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Florida Statute 280.02 | Lawyer Caselaw & Research
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The 2024 Florida Statutes

Title XIX
PUBLIC BUSINESS
Chapter 280
SECURITY FOR PUBLIC DEPOSITS
View Entire Chapter
F.S. 280.02
280.02 Definitions.—As used in this chapter, the term:
(1) “Affiliate” means an entity that is related through a parent corporation’s controlling interest. The term also includes a financial institution holding company or a subsidiary or service corporation of such holding company.
(2) “Alternative participation agreement” means an agreement of restrictions that a qualified public depository completes as an alternative to withdrawing from the public deposits program due to financial condition.
(3) “Average daily balance” means the average daily balance of public deposits held during the reported month. The average daily balance shall be determined by totaling, by account, the daily balances held by the depositor and dividing the total by the number of calendar days in the month. Deposit insurance is then deducted from each account balance and the resulting amounts are totaled to obtain the average daily balance.
(4) “Average monthly balance” means the average monthly balance of public deposits held by the depository during any 12 calendar months. The average monthly balance of the previous 12 calendar months shall be determined by adding the average daily balance for the reported month and the average daily balances for the 11 months preceding that month and dividing the total by 12.
(5) “Book-entry form” means that securities are not represented by a paper certificate but represented by an account entry on the records of a depository trust clearing system or, in the case of United States Government securities, a Federal Reserve Bank.
(6) “Capital account” or “tangible equity capital” means total equity capital, as defined on the balance-sheet portion of the Consolidated Reports of Condition and Income (call report), or net worth, as described in the National Credit Union Administration 5300 Call Report, less intangible assets, as submitted to the regulatory financial authority.
(7) “Chief Financial Officer’s custody” is a collateral arrangement governed by a contract between a designated Chief Financial Officer’s custodian and the Chief Financial Officer. This arrangement requires that collateral be in the Chief Financial Officer’s name in order to perfect the security interest.
(8) “Collateral-pledging level” means the percentage of collateral required to be pledged by a qualified public depository as provided under s. 280.04.
(9) “Current month” means the month immediately following the month for which the monthly report is due from qualified public depositories.
(10) “Custodian” means the Chief Financial Officer or a bank, credit union, savings association, or trust company that:
(a) Is organized and existing under the laws of this state, any other state, or the United States;
(b) Has executed all forms required under this chapter or any rule adopted hereunder;
(c) Agrees to be subject to the jurisdiction of the courts of this state, or of the courts of the United States which are located within this state, for the purpose of any litigation arising out of this chapter; and
(d) Has been approved by the Chief Financial Officer to act as a custodian.
(11) “Default or insolvency” includes, without limitation, the failure or refusal of a qualified public depository to pay a check or warrant drawn upon sufficient and collected funds by a public depositor or to return a deposit on demand or at maturity together with interest as agreed; the issuance of an order by a supervisory authority restraining such depository from making payments of deposit liabilities; or the appointment of a receiver for such depository.
(12) “Effective date of notice of withdrawal or order of discontinuance” pursuant to s. 280.11(3) means that date which is set out as such in any notice of withdrawal or order of discontinuance from the Chief Financial Officer.
(13) “Eligible collateral” means securities, Federal Home Loan Bank letters of credit, and cash, as designated in s. 280.13.
(14) “Financial institution” means, including, but not limited to, an association, bank, brokerage firm, credit union, industrial savings bank, savings and loan association, trust company, or other type of financial institution organized under the laws of this state or any other state of the United States and doing business in this state or any other state, in the general nature of the business conducted by banks and savings associations.
(15) “Governmental unit” means the state or any county, school district, community college district, state university, special district, metropolitan government, or municipality, including any agency, board, bureau, commission, and institution of any of such entities, or any court.
(16) “Loss to public depositors” means loss of all principal and all interest or other earnings on the principal accrued or accruing as of the date the qualified public depository was declared in default or insolvent.
(17) “Market value” means the value of collateral calculated pursuant to s. 280.04.
(18) “Operating subsidiary” means the qualified public depository’s 100-percent owned corporation that has ownership of pledged collateral. The operating subsidiary may not have powers beyond those that its parent qualified public depository may itself exercise. The use of an operating subsidiary is at the discretion of the qualified public depository and must meet the Chief Financial Officer’s requirements.
(19) “Pledged collateral” means securities or cash held separately and distinctly by an eligible custodian for the benefit of the Chief Financial Officer to be used as security for Florida public deposits. This includes maturity and call proceeds.
(20) “Pledgor” means the qualified public depository and, if one is used, operating subsidiary.
