Bill Text: FL S1360 | 2023 | Regular Session | Introduced


Bill Title: Public Deposits

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2023-05-05 - Died in Banking and Insurance [S1360 Detail]

Download: Florida-2023-S1360-Introduced.html
       Florida Senate - 2023                                    SB 1360
       
       
        
       By Senator Ingoglia
       
       
       
       
       
       11-01429-23                                           20231360__
    1                        A bill to be entitled                      
    2         An act relating to public deposits; amending s. 17.68,
    3         F.S.; conforming provisions to changes made by the
    4         act; amending s. 280.02, F.S.; revising definitions;
    5         adding credit unions to a list of financial
    6         institutions that are eligible to be qualified public
    7         depositories; amending s. 280.03, F.S.; conforming a
    8         provision to changes made by the act; creating s.
    9         280.042, F.S.; prohibiting the Chief Financial Officer
   10         from designating credit unions as qualified public
   11         depositories unless certain conditions are met;
   12         requiring the Chief Financial Officer to withdraw from
   13         a collateral agreement with a credit union under
   14         certain circumstances; specifying a requirement for
   15         and a restriction on a credit union that is a party to
   16         a withdrawn collateral agreement; authorizing the
   17         Chief Financial Officer to limit the amount of public
   18         deposits a credit union may hold; amending ss. 280.05,
   19         280.052, 280.053, and 280.055, F.S.; providing
   20         applicability of qualified public depository
   21         provisions to credit unions; amending s. 280.07, F.S.;
   22         specifying the losses against which certain solvent
   23         banks, savings banks, savings associations, and credit
   24         unions must guarantee public depositors; amending ss.
   25         280.08 and 280.085, F.S.; conforming provisions to
   26         changes made by the act; amending s. 280.09, F.S.;
   27         requiring the Chief Financial Officer to segregate and
   28         separately account for proceeds, assessments, and
   29         administrative penalties attributable to a credit
   30         union from those attributable to other specified
   31         financial institutions; revising a condition for the
   32         payment of losses to public depositors; amending s.
   33         280.10, F.S.; conforming provisions to changes made by
   34         the act; amending s. 280.13, F.S.; providing that a
   35         specified limit on securities eligible to be pledged
   36         as collateral apply to qualified public depositories,
   37         rather than to banks and savings associations;
   38         amending s. 280.17, F.S.; conforming a provision to
   39         changes made by the act; reenacting ss. 17.57(7)(a),
   40         24.114(1), 125.901(3)(e), 136.01, 159.608(11),
   41         175.301, 175.401(8), 185.30, 185.50(8), 190.007(3),
   42         191.006(16), 215.34(2), 218.415(16)(c), (17)(c), and
   43         (23)(a), 255.502(4)(h), 331.309(1) and (2),
   44         373.553(2), 631.221, and 723.06115(3)(c), F.S.,
   45         relating to deposits and investments of state money;
   46         bank deposits and control of lottery transactions;
   47         children’s services and independent special districts;
   48         county depositories; powers of housing finance
   49         authorities; depositories for pension funds; retiree
   50         health insurance subsidies; depositories for
   51         retirement funds; retiree health insurance subsidies;
   52         boards of supervisors; general powers; state funds and
   53         noncollectible items; local government investment
   54         policies; definitions; treasurer, depositories, and
   55         fiscal agent for Space Florida; treasurer of the
   56         board, payment of funds, and depositories; deposit of
   57         moneys collected; and the Florida Mobile Home
   58         Relocation Trust Fund, respectively, to incorporate
   59         the amendments made by this act to s. 280.02, F.S., in
   60         references thereto; providing an effective date.
   61          
   62  Be It Enacted by the Legislature of the State of Florida:
   63  
   64         Section 1. Subsection (4) of section 17.68, Florida
   65  Statutes, is amended to read:
   66         17.68 Financial Literacy Program for Individuals with
   67  Developmental Disabilities.—
   68         (4) Within 90 days after the department establishes the
   69  website clearinghouse and publishes the brochure, each bank,
   70  credit union, savings association, and savings bank that is a
   71  qualified public depository as defined in s. 280.02 shall:
   72         (a) Make copies of the department’s brochures available,
   73  upon the request of the consumer, at its principal place of
   74  business and each branch office located in this state which has
   75  in-person teller services by having copies of the brochure
   76  available or having the capability to print a copy of the
   77  brochure from the department’s website. Upon request, the
   78  department shall provide copies of the brochure to a bank,
   79  credit union, savings association, or savings bank.
   80         (b) Provide on its website a hyperlink to the department’s
   81  website clearinghouse. If the department changes the website
   82  address for the clearinghouse, the bank, credit union, savings
   83  association, or savings bank must update the hyperlink within 90
   84  days after notification by the department of such change.
   85         Section 2. Subsections (6), (10), (21), (23), and (26) of
   86  section 280.02, Florida Statutes, are amended to read:
   87         280.02 Definitions.—As used in this chapter, the term:
   88         (6) “Capital account” or “tangible equity capital” means
   89  total equity capital, as defined on the balance-sheet portion of
   90  the Consolidated Reports of Condition and Income (call report),
   91  or net worth, as described in the National Credit Union
   92  Administration 5300 Call Report, less intangible assets, as
   93  submitted to the regulatory financial banking authority.
   94         (10) “Custodian” means the Chief Financial Officer or a
   95  bank, credit union, savings association, or trust company that:
   96         (a) Is organized and existing under the laws of this state,
   97  any other state, or the United States;
   98         (b) Has executed all forms required under this chapter or
   99  any rule adopted hereunder;
  100         (c) Agrees to be subject to the jurisdiction of the courts
  101  of this state, or of the courts of the United States which are
  102  located within this state, for the purpose of any litigation
  103  arising out of this chapter; and
  104         (d) Has been approved by the Chief Financial Officer to act
  105  as a custodian.
