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Special districts with any deposit accounts in banks or savings associations must make those deposits according to Chapter 280, Florida Statutes - Security For Public Deposits. By doing so, those special districts will be covered by Florida's Public Deposits Program, a statewide collateralization program that protects public deposits.

It saves special districts from dealing with collateral, custodians, and security agreements
When public deposits are made in accordance with Chapter 280, Florida Statutes, public depositors, as defined in Section 280.02, Florida Statutes - Definitions, will be protected from loss in the absence of negligence, malfeasance, misfeasance, or nonfeasance on the part of the public depositor or on the part of his or her agents or employees

To be covered by the program, special districts must do the following:

Maintain the public deposit in a financial institution designated as a qualified public depository (see Active Qualified Public Depository List)
Ensure the account name on the deposit is sufficient to identify it as a Florida public deposit
At the time of opening each public deposit account, execute the Public Deposit Identification and Acknowledgment Form (Form DFS-J1-1295) with the qualified public depository and maintain the form as a valuable record. If a special district has not executed this form for any accounts currently open, do so right away. Submit the form to the Chief Financial Officer only if the qualified public depository goes into default.
Confirm the public deposit account annually, as of September 30, with the qualified public depository and reconcile any discrepancies before November 30
Submit the Public Depositor Annual Report to the Chief Financial Officer (Form DFS-J1 -1009), by the 30th of November, to the Department of Financial Services
Notify the Chief Financial Officer immediately by telephone if the special district ever receives a notice of default or insolvency from the receiver of the depository. Then, provide written confirmation and a copy of the notice to the Chief Financial Officer