(21) “Pool figure” means the total average monthly balances of public deposits held by all banks, savings banks, or savings associations or held separately by all credit unions during the immediately preceding 12-month period.
(22) “Previous month” means the month or months immediately preceding the month for which a monthly report is due from qualified public depositories.
(23) “Public deposit” means the moneys of the state or of any state university, county, school district, community college district, special district, metropolitan government, or municipality, including agencies, boards, bureaus, commissions, and institutions of any of the foregoing, or of any court, and includes the moneys of all county officers, including constitutional officers, which are placed on deposit in a bank, credit union, savings bank, or savings association. This includes, but is not limited to, time deposit accounts, demand deposit accounts, and nonnegotiable certificates of deposit. Moneys in deposit notes and in other nondeposit accounts such as repurchase or reverse repurchase operations are not public deposits. Securities, mutual funds, and similar types of investments are not public deposits and are not subject to this chapter.
(24) “Public depositor” means the official custodian of funds for a governmental unit who is responsible for handling public deposits.
(25) “Public deposits program” means the Florida Security for Public Deposits Act contained in this chapter and any rule adopted under this chapter.
(26) “Qualified public depository” means a bank, credit union, savings bank, or savings association that:
(a) Is organized and exists under the laws of the United States, the laws of this state, or the laws of any other state or territory of the United States.
(b) Has its principal place of business in this state or has a branch office in this state which is authorized under the laws of this state or of the United States to receive deposits in this state.
(c) Is insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund.
(d) Has procedures and practices for accurate identification, classification, reporting, and collateralization of public deposits.
(e) Makes determinations about the provision of services or the denial of services based on an analysis of risk factors unique to each customer or member. This paragraph does not restrict a qualified public depository that claims a religious purpose from making such determinations based on the religious beliefs, religious exercise, or religious affiliations of a customer or member.
(f) Does not engage in the unsafe and unsound practice of denying, canceling, suspending, or terminating its services to a person, or otherwise discriminating against a person in making available such services or in the terms or conditions of such services, on the basis of:
1. The person’s political opinions, speech, or affiliations;
2. Except as provided in paragraph (e), the person’s religious beliefs, religious exercise, or religious affiliations;
3. Any factor if it is not a quantitative, impartial, and risk-based standard, including any such factor related to the person’s business sector; or
4. The use of any rating, scoring, analysis, tabulation, or action that considers a social credit score based on factors including, but not limited to:
a. The person’s political opinions, speech, or affiliations.
b. The person’s religious beliefs, religious exercise, or religious affiliations.
c. The person’s lawful ownership of a firearm.
d. The person’s engagement in the lawful manufacture, distribution, sale, purchase, or use of firearms or ammunition.
e. The person’s engagement in the exploration, production, utilization, transportation, sale, or manufacture of fossil fuel-based energy, timber, mining, or agriculture.
f. The person’s support of the state or Federal Government in combating illegal immigration, drug trafficking, or human trafficking.
g. The person’s engagement with, facilitation of, employment by, support of, business relationship with, representation of, or advocacy for any person described in this subparagraph.
h. The person’s failure to meet or commit to meet, or expected failure to meet, any of the following as long as such person is in compliance with applicable state or federal law:
(I) Environmental standards, including emissions standards, benchmarks, requirements, or disclosures;
(II) Social governance standards, benchmarks, or requirements, including, but not limited to, environmental or social justice;
(III) Corporate board or company employment composition standards, benchmarks, requirements, or disclosures based on characteristics protected under the Florida Civil Rights Act of 1992; or
(IV) Policies or procedures requiring or encouraging employee participation in social justice programming, including, but not limited to, diversity, equity, or inclusion training.
(g) Meets all the requirements of this chapter.
(h) Has been designated by the Chief Financial Officer as a qualified public depository.
(27) “Reported month” means the month for which a monthly report is due from qualified public depositories.
(28) “Required collateral” of a qualified public depository means eligible collateral having a market value equal to or in excess of the amount required under s. 280.04.
(29) “Triggering events” are events set out in s. 280.041 which give the Chief Financial Officer the right to:
(a) Instruct the custodian to transfer securities pledged, interest payments, and other proceeds of pledged collateral not previously credited to the pledgor.
(b) Demand payment under letters of credit.
History.—s. 3, ch. 81-285; s. 7, ch. 83-122; s. 1, ch. 84-216; s. 1, ch. 85-259; s. 1, ch. 86-84; s. 1, ch. 87-409; s. 1, ch. 88-185; s. 5, ch. 90-357; s. 10, ch. 91-244; s. 4, ch. 96-216; s. 1, ch. 97-30; s. 11, ch. 98-409; s. 1, ch. 2000-352; s. 1, ch. 2001-230; s. 286, ch. 2003-261; s. 33, ch. 2007-217; s. 1, ch. 2014-145; s. 14, ch. 2023-28; ss. 38, 67, ch. 2024-140.

