STORAGE NAME: h0999d.COM
DATE: 4/17/2025
1
FLORIDA HOUSE OF REPRESENTATIVES
BILL ANALYSIS
This bill analysis was prepared by nonpartisan committee staff and does not constitute an official statement of legislative intent.
BILL #: CS/HB 999
TITLE: Legal Tender
SPONSOR(S): Bankson, LaMarca
COMPANION BILL: CS/SB 132 (Rodriguez)
LINKED BILLS: None
RELATED BILLS: None
Committee References
Insurance & Banking
16 Y, 0 N
Ways & Means
19 Y, 0 N
Commerce
25 Y, 0 N, As CS
SUMMARY
Effect of the Bill:
The bill:
Recognizes certain high-purity gold and silver coins as legal tender.
Removes sales tax for coins or currency sold, exchanged, or traded based on precious metal content.
Exempts gold coin or silver coin that is legal tender in Florida from sales tax.
Allows, but does not require, government entities to accept legal tender gold or silver coins via electronic
transfer.
Permits public entities to contract with qualified public depositories for such transactions.
Defines “custodian of gold or silver coin” and brings custodians under money services business laws.
Requires custodians to be licensed and meet standards for storage, insurance, audits, and security.
Establishes consumer protections for customers of custodians, including disclosures and redemption rights.
Allows money services businesses and financial institutions to opt out of handling gold coin or silver coin.
Imposes regulatory requirements on entities that voluntarily engage in such activities.
Adds gold coin or silver coin to the definition of “monetary instruments” under Florida’s anti-money
laundering law.
Fiscal or Economic Impact:
The Revenue Estimating Conference has not estimated the impact of this bill on state and local government
revenues. Staff estimates that this bill will have a recurring impact of -$1.6 million on General Revenue and -$0.6
million on local government revenues beginning in Fiscal Year 2025-26.
JUMP TO SUMMARY ANALYSIS RELEVANT INFORMATION BILL HISTORY
ANALYSIS
EFFECT OF THE BILL:
Legal Tender Designation
The bill creates a new legal tender statute recognizing, effective January 1, 2026, gold and silver coins of at least
99.5% and 99.9% purity, respectively, as legal tender for paying debts in Florida. The bill defines key terms,
including “gold coin
1,” “silver coin
2,” “legal tender
3,” and “electronic transfer
4,” and specifies that:
1
The bill defines "Gold coin" to mean a precious metal with the chemical element of atomic number 79 in solid form, typically
in the shape of rounds, bars, ingots, or bullion coins, which is valued for its metal content and stamped or imprinted with its
weight and which consists of at least 99.5 percent purity. The term "coin" does not mean any goods as defined in s. 672.105(1),
F.S., such as jewelry, other items of utility such as picture frames, or keepsakes.
2
The bill defines "Silver coin" to mean a precious metal with the chemical element of atomic number 47, in solid form typically
in the shape of rounds, bars, ingots, or bullion coins, which is valued for its metal content and is stamped or imprinted with a
weight that consists of at least 99.9 percent purity. The term "coin" does not mean any goods as defined in s. 672.105(1),
F.S.,such as jewelry, other items of utility such as picture frames, or keepsakes. JUMP TO SUMMARY ANALYSIS RELEVANT INFORMATION BILL HISTORY
2
No person may be required to offer or accept gold or silver coin as payment, unless required by contract.
Governmental entities may accept gold or silver coin as payment for taxes or fees, but only via electronic
transfer (not in physical form).
Governmental entities may contract with qualified public depositories to process such payments. (Section
2)
Sales and Use Tax
The bill removes sales tax for coins or currency sold, exchanged, or traded at a rate based on precious metal
content, and exempts from sales tax any gold or silver coin that is legal tender in Florida under the newly created
legal tender statute. (Section 1).
Custody of Public Deposits
The bill requires any custodian of gold or silver coin that holds public deposits to meet the standards of a qualified
public depository but specifies that such custodians are not required to be insured by the Federal Deposit
Insurance Corporation (FDIC) or the National Credit Union Share Insurance Fund. (Section 3).