  106         (21) “Pool figure” means the total average monthly balances
  107  of public deposits held by all banks, savings banks, or savings
  108  associations or held separately by all credit unions qualified
  109  public depositories during the immediately preceding 12-month
  110  period.
  111         (23) “Public deposit” means the moneys of the state or of
  112  any state university, county, school district, community college
  113  district, special district, metropolitan government, or
  114  municipality, including agencies, boards, bureaus, commissions,
  115  and institutions of any of the foregoing, or of any court, and
  116  includes the moneys of all county officers, including
  117  constitutional officers, which are placed on deposit in a bank,
  118  credit union, savings bank, or savings association. This
  119  includes, but is not limited to, time deposit accounts, demand
  120  deposit accounts, and nonnegotiable certificates of deposit.
  121  Moneys in deposit notes and in other nondeposit accounts such as
  122  repurchase or reverse repurchase operations are not public
  123  deposits. Securities, mutual funds, and similar types of
  124  investments are not public deposits and are not subject to this
  125  chapter.
  126         (26) “Qualified public depository” means a bank, credit
  127  union, savings bank, or savings association that:
  128         (a) Is organized and exists under the laws of the United
  129  States, or the laws of this state, or the laws of any other
  130  state or territory of the United States.
  131         (b) Has its principal place of business in this state or
  132  has a branch office in this state which is authorized under the
  133  laws of this state or of the United States to receive deposits
  134  in this state.
  135         (c) Is insured by the Federal Deposit Insurance Corporation
  136  or the National Credit Union Share Insurance Fund Has deposit
  137  insurance pursuant to the Federal Deposit Insurance Act, as
  138  amended, 12 U.S.C. ss. 1811 et seq.
  139         (d) Has procedures and practices for accurate
  140  identification, classification, reporting, and collateralization
  141  of public deposits.
  142         (e) Meets all the requirements of this chapter.
  143         (f) Has been designated by the Chief Financial Officer as a
  144  qualified public depository.
  145         Section 3. Paragraph (a) of subsection (3) of section
  146  280.03, Florida Statutes, is amended to read:
  147         280.03 Public deposits to be secured; prohibitions;
  148  exemptions.—
  149         (3) The following are exempt from the requirements of, and
  150  protection under, this chapter:
  151         (a) Public deposits deposited in a bank, credit union, or
  152  savings association by a trust department or trust company which
  153  are fully secured under trust business laws.
  154         Section 4. Section 280.042, Florida Statutes, is created to
  155  read:
  156         280.042Credit union designations as qualified public
  157  depositories; withdrawal by the Chief Financial Officer from
  158  collateral agreements; limits on public deposits.—
  159         (1)The Chief Financial Officer may not designate a credit
  160  union as a qualified public depository unless, at the time the
  161  credit union submits its agreement of contingent liability and
  162  its collateral agreement:
  163         (a)The credit union submits a signed statement from a
  164  public depositor indicating that if the credit union is
  165  designated as a qualified public depository, the public
  166  depositor intends to deposit public funds with the credit union.
  167         (b)The combined total of the numbers in subparagraphs 1.
  168  and 2. is at least four:
  169         1.The number of credit unions designated as qualified
  170  public depositories.
  171         2.The number of credit unions that meet all of the
  172  following requirements:
  173         a.Apply to be designated as qualified public depositories.
  174         b.Meet the requirements in paragraph (a).
  175         (2)The Chief Financial Officer must withdraw from a
  176  collateral agreement previously entered into with a credit union
  177  if, during any 90 calendar days, the combined total of the
  178  number of credit unions designated as qualified public
  179  depositories and the number of eligible credit unions applying
  180  to be designated as qualified public depositories is less than
  181  five.
  182         (3)A credit union that is a party to a collateral
  183  agreement from which the Chief Financial Officer withdraws in
  184  accordance with subsection (2) may no longer be designated as a
  185  qualified public depository. Within 10 business days after the
  186  Chief Financial Officer notifies the credit union that the Chief
  187  Financial Officer has withdrawn from the collateral agreement,
  188  the credit union must return all public deposits that the credit
  189  union holds to the public depositor who deposited the funds. The
  190  notice provided for in this subsection may be sent to a credit
  191  union by regular mail or by e-mail.
  192         (4)The Chief Financial Officer may limit the amount of
  193  public deposits that a credit union may hold in order to make
  194  sure that no single credit union holds an amount of public
  195  deposits that might adversely affect the integrity of the public
  196  deposits program.
  197         Section 5. Subsection (11) of section 280.05, Florida
  198  Statutes, is amended to read:
  199         280.05 Powers and duties of the Chief Financial Officer.—In
  200  fulfilling the requirements of this act, the Chief Financial
  201  Officer has the power to take the following actions he or she
  202  deems necessary to protect the integrity of the public deposits
  203  program:
  204         (11) Sell securities for the purpose of paying losses to
  205  public depositors not covered by deposit or share insurance.
  206         Section 6. Subsection (1) of section 280.052, Florida
  207  Statutes, is amended to read:
  208         280.052 Order of suspension or disqualification;
  209  procedure.—
  210         (1) The suspension or disqualification of a bank, credit
  211  union, or savings association as a qualified public depository
  212  must be by order of the Chief Financial Officer and must be
  213  mailed to the qualified public depository by registered or
  214  certified mail.
