280.03 Public deposits to be secured; prohibitions; exemptions.

158 words·~1 min read·/fl/title-xix/chapter-280/280-03

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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, credit union, 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 that are fully secured by a collateral requirement under federal regulations.

(f)Public deposits made in accordance with s. 17.57

(7)or s. 218.415 (23).