Section 69C-2.007 - Eligible Collateral Criteria and Restrictions(1) All eligible securities pursuant to section 280.13, F.S., must be pledged in a book entry form.(2) Collateralized Mortgage Obligations (CMOs) or Real Estate Mortgage Investment Conduits (REMICs): (a) must be a direct obligation of a U.S. Agency;(b) must be in book entry form;(c) must not include private label issues; and(d) must not include the following classes: (3) To support evaluation of collateral eligibility, the Chief Financial Officer may request, in writing, supporting documentation the Chief Financial Officer deems necessary pursuant to sections 280.05 and 280.13, F.S.(4) In the event that the Chief Financial Officer notifies the qualified public depository that the Chief Financial Officer cannot reasonably determine the rating of any proposed collateral, the qualified public depository must submit, and continue to submit on a weekly basis, documentation that supports rating adequacy that meets the requirements of section 280.13(3), F.S.(5) Pursuant to section 280.13(5), F.S., letters of credit issued by a Federal Home Loan Bank may be submitted electronically to the Chief Financial Officer.(6) To the extent necessary to protect the integrity of the public deposits program, the Chief Financial Officer may limit the pledging of the instruments set out in subsections (1), (2), and (3), to a percentage of the total collateral pledged by the qualified public depository in accordance with his or her powers enumerated in section 280.05, F.S.(7) The following instruments or securities will not be acceptable as collateral: (a) loans of any type; and(b) repurchase and reverse repurchase agreements (REPO).Fla. Admin. Code Ann. R. 69C-2.007
Rulemaking Authority 280.041, 280.13, 280.19 FS. Law Implemented 280.04, 280.05, 280.13 FS.
New 2-25-82, Amended 11-29-84, Formerly 4C-2.07, Amended 4-10-86, 6-28-88, 1-23-91, 7-12-92, Formerly 4C-2.007, Amended by Florida Register Volume 50, Number 231, November 26, 2024 effective 12/9/2024.New 2-25-82, Amended 11-29-84, Formerly 4C-2.07, Amended 4-10-86, 6-28-88, 1-23-91, 7-12-92, Formerly 4C-2.007.