  215         Section 7. Paragraph (c) of subsection (1) and paragraph
  216  (c) of subsection (2) of section 280.053, Florida Statutes, are
  217  amended to read:
  218         280.053 Period of suspension or disqualification;
  219  obligations during period; reinstatement.—
  220         (1)
  221         (c) Upon expiration of the suspension period, the bank,
  222  credit union, or savings association may, by order of the Chief
  223  Financial Officer, be reinstated as a qualified public
  224  depository, unless the cause of the suspension has not been
  225  corrected or the bank, credit union, or savings association is
  226  otherwise not in compliance with this chapter or any rule
  227  adopted pursuant to this chapter.
  228         (2)
  229         (c) Upon expiration of the disqualification period, the
  230  bank, credit union, or savings association may reapply for
  231  qualification as a qualified public depository. If a
  232  disqualified bank, credit union, or savings association is
  233  purchased or otherwise acquired by new owners, it may reapply to
  234  the Chief Financial Officer to be a qualified public depository
  235  before prior to the expiration date of the disqualification
  236  period. Redesignation as a qualified public depository may occur
  237  only after the Chief Financial Officer has determined that all
  238  requirements for holding public deposits under the law have been
  239  met.
  240         Section 8. Section 280.055, Florida Statutes, is amended to
  241  read:
  242         280.055 Cease and desist order; corrective order;
  243  administrative penalty.—
  244         (1) The Chief Financial Officer may issue a cease and
  245  desist order and a corrective order upon determining that:
  246         (a) A qualified public depository has requested and
  247  obtained a release of pledged collateral without approval of the
  248  Chief Financial Officer;
  249         (b) A bank, credit union, savings association, or other
  250  financial institution is holding public deposits without a
  251  certificate of qualification issued by the Chief Financial
  252  Officer;
  253         (c) A qualified public depository pledges, deposits, or
  254  arranges for the issuance of unacceptable collateral;
  255         (d) A custodian has released pledged collateral without
  256  approval of the Chief Financial Officer;
  257         (e) A qualified public depository or a custodian has not
  258  furnished to the Chief Financial Officer, when the Chief
  259  Financial Officer requested, a power of attorney or bond power
  260  or bond assignment form required by the bond agent or bond
  261  trustee for each issue of registered certificated securities
  262  pledged and registered in the name, or nominee name, of the
  263  qualified public depository or custodian; or
  264         (f) A qualified public depository; a bank, credit union,
  265  savings association, or other financial institution; or a
  266  custodian has committed any other violation of this chapter or
  267  any rule adopted pursuant to this chapter that the Chief
  268  Financial Officer determines may be remedied by a cease and
  269  desist order or corrective order.
  270         (2) Any qualified public depository or other bank, credit
  271  union, savings association, or financial institution or
  272  custodian that violates a cease and desist order or corrective
  273  order of the Chief Financial Officer is subject to an
  274  administrative penalty not exceeding $1,000 for each violation
  275  of the order. Each day the violation of the order continues
  276  constitutes a separate violation.
  277         Section 9. Section 280.07, Florida Statutes, is amended to
  278  read:
  279         280.07 Mutual responsibility and contingent liability.—
  280         (1)A Any bank, savings bank, or savings association that
  281  is designated as a qualified public depository and that is not
  282  insolvent shall guarantee public depositors against loss caused
  283  by the default or insolvency of other banks, savings banks, or
  284  savings associations that are designated as qualified public
  285  depositories.
  286         (2)A credit union that is designated as a qualified public
  287  depository and that is not insolvent shall guarantee public
  288  depositors against loss caused by the default or insolvency of
  289  other credit unions that are designated as qualified public
  290  depositories.
  291  
  292  Each qualified public depository shall execute a form prescribed
  293  by the Chief Financial Officer for such guarantee which must
  294  shall be approved by the board of directors and must shall
  295  become an official record of the institution.
  296         Section 10. Subsections (1) and (3) of section 280.08,
  297  Florida Statutes, are amended to read:
  298         280.08 Procedure for payment of losses.—When the Chief
  299  Financial Officer determines that a default or insolvency has
  300  occurred, he or she shall provide notice as required in s.
  301  280.085 and implement the following procedures:
  302         (1) The Division of Treasury, in cooperation with the
  303  Office of Financial Regulation of the Financial Services
  304  Commission or the receiver of the qualified public depository in
  305  default, shall ascertain the amount of funds of each public
  306  depositor on deposit at such depository and the amount of
  307  deposit or share insurance applicable to such deposits.
  308         (3)(a) The loss to public depositors shall be satisfied,
  309  insofar as possible, first through any applicable deposit or
  310  share insurance and then through demanding payment under letters
  311  of credit or the sale of collateral pledged or deposited by the
  312  defaulting depository. The Chief Financial Officer may assess
  313  qualified public depositories as provided in paragraph (b),
  314  subject to the segregation of contingent liability in s. 280.07,
  315  for the total loss if the demand for payment or sale of
  316  collateral cannot be accomplished within 7 business days.
  317         (b) The Chief Financial Officer shall provide coverage of
  318  any remaining loss by assessment against the other qualified
  319  public depositories. The Chief Financial Officer shall determine
  320  such assessment for each qualified public depository by
  321  multiplying the total amount of any remaining loss to all public
  322  depositors by a percentage which represents the average monthly
  323  balance of public deposits held by each qualified public
  324  depository during the previous 12 months divided by the total
  325  average monthly balances of public deposits held by all
  326  qualified public depositories, excluding the defaulting
  327  depository, during the same period. The assessment calculation
  328  must shall be computed to six decimal places.