Licensing and Regulation of Custodians
The bill defines “custodian of gold coin or silver coin” and incorporates the terms “gold coin” and “silver coin” into
existing definitions of “money services business,” “foreign currency exchanger,” and “money transmitter.” These
changes bring gold and silver coin custody under the regulatory framework for money services businesses.
(Section 4).
The bill requires the Office of Financial Regulation (OFR) to approve both initial and renewal license applications
for entities seeking to act as custodians of gold or silver coin if they demonstrate compliance with applicable rules
related to storage, insurance, auditing, administration, and asset handling. The bill also authorizes OFR to conduct
a pre-licensing examination. (Sections 5 and 6).
The bill states that money services businesses are not required to offer services related to gold or silver coin, such
as storing, transmitting, or accepting such coin. However, if a money services business chooses to offer such
services, it must:
Insure deposits at full replacement value;
Securely store physical coins with a licensed custodian located in Florida;
Ensure the coins are sourced from accredited refiners or wholesalers and include any conversion fees in
the total allowable transaction charges; and
Comply with chain of custody protocols and all other applicable state and federal regulations. (Section 7).
The bill amends licensing requirements to prohibit any person from engaging in, or advertising as engaging in,
custodial activity involving gold or silver coin for compensation without a license. (Section 8).
The bill creates new application requirements for custodians, including submission of proof of insurance, asset
control, depository accreditation, and a business plan demonstrating safe and sound custodial operations. (Section
9).
The bill creates a comprehensive regulatory framework for licensed custodians of gold and silver coin. It requires
custodians to:
Be physically located to allow for quick asset movement or rapid law enforcement response;
Meet industry security standards, including:
o A high-security vault rated by Underwriters’ Laboratories,
3
The bill defines "Legal tender" to mean a medium of exchange that is authorized by this state pursuant to s. 10, Art. I of the
United States Constitution for the payment of a debt.
4
The bill defines "Electronic transfer" to mean any instruction, other than a transaction by check, draft, or similar paper
instrument, which is initiated through debit card, mobile application, or computer to order, instruct, or authorize a financial
institution as defined in s. 655.005(1)(i), F.S., or a money services business as defined in s. 560.103, F.S., to debit or credit an
account with gold coin or silver coin or any fraction thereof, the equivalent value in United States currency converted at
current market price. For debit card transactions, this instruction shall authorize the debit in at the point of sale. JUMP TO SUMMARY ANALYSIS RELEVANT INFORMATION BILL HISTORY
3
o 24/7 physical security and video surveillance,
o Biometric or multi-factor access controls,
o Disaster-resistant facility design, and
o Regular reviews of security procedures;
Segregate customer assets from the custodian’s own assets and from assets not involving gold or silver
coin;
Store customer holdings on a fully allocated basis,
5 with each owner having an undivided interest
6 in the
total pool of assets;
Comply with chain of custody requirements established by rule of the Financial Services Commission (FSC);
Maintain an inventory system including serial and bar number tracking and ledger accounts;
Undergo annual audits by an independent Certified Public Account (CPA) or other auditor approved by the
OFR to confirm the custodian holds sufficient assets for all customers;
Maintain insurance covering 100% of the full replacement value of stored assets under an all-risk policy
issued by an authorized or eligible surplus lines insurer;
Permit visits or inspections with advance notice;
Maintain secure technology, including:
o Encrypted data in transit and at rest,
o Two-factor authentication,
o A secure online account portal, and
o Regular cybersecurity audits or vulnerability assessments;
Maintain physical custody of the same quantity and type of gold or silver coin entrusted by each customer;
and
Refrain from selling, lending, pledging, rehypothecating
7, or encumbering any customer asset unless
directed by the customer for a transaction. (Section 10).
