(1) A prospective licensed citrus fruit
dealer wishing to post a certificate of deposit in lieu of a surety bond in
connection with the issuance of a citrus fruit dealer's license, shall purchase
such certificate in an amount to be determined according to the criteria as set
forth in Section 2 of Chapter 78-100, Laws of Florida.
(2) The certificate of deposit shall have the
same face principal value as if a surety bond had been posted.
(3) No certificate of deposit shall be
submitted with an application for a citrus fruit dealer's license unless the
amount of such certificate is fully insured by the appropriate Federal
Insurance Corporation.
(4) Any
certificate of deposit offered in connection with an application for a citrus
fruit dealer's license shall be issued either by a national or Florida
chartered bank or savings and loan association.
(5) The proposed certificate of deposit shall
be issued in the name of the prospective licensed citrus fruit dealer and Adam
H. Putnam, Commissioner of Agriculture of the State of Florida, and his
successors in office.
(6) The
applicant for a citrus fruit dealer's license shall present with the
certificate of deposit an assignment of such applicant's interest in the
certificate in favor of Adam H. Putnam, Commissioner of Agriculture of the
State of Florida, and his successors in office, on the form to be provided by
the Department of Agriculture and Consumer Services. Such assignment shall be
irrevocable for the period ending no sooner than May 2 of the year following
the end of the citrus shipping season for which the applicant's citrus fruit
dealer's license is to be issued, and shall continue at least until all claims
against the dealer for the season in question have been disposed of. The
certificate of deposit may be re-assigned by the Commissioner of Agriculture to
such dealer providing that no claims have been filed within the period ending
May 1st of the year following the end of the citrus shipping season for which
the license has been issued.
The conditions of the assignment from the applicant to the
Commissioner of Agriculture shall be that if the applicant is subsequently
issued a citrus fruit dealer's license, such dealer shall well and truly comply
with the provisions of the Florida Citrus Code, and with the terms and
conditions of all contracts made with such dealer by producers and other citrus
fruit dealers as to the purchase, handling, sale and accounting for sales of
citrus fruit, and that if such dealer shall fully account for the proceeds of
any citrus fruit contracted for in accordance with the terms and conditions of
contracts with producers, and shall fully account to citrus fruit dealers for
any advance payments or deposits made, and shall deliver all citrus fruit
contracted for in accordance with the terms of contracts with such citrus fruit
dealers, then the certificate of deposit subject of such assignment shall be
re-assigned by the Commissioner of Agriculture to the dealer, otherwise to
remain in full force and effect.
(7) All interest accruing on any certificate
of deposit in lieu of a surety bond in connection with Section
601.61, F.S., shall be paid to
the dealer and the dealer shall register his federal employer tax number or
other federal tax identification number with the financial institution issuing
such certificate.
(8) A separate
certificate of deposit for the amount of the bond otherwise called for must be
assigned to the Commissioner of Agriculture for each citrus shipping season for
which the applicant applies for a citrus fruit dealer's
license.