  329         Section 11. Subsection (4) of section 280.085, Florida
  330  Statutes, is amended, and subsection (1) of that section is
  331  republished, to read:
  332         280.085 Notice to claimants.—
  333         (1) Upon determining the default or insolvency of a
  334  qualified public depository, the Chief Financial Officer shall
  335  notify, by first-class mail, all public depositors that have
  336  complied with s. 280.17 of such default or insolvency. The
  337  notice must direct all public depositors having claims or
  338  demands against the Public Deposits Trust Fund occasioned by the
  339  default or insolvency to file their claims with the Chief
  340  Financial Officer within 30 days after the date of the notice.
  341         (4) The notice required in subsection (1) is not required
  342  if the default or insolvency of a qualified public depository is
  343  resolved in a manner in which all Florida public deposits are
  344  acquired by another insured bank, credit union, savings bank, or
  345  savings association.
  346         Section 12. Section 280.09, Florida Statutes, is amended to
  347  read:
  348         280.09 Public Deposits Trust Fund.—
  349         (1) In order to facilitate the administration of this
  350  chapter, there is created the Public Deposits Trust Fund,
  351  hereafter in this section designated “the fund.” The proceeds
  352  from the sale of securities or draw on letters of credit held as
  353  collateral or from any assessment pursuant to s. 280.08 must
  354  shall be deposited into the fund. The Chief Financial Officer
  355  must segregate and separately account for any collateral
  356  proceeds, assessments, or administrative penalties attributable
  357  to a credit union from any collateral proceeds, assessments, or
  358  administrative penalties attributable to any bank, savings bank,
  359  or savings association. Any administrative penalty collected
  360  pursuant to this chapter shall be deposited into the Treasury
  361  Administrative and Investment Trust Fund.
  362         (2) The Chief Financial Officer is authorized to pay any
  363  losses to public depositors from the fund, subject to the
  364  limitations provided in subsection (1), and there are hereby
  365  appropriated from the fund such sums as may be necessary from
  366  time to time to pay the losses. The term “losses,” for purposes
  367  of this chapter, must shall also include losses of interest or
  368  other accumulations to the public depositor as a result of
  369  penalties for early withdrawal required by Depository
  370  Institution Deregulatory Commission Regulations or applicable
  371  successor federal laws or regulations because of suspension or
  372  disqualification of a qualified public depository by the Chief
  373  Financial Officer pursuant to s. 280.05 or because of withdrawal
  374  from the public deposits program pursuant to s. 280.11. In that
  375  event, the Chief Financial Officer is authorized to assess
  376  against the suspended, disqualified, or withdrawing public
  377  depository, in addition to any amount authorized by any other
  378  provision of this chapter, an administrative penalty equal to
  379  the amount of the early withdrawal penalty and to pay that
  380  amount over to the public depositor as reimbursement for such
  381  loss. Any money in the fund estimated not to be needed for
  382  immediate cash requirements shall be invested pursuant to s.
  383  17.61.
  384         Section 13. Subsections (1) and (3) of section 280.10,
  385  Florida Statutes, are amended to read:
  386         280.10 Effect of merger, acquisition, or consolidation;
  387  change of name or address.—
  388         (1) When a qualified public depository is merged into,
  389  acquired by, or consolidated with a bank, credit union, savings
  390  bank, or savings association that is not a qualified public
  391  depository:
  392         (a) The resulting institution shall automatically become a
  393  qualified public depository subject to the requirements of the
  394  public deposits program.
  395         (b) The contingent liability of the former institution
  396  shall be a liability of the resulting institution.
  397         (c) The public deposits and associated collateral of the
  398  former institution shall be public deposits and collateral of
  399  the resulting institution.
  400         (d) The resulting institution shall, within 90 calendar
  401  days after the effective date of the merger, acquisition, or
  402  consolidation, deliver to the Chief Financial Officer:
  403         1. Documentation in its name as required for participation
  404  in the public deposits program; or
  405         2. Written notice of intent to withdraw from the program as
  406  provided in s. 280.11 and a proposed effective date of
  407  withdrawal which shall be within 180 days after the effective
  408  date of the acquisition, merger, or consolidation of the former
  409  institution.
  410         (e) If the resulting institution does not meet
  411  qualifications to become a qualified public depository or does
  412  not submit required documentation within 90 calendar days after
  413  the effective date of the merger, acquisition, or consolidation,
  414  the Chief Financial Officer shall initiate mandatory withdrawal
  415  actions as provided in s. 280.11 and shall set an effective date
  416  of withdrawal that is within 180 days after the effective date
  417  of the acquisition, merger, or consolidation of the former
  418  institution.
  419         (3) If the default or insolvency of a qualified public
  420  depository results in acquisition of all or part of its Florida
  421  public deposits by a bank, credit union, savings bank, or
  422  savings association that is not a qualified public depository,
  423  the bank, credit union, savings bank, or savings association
  424  acquiring the Florida public deposits is subject to subsection
  425  (1).
  426         Section 14. Subsection (1) of section 280.13, Florida
  427  Statutes, is amended to read:
  428         280.13 Eligible collateral.—
  429         (1) Securities eligible to be pledged as collateral by
  430  qualified public depositories banks and savings associations
  431  shall be limited to:
  432         (a) Direct obligations of the United States Government.
  433         (b) Obligations of any federal agency that are fully
  434  guaranteed as to payment of principal and interest by the United
  435  States Government.
  436         (c) Obligations of the following federal agencies:
  437         1. Farm credit banks.
  438         2. Federal land banks.
  439         3. The Federal Home Loan Bank and its district banks.
  440         4. Federal intermediate credit banks.
  441         5. The Federal Home Loan Mortgage Corporation.
  442         6. The Federal National Mortgage Association.
  443         7. Obligations guaranteed by the Government National
  444  Mortgage Association.
  445         (d) General obligations of a state of the United States, or
  446  of Puerto Rico, or of a political subdivision or municipality
  447  thereof.
