2.14(A) Bond Form.
All bonds provided to the
shall be in a type and form acceptable to the
and
, except as otherwise provided herein. The
shall pay no interest, earned or otherwise, on cash bonds during the time that the
holds them.
2.14(B) Letter of Credit.
Anytime a cash bond is required, an entity that is exempt under the Internal Revenue Code, 26 USC Sec. 501(c)(3) may petition the
to utilize a letter of credit in lieu of a cash bond. The bank issuing the letter of credit shall meet the following criteria:
2.14(B)(1) Be a Federal or Florida chartered bank with a principal branch office located within the legal boundaries of the .
2.14(B)(2) Be a member of the Federal Reserve System.
2.14(B)(3) Be insured by the FDIC.
2.14(B)(4) Be a “Qualified Public Depository” in conformance with the Florida Security for Public Deposits Act (Chapter 280 F.S.).
2.14(B)(5) Have total assets exceeding $50 billion.
2.14(C) Governmental Exemption.
Governmental entities shall be exempt from all bond requirements.
(Ord. 2010-08, passed 10-4-2010; Am. Ord. 2014-09, passed 3-17-2014)