thereto:
  480         (8) DEPOSIT OF PENSION FUNDS.—All funds of the health
  481  insurance subsidy fund may be deposited by the board of trustees
  482  with the treasurer of the municipality, acting in a ministerial
  483  capacity only, who shall be liable in the same manner and to the
  484  same extent as he or she is liable for the safekeeping of funds
  485  for the municipality. Any funds so deposited shall be segregated
  486  by said treasurer in a separate fund, clearly identified as
  487  funds of the health insurance subsidy fund. In lieu thereof, the
  488  board of trustees shall deposit the funds of the health
  489  insurance subsidy fund in a qualified public depository as
  490  defined in s. 280.02, which shall conform to and be bound by the
  491  provisions of chapter 280 with regard to such funds. In no case
  492  shall the funds of the health insurance subsidy fund be
  493  deposited in any financial institution, brokerage house trust
  494  company, or other entity that is not a public depository as
  495  provided by s. 280.02.
  496         Section 20. For the purpose of incorporating the amendment
  497  made by this act to section 280.02, Florida Statutes, in a
  498  reference thereto, subsection (3) of section 190.007, Florida
  499  Statutes, is reenacted to read:
  500         190.007 Board of supervisors; general duties.—
  501         (3) The board is authorized to select as a depository for
  502  its funds any qualified public depository as defined in s.
  503  280.02 which meets all the requirements of chapter 280 and has
  504  been designated by the Chief Financial Officer as a qualified
  505  public depository, upon such terms and conditions as to the
  506  payment of interest by such depository upon the funds so
  507  deposited as the board may deem just and reasonable.
  508         Section 21. For the purpose of incorporating the amendment
  509  made by this act to section 280.02, Florida Statutes, in a
  510  reference thereto, subsection (16) of section 191.006, Florida
  511  Statutes, is reenacted to read:
  512         191.006 General powers.—The district shall have, and the
  513  board may exercise by majority vote, the following powers:
  514         (16) To select as a depository for its funds any qualified
  515  public depository as defined in s. 280.02 which meets all the
  516  requirements of chapter 280 and has been designated by the Chief
  517  Financial Officer as a qualified public depository, upon such
  518  terms and conditions as to the payment of interest upon the
  519  funds deposited as the board deems just and reasonable.
  520         Section 22. For the purpose of incorporating the amendment
  521  made by this act to section 280.02, Florida Statutes, in a
  522  reference thereto, subsection (2) of section 215.34, Florida
  523  Statutes, is reenacted to read:
  524         215.34 State funds; noncollectible items; procedure.—
  525         (2) Whenever a check, draft, or other order for the payment
  526  of money is returned by the Chief Financial Officer, or by a
  527  qualified public depository as defined in s. 280.02, to a state
  528  officer, a state agency, or the judicial branch for collection,
  529  the officer, agency, or judicial branch shall add to the amount
  530  due a service fee of $15 or 5 percent of the face amount of the
  531  check, draft, or order, whichever is greater. An agency or the
  532  judicial branch may adopt a rule which prescribes a lesser
  533  maximum service fee, which shall be added to the amount due for
  534  the dishonored check, draft, or other order tendered for a
  535  particular service, license, tax, fee, or other charge, but in
  536  no event shall the fee be less than $15. The service fee shall
  537  be in addition to all other penalties imposed by law, except
  538  that when other charges or penalties are imposed by an agency
  539  related to a noncollectible item, the amount of the service fee
  540  shall not exceed $150. Proceeds from this fee shall be deposited
  541  in the same fund as the collected item. Nothing in this section
  542  shall be construed as authorization to deposit moneys outside
  543  the State Treasury unless specifically authorized by law.
  544         Section 23. For the purpose of incorporating the amendment
  545  made by this act to section 280.02, Florida Statutes, in
  546  references thereto, paragraph (c) of subsection (16), subsection
  547  (17), and paragraph (a) of subsection (23) of section 218.415,
  548  Florida Statutes, are reenacted to read:
  549         218.415 Local government investment policies.—Investment
  550  activity by a unit of local government must be consistent with a
  551  written investment plan adopted by the governing body, or in the
  552  absence of the existence of a governing body, the respective
  553  principal officer of the unit of local government and maintained
  554  by the unit of local government or, in the alternative, such
  555  activity must be conducted in accordance with subsection (17).
  556  Any such unit of local government shall have an investment
  557  policy for any public funds in excess of the amounts needed to
  558  meet current expenses as provided in subsections (1)-(16), or
  559  shall meet the alternative investment guidelines contained in
  560  subsection (17). Such policies shall be structured to place the
  561  highest priority on the safety of principal and liquidity of
  562  funds. The optimization of investment returns shall be secondary
  563  to the requirements for safety and liquidity. Each unit of local
  564  government shall adopt policies that are commensurate with the
  565  nature and size of the public funds within its custody.
  566         (16) AUTHORIZED INVESTMENTS; WRITTEN INVESTMENT POLICIES.
  567  Those units of local government electing to adopt a written
  568  investment policy as provided in subsections (1)-(15) may by
  569  resolution invest and reinvest any surplus public funds in their
  570  control or possession in:
  571         (c) Interest-bearing time deposits or savings accounts in
  572  qualified public depositories as defined in s. 280.02.
  573         (17) AUTHORIZED INVESTMENTS; NO WRITTEN INVESTMENT POLICY.
  574  Those units of local government electing not to adopt a written
  575  investment policy in accordance with investment policies
  576  developed as provided in subsections (1)-(15) may invest or
  577  reinvest any surplus public funds in their control or possession
  578  in:
  579         (a) The Local Government Surplus Funds Trust Fund, or any
  580  intergovernmental investment pool authorized pursuant to the
  581  Florida Interlocal Cooperation Act of 1969, as provided in s.
  582  163.01.