F.S. 280.02 on Google Scholar

F.S. 280.02 on Casetext

Amendments to 280.02


Arrestable Offenses / Crimes under Fla. Stat. 280.02
Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 280.02.

Annotations, Discussions, Cases:

Cases Citing Statute 280.02

Total Results: 20

In Re: Amendment to Florida Rule of Civil Procedure 1.280

Court: Fla. | Date Filed: 2023-11-02T00:00:00-07:00

Snippet: Amendment to Florida Rule of Civil Procedure 1.280 2 November 2023 Published 7f7991fcfd9415318020eb1d5414359618e56a87

UNITED AUTOMOBILE INSURANCE COMPANY v. BEST AMERICAN DIAGNOSTIC CENTER, INC., A/A/O SANDRA MUHLIG

Court: Fla. Dist. Ct. App. | Date Filed: 2022-02-22T23:53:00-08:00

Snippet: Radiology, LLC, a/a/o Maria D. Rodriguez, 3D21-280. 2 Generally, an appellate court must apply decisional

UNITED AUTOMOBILE INSURANCE COMPANY v. MILLENNIUM RADIOLOGY, LLC, D/B/A MILLENNIUM OPEN MRI, A/A/O YADIRA BOUDIER

Court: Fla. Dist. Ct. App. | Date Filed: 2022-02-22T23:53:00-08:00

Snippet: Radiology, LLC, a/a/o Maria D. Rodriguez, 3D21-280. 2 Generally, an appellate court must apply decisional

In Re: Amendments to Florida Rules of Civil Procedure 1.280 and 1.340

Court: Fla. | Date Filed: 2021-10-07T00:53:00-07:00

Snippet: (h) (Apex Doctrine) to rule 1.280. -2- These changes are for clarity

Universal Insurance Co. of North America v. Warfel

Court: Fla. | Date Filed: 2012-01-26T00:00:00-08:00

Citation: 82 So. 3d 47, 37 Fla. L. Weekly Supp. 50, 2012 WL 224104, 2012 Fla. LEXIS 195

Snippet: insurable sinkhole losses on any structure.” Ch. 81-280, § 2, Laws of Fla. In 1992, the Florida Legislature

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Court: Fla. Att'y Gen. | Date Filed: 2003-12-14T23:53:00-08:00

Snippet: a qualified public depository as defined in s. 280.02 for the following funds: county funds; funds of

Mason v. Load King Mfg. Co.

Court: Fla. Dist. Ct. App. | Date Filed: 1998-04-15T00:53:00-07:00

Citation: 715 So. 2d 279

Snippet: warned that his job was in jeopardy. Thereafter, *280 two more events occurred which impacted his employment

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Court: Fla. Att'y Gen. | Date Filed: 1997-06-30T00:53:00-07:00

Snippet: provisions in Chapter 665, Florida Statutes. 9 Section 280.02(13), Fla. Stat. (1996 Supp.). 10 See, Op. Att'…within the provisions thereof." 11 Section 280.02(16), Fla. Stat. (1996 Supp.). 12 See, Department

Rankin v. State

Court: Fla. Dist. Ct. App. | Date Filed: 1993-05-21T00:53:00-07:00

Citation: 620 So. 2d 1028

Snippet: for under the version in place before Chapter 89-280.[2] As noted, the applicable version of the statute

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Court: Fla. Att'y Gen. | Date Filed: 1987-04-14T00:53:00-07:00

Snippet: Act," as a superseding general law. Cf., s. 280.02(3), F.S., defining "[p]ublic deposit."

