Florida Senate - 2024 SB 1018 By Senator Ingoglia 11-00205B-24 20241018__ Page 1 of 34 CODING: Words stricken are deletions; words underlined are additions. A bill to be entitled 1

An act relating to public deposits; amending s. 17.68, 2 F.S.; conforming provisions to changes made by the 3 act; amending s. 280.02, F.S.; revising

definitions; 4 adding credit unions to a list of financial 5 institutions that are eligible to be qualified public 6 depositories; amending s. 280.025, F.S.; providing 7 applicability of qualified public depository 8 provisions to credit unions; amending s. 280.03, F.S.; 9 conforming a provision to changes made by the act; 10 creating s. 280.042, F.S.; prohibiting the Chief 11 Financial Officer from designating credit unions as 12 qualified public depositories unless certain 13 conditions are met; requiring the Chief Financial 14 Officer to withdraw from a collateral agreement with a 15 credit union under certain circumstances; specifying a 16 requirement for and a restriction on a credit union 17 that is a party to a withdrawn collateral agreement; 18 authorizing the Chief Financial Officer to limit the 19 amount of public deposits a credit union may hold; 20 amending ss. 280.05, 280.052, 280.053, and 280.055, 21 F.S.; providing applicability of qualified public 22 depository provisions to credit unions; amending s. 23 280.07, F.S.; specifying the losses against which 24 certain solvent banks, savings banks, savings 25 associations, and credit unions must guarantee public 26 depositors; amending ss. 280.08 and 280.085, F.S.; 27 conforming provisions to changes made by the act; 28 amending s. 280.09, F.S.; requiring the Chief 29

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 2 of 34 CODING: Words stricken are deletions; words underlined are additions.

Financial Officer to segregate and separately account 30 for proceeds, assessments, and administrative 31 penalties attributable to a credit union from those 32 attributable to other specified financial 33 institutions; revising a condition for the payment of 34 losses to public depositors; amending s. 280.10, F.S.; 35 conforming provisions to changes made by the act; 36 amending s. 280.13, F.S.; providing that a specified 37 limit on securities eligible to be pledged as 38 collateral applies to qualified public depositories, 39 rather than to banks and savings associations; 40 amending s. 280.17, F.S.; conforming a provision to 41 changes made by the act; reenacting ss. 280.17(1)(a), 42 17.57(7)(a), 24.114(1), 125.901(3)(e), 136.01, 43 159.608(11), 175.301, 175.401(8), 185.30, 185.50(8), 44 190.007(3), 191.006(16), 215.34(2), 218.415(16)(c), 45 (17)(c), and (23)(a), 255.502(4)(h), 280.051(15), 46 280.18(1), 331.309(1) and (2), 373.553(2), 631.221, 47 and 723.06115(3)(c), F.S., relating to requirements 48 for public depositors; deposits and investments of 49 state money; bank deposits and control of lottery 50 transactions; children’s services and independent 51 special districts; county depositories; powers of 52 housing finance authorities; depositories for pension 53 funds; retiree health insurance subsidies; 54 depositories for retirement funds; retiree health 55 insurance subsidies; boards of supervisors; general 56 powers; state funds and noncollectible items; local 57 government investment policies;

definitions; grounds 58

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 3 of 34 CODING: Words stricken are deletions; words underlined are additions. for suspension or disqualification of a qualified 59 public depository; protection of public depositors and 60 liability of the state; treasurer, depositories, and 61 fiscal agent for Space Florida; treasurer of the 62 board, payment of funds, and depositories; deposit of 63 moneys collected; and the Florida Mobile Home 64 Relocation Trust Fund, respectively, to incorporate 65 the amendments made by this act to s. 280.02, F.S., in 66 references thereto; providing an effective date. 67 68 Be It Enacted by the Legislature of the State of Florida: 69 70

Section 1. Subsection (4) of

section 17.68, Florida 71 Statutes, is amended to read: 72 17.68 Financial Literacy Program for Individuals with 73 Developmental Disabilities.— 74

(4) Within 90 days after the department establishes the 75 website clearinghouse and publishes the brochure, each bank, 76 credit union, savings association, and savings bank that is a 77 qualified public depository as defined in s. 280.02 shall: 78 (

a) Make copies of the department’s brochures available, 79 upon the request of the consumer, at its principal place of 80 business and each branch office located in this state which has 81 in-person teller services by having copies of the brochure 82 available or having the capability to print a copy of the 83 brochure from the department’s website. Upon request, the 84 department shall provide copies of the brochure to a bank, 85 credit union, savings association, or savings bank. 86 (

b) Provide on its website a hyperlink to the department’s 87

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 4 of 34 CODING: Words stricken are deletions; words underlined are additions. website clearinghouse. If the department changes the website 88 address for the clearinghouse, the bank, credit union, savings 89 association, or savings bank must update the hyperlink within 90 90 days after notification by the department of such change. 91

Section 2. Subsections (6), (10), (21), (23), and (26) of 92

section 280.02, Florida Statutes, are amended to read: 93 280.02

Definitions.—As used in this chapter, the term: 94 (6) “Capital account” or “tangible equity capital” means 95 total equity capital, as defined on the balance-sheet portion of 96 the Consolidated Reports of Condition and Income (call report), 97 or net worth, as described in the National Credit Union 98 Administration 5300 Call Report, less intangible assets, as 99 submitted to the regulatory financial banking authority. 100 (10) “Custodian” means the Chief Financial Officer or a 101 bank, credit union, savings association, or trust company that: 102 (

a) Is organized and existing under the laws of this state, 103 any other state, or the United States; 104 (

b) Has executed all forms required under this

chapter or 105 any rule adopted hereunder; 106 (

c) Agrees to be subject to the jurisdiction of the courts 107 of this state, or of the courts of the United States which are 108 located within this state, for the purpose of any litigation 109 arising out of this chapter; and 110 (

d) Has been approved by the Chief Financial Officer to act 111 as a custodian. 112 (21) “Pool figure” means the total average monthly balances 113 of public deposits held by all banks, savings banks, or savings 114 associations or held separately by all credit unions qualified 115 public depositories during the immediately preceding 12-month 116

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 5 of 34 CODING: Words stricken are deletions; words underlined are additions. period. 117 (23) “Public deposit” means the moneys of the state or of 118 any state university, county, school district, community college 119 district, special district, metropolitan government, or 120 municipality, including agencies, boards, bureaus, commissions, 121 and institutions of any of the foregoing, or of any court, and 122 includes the moneys of all county officers, including 123 constitutional officers, which are placed on deposit in a bank, 124 credit union, savings bank, or savings association.

