Florida Statute 280.04 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XIX
PUBLIC BUSINESS

Chapter 280
SECURITY FOR PUBLIC DEPOSITS

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F.S. 280.04

280.04 Collateral for public deposits; general provisions.—

(1) The Chief Financial Officer shall determine the collateral requirements and collateral-pledging level for each qualified public depository following procedures established by rule. These procedures must include numerical parameters for 25-percent, 50-percent, 110-percent, and 150-percent pledge levels based on nationally recognized financial rating services information and established financial performance guidelines.

(2) A qualified public depository may not accept or retain any public deposit required to be secured unless it deposits with the Chief Financial Officer eligible collateral at least equal to the greater of:

(a) The average daily balance of public deposits that does not exceed the lesser of its tangible equity capital or 20 percent of the pool figure multiplied by the depository’s collateral-pledging level, plus the greater of:

1. One hundred ten percent of the average daily balance of public deposits in excess of its tangible equity capital; or

2. One hundred ten percent of the average daily balance of public deposits in excess of 20 percent of the pool figure.

(b) Twenty-five percent of the average monthly balance of public deposits.

1. Has been established for less than 3 years;

2. Has experienced material decreases in its tangible equity capital; or

3. Has an overall financial condition that is materially deteriorating.

(d) One hundred fifty percent of an established maximum amount of public deposits which has been mutually agreed upon by and between the Chief Financial Officer and the qualified public depository.

(e) Minimum required collateral of $100,000.

(f) An amount as required in special instructions from the Chief Financial Officer to protect the integrity of the public deposits program.

(3) Each qualified public depository shall report its required collateral on the monthly report required in s. 280.16 and simultaneously pledge, deposit, or issue eligible collateral needed.

(4) Additional collateral is required within 2 business days if public deposits are accepted that would increase the qualified public depository’s average daily balance for the current month by 25 percent over the average daily balance of the previously reported month.

(5) Additional collateral of 20 percent of required collateral is necessary if a valuation date other than the close of business as described below has been approved for the qualified public depository and the required collateral is found to be insufficient based on the Chief Financial Officer’s valuation.

(6) Each qualified public depository shall value its collateral in the following manner; it must:

(a) Use a nationally recognized source.

(b) Use market price, quality ratings, and pay-down factors as of the close of business on the last banking day in the reported month, or as of a date approved by the Chief Financial Officer.

(c) Report any material decline in value that occurs before the date of mailing the monthly report, required in s. 280.16, to the Chief Financial Officer.

(d) Use 100 percent of the maximum amount available under Federal Home Loan Bank letters of credit as market value.

(7) A qualified public depository shall pledge, deposit, or issue additional eligible collateral between filing periods of the monthly report required in s. 280.16 when notified by the Chief Financial Officer that current market value of collateral does not meet required collateral. The pledge, deposit, or issuance of such additional collateral shall be made within 2 business days after the Chief Financial Officer’s notification.

(8) A qualified public depository may be required to return public deposits to governmental units and be suspended or disqualified or subjected to administrative penalty as provided in s. 280.051 or s. 280.054 for failure to meet required collateral.

(9) The Chief Financial Officer shall adopt rules for the establishment of collateral requirements, collateral pledging levels, required collateral calculations, and market value and clarifying terms.

History.—s. 3, ch. 81-285; s. 9, ch. 83-122; s. 132, ch. 83-217; s. 3, ch. 85-259; s. 2, ch. 86-84; s. 3, ch. 87-409; s. 4, ch. 88-185; s. 7, ch. 90-357; s. 11, ch. 91-244; s. 188, ch. 95-148; s. 6, ch. 96-216; s. 13, ch. 98-409; s. 2, ch. 2000-352; s. 2, ch. 2001-230; s. 287, ch. 2003-261; s. 3, ch. 2014-145.

F.S. 280.04 on Google Scholar

F.S. 280.04 on Casetext

Amendments to 280.04

Arrestable Offenses / Crimes under Fla. Stat. 280.04

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 280.04.

