Florida Administrative Code › 5 - DEPARTMENT OF AGRICULTURE AND CONSUMER SERVICES › 5G - Division of Fruit and Vegetables › Chapter 5G-2 - CITRUS FRUIT DEALERS' CERTIFICATE OF DEPOSIT › Section 5G-2.003 - Procedures for Utilizing Certificates of Deposit in Lieu of Surety Bonds

Current through Reg. 50, No. 138; July 16, 2024
(1) A prospective licensed citrus fruit
				dealer wishing to post a certificate of deposit in lieu of a surety bond in
				connection with the issuance of a citrus fruit dealer's license, shall purchase
				such certificate in an amount to be determined according to the criteria as set
				forth in Section 2 of Chapter 78-100, Laws of Florida.
(2) The certificate of deposit shall have the
				same face principal value as if a surety bond had been posted.
(3) No certificate of deposit shall be
				submitted with an application for a citrus fruit dealer's license unless the
				amount of such certificate is fully insured by the appropriate Federal
				Insurance Corporation.
(4) Any
				certificate of deposit offered in connection with an application for a citrus
				fruit dealer's license shall be issued either by a national or Florida
				chartered bank or savings and loan association.
(5) The proposed certificate of deposit shall
				be issued in the name of the prospective licensed citrus fruit dealer and Adam
				H. Putnam, Commissioner of Agriculture of the State of Florida, and his
				successors in office.
(6) The
				applicant for a citrus fruit dealer's license shall present with the
				certificate of deposit an assignment of such applicant's interest in the
				certificate in favor of Adam H. Putnam, Commissioner of Agriculture of the
				State of Florida, and his successors in office, on the form to be provided by
				the Department of Agriculture and Consumer Services. Such assignment shall be
				irrevocable for the period ending no sooner than May 2 of the year following
				the end of the citrus shipping season for which the applicant's citrus fruit
				dealer's license is to be issued, and shall continue at least until all claims
				against the dealer for the season in question have been disposed of. The
				certificate of deposit may be re-assigned by the Commissioner of Agriculture to
				such dealer providing that no claims have been filed within the period ending
				May 1st of the year following the end of the citrus shipping season for which
				the license has been issued.
The conditions of the assignment from the applicant to the
				  Commissioner of Agriculture shall be that if the applicant is subsequently
				  issued a citrus fruit dealer's license, such dealer shall well and truly comply
				  with the provisions of the Florida Citrus Code, and with the terms and
				  conditions of all contracts made with such dealer by producers and other citrus
				  fruit dealers as to the purchase, handling, sale and accounting for sales of
				  citrus fruit, and that if such dealer shall fully account for the proceeds of
				  any citrus fruit contracted for in accordance with the terms and conditions of
				  contracts with producers, and shall fully account to citrus fruit dealers for
				  any advance payments or deposits made, and shall deliver all citrus fruit
				  contracted for in accordance with the terms of contracts with such citrus fruit
				  dealers, then the certificate of deposit subject of such assignment shall be
				  re-assigned by the Commissioner of Agriculture to the dealer, otherwise to
				  remain in full force and effect.
(7) All interest accruing on any certificate
				of deposit in lieu of a surety bond in connection with Section
				601.61, F.S., shall be paid to
				the dealer and the dealer shall register his federal employer tax number or
				other federal tax identification number with the financial institution issuing
				such certificate.
(8) A separate
				certificate of deposit for the amount of the bond otherwise called for must be
				assigned to the Commissioner of Agriculture for each citrus shipping season for
				which the applicant applies for a citrus fruit dealer's
				license.
Rulemaking Authority 601.29(1) FS. Law Implemented 601.61
					 FS., Chapter 78-100, Laws of Florida.
New 11-23-78, Formerly
					 5G-2.03.