This 125 includes, but is not limited to, time deposit accounts, demand 126 deposit accounts, and nonnegotiable certificates of deposit. 127 Moneys in deposit notes and in other nondeposit accounts such as 128 repurchase or reverse repurchase operations are not public 129 deposits. Securities, mutual funds, and similar types of 130 investments are not public deposits and are not subject to this 131 chapter. 132 (26) “Qualified public depository” means a bank, credit 133 union, savings bank, or savings association that: 134 (

a) Is organized and exists under the laws of the United 135 States, or the laws of this state, or the laws of any other 136 state or territory of the United States. 137 (

b) Has its principal place of business in this state or 138 has a branch office in this state which is authorized under the 139 laws of this state or of the United States to receive deposits 140 in this state. 141 (

c) Is insured by the Federal Deposit Insurance Corporation 142 or the National Credit Union Share Insurance Fund Has deposit 143 insurance pursuant to the Federal Deposit Insurance Act, as 144 amended, 12 U.S.C. ss. 1811 et seq. 145

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 6 of 34 CODING: Words stricken are deletions; words underlined are additions. (

d) Has procedures and practices for accurate 146 identification, classification, reporting, and collateralization 147 of public deposits. 148 (

e) Makes determinations about the provision of services or 149 the denial of services based on an analysis of risk factors 150 unique to each customer or member. This paragraph does not 151 restrict a qualified public depository that claims a religious 152 purpose from making such determinations based on the religious 153 beliefs, religious exercise, or religious affiliations of a 154 customer or member. 155 (

f) Does not engage in the unsafe and unsound practice of 156 denying or canceling its services to a person, or otherwise 157 discriminating against a person in making available such 158 services or in the terms or conditions of such services, on the 159 basis of: 160 1. The person’s political opinions, speech, or 161 affiliations; 162 2. Except as provided in paragraph (e), the person’s 163 religious beliefs, religious exercise, or religious 164 affiliations; 165 3.

Any factor if it is not a quantitative, impartial, and 166 risk-based standard, including any such factor related to the 167 person’s business sector; or 168 4. The use of any rating, scoring, analysis, tabulation, or 169 action that considers a social credit score based on factors 170 including, but not limited to: 171 a. The person’s political opinions, speech, or 172 affiliations. 173 b. The person’s religious beliefs, religious exercise, or 174

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 7 of 34 CODING: Words stricken are deletions; words underlined are additions. religious affiliations. 175 c. The person’s lawful ownership of a firearm. 176 d. The person’s engagement in the lawful manufacture, 177 distribution, sale, purchase, or use of firearms or ammunition. 178 e. The person’s engagement in the exploration, production, 179 utilization, transportation, sale, or manufacture of fossil 180 fuel-based energy, timber, mining, or agriculture. 181 f.

The person’s support of the state or Federal Government 182 in combating illegal immigration, drug trafficking, or human 183 trafficking. 184 g. The person’s engagement with, facilitation of, 185 employment by, support of, business relationship with, 186 representation of, or advocacy for any person described in this 187 subparagraph. 188 h. The person’s failure to meet or commit to meet, or 189 expected failure to meet, any of the following as long as such 190 person is in compliance with applicable state or federal law: 191 (

I) Environmental standards, including emissions standards, 192 benchmarks, requirements, or disclosures; 193 (II) Social governance standards, benchmarks, or 194 requirements, including, but not limited to, environmental or 195 social justice; 196 (III) Corporate board or company employment composition 197 standards, benchmarks, requirements, or disclosures based on 198 characteristics protected under the Florida Civil Rights Act of 199 1992; or 200 (IV) Policies or procedures requiring or encouraging 201 employee participation in social justice programming, including, 202 but not limited to, diversity, equity, or inclusion training. 203

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 8 of 34 CODING: Words stricken are deletions; words underlined are additions. (

g) Meets all the requirements of this chapter. 204 (

h) Has been designated by the Chief Financial Officer as a 205 qualified public depository. 206

Section 3. Subsection (1) of

section 280.025, Florida 207 Statutes, is amended to read: 208 280.025 Attestation required.— 209

(1) Beginning July 1, 2024 2023, the following entities 210 must attest, under penalty of perjury, on a form prescribed by 211 the Chief Financial Officer, whether the entity is in compliance 212 with s. 280.02(26)(

e) and (f): 213 (

a) A bank, savings bank, credit union, or savings 214 association, upon application or reapplication for designation 215 as a qualified public depository. 216 (

b) A qualified public depository, upon filing the report 217 required by s. 280.16(1)(d). 218

Section 4. Paragraph (

a) of subsection (3) of

section 219 280.03, Florida Statutes, is amended to read: 220 280.03 Public deposits to be secured; prohibitions; 221 exemptions.— 222

(3) The following are exempt from the requirements of, and 223 protection under, this chapter: 224 (

a) Public deposits deposited in a bank, credit union, or 225 savings association by a trust department or trust company which 226 are fully secured under trust business laws. 227

Section

Section 280.042, Florida Statutes, is created to 228 read: 229 280.042 Credit union designations as qualified public 230 depositories; withdrawal by the Chief Financial Officer from 231 collateral agreements; limits on public deposits.— 232

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 9 of 34 CODING: Words stricken are deletions; words underlined are additions.

