Bill Text: FL S1154 | 2015 | Regular Session | Introduced
Bill Title: Public Depositories
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2015-05-01 - Died in Banking and Insurance [S1154 Detail]
Download: Florida-2015-S1154-Introduced.html
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 61bankingauthority. 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 FundHas deposit100insurance pursuant to the Federal Deposit Insurance Act, as101amended, 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 arebanks and savings associations241shall belimited 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.