Current through Reg. 50, No. 187; September 24, 2024
(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
280.04 and
280.05(6),
F.S., and rule 69C-2.024, F.A.C.
(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:
(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.
(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.
(c) Special.
The Chief Financial Officer shall notify each Qualified Public Depository of
any special requirements he may impose pursuant to sections
280.04,
280.05,
280.11,
280.16, F.S., and rule
69C-2.024, F.A.C. When notified
of any special requirements, the Qualified Public Depository shall act in
accordance with the Chief Financial Officer instructions.
(3) The deposit or pledge of securities is
achieved by:
(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.
(b)
Depositing with or pledging to the Chief Financial Officer eligible
securities.
(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.
(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.
(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.
(5) Withdrawal
of previously pledged collateral requires the prior approval of the Chief
Financial Officer.
(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.
(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.
(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.
(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."
(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.
Rulemaking Authority
280.19,
280.041(7) FS.
Law Implemented 280.02,
280.04,
280.05(16),
280.0016(1)(b),
280.16
FS.
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.