(1) The Chief Financial Officer may not designate a credit 233 union as a qualified public depository unless, at the time the 234 credit union submits its agreement of contingent liability and 235 its collateral agreement: 236 (

a) The credit union submits a signed statement from a 237 public depositor indicating that if the credit union is 238 designated as a qualified public depository, the public 239 depositor intends to deposit public funds with the credit union. 240 (

b) The combined total of the numbers in subparagraphs 1. 241 and 2. is at least four: 242 1. The number of credit unions designated as qualified 243 public depositories. 244 2. The number of credit unions that meet all of the 245 following requirements: 246 a. Apply to be designated as qualified public depositories. 247 b. Meet the requirements in paragraph (a). 248

(2) The Chief Financial Officer must withdraw from a 249 collateral agreement previously entered into with a credit union 250 if, during any 90 calendar days, the combined total of the 251 number of credit unions designated as qualified public 252 depositories and the number of eligible credit unions applying 253 to be designated as qualified public depositories is less than 254 five. 255

(3) A credit union that is a party to a collateral 256 agreement from which the Chief Financial Officer withdraws in 257 accordance with subsection (2) may no longer be designated as a 258 qualified public depository. Within 10 business days after the 259 Chief Financial Officer notifies the credit union that the Chief 260 Financial Officer has withdrawn from the collateral agreement, 261

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 10 of 34 CODING: Words stricken are deletions; words underlined are additions. the credit union must return all public deposits that the credit 262 union holds to the public depositor who deposited the funds. The 263 notice provided for in this subsection may be sent to a credit 264 union by regular mail or by e-mail. 265

(4) The Chief Financial Officer may limit the amount of 266 public deposits that a credit union may hold in order to make 267 sure that no single credit union holds an amount of public 268 deposits that might adversely affect the integrity of the public 269 deposits program. 270

Section 6. Subsection (11) of

section 280.05, Florida 271 Statutes, is amended to read: 272 280.05 Powers and duties of the Chief Financial Officer.—In 273 fulfilling the requirements of this act, the Chief Financial 274 Officer has the power to take the following actions he or she 275 deems necessary to protect the integrity of the public deposits 276 program: 277

(11) Sell securities for the purpose of paying losses to 278 public depositors not covered by deposit or share insurance. 279

Section 7. Subsection (1) of

section 280.052, Florida 280 Statutes, is amended to read: 281 280.052 Order of suspension or disqualification; 282 procedure.— 283

(1) The suspension or disqualification of a bank, credit 284 union, or savings association as a qualified public depository 285 must be by order of the Chief Financial Officer and must be 286 mailed to the qualified public depository by registered or 287 certified mail. 288

Section 8. Paragraph (

c) of subsection (1) and paragraph 289 (

c) of subsection (2) of

section 280.053, Florida Statutes, are 290

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 11 of 34 CODING: Words stricken are deletions; words underlined are additions. amended to read: 291 280.053 Period of suspension or disqualification; 292 obligations during period; reinstatement.— 293 (1) 294 (

c) Upon expiration of the suspension period, the bank, 295 credit union, or savings association may, by order of the Chief 296 Financial Officer, be reinstated as a qualified public 297 depository, unless the cause of the suspension has not been 298 corrected or the bank, credit union, or savings association is 299 otherwise not in compliance with this

chapter or any rule 300 adopted pursuant to this chapter. 301 (2) 302 (

c) Upon expiration of the disqualification period, the 303 bank, credit union, or savings association may reapply for 304 qualification as a qualified public depository. If a 305 disqualified bank, credit union, or savings association is 306 purchased or otherwise acquired by new owners, it may reapply to 307 the Chief Financial Officer to be a qualified public depository 308 before prior to the expiration date of the disqualification 309 period. Redesignation as a qualified public depository may occur 310 only after the Chief Financial Officer has determined that all 311 requirements for holding public deposits under the law have been 312 met. 313

Section

Section 280.055, Florida Statutes, is amended to 314 read: 315 280.055 Cease and desist order; corrective order; 316 administrative penalty.— 317

(1) The Chief Financial Officer may issue a cease and 318 desist order and a corrective order upon determining that: 319

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 12 of 34 CODING: Words stricken are deletions; words underlined are additions. (

a) A qualified public depository has requested and 320 obtained a release of pledged collateral without approval of the 321 Chief Financial Officer; 322 (

b) A bank, credit union, savings association, or other 323 financial institution is holding public deposits without a 324 certificate of qualification issued by the Chief Financial 325 Officer; 326 (

c) A qualified public depository pledges, deposits, or 327 arranges for the issuance of unacceptable collateral; 328 (

d) A custodian has released pledged collateral without 329 approval of the Chief Financial Officer; 330 (

e) A qualified public depository or a custodian has not 331 furnished to the Chief Financial Officer, when the Chief 332 Financial Officer requested, a power of attorney or bond power 333 or bond assignment form required by the bond agent or bond 334 trustee for each issue of registered certificated securities 335 pledged and registered in the name, or nominee name, of the 336 qualified public depository or custodian; 337 (

f) A qualified public depository; a bank, credit union, 338 savings association, or other financial institution; or a 339 custodian has committed any other violation of this

chapter or 340 any rule adopted pursuant to this

chapter that the Chief 341 Financial Officer determines may be remedied by a cease and 342 desist order or corrective order; or 343 (

g) A qualified public depository no longer meets the 344 definition of a qualified public depository under s. 280.02. 345

(2) Any qualified public depository or other bank, credit 346 union, savings association, or financial institution or 347 custodian that violates a cease and desist order or corrective 348

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 13 of 34 CODING: Words stricken are deletions; words underlined are additions. order of the Chief Financial Officer is subject to an 349 administrative penalty not exceeding $1,000 for each violation 350 of the order. Each day the violation of the order continues 351 constitutes a separate violation. 352

Section

Section 280.07, Florida Statutes, is amended to 353 read: 354 280.07 Mutual responsibility and contingent liability.— 355

(1) A Any bank, savings bank, or savings association that 356 is designated as a qualified public depository and that is not 357 insolvent shall guarantee public depositors against loss caused 358 by the default or insolvency of other banks, savings banks, or 359 savings associations that are designated as qualified public 360 depositories. 361

(2) A credit union that is designated as a qualified public 362 depository and that is not insolvent shall guarantee public 363 depositors against loss caused by the default or insolvency of 364 other credit unions that are designated as qualified public 365 depositories. 366 367 Each qualified public depository shall execute a form prescribed 368 by the Chief Financial Officer for such guarantee which must 369 shall be approved by the board of directors and must shall 370 become an official record of the institution. 371

Section 11. Subsections (1) and (3) of

section 280.08, 372 Florida Statutes, are amended to read: 373 280.08 Procedure for payment of losses.—When the Chief 374 Financial Officer determines that a default or insolvency has 375 occurred, he or she shall provide notice as required in s. 376 280.085 and implement the following procedures: 377

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 14 of 34 CODING: Words stricken are deletions; words underlined are additions.

