Chief Financial Officer Custodians for Public Deposits Program

On collateral pledged to secure public deposits persuant to the Florida Security for Public Deposits Acts, the Chief Financial Officer may require deposit or transfer of collateral into a custodial account established in the Chief Financial Officer's name at a designated custodian.

This requirement for Chief Financial Officer's custody shall have the following characteristics:

  • One or more triggering events must have occurred pursuant to Section 280.041(6) , Florida Statues.
  • The custodian must be a Chief Financial Officer's approved custodian.
  • All  transactions shall require the approval of the Chief Financial Officer.
  • All collateral must be in book-entry form.
To become approved as a Chief Financial Officer's custodian for the Public Deposits Program, an institution must meet the definition of custodian, cannot be an affiliate of the qualified public depository, and must be bound under a distinct Chief Financial Officer's custodial contract. The Chief Financial Officer's Custodial Agreement is being revised and is not currently available through this web site.

The qualified public depository shall be responsible for all costs necessary to the functioning of the contract or associated with the confirmation of securities in the name of the Chief Financial Officer. These costs shall not be a charge against the Chief Financial Officer and may be deducted from the collateral or income earned if unpaid.

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