  448         (e) Obligations issued by the Florida State Board of
  449  Education under authority of the State Constitution or
  450  applicable statutes.
  451         (f) Tax anticipation certificates or warrants of counties
  452  or municipalities having maturities not exceeding 1 year.
  453         (g) Public housing authority obligations.
  454         (h) Revenue bonds or certificates of a state of the United
  455  States or of a political subdivision or municipality thereof.
  456         (i) Corporate bonds of any corporation that is not an
  457  affiliate or subsidiary of the qualified public depository.
  458         Section 15. Paragraph (b) of subsection (4) of section
  459  280.17, Florida Statutes, is amended to read:
  460         280.17 Requirements for public depositors; notice to public
  461  depositors and governmental units; loss of protection.—In
  462  addition to any other requirement specified in this chapter,
  463  public depositors shall comply with the following:
  464         (4) If public deposits are in a qualified public depository
  465  that has been declared to be in default or insolvent, each
  466  public depositor shall:
  467         (b) Submit to the Chief Financial Officer for each public
  468  deposit, within 30 days after the date of official notification
  469  from the Chief Financial Officer, the following:
  470         1. A claim form and agreement, as prescribed by the Chief
  471  Financial Officer, executed under oath, accompanied by proof of
  472  authority to execute the form on behalf of the public depositor.
  473         2. A completed public deposit identification and
  474  acknowledgment form, as described in subsection (2).
  475         3. Evidence of the insurance afforded the deposit pursuant
  476  to the Federal Deposit Insurance Act or the Federal Credit Union
  477  Act, as appropriate.
  478         Section 16. For the purpose of incorporating the amendment
  479  made by this act to section 280.02, Florida Statutes, in a
  480  reference thereto, paragraph (a) of subsection (7) of section
  481  17.57, Florida Statutes, is reenacted to read:
  482         17.57 Deposits and investments of state money.—
  483         (7) In addition to the deposits authorized under this
  484  section and notwithstanding any other provisions of law, funds
  485  that are not needed to meet the disbursement needs of the state
  486  may be deposited by the Chief Financial Officer in accordance
  487  with the following conditions:
  488         (a) The funds are initially deposited in a qualified public
  489  depository, as defined in s. 280.02, selected by the Chief
  490  Financial Officer.
  491         Section 17. For the purpose of incorporating the amendment
  492  made by this act to section 280.02, Florida Statutes, in a
  493  reference thereto, subsection (1) of section 24.114, Florida
  494  Statutes, is reenacted to read:
  495         24.114 Bank deposits and control of lottery transactions.—
  496         (1) All moneys received by each retailer from the operation
  497  of the state lottery, including, but not limited to, all ticket
  498  sales, interest, gifts, and donations, less the amount retained
  499  as compensation for the sale of the tickets and the amount paid
  500  out as prizes, shall be remitted to the department or deposited
  501  in a qualified public depository, as defined in s. 280.02, as
  502  directed by the department. The department shall have the
  503  responsibility for all administrative functions related to the
  504  receipt of funds. The department may also require each retailer
  505  to file with the department reports of the retailer’s receipts
  506  and transactions in the sale of lottery tickets in such form and
  507  containing such information as the department may require. The
  508  department may require any person, including a qualified public
  509  depository, to perform any function, activity, or service in
  510  connection with the operation of the lottery as it may deem
  511  advisable pursuant to this act and rules of the department, and
  512  such functions, activities, or services shall constitute lawful
  513  functions, activities, and services of such person.
  514         Section 18. For the purpose of incorporating the amendment
  515  made by this act to section 280.02, Florida Statutes, in a
  516  reference thereto, paragraph (e) of subsection (3) of section
  517  125.901, Florida Statutes, is reenacted to read:
  518         125.901 Children’s services; independent special district;
  519  council; powers, duties, and functions; public records
  520  exemption.—
  521         (3)
  522         (e)1. All moneys received by the council on children’s
  523  services shall be deposited in qualified public depositories, as
  524  defined in s. 280.02, with separate and distinguishable accounts
  525  established specifically for the council and shall be withdrawn
  526  only by checks signed by the chair of the council and
  527  countersigned by either one other member of the council on
  528  children’s services or by a chief executive officer who shall be
  529  so authorized by the council.
  530         2. Upon entering the duties of office, the chair and the
  531  other member of the council or chief executive officer who signs
  532  its checks shall each give a surety bond in the sum of at least
  533  $1,000 for each $1 million or portion thereof of the council’s
  534  annual budget, which bond shall be conditioned that each shall
  535  faithfully discharge the duties of his or her office. The
  536  premium on such bond may be paid by the district as part of the
  537  expense of the council. No other member of the council shall be
  538  required to give bond or other security.
  539         3. No funds of the district shall be expended except by
  540  check as aforesaid, except expenditures from a petty cash
  541  account which shall not at any time exceed $100. All
  542  expenditures from petty cash shall be recorded on the books and
  543  records of the council on children’s services. No funds of the
  544  council on children’s services, excepting expenditures from
  545  petty cash, shall be expended without prior approval of the
  546  council, in addition to the budgeting thereof.
  547         Section 19. For the purpose of incorporating the amendment
  548  made by this act to section 280.02, Florida Statutes, in a
  549  reference thereto, section 136.01, Florida Statutes, is
  550  reenacted to read:
  551         136.01 County depositories.—Each county depository shall be
  552  a qualified public depository as defined in s. 280.02 for the
  553  following funds: county funds; funds of all county officers,
  554  including constitutional officers; funds of the school board;
  555  and funds of the community college district board of trustees.
  556  This enumeration of funds is made not by way of limitation, but
  557  of illustration; and it is the intent hereof that all funds of
  558  the county, the board of county commissioners or the several
  559  county officers, the school board, or the community college
  560  district board of trustees be included.
