Sec. 110.208. - Depositories of public funds.

(a) Designation of depository. (1) Any bank or savings association which: (i) Is authorized to do business in the State, (ii) Has its principal office or a branch in the City, and (iii) Is a qualified public depository under F.S. Ch. 280. Is eligible for designation as a City depository for such public funds as the Director of Finance and Administration may authorize and direct to be deposited therewith. The Treasurer shall develop a form for qualified public depositories to make application, which shall provide such detailed information as he considers necessary and appropriate. (2) When a bank or savings association has submitted an application for designation as a City depository, the Treasurer shall examine the application and the institution to ascertain whether the designation of such institution as a City depository is in the public interest. The Treasurer shall transmit the results of his examination and his recommendations to the Director of Finance and Administration, who shall be responsible for approving or disapproving the designation of a bank or savings association as a City depository; his decision shall be final. If the Director of Finance and Administration approves the designation of an applicant institution as a City depository, the Treasurer shall so notify the institution and request that it execute an appropriate agreement as a City depository, which shall be a condition precedent to the depositing of any public funds with the depository. (3) A designated depository shall execute a City depository agreement, in a form prescribed by the Treasurer, in which the depository agrees to maintain its designation as a qualified public depository under State law, and conditioned that the depository will: (i) Ensure the safekeeping, proper accounting for and payment over to the proper authority of all money that may come into its possession by virtue of its acting as a City depository. (ii) In all respects duly and faithfully perform the duties imposed upon it by reason of acting as a City depository. The agreement shall be executed by the duly authorized officers of the bank and by the Mayor and Corporation Secretary. Thereupon, the Treasurer shall issue his certificate showing that the bank has qualified as a City depository and that it is eligible, in accordance with the provisions and requirements of this Section and the regulations promulgated by the Treasurer, to receive public funds deposited by a City agency. (b) Collateral for public funds. A City depository shall at all times be a qualified public depository under F.S. Ch. 280 and shall offer such collateral for City funds deposited with it as is required by State law, under such regulations as the State Treasurer prescribes, for qualified public depositories. (c) Accounts subject to examination. The public funds accounts of each City depository, and the books and records associated with these accounts, shall at all times be subject to the inspection and examination of the Finance and Administration Department, Council Auditor and the independent auditor for the City. (d) Revocation of designation. The Director of Finance and Administration, upon the recommendation of the Treasurer, shall revoke the designation and cancel the certificate of a City depository if at any time such City depository ceases to be a qualified public depository under F.S. Ch. 280. Until and unless again qualified, approved and designated hereunder, the institution may not receive or retain deposits of funds by a City agency. (e) Removal of public funds from former depository; authority under State law. If the designation of a City depository is revoked, the Director of Finance and Administration shall direct that all public funds then on deposit (except funds sufficient to pay outstanding but unpaid negotiable instruments and accrued bank charges) be withdrawn and deposited in a City depository; provided, that, if the depository ceases to be a qualified public depository because of default or insolvency, and in lieu of withdrawing public funds, the Director of Finance and Administration shall ascertain the amount that was on deposit with the failed depository and certify that amount to the State Treasurer on behalf of the City. When funds are received from the State Treasurer under F.S. § 280.08(5), the Director of Finance and Administration shall credit the appropriate revenue accounts. The Mayor is authorized to execute all necessary assignments required by F.S. § 280.08(6). (f) Independent agencies not covered. The various independent agencies, and the funds received or generated by them, are not subject to or included in this Section. Each independent agency shall be responsible for designating, monitoring and supervising depositories for its funds. Independent agencies for which the City is acting as fiscal agent are not affected by this subsection. (Ord. 79-903-457, § 1; Ord. 83-591-400, § 1; Ord. 86-1305-736, § 3; Ord. 2016-140-E , § 16) Editor's note— Ordinance 2007-839-E, § 18, authorized updated department/division names pursuant to reorganization. Note— Former § 124.109.