(1) The Division of Treasury, in cooperation with the 378 Office of Financial Regulation of the Financial Services 379 Commission or the receiver of the qualified public depository in 380 default, shall ascertain the amount of funds of each public 381 depositor on deposit at such depository and the amount of 382 deposit or share insurance applicable to such deposits. 383 (3)(

a) The loss to public depositors shall be satisfied, 384 insofar as possible, first through any applicable deposit or 385 share insurance and then through demanding payment under letters 386 of credit or the sale of collateral pledged or deposited by the 387 defaulting depository. The Chief Financial Officer may assess 388 qualified public depositories as provided in paragraph (b), 389 subject to the segregation of contingent liability in s. 280.07, 390 for the total loss if the demand for payment or sale of 391 collateral cannot be accomplished within 7 business days. 392 (

b) The Chief Financial Officer shall provide coverage of 393 any remaining loss by assessment against the other qualified 394 public depositories.

The Chief Financial Officer shall determine 395 such assessment for each qualified public depository by 396 multiplying the total amount of any remaining loss to all public 397 depositors by a percentage which represents the average monthly 398 balance of public deposits held by each qualified public 399 depository during the previous 12 months divided by the total 400 average monthly balances of public deposits held by all 401 qualified public depositories, excluding the defaulting 402 depository, during the same period. The assessment calculation 403 must shall be computed to six decimal places. 404

Section 12. Subsection (4) of

section 280.085, Florida 405 Statutes, is amended, and subsection (1) of that

section is 406

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 15 of 34 CODING: Words stricken are deletions; words underlined are additions. republished, to read: 407 280.085 Notice to claimants.— 408

(1) Upon determining the default or insolvency of a 409 qualified public depository, the Chief Financial Officer shall 410 notify, by first-class mail, all public depositors that have 411 complied with s. 280.17 of such default or insolvency. The 412 notice must direct all public depositors having claims or 413 demands against the Public Deposits Trust Fund occasioned by the 414 default or insolvency to file their claims with the Chief 415 Financial Officer within 30 days after the date of the notice. 416

(4) The notice required in subsection (1) is not required 417 if the default or insolvency of a qualified public depository is 418 resolved in a manner in which all Florida public deposits are 419 acquired by another insured bank, credit union, savings bank, or 420 savings association. 421

Section

Section 280.09, Florida Statutes, is amended to 422 read: 423 280.09 Public Deposits Trust Fund.— 424

(1) In order to facilitate the administration of this 425 chapter, there is created the Public Deposits Trust Fund, 426 hereafter in this

section designated “the fund.” The proceeds 427 from the sale of securities or draw on letters of credit held as 428 collateral or from any assessment pursuant to s. 280.08 must 429 shall be deposited into the fund. The Chief Financial Officer 430 must segregate and separately account for any collateral 431 proceeds, assessments, or administrative penalties attributable 432 to a credit union from any collateral proceeds, assessments, or 433 administrative penalties attributable to any bank, savings bank, 434 or savings association. Any administrative penalty collected 435

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 16 of 34 CODING: Words stricken are deletions; words underlined are additions. pursuant to this

chapter shall be deposited into the Treasury 436 Administrative and Investment Trust Fund. 437

(2) The Chief Financial Officer is authorized to pay any 438 losses to public depositors from the fund, subject to the 439 limitations provided in subsection (1), and there are hereby 440 appropriated from the fund such sums as may be necessary from 441 time to time to pay the losses.

The term “losses,” for purposes 442 of this chapter, must shall also include losses of interest or 443 other accumulations to the public depositor as a result of 444 penalties for early withdrawal required by Depository 445 Institution Deregulatory Commission Regulations or applicable 446 successor federal laws or regulations because of suspension or 447 disqualification of a qualified public depository by the Chief 448 Financial Officer pursuant to s. 280.05 or because of withdrawal 449 from the public deposits program pursuant to s. 280.11.

In that 450 event, the Chief Financial Officer is authorized to assess 451 against the suspended, disqualified, or withdrawing public 452 depository, in addition to any amount authorized by any other 453 provision of this chapter, an administrative penalty equal to 454 the amount of the early withdrawal penalty and to pay that 455 amount over to the public depositor as reimbursement for such 456 loss. Any money in the fund estimated not to be needed for 457 immediate cash requirements shall be invested pursuant to s. 458 17.61. 459

Section 14. Subsections (1) and (3) of

section 280.10, 460 Florida Statutes, are amended to read: 461 280.10 Effect of merger, acquisition, or consolidation; 462 change of name or address.— 463

(1) When a qualified public depository is merged into, 464

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 17 of 34 CODING: Words stricken are deletions; words underlined are additions. acquired by, or consolidated with a bank, credit union, savings 465 bank, or savings association that is not a qualified public 466 depository: 467 (

a) The resulting institution shall automatically become a 468 qualified public depository subject to the requirements of the 469 public deposits program. 470 (b)The contingent liability of the former institution shall 471 be a liability of the resulting institution. 472 (

c) The public deposits and associated collateral of the 473 former institution shall be public deposits and collateral of 474 the resulting institution. 475 (

d) The resulting institution shall, within 90 calendar 476 days after the effective date of the merger, acquisition, or 477 consolidation, deliver to the Chief Financial Officer: 478 1. Documentation in its name as required for participation 479 in the public deposits program; or 480 2. Written notice of intent to withdraw from the program as 481 provided in s. 280.11 and a proposed effective date of 482 withdrawal which shall be within 180 days after the effective 483 date of the acquisition, merger, or consolidation of the former 484 institution. 485 (

e) If the resulting institution does not meet 486 qualifications to become a qualified public depository or does 487 not submit required documentation within 90 calendar days after 488 the effective date of the merger, acquisition, or consolidation, 489 the Chief Financial Officer shall initiate mandatory withdrawal 490 actions as provided in s. 280.11 and shall set an effective date 491 of withdrawal that is within 180 days after the effective date 492 of the acquisition, merger, or consolidation of the former 493

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 18 of 34 CODING: Words stricken are deletions; words underlined are additions. institution. 494

(3) If the default or insolvency of a qualified public 495 depository results in acquisition of all or part of its Florida 496 public deposits by a bank, credit union, savings bank, or 497 savings association that is not a qualified public depository, 498 the bank, credit union, savings bank, or savings association 499 acquiring the Florida public deposits is subject to subsection 500 (1). 501

Section 15. Subsection (1) of

section 280.13, Florida 502 Statutes, is amended to read: 503 280.13 Eligible collateral.— 504