  561         Section 20. For the purpose of incorporating the amendment
  562  made by this act to section 280.02, Florida Statutes, in a
  563  reference thereto, subsection (11) of section 159.608, Florida
  564  Statutes, is reenacted to read:
  565         159.608 Powers of housing finance authorities.—A housing
  566  finance authority shall constitute a public body corporate and
  567  politic, exercising the public and essential governmental
  568  functions set forth in this act, and shall exercise its power to
  569  borrow only for the purpose as provided herein:
  570         (11) To invest and reinvest surplus funds of the housing
  571  finance authority in accordance with s. 218.415. However, in
  572  addition to the investments expressly authorized in s.
  573  218.415(16)(a)-(g) and (17)(a)-(d), a housing finance authority
  574  may invest surplus funds in interest-bearing time deposits or
  575  savings accounts that are fully insured by the Federal Deposit
  576  Insurance Corporation regardless of whether the bank or
  577  financial institution in which the deposit or investment is made
  578  is a qualified public depository as defined in s. 280.02. This
  579  subsection is supplementary to and may not be construed as
  580  limiting any powers of a housing finance authority or providing
  581  or implying a limiting construction of any other statutory
  582  provision.
  583         Section 21. For the purpose of incorporating the amendment
  584  made by this act to section 280.02, Florida Statutes, in a
  585  reference thereto, section 175.301, Florida Statutes, is
  586  reenacted to read:
  587         175.301 Depository for pension funds.—For any municipality,
  588  special fire control district, chapter plan, local law
  589  municipality, local law special fire control district, or local
  590  law plan under this chapter, all funds of the firefighters’
  591  pension trust fund of any chapter plan or local law plan under
  592  this chapter may be deposited by the board of trustees with the
  593  treasurer of the municipality or special fire control district,
  594  acting in a ministerial capacity only, who shall be liable in
  595  the same manner and to the same extent as he or she is liable
  596  for the safekeeping of funds for the municipality or special
  597  fire control district. However, any funds so deposited with the
  598  treasurer of the municipality or special fire control district
  599  shall be kept in a separate fund by the treasurer or clearly
  600  identified as such funds of the firefighters’ pension trust
  601  fund. In lieu thereof, the board of trustees shall deposit the
  602  funds of the firefighters’ pension trust fund in a qualified
  603  public depository as defined in s. 280.02, which depository with
  604  regard to such funds shall conform to and be bound by all of the
  605  provisions of chapter 280.
  606         Section 22. For the purpose of incorporating the amendment
  607  made by this act to section 280.02, Florida Statutes, in
  608  references thereto, subsection (8) of section 175.401, Florida
  609  Statutes, is reenacted to read:
  610         175.401 Retiree health insurance subsidy.—For any
  611  municipality, special fire control district, chapter plan, local
  612  law municipality, local law special fire control district, or
  613  local law plan under this chapter, under the broad grant of home
  614  rule powers under the Florida Constitution and chapter 166,
  615  municipalities have the authority to establish and administer
  616  locally funded health insurance subsidy programs. In addition,
  617  special fire control districts may, by resolution, establish and
  618  administer locally funded health insurance subsidy programs.
  619  Pursuant thereto:
  620         (8) DEPOSIT OF HEALTH INSURANCE SUBSIDY FUNDS.—All funds of
  621  the health insurance subsidy fund may be deposited by the board
  622  of trustees with the treasurer of the municipality or special
  623  fire control district, acting in a ministerial capacity only,
  624  who shall be liable in the same manner and to the same extent as
  625  he or she is liable for the safekeeping of funds for the
  626  municipality or special fire control district. Any funds so
  627  deposited shall be segregated by the treasurer in a separate
  628  fund, clearly identified as funds of the health insurance
  629  subsidy fund. In lieu thereof, the board of trustees shall
  630  deposit the funds of the health insurance subsidy fund in a
  631  qualified public depository as defined in s. 280.02, which shall
  632  conform to and be bound by the provisions of chapter 280 with
  633  regard to such funds. In no case shall the funds of the health
  634  insurance subsidy fund be deposited in any financial
  635  institution, brokerage house trust company, or other entity that
  636  is not a public depository as provided by s. 280.02.
  637         Section 23. For the purpose of incorporating the amendment
  638  made by this act to section 280.02, Florida Statutes, in a
  639  reference thereto, section 185.30, Florida Statutes, is
  640  reenacted to read:
  641         185.30 Depository for retirement fund.—For any
  642  municipality, chapter plan, local law municipality, or local law
  643  plan under this chapter, all funds of the municipal police
  644  officers’ retirement trust fund of any municipality, chapter
  645  plan, local law municipality, or local law plan under this
  646  chapter may be deposited by the board of trustees with the
  647  treasurer of the municipality acting in a ministerial capacity
  648  only, who shall be liable in the same manner and to the same
  649  extent as he or she is liable for the safekeeping of funds for
  650  the municipality. However, any funds so deposited with the
  651  treasurer of the municipality shall be kept in a separate fund
  652  by the municipal treasurer or clearly identified as such funds
  653  of the municipal police officers’ retirement trust fund. In lieu
  654  thereof, the board of trustees shall deposit the funds of the
  655  municipal police officers’ retirement trust fund in a qualified
  656  public depository as defined in s. 280.02, which depository with
  657  regard to such funds shall conform to and be bound by all of the
  658  provisions of chapter 280.
