amending rule to add Letter of Credit as a substitute for an excise assessment surety bond.

 

DEPARTMENT OF CITRUS

RULE NO.:RULE TITLE:

20-9.008Utilization of Certificate of Deposit in Lieu of Bond

PURPOSE AND EFFECT: amending rule to add Letter of Credit as a substitute for an excise assessment surety bond.

SUMMARY: Letter of Credit

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The Department used a checklist to conduct an economic analysis and determine if there is an adverse impact or regulatory costs associated with this rule that exceeds the economic criteria in section 120.541(2)(a), F.S. Based upon this analysis, the Department has determined that the proposed rule is not expected to require legislative ratification.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 601.10(1), 601.15(10)(a) FS.

LAW IMPLEMENTED: 601.10(8), 601.15(4), 601.69 FS.

A HEARING WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:

DATE AND TIME: October 21, 2020, 9:00 a.m.

PLACE: Via ZOOM, link to be provided in the meeting notice posted in FAR and emailed to industry organizations and press corps and all other interested persons who have asked to be notified

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Alice Wiggins, Legal Assistant, P O Box 9010, Bartow, FL 33831 or [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

20-9.008 Utilization of Certificate of Deposit or Letter of Credit in Lieu of Bond.

(1) through (5) No change.

(6) A handler wishing to post a Letter of Credit in lieu of a cash or surety bond to guarantee the payment of citrus assessments to the Department of Citrus shall provide a good and sufficient letter of credit from a United States financial institution and in an amount to be determined according the criteria set forth in subsection 20-9.005(2), F.A.C. The letter of credit shall have the same face principal value as if a surety bond had been posted and a new letter of credit shall be posted for each current season. 

Rulemaking Authority 601.10(1), 601.15(1) FS. Law Implemented 601.15(6)(b) FS. History–New 2-1-81, Formerly 20-9.08, Amended 11-27-01, 11-28-12.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Elliott V. Mitchell

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Florida Citrus Commission

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: 9/16/2020

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: 9/15/2020