Annotations, Discussions, Cases:

Cases Citing Statute 280.04

Total Results: 13

Gering v. State

Court: District Court of Appeal of Florida | Date Filed: 2018-07-25

Citation: 252 So. 3d 334

Snippet: civil actions, see Fla. R. Civ. P.—S.V.P. 4.280-4.310, 4.390; petitioner is entitled to take the

Smith v. Eldred

Court: District Court of Appeal of Florida | Date Filed: 2012-09-05

Citation: 96 So. 3d 1102, 2012 WL 3827001, 2012 Fla. App. LEXIS 14840

Snippet: import of the case applies equally here. Rule 1.280(4)(b) means what it says and says what it means. See

Thompson v. Wal-Mart Stores, Inc.

Court: District Court of Appeal of Florida | Date Filed: 2011-03-16

Citation: 60 So. 3d 440, 2011 Fla. App. LEXIS 3472, 2011 WL 904552

Snippet: physicians, if any, that is required by rule 1.280(4)(A)).” Wal-Mart filed its first witness and exhibit

Massey v. David

Court: Supreme Court of Florida | Date Filed: 2008-04-03

Citation: 979 So. 2d 931, 2008 WL 878488

Snippet: conflicts with Florida Rules of Civil Procedure 1.280(4) and 1.525 and the Statewide Uniform Guidelines

Havill v. Lake Port Properties, Inc.

Court: District Court of Appeal of Florida | Date Filed: 1999-03-19

Citation: 729 So. 2d 467, 1999 Fla. App. LEXIS 3325, 1999 WL 147358

Snippet: Nursing and Assisted Living Center] 2,652,280 4. Lakeport [Congregate Living Facility]

Voltaire v. State

Court: District Court of Appeal of Florida | Date Filed: 1997-08-13

Citation: 697 So. 2d 1002, 1997 WL 459808

Snippet: Blackburn v. Alabama, 361 U.S. 199, 207 [80 S.Ct. 274, 280, 4 L.Ed.2d 242] (1960), the Court's analysis has consistently

Ago

Court: Florida Attorney General Reports | Date Filed: 1994-05-10

Snippet: enactment of Public Law 83-280 (hereafter Public Law 280),4 Congress provided a method for the states to assume

Bliss v. Brodsky

Court: District Court of Appeal of Florida | Date Filed: 1992-09-11

Citation: 604 So. 2d 923, 1992 Fla. App. LEXIS 9591, 1992 WL 220521

Snippet: trial pursuant to Florida Rule of Civil Procedure 1.280(4)(B), the order will limit her testimony to matters

Ago

Court: Florida Attorney General Reports | Date Filed: 1986-11-24

Snippet: depository to be held subject to his order. Section 280.04, F.S., as amended by s. 2, Ch. 86-84, Laws of Florida

Ago

Court: Florida Attorney General Reports | Date Filed: 1984-04-03

Snippet: qualified public depository. See, ss 280.02, 280.03, 280.04, and 280.05, F.S. See also, s 658.60, F.S. The

Ago

Court: Florida Attorney General Reports | Date Filed: 1982-08-26

Snippet: depositories which have public moneys on deposit. Section 280.04(1), F.S., in pertinent part, provides: `Every qualified

State Ex Rel. Gerstein v. Schulz

Court: District Court of Appeal of Florida | Date Filed: 1965-11-23

Citation: 180 So. 2d 367

Snippet: [4] Mendenhall v. Sweat, 117 Fla. 659, 158 So. 280; 4 Fla.Jur., Bail & Recognizance § 33. [5] Mendenhall

Bessent v. Board of Bond Trustees of Special Road

Court: Supreme Court of Florida | Date Filed: 1926-07-20

Citation: 109 So. 597, 92 Fla. 292

Snippet: of the Court below. And it is so ordered.59 Fla. 280; 4 C. J. 874; 17 C. J. 1089. Affirmed. WHITFIELD,