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Court: Fla. Att'y Gen. | Date Filed: 1987-03-10T23:53:00-08:00

Snippet: AUTHORIZED TO ADOPT AN ORDINANCE SIMILAR TO s. 163.280(2), F.S. 1983, WHICH WOULD PERMIT THE BOARD TO VACATE…SUBDIVISIONS ON ITS OWN INITIATIVE? Section 163.280(2), F.S. 1983, provided that a governing body, including…substantially similar to the provisions of s. 163.280(2), F.S. 1983. The Legislature's declaration of…125.01(1) to adopt an ordinance similar to s. 163.280(2), F.S. 1983, which would permit the board to vacate…legislative intent with respect to the repeal of s. 163.280(2), supra, codified at s. 163.3161(8), F.S. Additionally

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Court: Fla. Att'y Gen. | Date Filed: 1986-11-23T23:53:00-08:00

Snippet: CITIBANK BE A QUALIFIED DEPOSITORY AS DEFINED IN s. 280.02(3), F.S.? B. ELIGIBLE COLLATERAL BE DEPOSITED…funds in banking institutions. Subsection (3) of s. 280.02, F.S., defines "Public deposit" to mean…Treasurer as a qualified public depository. And see, s. 280.02(6), F.S., as amended by Ch. 86-84, Laws of Florida…qualified public depository" as defined in s. 280.02(5), F.S. The provisions of Ch. 280, F.S., as amended

Maselli v. Orange County

Court: Fla. Dist. Ct. App. | Date Filed: 1986-05-22T00:00:00-07:00

Citation: 488 So. 2d 904, 11 Fla. L. Weekly 1185, 1986 Fla. App. LEXIS 7953

Snippet: order. The county acted pursuant to section 163.280(2), Florida Statutes (1983) which provides: The governing…*906ed,2 but it is specific. Under section 163.-280(2), the governing body may order the vacation if (… “proposed” for the word “order” in section 163.280(2) was error because it results in an improper judicial… the vacation of subdivision plats. Section 163.280(2), Florida Statutes (1983) was the result. This section

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Court: Fla. Att'y Gen. | Date Filed: 1984-04-02T23:53:00-08:00

Snippet: the state." Public deposits as defined by s 280.02(1), F.S., or moneys of the state, including its…qualified public depository, which is defined by s 280.02(3), F.S., to mean any bank or savings association…Treasurer as a qualified public depository. See, ss 280.02, 280.03, 280.04, and 280.05, F.S. See also, s 658.60…quot;public deposits" within the meaning of s 280.02(1), F.S., and that such moneys are therefore subject… depository." That phrase, as defined by s 280.02(3), F.S., expressly mentions only banks and savings

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Court: Fla. Att'y Gen. | Date Filed: 1983-09-20T00:53:00-07:00

Snippet: in a bank or savings association.' Section 280.02(1), F.S., as amended by s 7, Ch. 83-122, Laws of…qualified public depository' is defined by s 280.02(3), F.S., to mean: `Qualified public depository…than a qualified public depository as defined in s 280.02(3), F.S., except as may be otherwise provided by

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Court: Fla. Att'y Gen. | Date Filed: 1983-08-12T00:53:00-07:00

Snippet: subdivision. See, AGO 72-169. Additionally, s 163.280(2), F.S., empowers a board of county commissioners…is subject to the conditions specified in s 163.280(2) and (3) and s177.101 if it applies to a particular…1969 and s 3 of Ch. 71-14, Laws of Florida, ss 163.280(2), if applicable, and 177.101(3), F.S., and subject…specified in ss 163.165(3), 165.175(2) and (4), 163.280(2) and (3), 163.315 and s 177.101(3) and (4), as may

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Court: Fla. Att'y Gen. | Date Filed: 1982-08-26T00:53:00-07:00

Snippet: public depository.' (e.s.) Subsection (1) of s 280.02, F.S., defines `public deposit' to include …depository' is defined by subsection (3) of s 280.02, F.S., to mean any bank or savings association …Treasurer as a qualified public depository. See, s 280.02(3) F.S. Therefore, your question must be answered…collateral' provided by subsection (6) of s 280.02, F.S., set forth above. While it is true that subsection…depositories by the Treasurer. Subsection (6) of s 280.02, expressly recognizes this federal deposit insurance

Gator Freightways, Inc. v. Mayo

Court: Fla. | Date Filed: 1976-01-07T23:53:00-08:00

Citation: 328 So. 2d 444

Snippet: Clerk's letter shows that he relied on Ch. 61-280, § 2, 1961 Fla.Laws (repealed by Ch. 74-310, § 4 effective

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Court: Fla. Att'y Gen. | Date Filed: 1975-03-18T00:53:00-07:00

Snippet: or the owners of the lots therein. Section 163.280(2), F.S. (adopted in 1969 by Ch. 69-139, Laws of Florida

Blood Service Plan Insurance v. Williams

Court: Fla. Dist. Ct. App. | Date Filed: 1966-04-26T00:00:00-07:00

Citation: 186 So. 2d 33, 1966 Fla. App. LEXIS 5312

Snippet: recognized by law in this state. Laws 1961, c. 61-280, § 2.” . F.S. § 624.0213(2) (a), (3), F.S.A. .