69C-2.004. Definitions

For the purpose of these rules, the following terms are defined:

(1) “Authorized Agent for Reports” means a corporation other than the Qualified Public Depository that is authorized to file the Public Depository Monthly Report, Form DI4-1003, adopted in paragraph 69C-2.009(1)(d), F.A.C., and the Qualified Public Depository Annual Report to the Chief Financial Officer, Form DI4-1004, (rev. 6/98) adopted in paragraph 69C-2.009(1)(e), F.A.C., with the Chief Financial Officer.

(2) “Authorized Agent for Transactions” means a corporation other than the Qualified Public Depository or the Operating Subsidiary, if one is used, that is authorized to execute collateral transactions.

(3) “Authorized Signature Certification” means a written certification, on Form DI4-1010, “Authorized Signature Certification”, adopted in paragraph 69C-2.009(1)(k), F.A.C., wherein a Qualified Public Depository provides the Chief Financial Officer with the name and signature of any person who is authorized and duly empowered on behalf of the depository to issue instructions and enter into agreements with the Chief Financial Officer concerning cash and security transactions.

(4) “Capital Account” is as defined in chapter 280, F.S.

(5) “Certificate of Qualified Public Depository” means a certification, Form DI4-1002, “Certificate of Qualified Public Depository,” adopted in paragraph 69C-2.009(1)(c), F.A.C., from the Chief Financial Officer to each bank or savings association which has met all of the necessary requirements under the law and these rules to hold public deposits.

(6)(a) “Contingent Liability Agreement” means a written certified agreement on Form DI4-1000, “Contingent Liability Agreement,” adopted in rule 69C-2.009, F.A.C., wherein a Qualified Public Depository, and an Operating Subsidiary if one is used, shall guarantee public depositors against loss caused by the default or insolvency of other Qualified Public Depositories.

(b) The bank or savings association accepting and holding public deposits pursuant to chapter 280, F.S., has the responsibility for determining what accounts are public deposits, and for properly reporting and collateralizing such accounts in compliance with the “Florida Security for Public Deposits Act.”

(c) The signed agreement shall remain in effect until replaced with an updated agreement, or until the depository’s contingent liability in the Public Deposits Program expires.

(7) “Day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banks in the State of Florida are authorized or obligated by law or executive order to close. In computing any period of time prescribed or allowed by these rules, or by any applicable statute, the day of the act, event, or default from which the designated period of time begins shall not be included. The last day of the period so computed shall be included unless it is a Saturday, Sunday, or legal holiday, in which event the period shall run until the end of the next day which is neither a Saturday, Sunday or legal holiday. When the period of time prescribed or allowed is less than seven days, intermediate Saturdays, Sundays and legal holidays shall be excluded in the computation.

(8) “Deposit Insurance” means the insurance coverage afforded to public deposit accounts pursuant to the provisions of the Federal Deposit Insurance Act.

(9) “Deposit of Collateral” means an electronically transmitted transaction advice citing minimum necessary information in a format as prescribed by the Chief Financial Officer, or a model form letter, Form DI4-1005, “Deposit of Collateral,” adopted in paragraph 69C-2.009(1)(f), F.A.C., citing minimum necessary information. This model form letter or transmission format is to be utilized by each Qualified Public Depository to advise its custodian agent and the Chief Financial Officer of the description and amounts of pledged collateral.

(10) “Instruction for Payment of Income” means Form DI4-1011, “instruction for Payment of Income,” adopted in paragraph 69C-2.009(1)(l), F.A.C., wherein a Qualified Public Depository advises the Chief Financial Officer in writing where to remit the receipts and the income earned on its securities held in the Chief Financial Officer name for those purposes stated in chapter 280, F.S.

(11) “Offset” means the right which exists between two parties each of whom, under an independent contract, owes an ascertained amount to the other to set off their respective debts by way of mutual deduction.

(12) “Operating Subsidiary” means a corporation which is 100 percent owned by a Qualified Public Depository, and which has no powers beyond those which its parent Qualified Public Depository may itself exercise.

(13) “Power of Attorney” means the certified and notarized Forms DI4-1008, “Power of Attorney”, adopted in paragraph 69C-2.009(1)(i), F.A.C., wherein a Qualified Public Depository or Custodian, in compliance with the Act, delivers to the Chief Financial Officer for each issue of registered certificated securities deposited and pledged as collateral. These forms will be requested by the Chief Financial Officer when concerns about the qualified public depository’s financial condition or reporting status or the security of collateral is in question.

(14) “Public Deposit Claim Form and Agreement” means a written Form DI4-1012 “Public Deposit Claim Form and Agreement,” adopted in rule 69C-2.009, F.A.C., wherein a public depositor describes under oath the details of an uncompensated loss of a public deposit due to the default or insolvency of a qualified public depository and agrees to the terms under which the public depositor agrees to abide in order to receive payment from the Chief Financial Officer.

