69C-2.006. Administration of Collateral Requirements  


Effective on Sunday, July 12, 1992
  • 1(1) The Chief Financial Officer shall review and determine the collateral requirements and collateral pledging level(s) for each Qualified Public Depository based on criteria established for entry, withdrawal, and continued participation in the Public Deposits Program in accordance with sections 41280.04 42and 43280.05(6), F.S., 45and rule 4769C-2.024, 48F.A.C.

    49(2) Each Qualified Public Depository shall deposit with or pledge to the Chief Financial Officer eligible collateral equal to or in excess of its required collateral. The amount of its required collateral shall be determined:

    84(a) Daily. Public deposits that increase the average daily balance for the current month by twenty-five percent (25%) or more over the average daily balance for the previous month shall be collateralized by the pledge of additional eligible securities within forty-eight (48) hours, or two (2) days, of the deposit.

    134(b) Monthly. The amount of required collateral for the month shall be determined based on the calculations in Schedule C of Form DI4-1003, “Public Depository Monthly Report.” Form DI4-1003 is to be submitted to the Chief Financial Officer by the 15th day of each calendar month. The depository is simultaneously responsible for pledging any additional securities necessary to meet or exceed the amount of its required collateral.

    201(c) Special. The Chief Financial Officer shall notify each Qualified Public Depository of any special requirements he may impose pursuant to sections 223280.04, 224280.05, 225280.11, 226280.16, F.S., 228and rule 23069C-2.024, 231F.A.C. When notified of any special requirements, the Qualified Public Depository shall act in accordance with the Chief Financial Officer instructions.

    252(3) The deposit or pledge of securities is achieved by:

    262(a) Executing Form DI4-1001, “Public Depository Pledge Agreement,” with an approved custodian agent and submitting it to the Chief Financial Officer before pledging securities to the Chief Financial Officer.

    292(b) Depositing with or pledging to the Chief Financial Officer eligible securities.

    304(c) Electronically transmitting the required deposit of collateral information to the Chief Financial Officer, or completing Form DI4-1005, “Deposit of Collateral,” and sending a copy of the completed transaction to the Chief Financial Officer.

    339(4)(a) Unless the Chief Financial Officer has officially notified the Qualified Public Depository that a substitution of collateral may not be made prior to approval, a substitution of collateral may be made by the Qualified Public Depository by electronically transmitting the required information to the Chief Financial Officer or completing Form DI4-1006, “Substitution of Collateral” completing the transaction, and sending a copy of Form DI4-1006 to the Chief Financial Officer.

    409(b) The substituted collateral must meet the eligibility requirements to be pledged, and its market value must be equal to or greater than the market value of the securities withdrawn.

    439(5) Withdrawal of previously pledged collateral requires the prior approval of the Chief Financial Officer.

    454(a) To withdraw collateral, a Qualified Public Depository must request approval of the Chief Financial Officer via electronic means, or on Form DI4-1007, “Withdrawal of Collateral.” The depository may request withdrawal of collateral by means of a telegram or facsimile message, provided the message clearly contains all information required.

    503(b) The Chief Financial Officer shall approve or disapprove the request within five (5) working days of receipt of the request and shall, if the request is approved, notify the custodian agent of the securities to be released.

    541(c) The depository may request that the Chief Financial Officer notify the custodian agent of his approval for withdrawal of collateral by means of a facsimile message.

    568(6) If the Chief Financial Officer requires a Qualified Public Depository to move its pledged securities into an account established in the Chief Financial Officer name, the president of the depository must execute and return to the Chief Financial Officer Form DI4-1011, “Authorized Signature Certification” and Form DI4-1010, “Instruction for Payment of Income.”

    621(7) No costs, fees or expenses incidental to the functioning of the pledge agreement shall be a charge against the Chief Financial Officer or his interests in the securities pledged.

    651Rulemaking Authority 653280.19, 654280.041(7) FS. 656Law Implemented 658280.02, 659280.04, 660280.05(16), 661280.0016(1)(b), 662280.16 FS. 664History–New 2-25-82, Amended 11-29-84, Formerly 4C-2.06, Amended 4-10-86, 6-28-88, 1-23-91, 7-12-92, Formerly 4C-2.006.