  659         Section 24. For the purpose of incorporating the amendment
  660  made by this act to section 280.02, Florida Statutes, in
  661  references thereto, subsection (8) of section 185.50, Florida
  662  Statutes, is reenacted to read:
  663         185.50 Retiree health insurance subsidy.—For any
  664  municipality, chapter plan, local law municipality, or local law
  665  plan under this chapter, under the broad grant of home rule
  666  powers under the Florida Constitution and chapter 166,
  667  municipalities have the authority to establish and administer
  668  locally funded health insurance subsidy programs. Pursuant
  669  thereto:
  670         (8) DEPOSIT OF PENSION FUNDS.—All funds of the health
  671  insurance subsidy fund may be deposited by the board of trustees
  672  with the treasurer of the municipality, acting in a ministerial
  673  capacity only, who shall be liable in the same manner and to the
  674  same extent as he or she is liable for the safekeeping of funds
  675  for the municipality. Any funds so deposited shall be segregated
  676  by said treasurer in a separate fund, clearly identified as
  677  funds of the health insurance subsidy fund. In lieu thereof, the
  678  board of trustees shall deposit the funds of the health
  679  insurance subsidy fund in a qualified public depository as
  680  defined in s. 280.02, which shall conform to and be bound by the
  681  provisions of chapter 280 with regard to such funds. In no case
  682  shall the funds of the health insurance subsidy fund be
  683  deposited in any financial institution, brokerage house trust
  684  company, or other entity that is not a public depository as
  685  provided by s. 280.02.
  686         Section 25. For the purpose of incorporating the amendment
  687  made by this act to section 280.02, Florida Statutes, in a
  688  reference thereto, subsection (3) of section 190.007, Florida
  689  Statutes, is reenacted to read:
  690         190.007 Board of supervisors; general duties.—
  691         (3) The board is authorized to select as a depository for
  692  its funds any qualified public depository as defined in s.
  693  280.02 which meets all the requirements of chapter 280 and has
  694  been designated by the Chief Financial Officer as a qualified
  695  public depository, upon such terms and conditions as to the
  696  payment of interest by such depository upon the funds so
  697  deposited as the board may deem just and reasonable.
  698         Section 26. For the purpose of incorporating the amendment
  699  made by this act to section 280.02, Florida Statutes, in a
  700  reference thereto, subsection (16) of section 191.006, Florida
  701  Statutes, is reenacted to read:
  702         191.006 General powers.—The district shall have, and the
  703  board may exercise by majority vote, the following powers:
  704         (16) To select as a depository for its funds any qualified
  705  public depository as defined in s. 280.02 which meets all the
  706  requirements of chapter 280 and has been designated by the Chief
  707  Financial Officer as a qualified public depository, upon such
  708  terms and conditions as to the payment of interest upon the
  709  funds deposited as the board deems just and reasonable.
  710         Section 27. For the purpose of incorporating the amendment
  711  made by this act to section 280.02, Florida Statutes, in a
  712  reference thereto, subsection (2) of section 215.34, Florida
  713  Statutes, is reenacted to read:
  714         215.34 State funds; noncollectible items; procedure.—
  715         (2) Whenever a check, draft, or other order for the payment
  716  of money is returned by the Chief Financial Officer, or by a
  717  qualified public depository as defined in s. 280.02, to a state
  718  officer, a state agency, or the judicial branch for collection,
  719  the officer, agency, or judicial branch shall add to the amount
  720  due a service fee of $15 or 5 percent of the face amount of the
  721  check, draft, or order, whichever is greater. An agency or the
  722  judicial branch may adopt a rule which prescribes a lesser
  723  maximum service fee, which shall be added to the amount due for
  724  the dishonored check, draft, or other order tendered for a
  725  particular service, license, tax, fee, or other charge, but in
  726  no event shall the fee be less than $15. The service fee shall
  727  be in addition to all other penalties imposed by law, except
  728  that when other charges or penalties are imposed by an agency
  729  related to a noncollectible item, the amount of the service fee
  730  shall not exceed $150. Proceeds from this fee shall be deposited
  731  in the same fund as the collected item. Nothing in this section
  732  shall be construed as authorization to deposit moneys outside
  733  the State Treasury unless specifically authorized by law.
  734         Section 28. For the purpose of incorporating the amendment
  735  made by this act to section 280.02, Florida Statutes, in
  736  references thereto, paragraph (c) of subsection (16), paragraph
  737  (c) of subsection (17), and paragraph (a) of subsection (23) of
  738  section 218.415, Florida Statutes, are reenacted to read:
  739         218.415 Local government investment policies.—Investment
  740  activity by a unit of local government must be consistent with a
  741  written investment plan adopted by the governing body, or in the
  742  absence of the existence of a governing body, the respective
  743  principal officer of the unit of local government and maintained
  744  by the unit of local government or, in the alternative, such
  745  activity must be conducted in accordance with subsection (17).
  746  Any such unit of local government shall have an investment
  747  policy for any public funds in excess of the amounts needed to
  748  meet current expenses as provided in subsections (1)-(16), or
  749  shall meet the alternative investment guidelines contained in
  750  subsection (17). Such policies shall be structured to place the
  751  highest priority on the safety of principal and liquidity of
  752  funds. The optimization of investment returns shall be secondary
  753  to the requirements for safety and liquidity. Each unit of local
  754  government shall adopt policies that are commensurate with the
  755  nature and size of the public funds within its custody.
  756         (16) AUTHORIZED INVESTMENTS; WRITTEN INVESTMENT POLICIES.
  757  Those units of local government electing to adopt a written
  758  investment policy as provided in subsections (1)-(15) may by
  759  resolution invest and reinvest any surplus public funds in their
  760  control or possession in:
  761         (c) Interest-bearing time deposits or savings accounts in
  762  qualified public depositories as defined in s. 280.02.
  763         (17) AUTHORIZED INVESTMENTS; NO WRITTEN INVESTMENT POLICY.