If a custodian has a direct contractual relationship with the customer, it must also:
Provide clear written disclosures at account opening and annually, including risk information and a
statement that holdings are not insured by FDIC, National Credit Union Association (NCUA), or Securities
Investor Protection Corporation (SIPC);
Disclose products, services, storage and transaction fees transparently;
Provide quarterly account statements;
Return customer holdings upon request within 30 days, including delivery of physical gold or silver coin in
minimum whole troy ounces or, at the custodian’s discretion, conversion of fractional holdings to U.S.
currency;
Allow the customer to request delivery of converted U.S. currency instead of physical coin;
Make recent audit reports available to the customer within 30 days of request; and
Maintain customer confidentiality and prohibit disclosure of customer information except with the account
holder’s written consent, by court order, or as otherwise authorized by law. Any records obtained in
violation of this confidentiality requirement are inadmissible in any proceeding if timely objected to.
(Section 10).
The bill states that:
Any violation of these provisions is a violation of the chapter and may result in license suspension or
revocation;
Custodial obligations are fiduciary in nature for determining priority in claims or losses;
The Financial Services Commission may adopt rules to implement the section. (Section 10).
Financial Institutions and Anti-Money Laundering
5
The bill defines "Fully allocated" to mean that each owner has a direct and specific legal claim to the exact gold coin or silver
coin, or portion thereof, equal to their deposit that is held by the custodian of gold coin or silver coin.
6
The bill defines "Undivided Interest" to mean all owners share the physical gold coin or silver coin collectively, with each
owner entitled to a proportional share of the total holdings equal to their ownership, even though the gold coin or silver coin
may be stored as a larger unit.
7
Rehypothecation is a practice in the financial industry where a broker or financial institution reuses the collateral that has
been pledged by a client or borrower to secure a loan or margin account. JUMP TO SUMMARY ANALYSIS RELEVANT INFORMATION BILL HISTORY
4
The bill includes gold and silver coins in the definition of “monetary instruments” for purposes of Florida’s anti-
money laundering law. (Section 11).
The bill prohibits financial institutions from being required to accept or exchange gold or silver coin. If a financial
institution voluntarily accepts such deposits, it must comply with the same standards applicable to licensed
custodians, including insurance, separate storage, and sourcing requirements. (Section 12).
Legal Tender and Reporting
The bill clarifies that state law does not compel buyers or sellers to use gold or silver coin as legal tender unless
contractually agreed. (Section 13).
The bill requires the Department of Financial Services (DFS) to submit a report by January 1, 2026, to the
Governor, Senate President, and Speaker of the House of Representatives on the implementation of the legal tender
provisions and any additional legislation needed to ensure acceptance of gold and silver coin as legal tender.
(Section 14).
The bill makes a conforming cross-reference change in the Financial Technology Sandbox law. (Section 15).
The bill takes effect upon becoming law. (Section 16).
RULEMAKING:
The bill authorizes the OFR to adopt rules to implement provisions related to the operation of vendors and bullion
depositories, including provisions for insurance of deposits and security measures for the storage of bullion and
specie.
8
Lawmaking is a legislative power; however, the Legislature may delegate a portion of such power to executive
branch agencies to create rules that have the force of law. To exercise this delegated power, an agency must
have a grant of rulemaking authority and a law to implement.
FISCAL OR ECONOMIC IMPACT:
STATE GOVERNMENT:
The Revenue Estimating Conference has not estimated the impact of this bill. Staff estimates that this bill will have
a recurring impact of -$1.6 million on General Revenue beginning in Fiscal Year 2025-26.
LOCAL GOVERNMENT:
The Revenue Estimating Conference has not estimated the impact of this bill. Staff estimates that this bill will have
a recurring impact of -$0.6 million on local government revenues beginning in Fiscal Year 2025-26 from the total
exemption of sales tax on the sales of bullion.
RELEVANT INFORMATION
SUBJECT OVERVIEW:
Legal Tender under Federal and State Law
Under Article I, Section 10, Clause 1 of the United States Constitution, states are prohibited from coining money but
are expressly authorized to "make gold and silver coin a tender in payment of debts."
9 This provision authorizes
states to recognize gold and silver coin as legal tender for the payment of debts and taxes but prohibits states from
creating or issuing their own currencies or recognizing other forms of money as tender.
