Florida Public Deposits
Custodian Applicant Information
Banks, savings associations, and
trust companies that hold collateral for qualified public depositories (QPDs)
pledged to secure public deposits pursuant to the Florida Security for Public
Deposits Act are described as "regular" custodians. This distinguishes them from
"Chief Financial Officer's" custodians that are bound under a distinct custody
contract directly with the Chief Financial Officer.
The statutory requirements for
A bank, savings association, or
trust company that:
organized and existing under the laws of Florida, any other state, or the United
(b) Has executed
all forms required;
Agrees to be subject to the jurisdiction of the courts of Florida, or of courts
of the United States which are located within Florida, for the purpose of any
litigation arising out of this act; and
(d) Has been approved by the Chief Financial
Officer to act as a custodian.
QPDs select the "regular"
custodians they wish to use and submit agreements to them for signatures. These
collateral control agreements, Collateral Control
Agreement Form J1-1001 , contain the requirements for custodians holding