(1) Securities eligible to be pledged as collateral by 505 qualified public depositories banks and savings associations 506 shall be limited to: 507 (

a) Direct obligations of the United States Government. 508 (

b) Obligations of any federal agency that are fully 509 guaranteed as to payment of principal and interest by the United 510 States Government. 511 (

c) Obligations of the following federal agencies: 512 1. Farm credit banks. 513 2. Federal land banks. 514 3. The Federal Home Loan Bank and its district banks. 515 4. Federal intermediate credit banks. 516 5. The Federal Home Loan Mortgage Corporation. 517 6. The Federal National Mortgage Association. 518 7. Obligations guaranteed by the Government National 519 Mortgage Association. 520 (

d) General obligations of a state of the United States, or 521 of Puerto Rico, or of a political subdivision or municipality 522

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 19 of 34 CODING: Words stricken are deletions; words underlined are additions. thereof. 523 (

e) Obligations issued by the Florida State Board of 524 Education under authority of the State Constitution or 525 applicable statutes. 526 (

f) Tax anticipation certificates or warrants of counties 527 or municipalities having maturities not exceeding 1 year. 528 (

g) Public housing authority obligations. 529 (

h) Revenue bonds or certificates of a state of the United 530 States or of a political subdivision or municipality thereof. 531 (

i) Corporate bonds of any corporation that is not an 532 affiliate or subsidiary of the qualified public depository. 533

Section 16. Paragraph (

b) of subsection (4) of

section 534 280.17, Florida Statutes, is amended, and, for the purpose of 535 incorporating the amendment made by this act to

section 280.02, 536 Florida Statutes, in a reference thereto, paragraph (

a) of 537 subsection (1) of

section 280.17, Florida Statutes, is 538 reenacted, to read: 539 280.17 Requirements for public depositors; notice to public 540 depositors and governmental units; loss of protection.—In 541 addition to any other requirement specified in this chapter, 542 public depositors shall comply with the following: 543 (1)(

a) Each official custodian of moneys that meet the 544 definition of a public deposit under s. 280.02 shall ensure such 545 moneys are placed in a qualified public depository unless the 546 moneys are exempt under the laws of this state. 547

(4) If public deposits are in a qualified public depository 548 that has been declared to be in default or insolvent, each 549 public depositor shall: 550 (

b) Submit to the Chief Financial Officer for each public 551

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 20 of 34 CODING: Words stricken are deletions; words underlined are additions. deposit, within 30 days after the date of official notification 552 from the Chief Financial Officer, the following: 553 1. A claim form and agreement, as prescribed by the Chief 554 Financial Officer, executed under oath, accompanied by proof of 555 authority to execute the form on behalf of the public depositor. 556 2. A completed public deposit identification and 557 acknowledgment form, as described in subsection (2). 558 3.

Evidence of the insurance afforded the deposit pursuant 559 to the Federal Deposit Insurance Act or the Federal Credit Union 560 Act, as appropriate. 561

Section 17. For the purpose of incorporating the amendment 562 made by this act to

section 280.02, Florida Statutes, in a 563 reference thereto, paragraph (

a) of subsection (7) of

section 564 17.57, Florida Statutes, is reenacted to read: 565 17.57 Deposits and investments of state money.— 566

(7) In addition to the deposits authorized under this 567

section and notwithstanding any other provisions of law, funds 568 that are not needed to meet the disbursement needs of the state 569 may be deposited by the Chief Financial Officer in accordance 570 with the following conditions: 571 (

a) The funds are initially deposited in a qualified public 572 depository, as defined in s. 280.02, selected by the Chief 573 Financial Officer. 574

Section 18. For the purpose of incorporating the amendment 575 made by this act to

section 280.02, Florida Statutes, in a 576 reference thereto, subsection (1) of

section 24.114, Florida 577 Statutes, is reenacted to read: 578 24.114 Bank deposits and control of lottery transactions.— 579

(1) All moneys received by each retailer from the operation 580

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 21 of 34 CODING: Words stricken are deletions; words underlined are additions. of the state lottery, including, but not limited to, all ticket 581 sales, interest, gifts, and donations, less the amount retained 582 as compensation for the sale of the tickets and the amount paid 583 out as prizes, shall be remitted to the department or deposited 584 in a qualified public depository, as defined in s. 280.02, as 585 directed by the department.

The department shall have the 586 responsibility for all administrative functions related to the 587 receipt of funds. The department may also require each retailer 588 to file with the department reports of the retailer’s receipts 589 and transactions in the sale of lottery tickets in such form and 590 containing such information as the department may require.

The 591 department may require any person, including a qualified public 592 depository, to perform any function, activity, or service in 593 connection with the operation of the lottery as it may deem 594 advisable pursuant to this act and rules of the department, and 595 such functions, activities, or services shall constitute lawful 596 functions, activities, and services of such person. 597

Section 19. For the purpose of incorporating the amendment 598 made by this act to

section 280.02, Florida Statutes, in a 599 reference thereto, paragraph (

e) of subsection (3) of

section 600 125.901, Florida Statutes, is reenacted to read: 601 125.901 Children’s services; independent special district; 602 council; powers, duties, and functions; public records 603 exemption.— 604 (3) 605 (e)1. All moneys received by the council on children’s 606 services shall be deposited in qualified public depositories, as 607 defined in s. 280.02, with separate and distinguishable accounts 608 established specifically for the council and shall be withdrawn 609

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 22 of 34 CODING: Words stricken are deletions; words underlined are additions. only by checks signed by the chair of the council and 610 countersigned by either one other member of the council on 611 children’s services or by a chief executive officer who shall be 612 so authorized by the council. 613 2.

Upon entering the duties of office, the chair and the 614 other member of the council or chief executive officer who signs 615 its checks shall each give a surety bond in the sum of at least 616 $1,000 for each $1 million or portion thereof of the council’s 617 annual budget, which bond shall be conditioned that each shall 618 faithfully discharge the duties of his or her office. The 619 premium on such bond may be paid by the district as part of the 620 expense of the council. No other member of the council shall be 621 required to give bond or other security. 622 3.

