If certificates of deposit are an eligible type of collateral pursuant to the
statute, contract, or other document defining the requirements of a deposit and
are selected for deposit with Collateral Administration, the certificate must:
Be issued for a period of not less than one (1) year.
Investment decisions are made by the entity for which the
certificates are held in trust. Any alteration or withdrawal requires the Chief
Financial Officer's authorization, but would be the portfolio decision of the
depositing entity involved. As the choice for early withdrawal would initially
be the depositing entity's and it would bear the financial consequences, early
withdrawal acknowledgments should be signed by an officer of the depositing
2. Be issued by a bank, savings bank, or savings association that has executed
a certificate(s) of deposit agreement with the Chief Financial Officer and be
issued by/assigned to a Florida branch of the institution.
3. Be interest-bearing and may not be issued in discounted form.
4. Be issued in physical certificate form and delivered to Collateral
5. Be registered "Chief Financial Officer, State of Florida in Trust for (name
Division of Treasury
Bureau of Collateral Management
Collateral Administration Section
200 E. Gaines Street
Tallahassee, FL 32399-0345
Certificates with endorsement or assignment are not acceptable. The Chief
Financial Officer of Florida is the only authorized signature on the principal
amount of the certificate. Any withdrawal, conversion, redemption, or other
action taken on the principal amount of the certificate requires the Chief
Financial Officer's prior written authorization from Collateral Administration.
If signature cards are utilized by the issuing institution, an authorized
signature card for the Chief Financial Officer will be sent to the issuing
institution upon request for certificates in the possession of Collateral
Interest on certificates of deposit should be paid directly to the depositing
entity by the issuing bank or savings institution. The depositing entity should
make arrangements with the institution for the payment of interest at the
issuing time of purchase. In case of the depositing entity's insolvency or
non-compliance with legal requirements, Collateral Administration will provide
revised written interest instructions to the institution.
Interest should not be added to the principal of the certificate at renewal
unless the depositing entity has intent to increase the deposit. When interest
has been added to the principal balance stated on the certificate, release of
this interest will require authorization from the regulating governmental
No judgment, creditor or other claimant has the right to levy upon the
certificate. No indebtedness or obligation may be set off against the
Survivorship is limited to successors in office for the Chief Financial
Officer, State of Florida.