Fla. Admin. Code Ann. R. 69C-2.004 - Definitions

For the purpose of this chapter, the term:

(1) "Applicant" means an entity seeking designation by the Chief Financial Officer as a qualified public depository in the public deposits program.

(2) "Certificate of incumbency" means a document executed pursuant to the corporation's bylaws certifying a corporate officer has the authority to act on behalf of and bind the corporation with respect to an underlying transaction.

(3) "Chief Financial Officer" has the same meaning as in section 17.001, Florida Statutes (F.S.).

(4) "Collateral arrangement agreement," also referred to as a "collateral arrangement" or "collateral agreement," means an agreement or agreements to protect the interest of the state of Florida through the use of collateral executed under oath that meets the requirements of Rule 69C-2.032, Florida Administrative Code (F.A.C.), and is signed by the Chief Financial Officer. Depending on the collateral being pledged, a collateral arrangement agreement includes one or more of the following:

(a) Form DFS-J1-1001, Collateral Control Agreement, effective 11/24, incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-17138;

(b) DFS-J1-1014, Cash Arrangement Agreement, effective 11/24, incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-17139; or

(c) Form DFS-J1-1510, the Federal Home Loan Bank Letters of Credit Agreement, effective 11/24, incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-17140.

(5) "Custodian" has the same meaning as in section 280.02, F.S.

(6) "Delegate of the public depositor" means an individual with authority to execute forms on behalf of the public depositor, as established by a copy of:

(a) the organization's internal documentation, signed by the official custodian, stating the delegation of authority by name or title;

(b) the minutes of a board meeting evidencing adoption of a resolution by the organization's board of directors authorizing the individual signing the form by name or title to sign such a document on behalf of the organization; or

(c) the organization's charter, constitution, bylaws, or other evidence of the governing body, authorizing the individual signing the form by name or title to sign such a document on behalf of the organization.

(7) "Federal Home Loan Bank Member Resolution" means Form DFS-J1-1535, Federal Home Loan Bank Member Resolution, effective 11/24, incorporated herein by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-17144.

(8) "Official custodian" means an individual which has plenary authority, including control, over funds owned by the public unit which the custodian is appointed or elected to serve. Control of public funds includes possession, as well as the authority to establish accounts for such funds in insured depository institutions and to make deposits, withdrawals, and disbursements of such funds.

(a) If an official custodian has control of funds of more than one public unit, he or she shall be separately insured with respect to the funds held by him or her for each such public unit, but shall not be separately insured by virtue of holding different offices in such public unit or holding such funds for different purposes.

(b) If an official custodian has exercise of authority or control over the funds of a public unit requires action by, or the consent of, two or more officers, employees, or agents of such public unit, then they will be treated as one "official custodian" for the purposes of this chapter.

(9) "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.

(10) "Operating subsidiary" has the same meaning as in section 280.02, F.S.

(11) "Pledgor" has the same meaning as in section 280.02, F.S.

(12) "Public deposit" has the same meaning as in section 280.02, F.S.

(13) "Public depositor" has the same meaning as in section 280.02, F.S.

(14) "Public deposits program" has the same meaning as in section 280.02, F.S.

(15) "Qualified public depository" has the same meaning as in section 280.02, F.S.

(16) "Qualifying change" means an organizational change that impacts the enforceability of any agreement as it relates to the public deposits program in which the Chief Financial Officer is a party.

(17) "Report date" means the finalized date of a report.

(18) "Required collateral" has the same meaning as in section 280.02, F.S.

(19) "Special identification number" means an identifying number assigned by the Chief Financial Officer of a qualified public depository provided to a custodian.

Notes

Fla. Admin. Code Ann. R. 69C-2.004

Rulemaking Authority 280.04, 280.041, 280.10, 280.13, 280.19 FS. Law Implemented 280.02, 280.03, 280.04, 280.041, 280.05, 280.10, 280.13, 280.16 FS.

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, Amended by Florida Register Volume 50, Number 231, November 26, 2024 effective 12/9/2024.

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.