  764  Those units of local government electing not to adopt a written
  765  investment policy in accordance with investment policies
  766  developed as provided in subsections (1)-(15) may invest or
  767  reinvest any surplus public funds in their control or possession
  768  in:
  769         (c) Interest-bearing time deposits or savings accounts in
  770  qualified public depositories, as defined in s. 280.02.
  771  
  772  The securities listed in paragraphs (c) and (d) shall be
  773  invested to provide sufficient liquidity to pay obligations as
  774  they come due.
  775         (23) AUTHORIZED DEPOSITS.—In addition to the investments
  776  authorized for local governments in subsections (16) and (17)
  777  and notwithstanding any other provisions of law, a unit of local
  778  government may deposit any portion of surplus public funds in
  779  its control or possession in accordance with the following
  780  conditions:
  781         (a) The funds are initially deposited in a qualified public
  782  depository, as defined in s. 280.02, selected by the unit of
  783  local government.
  784         Section 29. For the purpose of incorporating the amendment
  785  made by this act to section 280.02, Florida Statutes, in a
  786  reference thereto, paragraph (h) of subsection (4) of section
  787  255.502, Florida Statutes, is reenacted to read:
  788         255.502 Definitions; ss. 255.501-255.525.—As used in this
  789  act, the following words and terms shall have the following
  790  meanings unless the context otherwise requires:
  791         (4) “Authorized investments” means and includes without
  792  limitation any investment in:
  793         (h) Savings accounts in, or certificates of deposit of,
  794  qualified public depositories as defined in s. 280.02, in an
  795  amount that does not exceed 15 percent of the net worth of the
  796  institution, or a lesser amount as determined by rule by the
  797  State Board of Administration, provided such savings accounts
  798  and certificates of deposit are secured in the manner prescribed
  799  in chapter 280.
  800  
  801  Investments in any security authorized in this subsection may be
  802  under repurchase agreements or reverse repurchase agreements.
  803         Section 30. For the purpose of incorporating the amendment
  804  made by this act to section 280.02, Florida Statutes, in
  805  references thereto, subsections (1) and (2) of section 331.309,
  806  Florida Statutes, are reenacted to read:
  807         331.309 Treasurer; depositories; fiscal agent.—
  808         (1) The board shall designate an individual who is a
  809  resident of the state, or a qualified public depository as
  810  defined in s. 280.02, as treasurer of Space Florida, who shall
  811  have charge of the funds of Space Florida. Such funds shall be
  812  disbursed only upon the order of or pursuant to the resolution
  813  of the board by warrant, check, authorization, or direct deposit
  814  pursuant to s. 215.85, signed or authorized by the treasurer or
  815  his or her representative or by such other persons as may be
  816  authorized by the board. The board may give the treasurer such
  817  other or additional powers and duties as the board may deem
  818  appropriate and shall establish the treasurer’s compensation.
  819  The board may require the treasurer to give a bond in such
  820  amount, on such terms, and with such sureties as may be deemed
  821  satisfactory to the board to secure the performance by the
  822  treasurer of his or her powers and duties. The board shall audit
  823  or have audited the books of the treasurer at least once a year.
  824         (2) The board is authorized to select as depositories in
  825  which the funds of the board and of Space Florida shall be
  826  deposited any qualified public depository as defined in s.
  827  280.02, upon such terms and conditions as to the payment of
  828  interest by such depository upon the funds so deposited as the
  829  board may deem just and reasonable. The funds of Space Florida
  830  may be kept in or removed from the State Treasury upon written
  831  notification from the chair of the board to the Chief Financial
  832  Officer.
  833         Section 31. For the purpose of incorporating the amendment
  834  made by this act to section 280.02, Florida Statutes, in a
  835  reference thereto, subsection (2) of section 373.553, Florida
  836  Statutes, is reenacted to read:
  837         373.553 Treasurer of the board; payment of funds;
  838  depositories.—
  839         (2) The board is authorized to select as depositories in
  840  which the funds of the board and of the district shall be
  841  deposited in any qualified public depository as defined in s.
  842  280.02, and such deposits shall be secured in the manner
  843  provided in chapter 280.
  844         Section 32. For the purpose of incorporating the amendment
  845  made by this act to section 280.02, Florida Statutes, in a
  846  reference thereto, section 631.221, Florida Statutes, is
  847  reenacted to read:
  848         631.221 Deposit of moneys collected.—The moneys collected
  849  by the department in a proceeding under this chapter shall be
  850  deposited in a qualified public depository as defined in s.
  851  280.02, which depository with regards to such funds shall
  852  conform to and be bound by all the provisions of chapter 280, or
  853  invested with the Chief Financial Officer pursuant to chapter
  854  18. For the purpose of accounting for the assets and
  855  transactions of the estate, the receiver shall use such
  856  accounting books, records, and systems as the court directs
  857  after it hears and considers the recommendations of the
  858  receiver.
  859         Section 33. For the purpose of incorporating the amendment
  860  made by this act to section 280.02, Florida Statutes, in a
  861  reference thereto, paragraph (c) of subsection (3) of section
  862  723.06115, Florida Statutes, is reenacted to read:
  863         723.06115 Florida Mobile Home Relocation Trust Fund.—
  864         (3) The department shall distribute moneys in the Florida
  865  Mobile Home Relocation Trust Fund to the Florida Mobile Home
  866  Relocation Corporation in accordance with the following:
  867         (c) Funds transferred from the trust fund to the
  868  corporation shall be transferred electronically and shall be
  869  transferred to and maintained in a qualified public depository
  870  as defined in s. 280.02 which is specified by the corporation.
  871         Section 34. This act shall take effect July 1, 2023.

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