(1)(a) All public deposits shall be secured as provided in this chapter when public depositors comply with the requirements of this chapter.
Terms Used In Florida Statutes 280.03
- Qualified public depository: means a bank, savings bank, or savings association that:(a) Is organized and exists under the laws of the United States or the laws of this state or any other state or territory of the United States. See Florida Statutes 280.02(b) Public deposits shall be made in a qualified public depository unless exempted by law.
(2) Public funds shall not be deposited directly or indirectly in negotiable certificates of deposit.
(3) The following are exempt from the requirements of, and protection under, this chapter:
(a) Public deposits deposited in a bank or savings association by a trust department or trust company which are fully secured under trust business laws.
(b) Moneys of the System Trust Fund, as defined in s. 121.021(36).
(c) Public deposits held outside the country.
(d) Wire transfers and transfers of funds solely for the purpose of paying registrars and paying agents.
(e) Public deposits that are fully secured by a collateral requirement under federal regulations.