No funds of the district shall be expended except by 623 check as aforesaid, except expenditures from a petty cash 624 account which shall not at any time exceed $100. All 625 expenditures from petty cash shall be recorded on the books and 626 records of the council on children’s services. No funds of the 627 council on children’s services, excepting expenditures from 628 petty cash, shall be expended without prior approval of the 629 council, in addition to the budgeting thereof. 630

Section 20. For the purpose of incorporating the amendment 631 made by this act to

section 280.02, Florida Statutes, in a 632 reference thereto,

section 136.01, Florida Statutes, is 633 reenacted to read: 634 136.01 County depositories.—Each county depository shall be 635 a qualified public depository as defined in s. 280.02 for the 636 following funds: county funds; funds of all county officers, 637 including constitutional officers; funds of the school board; 638

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 23 of 34 CODING: Words stricken are deletions; words underlined are additions. and funds of the community college district board of trustees. 639 This enumeration of funds is made not by way of limitation, but 640 of illustration; and it is the intent hereof that all funds of 641 the county, the board of county commissioners or the several 642 county officers, the school board, or the community college 643 district board of trustees be included. 644

Section 21. For the purpose of incorporating the amendment 645 made by this act to

section 280.02, Florida Statutes, in a 646 reference thereto, subsection (11) of

section 159.608, Florida 647 Statutes, is reenacted to read: 648 159.608 Powers of housing finance authorities.—A housing 649 finance authority shall constitute a public body corporate and 650 politic, exercising the public and essential governmental 651 functions set forth in this act, and shall exercise its power to 652 borrow only for the purpose as provided herein: 653

(11) To invest and reinvest surplus funds of the housing 654 finance authority in accordance with s. 218.415. However, in 655 addition to the investments expressly authorized in s. 656 218.415(16)(a)-(

g) and (17)(a)-(d), a housing finance authority 657 may invest surplus funds in interest-bearing time deposits or 658 savings accounts that are fully insured by the Federal Deposit 659 Insurance Corporation regardless of whether the bank or 660 financial institution in which the deposit or investment is made 661 is a qualified public depository as defined in s. 280.02. This 662 subsection is supplementary to and may not be construed as 663 limiting any powers of a housing finance authority or providing 664 or implying a limiting construction of any other statutory 665 provision. 666

Section 22. For the purpose of incorporating the amendment 667

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 24 of 34 CODING: Words stricken are deletions; words underlined are additions. made by this act to

section 280.02, Florida Statutes, in a 668 reference thereto,

section 175.301, Florida Statutes, is 669 reenacted to read: 670 175.301 Depository for pension funds.—For any municipality, 671 special fire control district,

chapter plan, local law 672 municipality, local law special fire control district, or local 673 law plan under this chapter, all funds of the firefighters’ 674 pension trust fund of any

chapter plan or local law plan under 675 this

chapter may be deposited by the board of trustees with the 676 treasurer of the municipality or special fire control district, 677 acting in a ministerial capacity only, who shall be liable in 678 the same manner and to the same extent as he or she is liable 679 for the safekeeping of funds for the municipality or special 680 fire control district. However, any funds so deposited with the 681 treasurer of the municipality or special fire control district 682 shall be kept in a separate fund by the treasurer or clearly 683 identified as such funds of the firefighters’ pension trust 684 fund.

In lieu thereof, the board of trustees shall deposit the 685 funds of the firefighters’ pension trust fund in a qualified 686 public depository as defined in s. 280.02, which depository with 687 regard to such funds shall conform to and be bound by all of the 688 provisions of

chapter 280. 689

Section 23. For the purpose of incorporating the amendment 690 made by this act to

section 280.02, Florida Statutes, in 691 references thereto, subsection (8) of

section 175.401, Florida 692 Statutes, is reenacted to read: 693 175.401 Retiree health insurance subsidy.—For any 694 municipality, special fire control district,

chapter plan, local 695 law municipality, local law special fire control district, or 696

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 25 of 34 CODING: Words stricken are deletions; words underlined are additions. local law plan under this chapter, under the broad grant of home 697 rule powers under the State Constitution and

chapter 166, 698 municipalities have the authority to establish and administer 699 locally funded health insurance subsidy programs. In addition, 700 special fire control districts may, by resolution, establish and 701 administer locally funded health insurance subsidy programs. 702 Pursuant thereto: 703

(8) DEPOSIT OF HEALTH INSURANCE SUBSIDY FUNDS.—All funds of 704 the health insurance subsidy fund may be deposited by the board 705 of trustees with the treasurer of the municipality or special 706 fire control district, acting in a ministerial capacity only, 707 who shall be liable in the same manner and to the same extent as 708 he or she is liable for the safekeeping of funds for the 709 municipality or special fire control district. Any funds so 710 deposited shall be segregated by the treasurer in a separate 711 fund, clearly identified as funds of the health insurance 712 subsidy fund.

In lieu thereof, the board of trustees shall 713 deposit the funds of the health insurance subsidy fund in a 714 qualified public depository as defined in s. 280.02, which shall 715 conform to and be bound by the provisions of

chapter 280 with 716 regard to such funds. In no case shall the funds of the health 717 insurance subsidy fund be deposited in any financial 718 institution, brokerage house trust company, or other entity that 719 is not a public depository as provided by s. 280.02. 720

Section 24. For the purpose of incorporating the amendment 721 made by this act to

section 280.02, Florida Statutes, in a 722 reference thereto,

section 185.30, Florida Statutes, is 723 reenacted to read: 724 185.30 Depository for retirement fund.—For any 725

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 26 of 34 CODING: Words stricken are deletions; words underlined are additions. municipality,

chapter plan, local law municipality, or local law 726 plan under this chapter, all funds of the municipal police 727 officers’ retirement trust fund of any municipality,

chapter 728 plan, local law municipality, or local law plan under this 729

chapter may be deposited by the board of trustees with the 730 treasurer of the municipality acting in a ministerial capacity 731 only, who shall be liable in the same manner and to the same 732 extent as he or she is liable for the safekeeping of funds for 733 the municipality. However, any funds so deposited with the 734 treasurer of the municipality shall be kept in a separate fund 735 by the municipal treasurer or clearly identified as such funds 736 of the municipal police officers’ retirement trust fund.