(15) “Public Deposit Identification and Acknowledgment Form” means the form prescribed by the Chief Financial Officer, Form DI4-1295, “Public Deposit Identification and Acknowledgment Form,” adopted in rule 69C-2.009, F.A.C., wherein a public depositor identifies each Florida public deposit account and obtains acknowledgment of this identification from the Qualified Public Depository.

(16) “Public Depositor Annual Report to the Chief Financial Officer” means an electronically transmitted report in a format approved by the Chief Financial Officer, or a written report on Form DI4-1009, “Public Depositor Annual Report to the Chief Financial Officer”, adopted in paragraph 69C-2.009(1)(j), F.A.C., submitted annually to the Chief Financial Officer by each public depositor as required by section 280.17, F.S.

(17) “Public Depository Monthly Report” means an electronically transmitted report in a format prescribed by the Chief Financial Officer, or a certified report on Form DI4-1003, “Public Depository Monthly Report, Worksheet, and Instructions for Completing,” adopted in paragraph 69C-2.009(1)(d), F.A.C. Each Qualified Public Depository shall submit to the Chief Financial Officer a monthly report by the 15th day of each calendar month. The report shall include information relative to public deposits held by the depository during the reported calendar month, the status of its equity capital, intangible assets, other financial information as required, the amount of its required collateral, and change of name/address/type of institution.

(18) “Public Depository Pledge Agreement” means a written certified agreement, on Form DI4-1001 “Public Depository Pledge Agreement,” adopted in paragraph 69C-2.009(1)(b), F.A.C., executed on behalf of the Chief Financial Officer, wherein a bank or savings association, in compliance with the Act and as a condition precedent to becoming or continuing to be a Qualified Public Depository, and an Operating Subsidiary, if one is used, agree to transfer and deliver securities which are eligible collateral to a custodian, or an agent of the custodian if elected, which agrees to safekeep such securities for the primary benefit of the Chief Financial Officer. The securities shall be pledged to the Chief Financial Officer and shall not be withdrawn without the Chief Financial Officer consent under the terms and conditions of the agreement, and for the purposes set forth by the Act and these rules.

(19) “Public Deposits” are those funds defined in chapter 280, F.S., and all other funds that are required by law to conform to and be bound by all of the provisions of chapter 280, F.S.

(20) “Qualified Public Depository” is as defined in chapter 280, F.S. “Qualified Bank Depositories” shall include Industrial Savings Banks and “Qualified Savings Associations” shall include Savings Banks.

(21) “Qualified Public Depository Annual Report to the Chief Financial Officer” means an electronically transmitted report in a format prescribed by the Chief Financial Officer, or a certified report on Form DI4-1004, “Qualified Public Depository Annual Report to the Chief Financial Officer,” adopted in paragraph 69C-2.009(1)(e), F.A.C., submitted annually to the Chief Financial Officer by each Qualified Public Depository, indicating all public deposits held for the credit of all public depositors as required by section 280.16, F.S. The report must be completed by a person authorized as required in rule 69C-2.032, F.A.C., and who shall not be involved in the preparation or execution of the September monthly report referred to in subsection (17), above.

(22) “Submit” means the date electronically transmitted or the postmark date.

(23) “Substitution of Collateral” means an electronically transmitted request in a format prescribed by the Chief Financial Officer, or a model form letter, Form DI4-1006, “Substitution of Collateral” adopted in paragraph 69C-2.009(1)(g), F.A.C. This model form letter or transmission format is to be utilized by each Qualified Public Depository to advise its custodian agent and the Chief Financial Officer of the description and amounts of pledged collateral to be released, and the description and amounts of the collateral to be substituted.

(24) “Chief Financial Officer” means the State Chief Financial Officer of the State of Florida.

(25) “Withdrawal of Collateral” means an electronically transmitted request in a format prescribed by the Chief Finanical Officer or a model form letter, Form DI4-1007, “Withdrawal of Collateral,” adopted in paragraph 69C-2.009(1)(h), F.A.C. The model form letter, or other approved transmission format, is, to be utilized by each Qualified Public Depository to request the Chief Financial Officer to release pledged collateral, and to advise the custodian agent of the Chief Financial Officer approval or disapproval of the request.

Rulemaking Authority 280.19, 280.041(7) FS. Law Implemented 175.301, 185.30, 280.02, 280.04, 280.05(16), 280.16(1)(b), 631.221 FS. History–New 2-25-82, Amended 5-17-84, 11-29-84, Formerly 4C-2.04, Amended 4-10-86, 6-28-88, 1-23-91, 7-12-92, 5-27-97, 4-5-99, Formerly 4C-2.004.