8781912, 19-7.010 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 8781912

Notice of Proposed Rule

Department:

STATE BOARD OF ADMINISTRATION

Chapter:

RULES AND REGULATIONS GOVERNING THE ADMINISTRATION OF THE LOCAL GOVERNMENT SURPLUS FUNDS TRUST FUND

Overview

RULE:

19-7.010	Pooled Investment Accounts (Repealed)
19-7.011	Rate of Return Calculation
19-7.012	Pool Participation (Repealed)
19-7.013	Reporting Procedures
19-7.015	Allocation of Earnings
19-7.016	Close of Business
19-7.017	Pooled Investment Account Reserve Fund (Repealed)

PURPOSE:

To amend the rate of return calculation rule to reflect that the calculation will be in accordance with the yield methodology of SEC Rule 2a-7 for money market funds; to amend the reporting procedures rule to eliminate investment service charges; to amend the allocation of earnings rule to allow the closing of an account if the balance is less than $1,000; to amend the close of business rule to indicate 1:00 p.m. EST as the close of business; to delete Rules 19-7.012 and 19-7.017, F.A.C.; to update references.

SUMMARY:

Revised Local Government Surplus Trust Funds account procedures; revised rate of return calculation; updated references.

RULEMAKING AUTHORITY:

218.405, 218.412 FS.

LAW:

218.405, 218.409, 215.515 FS.

PRINT PUBLISH DATE:

6/18/2010 Vol. 36/24

COMMENTS:

From 6/18/2010 To 7/9/2010 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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