The Florida Senate

280.02  Definitions.--As used in this chapter, the term:

(1)  "Average daily balance" means the average daily balance of public deposits held during the reported month. The average daily balance must be determined by totaling, by account, the daily balances held by the depositor and then dividing the total by the number of calendar days in the month. Deposit insurance is then deducted from each account balance and the resulting amounts are totaled to obtain the average daily balance.

(2)  "Average monthly balance" means the average monthly balance of public deposits held, before deducting deposit insurance, by the depository during any 12 calendar months. The average monthly balance of the previous 12 calendar months must be determined by adding the average daily balance before deducting deposit insurance for the reported month and the average daily balances before deducting deposit insurance for the 11 months preceding that month and dividing the total by 12.

(3)  "Capital account" means total equity capital, as defined on the balance-sheet portion of the Consolidated Reports of Condition and Income (call report) or the Thrift Financial Report, less intangible assets, as submitted to the regulatory banking authority.

(4)  "Collateral-pledging level," for qualified public depositories, means the percentage of collateral required to be pledged as provided in s. 280.04.

(5)  "Current month" means the month immediately following the month for which the monthly report is due from qualified public depositories.

(6)  "Custodian" means the Treasurer or any bank, savings association, or trust company that:

(a)  Is organized and existing under the laws of this state, any other state, or the United States;

(b)  Has executed all forms required under this chapter or any rule adopted hereunder;

(c)  Agrees to be subject to the jurisdiction of the courts of this state, or of courts of the United States which are located within this state, for the purpose of any litigation arising out of this chapter; and

(d)  Has been approved by the Treasurer to act as a custodian.

(7)  "Default or insolvency" includes, without limitation, the failure or refusal of a qualified public depository to pay any check or warrant drawn upon sufficient and collected funds by any public depositor or to return any deposit on demand or at maturity together with interest as agreed; the issuance of an order by any supervisory authority restraining such depository from making payments of deposit liabilities; or the appointment of a receiver for such depository.

(8)  "Effective date of notice of withdrawal or order of discontinuance" pursuant to s. 280.11(3) means that date which is set out as such in any notice of withdrawal or order of discontinuance from the Treasurer.

(9)  "Eligible collateral" means securities as designated in s. 280.13.

(10)  "Financial institution" means, including, but not limited to, an association, bank, brokerage firm, credit union, industrial savings bank, savings and loan association, trust company, or other type of financial institution organized under the laws of this state or any other state of the United States and doing business in this state or any other state, in the general nature of the business conducted by banks and savings associations.

(11)  "Loss to public depositors" means loss of all principal and all interest or other earnings on the principal accrued or accruing as of the date the qualified public depository was declared in default or insolvent.

(12)  "Previous month" means the month or months immediately preceding the month for which a monthly report is due from qualified public depositories.

(13)  "Public deposit" means the moneys of the state or of any county, school district, community college district, special district, metropolitan government, or municipality, including agencies, boards, bureaus, commissions, and institutions of any of the foregoing, or of any court, and includes the moneys of all county officers, including constitutional officers, that are placed on deposit in a bank or savings association and for which the bank or savings association is required to maintain reserves, including, but not limited to, time deposit accounts, demand deposit accounts, and certificates of deposit. All certificates of deposit, whether negotiable or nonnegotiable, shall be considered deposits and shall be subject to the provisions of this chapter. Moneys used in repurchase or reverse repurchase operations are investments and are not public deposits as defined in this subsection.

(14)  "Public depositor" means the Treasurer or other chief financial officer or designee responsible for handling public deposits.

(15)  "Public deposits program" means the administration of this chapter by or on behalf of the Treasurer.

(16)  "Qualified public depository" means any bank, savings bank, or savings association that:

(a)  Is organized and exists under the laws of the United States, the laws of this state or any other state or territory of the United States.

(b)  Has its principal place of business in this state or has a branch office in this state which is authorized under the laws of this state or of the United States to receive deposits in this state.

(c)  Has deposit insurance under the provision of the Federal Deposit Insurance Act, as amended, 12 U.S.C. ss. 1811 et seq.

(d)  Meets all the requirements of this chapter.

(e)  Has been designated by the Treasurer as a qualified public depository.

(17)  "Reported month" means the month for which a monthly report is due from qualified public depositories.

(18)  "Required collateral" of a qualified public depository means eligible collateral having a market value equal to or in excess of the amount required to be pledged pursuant to s. 280.04 as computed and reported monthly or when requested by the Treasurer.

(19)  "Treasurer" means the Treasurer of the State of Florida.

History.--s. 3, ch. 81-285; s. 7, ch. 83-122; s. 1, ch. 84-216; s. 1, ch. 85-259; s. 1, ch. 86-84; s. 1, ch. 87-409; s. 1, ch. 88-185; s. 5, ch. 90-357; s. 10, ch. 91-244; s. 4, ch. 96-216; s. 1, ch. 97-30.