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Florida Public Business Code Section 280.03 - Security For Public Deposits - Public deposits to be secured; prohibitions; exemptions.

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Title XIX   PUBLIC BUSINESS

Chapter 280   SECURITY FOR PUBLIC DEPOSITS

280.03  Public deposits to be secured; prohibitions; exemptions.--

(1)(a)  All public deposits shall be secured as provided in this chapter when public depositors comply with the requirements of this chapter.

(b)  Public deposits shall be made in a qualified public depository unless exempted by law.

(2)  Public funds shall not be deposited directly or indirectly in negotiable certificates of deposit.

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

(a)  Public deposits deposited in a bank or savings association by a trust department or trust company which are fully secured under trust business laws.

(b)  Moneys of the System Trust Fund, as defined in s. 121.021(36).

(c)  Public deposits held outside the country.

(d)  Wire transfers and transfers of funds solely for the purpose of paying registrars and paying agents.

(e)  Public deposits which are fully secured under federal regulations.

(f)  Public deposits made in accordance with s. 17.57(7) or s. 218.415(23).

History.--s. 3, ch. 81-285; s. 8, ch. 83-122; s. 2, ch. 85-259; s. 55, ch. 86-152; s. 4, ch. 86-236; s. 2, ch. 87-409; s. 6, ch. 90-357; s. 2, ch. 93-75; s. 5, ch. 96-216; s. 17, ch. 97-30; s. 12, ch. 98-409; s. 3, ch. 2005-126.

Last modified: November 21, 2006