In lieu 737 thereof, the board of trustees shall deposit the funds of the 738 municipal police officers’ retirement trust fund in a qualified 739 public depository as defined in s. 280.02, which depository with 740 regard to such funds shall conform to and be bound by all of the 741 provisions of

chapter 280. 742

Section 25. For the purpose of incorporating the amendment 743 made by this act to

section 280.02, Florida Statutes, in 744 references thereto, subsection (8) of

section 185.50, Florida 745 Statutes, is reenacted to read: 746 185.50 Retiree health insurance subsidy.—For any 747 municipality,

chapter plan, local law municipality, or local law 748 plan under this chapter, under the broad grant of home rule 749 powers under the State Constitution and

chapter 166, 750 municipalities have the authority to establish and administer 751 locally funded health insurance subsidy programs. Pursuant 752 thereto: 753

(8) DEPOSIT OF PENSION FUNDS.—All funds of the health 754

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 27 of 34 CODING: Words stricken are deletions; words underlined are additions. insurance subsidy fund may be deposited by the board of trustees 755 with the treasurer of the municipality, acting in a ministerial 756 capacity only, who shall be liable in the same manner and to the 757 same extent as he or she is liable for the safekeeping of funds 758 for the municipality. Any funds so deposited shall be segregated 759 by said treasurer in a separate fund, clearly identified as 760 funds of the health insurance subsidy fund.

In lieu thereof, the 761 board of trustees shall deposit the funds of the health 762 insurance subsidy fund in a qualified public depository as 763 defined in s. 280.02, which shall conform to and be bound by the 764 provisions of

chapter 280 with regard to such funds. In no case 765 shall the funds of the health insurance subsidy fund be 766 deposited in any financial institution, brokerage house trust 767 company, or other entity that is not a public depository as 768 provided by s. 280.02. 769

Section 26. For the purpose of incorporating the amendment 770 made by this act to

section 280.02, Florida Statutes, in a 771 reference thereto, subsection (3) of

section 190.007, Florida 772 Statutes, is reenacted to read: 773 190.007 Board of supervisors; general duties.— 774

(3) The board is authorized to select as a depository for 775 its funds any qualified public depository as defined in s. 776 280.02 which meets all the requirements of

chapter 280 and has 777 been designated by the Chief Financial Officer as a qualified 778 public depository, upon such terms and conditions as to the 779 payment of interest by such depository upon the funds so 780 deposited as the board may deem just and reasonable. 781

Section 27. For the purpose of incorporating the amendment 782 made by this act to

section 280.02, Florida Statutes, in a 783

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 28 of 34 CODING: Words stricken are deletions; words underlined are additions. reference thereto, subsection (16) of

section 191.006, Florida 784 Statutes, is reenacted to read: 785 191.006 General powers.—The district shall have, and the 786 board may exercise by majority vote, the following powers: 787

(16) To select as a depository for its funds any qualified 788 public depository as defined in s. 280.02 which meets all the 789 requirements of

chapter 280 and has been designated by the Chief 790 Financial Officer as a qualified public depository, upon such 791 terms and conditions as to the payment of interest upon the 792 funds deposited as the board deems just and reasonable. 793

Section 28. For the purpose of incorporating the amendment 794 made by this act to

section 280.02, Florida Statutes, in a 795 reference thereto, subsection (2) of

section 215.34, Florida 796 Statutes, is reenacted to read: 797 215.34 State funds; noncollectible items; procedure.— 798

(2) Whenever a check, draft, or other order for the payment 799 of money is returned by the Chief Financial Officer, or by a 800 qualified public depository as defined in s. 280.02, to a state 801 officer, a state agency, or the judicial branch for collection, 802 the officer, agency, or judicial branch shall add to the amount 803 due a service fee of $15 or 5 percent of the face amount of the 804 check, draft, or order, whichever is greater.

An agency or the 805 judicial branch may adopt a rule which prescribes a lesser 806 maximum service fee, which shall be added to the amount due for 807 the dishonored check, draft, or other order tendered for a 808 particular service, license, tax, fee, or other charge, but in 809 no event shall the fee be less than $15. The service fee shall 810 be in addition to all other penalties imposed by law, except 811 that when other charges or penalties are imposed by an agency 812

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 29 of 34 CODING: Words stricken are deletions; words underlined are additions. related to a noncollectible item, the amount of the service fee 813 shall not exceed $150. Proceeds from this fee shall be deposited 814 in the same fund as the collected item. Nothing in this

section 815 shall be construed as authorization to deposit moneys outside 816 the State Treasury unless specifically authorized by law. 817

Section 29. For the purpose of incorporating the amendment 818 made by this act to

section 280.02, Florida Statutes, in 819 references thereto, paragraph (

c) of subsection (16), paragraph 820 (

c) of subsection (17), and paragraph (

a) of subsection (23) of 821

section 218.415, Florida Statutes, are reenacted to read: 822 218.415 Local government investment policies.—Investment 823 activity by a unit of local government must be consistent with a 824 written investment plan adopted by the governing body, or in the 825 absence of the existence of a governing body, the respective 826 principal officer of the unit of local government and maintained 827 by the unit of local government or, in the alternative, such 828 activity must be conducted in accordance with subsection (17). 829 Any such unit of local government shall have an investment 830 policy for any public funds in excess of the amounts needed to 831 meet current expenses as provided in subsections (1)-(16), or 832 shall meet the alternative investment guidelines contained in 833 subsection (17).

Such policies shall be structured to place the 834 highest priority on the safety of principal and liquidity of 835 funds. The optimization of investment returns shall be secondary 836 to the requirements for safety and liquidity. Each unit of local 837 government shall adopt policies that are commensurate with the 838 nature and size of the public funds within its custody. 839

(16) AUTHORIZED INVESTMENTS; WRITTEN INVESTMENT POLICIES.—840 Those units of local government electing to adopt a written 841

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 30 of 34 CODING: Words stricken are deletions; words underlined are additions. investment policy as provided in subsections (1)-(15) may by 842 resolution invest and reinvest any surplus public funds in their 843 control or possession in: 844 (

c) Interest-bearing time deposits or savings accounts in 845 qualified public depositories as defined in s. 280.02. 846

(17) AUTHORIZED INVESTMENTS; NO WRITTEN INVESTMENT POLICY.—847 Those units of local government electing not to adopt a written 848 investment policy in accordance with investment policies 849 developed as provided in subsections (1)-(15) may invest or 850 reinvest any surplus public funds in their control or possession 851 in: 852 (

c) Interest-bearing time deposits or savings accounts in 853 qualified public depositories, as defined in s. 280.02. 854 855 The securities listed in paragraphs (

c) and (

d) shall be 856 invested to provide sufficient liquidity to pay obligations as 857 they come due. 858

