69C-1.004. Approval of Clearing Accounts

(1) Any agency, board, bureau, commission, institution or department desiring to establish a clearing account must forward a letter to the Chief Financial Officer requesting approval thereof and containing at least the following information:

(a) A brief descriptive name and purpose for the proposed account.

(b) An estimate of the total dollar amount and total number of items cleared through the account annually.

(c) The name and physical location of the qualified public depository recommended for the proposed account.

(d) A statement itemizing service charges quoted by the qualified public depository.

(e) A statement of assurance that the recommended qualified public depository has agreed to the collateral and funds forwarding requirements of the Chief Financial Officer.

(f) If moneys deposited in the clearing account are to be distributed to accounts outside the State Treasury, the agency, board, bureau, commission, institution or department must list such accounts and estimate the amount to be transferred to such accounts annually.

(2) Clearing accounts will be approved when the volume and complexity of collections so justify. The following criteria will be reviewed to indicate the need for establishment of clearing accounts:

(a) The availability of the Treasury Concentration Account.

(b) Whether security and/or convenience would be enhanced by establishing the account.

Rulemaking Authority 17.29 FS. Law Implemented 17.58, 17.65 FS. History–New 3-18-80, Formerly 4C-1.04, Amended 6-19-89, Formerly 4C-1.004, Amended 4-4-17.