  583         (b) Securities and Exchange Commission registered money
  584  market funds with the highest credit quality rating from a
  585  nationally recognized rating agency.
  586         (c) Interest-bearing time deposits or savings accounts in
  587  qualified public depositories, as defined in s. 280.02.
  588         (d) Direct obligations of the U.S. Treasury.
  589  
  590  The securities listed in paragraphs (c) and (d) shall be
  591  invested to provide sufficient liquidity to pay obligations as
  592  they come due.
  593         (23) AUTHORIZED DEPOSITS.—In addition to the investments
  594  authorized for local governments in subsections (16) and (17)
  595  and notwithstanding any other provisions of law, a unit of local
  596  government may deposit any portion of surplus public funds in
  597  its control or possession in accordance with the following
  598  conditions:
  599         (a) The funds are initially deposited in a qualified public
  600  depository, as defined in s. 280.02, selected by the unit of
  601  local government.
  602         Section 24. For the purpose of incorporating the amendment
  603  made by this act to section 280.02, Florida Statutes, in a
  604  reference thereto, paragraph (h) of subsection (4) of section
  605  255.502, Florida Statutes, is reenacted to read:
  606         255.502 Definitions; ss. 255.501-255.525.—As used in this
  607  act, the following words and terms shall have the following
  608  meanings unless the context otherwise requires:
  609         (4) “Authorized investments” means and includes without
  610  limitation any investment in:
  611         (h) Savings accounts in, or certificates of deposit of,
  612  qualified public depositories as defined in s. 280.02, in an
  613  amount that does not exceed 15 percent of the net worth of the
  614  institution, or a lesser amount as determined by rule by the
  615  State Board of Administration, provided such savings accounts
  616  and certificates of deposit are secured in the manner prescribed
  617  in chapter 280.
  618  
  619  Investments in any security authorized in this subsection may be
  620  under repurchase agreements or reverse repurchase agreements.
  621         Section 25. For the purpose of incorporating the amendment
  622  made by this act to section 280.02, Florida Statutes, in a
  623  reference thereto, subsections (1) and (2) of section 331.309,
  624  Florida Statutes, are reenacted to read:
  625         331.309 Treasurer; depositories; fiscal agent.—
  626         (1) The board shall designate an individual who is a
  627  resident of the state, or a qualified public depository as
  628  defined in s. 280.02, as treasurer of Space Florida, who shall
  629  have charge of the funds of Space Florida. Such funds shall be
  630  disbursed only upon the order of or pursuant to the resolution
  631  of the board by warrant, check, authorization, or direct deposit
  632  pursuant to s. 215.85, signed or authorized by the treasurer or
  633  his or her representative or by such other persons as may be
  634  authorized by the board. The board may give the treasurer such
  635  other or additional powers and duties as the board may deem
  636  appropriate and shall establish the treasurer’s compensation.
  637  The board may require the treasurer to give a bond in such
  638  amount, on such terms, and with such sureties as may be deemed
  639  satisfactory to the board to secure the performance by the
  640  treasurer of his or her powers and duties. The board shall audit
  641  or have audited the books of the treasurer at least once a year.
  642         (2) The board is authorized to select as depositories in
  643  which the funds of the board and of Space Florida shall be
  644  deposited any qualified public depository as defined in s.
  645  280.02, upon such terms and conditions as to the payment of
  646  interest by such depository upon the funds so deposited as the
  647  board may deem just and reasonable. The funds of Space Florida
  648  may be kept in or removed from the State Treasury upon written
  649  notification from the chair of the board to the Chief Financial
  650  Officer.
  651         Section 26. For the purpose of incorporating the amendment
  652  made by this act to section 280.02, Florida Statutes, in a
  653  reference thereto, subsection (2) of section 373.553, Florida
  654  Statutes, is reenacted to read:
  655         373.553 Treasurer of the board; payment of funds;
  656  depositories.—
  657         (2) The board is authorized to select as depositories in
  658  which the funds of the board and of the district shall be
  659  deposited in any qualified public depository as defined in s.
  660  280.02, and such deposits shall be secured in the manner
  661  provided in chapter 280.
  662         Section 27. For the purpose of incorporating the amendment
  663  made by this act to section 280.02, Florida Statutes, in a
  664  reference thereto, section 631.221, Florida Statutes, is
  665  reenacted to read:
  666         631.221 Deposit of moneys collected.—The moneys collected
  667  by the department in a proceeding under this chapter shall be
  668  deposited in a qualified public depository as defined in s.
  669  280.02, which depository with regards to such funds shall
  670  conform to and be bound by all the provisions of chapter 280, or
  671  invested with the Chief Financial Officer pursuant to chapter
  672  18. For the purpose of accounting for the assets and
  673  transactions of the estate, the receiver shall use such
  674  accounting books, records, and systems as the court directs
  675  after it hears and considers the recommendations of the
  676  receiver.
  677         Section 28. For the purpose of incorporating the amendment
  678  made by this act to section 280.02, Florida Statutes, in a
  679  reference thereto, paragraph (c) of subsection (3) of section
  680  723.06115, Florida Statutes, is reenacted to read:
  681         723.06115 Florida Mobile Home Relocation Trust Fund.—
  682         (3) The department shall distribute moneys in the Florida
  683  Mobile Home Relocation Trust Fund to the Florida Mobile Home
  684  Relocation Corporation in accordance with the following:
  685         (c) Funds transferred from the trust fund to the
  686  corporation shall be transferred electronically and shall be
  687  transferred to and maintained in a qualified public depository
  688  as defined in s. 280.02 which is specified by the corporation.
  689         Section 29. This act shall take effect July 1, 2015.