(23) AUTHORIZED DEPOSITS.—In addition to the investments 859 authorized for local governments in subsections (16) and (17) 860 and notwithstanding any other provisions of law, a unit of local 861 government may deposit any portion of surplus public funds in 862 its control or possession in accordance with the following 863 conditions: 864 (

a) The funds are initially deposited in a qualified public 865 depository, as defined in s. 280.02, selected by the unit of 866 local government. 867

Section 30. For the purpose of incorporating the amendment 868 made by this act to

section 280.02, Florida Statutes, in a 869 reference thereto, paragraph (

h) of subsection (4) of

section 870

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 31 of 34 CODING: Words stricken are deletions; words underlined are additions. 255.502, Florida Statutes, is reenacted to read: 871 255.502

Definitions; ss. 255.501-255.525.—As used in this 872 act, the following words and terms shall have the following 873 meanings unless the context otherwise requires: 874 (4) “Authorized investments” means and includes without 875 limitation any investment in: 876 (

h) Savings accounts in, or certificates of deposit of, 877 qualified public depositories as defined in s. 280.02, in an 878 amount that does not exceed 15 percent of the net worth of the 879 institution, or a lesser amount as determined by rule by the 880 State Board of Administration, provided such savings accounts 881 and certificates of deposit are secured in the manner prescribed 882 in

chapter 280. 883 884 Investments in any security authorized in this subsection may be 885 under repurchase agreements or reverse repurchase agreements. 886

Section 31. For the purpose of incorporating the amendment 887 made by this act to

section 280.02, Florida Statutes, in a 888 reference thereto, subsection (15) of

section 280.051, Florida 889 Statutes, is reenacted to read: 890 280.051 Grounds for suspension or disqualification of a 891 qualified public depository.—A qualified public depository may 892 be suspended or disqualified or both if the Chief Financial 893 Officer determines that the qualified public depository has: 894

(15) No longer meets the definition of a qualified public 895 depository under s. 280.02. 896

Section 32. For the purpose of incorporating the amendment 897 made by this act to

section 280.02, Florida Statutes, in a 898 reference thereto, subsection (1) of

section 280.18, Florida 899

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 32 of 34 CODING: Words stricken are deletions; words underlined are additions. Statutes, is reenacted to read: 900 280.18 Protection of public depositors; liability of the 901 state.— 902

(1) When public deposits are made in accordance with this 903 chapter, there shall be protection from loss to public 904 depositors, as defined in s. 280.02, in the absence of 905 negligence, malfeasance, misfeasance, or nonfeasance on the

part 906 of the public depositor or on the part of his or her agents or 907 employees. 908

Section 33. For the purpose of incorporating the amendment 909 made by this act to

section 280.02, Florida Statutes, in 910 references thereto, subsections (1) and (2) of

section 331.309, 911 Florida Statutes, are reenacted to read: 912 331.309 Treasurer; depositories; fiscal agent.— 913

(1) The board shall designate an individual who is a 914 resident of the state, or a qualified public depository as 915 defined in s. 280.02, as treasurer of Space Florida, who shall 916 have charge of the funds of Space Florida. Such funds shall be 917 disbursed only upon the order of or pursuant to the resolution 918 of the board by warrant, check, authorization, or direct deposit 919 pursuant to s. 215.85, signed or authorized by the treasurer or 920 his or her representative or by such other persons as may be 921 authorized by the board.

The board may give the treasurer such 922 other or additional powers and duties as the board may deem 923 appropriate and shall establish the treasurer’s compensation. 924 The board may require the treasurer to give a bond in such 925 amount, on such terms, and with such sureties as may be deemed 926 satisfactory to the board to secure the performance by the 927 treasurer of his or her powers and duties. The board shall audit 928

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 33 of 34 CODING: Words stricken are deletions; words underlined are additions. or have audited the books of the treasurer at least once a year. 929

(2) The board is authorized to select as depositories in 930 which the funds of the board and of Space Florida shall be 931 deposited any qualified public depository as defined in s. 932 280.02, upon such terms and conditions as to the payment of 933 interest by such depository upon the funds so deposited as the 934 board may deem just and reasonable. The funds of Space Florida 935 may be kept in or removed from the State Treasury upon written 936 notification from the chair of the board to the Chief Financial 937 Officer. 938

Section 34. For the purpose of incorporating the amendment 939 made by this act to

section 280.02, Florida Statutes, in a 940 reference thereto, subsection (2) of

section 373.553, Florida 941 Statutes, is reenacted to read: 942 373.553 Treasurer of the board; payment of funds; 943 depositories.— 944

(2) The board is authorized to select as depositories in 945 which the funds of the board and of the district shall be 946 deposited in any qualified public depository as defined in s. 947 280.02, and such deposits shall be secured in the manner 948 provided in

chapter 280. 949

Section 35. For the purpose of incorporating the amendment 950 made by this act to

section 280.02, Florida Statutes, in a 951 reference thereto,

section 631.221, Florida Statutes, is 952 reenacted to read: 953 631.221 Deposit of moneys collected.—The moneys collected 954 by the department in a proceeding under this

chapter shall be 955 deposited in a qualified public depository as defined in s. 956 280.02, which depository with regards to such funds shall 957

Florida Senate - 2024 SB 1018 11-00205B-24 20241018__ Page 34 of 34 CODING: Words stricken are deletions; words underlined are additions. conform to and be bound by all the provisions of

chapter 280, or 958 invested with the Chief Financial Officer pursuant to

chapter 959 18. For the purpose of accounting for the assets and 960 transactions of the estate, the receiver shall use such 961 accounting books, records, and systems as the court directs 962 after it hears and considers the recommendations of the 963 receiver. 964

Section 36. For the purpose of incorporating the amendment 965 made by this act to

section 280.02, Florida Statutes, in a 966 reference thereto, paragraph (

c) of subsection (3) of

section 967 723.06115, Florida Statutes, is reenacted to read: 968 723.06115 Florida Mobile Home Relocation Trust Fund.— 969

(3) The department shall distribute moneys in the Florida 970 Mobile Home Relocation Trust Fund to the Florida Mobile Home 971 Relocation Corporation in accordance with the following: 972 (

c) Funds transferred from the trust fund to the 973 corporation shall be transferred electronically and shall be 974 transferred to and maintained in a qualified public depository 975 as defined in s. 280.02 which is specified by the corporation. 976

Section 37. This act shall take effect July 1, 2024. 977