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The Florida Statutes

The 2001 Florida Statutes

Title XIX
Public Business
Chapter 280
Security For Public Deposits
View Entire Chapter
Section 280.051, Florida Statutes 2001

280.051  Grounds for suspension or disqualification of a qualified public depository.--A qualified public depository may be suspended or disqualified or both if the Treasurer determines that the qualified public depository has:

(1)  Violated any of the provisions of this chapter or any rule adopted by the Treasurer pursuant to this chapter.

(2)  Submitted reports containing inaccurate or incomplete information regarding public deposits or collateral for such deposits, capital accounts, or the calculation of required collateral.

(3)  Failed to maintain required collateral.

(4)  Grossly misstated the market value of the securities pledged as collateral.

(5)  Failed to pay any administrative penalty.

(6)  Failed to furnish the Treasurer with prompt and accurate information, or failed to allow inspection and verification of any information, dealing with public deposits or dealing with the exact status of its capital accounts, or any other financial information that the Treasurer determines necessary to verify compliance with this chapter or any rule adopted pursuant to this chapter.

(7)  Failed to furnish the Treasurer, when the Treasurer requested, with a power of attorney or bond power or other bond assignment form required by the bond agent, bond trustee, or other transferor for each issue of registered certificated securities pledged.

(8)  Failed to furnish any agreement, report, form, or other information required to be filed pursuant to s. 280.16, or when requested by the Treasurer.

(9)  Submitted reports signed by an unauthorized individual.

(10)  Submitted reports without a certified or verified signature, or both, if required by law.

(11)  Released a security without notice or approval.

(12)  Failed to execute or have the custodian execute a public depository pledge agreement prior to using a custodian.

(13)  Failed to give notification as required by s. 280.10.

History.--s. 6, ch. 87-409; s. 6, ch. 88-185; s. 13, ch. 91-244; s. 8, ch. 96-216; s. 5, ch. 2001-230.

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