10 In contrast, Article I,
8
The Office of Financial Regulation, Agency Analysis of 2025 HB 999, p. 2 (March 13, 2025).
9
U.S. Const. art. 1. § 10. Cl. 1.
10
Id. JUMP TO SUMMARY ANALYSIS RELEVANT INFORMATION BILL HISTORY
5
Section 8, Clause 5 of the U.S. Constitution grants Congress the exclusive power to coin money and regulate its
value.
11 However, Congress has not preempted state authority to recognize specie
12 as legal tender for state and
private transactions.
Under 31 U.S.C. § 5103, only United States coins and currency (including Federal Reserve notes) are recognized as
legal tender for the payment of debts, public charges, taxes, and dues. Foreign gold or silver coins are not legal
tender for debts under federal law, though they may be lawfully bought, sold, and owned as commodities or
investment assets.
13 However, a state may choose to recognize gold and silver coins as legal tender within its
jurisdiction, though such coins would not have national legal tender status.
Tax Treatment of Specie and Bullion
Federal Taxation
At the federal level, gold and silver coins and bullion are classified as "collectibles" under 26 U.S.C. § 408(m), and
gains from their sale are subject to a maximum long-term capital gains tax rate of 28%.
14 The Internal Revenue
Code defines "collectible" to include "any metal or gem" and "any coin" not specifically exempted.
15
Florida Taxation
Florida provides a limited sales tax exemption for sales of U.S. coins and currency and for foreign currency
transactions exceeding $500.
16 Additionally, Florida provides a limited sales tax exemption on the sale of gold,
silver, or platinum bullion, or any combination thereof, in a single transaction, that applies when the total sales
price of such bullion exceeds $500.
17 Florida law does not provide a state-level exemption for capital gains derived
from the sale of gold and silver, as Florida does not impose a personal state income tax.
18
Florida law does not explicitly address whether precious metals are classified as tangible personal property subject
to ad valorem taxation, although the statutory definition of tangible personal property includes "all goods, chattels,
and other articles of value . . . capable of manual possession.”
19 Tangible personal property includes office furniture,
fixtures, tools, machinery, household appliances, signs, equipment, leasehold improvements, supplies, leased
equipment, and other similar items.
20
Insurance and Regulatory Requirements for Asset-Holding Institutions
Because gold and silver are often stored outside traditional banking institutions, it is important to distinguish how
such assets are protected—or not protected—under federal insurance programs. The Federal Deposit Insurance
Corporation (FDIC) provides coverage of up to $250,000 per depositor, per insured bank, for each account
ownership category.
21 The National Credit Union Share Insurance Fund (NCUSIF), administered by the National
Credit Union Administration (NCUA), provides equivalent coverage for member accounts in federally insured
credit unions.
22 While there is no explicit statutory prohibition on insuring such assets, precious metals are not
considered “deposits” under federal law and are not among the asset types covered by federal deposit insurance.
23
11
U.S. Const. art. 1. § 8. Cl. 5.
12
Specie refers to money in the form of coins, especially those made of gold or silver. See Black’s Law Dictionary (11th ed.
2019) (“Specie: Coined money, as opposed to paper money; esp., gold or silver coins.”).
13
31 U.S.C. § 5103
14
“Form S-3” Securities and Exchange Commission, 27. Feb. 2025, P. 42,
https://www.sec.gov/Archives/edgar/data/1690437/000149315225008435/forms-3.htm
15
26 U.S.C. § 408(m)(2)(A)–(D).
16
s. 212.05(1)(j), F.S.
17
s. 212.08(7)(ww), F.S.
18
Art. VII, s. 5(a), Fla. Const.
19
s. 192.001(11)(d), F.S.
20
Rule 12D-16.002, F.A.C., Tangible Personal Property Tax Return (DR-405). The return includes these specific categories as
taxable items.
21
12 U.S.C. § 1821(a).
22
12 U.S.C. §§ 1781(a), 1787(k).
23
See 12 U.S.C. § 1813(l) (definition of "deposit"); 12 C.F.R. § 330.1(n). JUMP TO SUMMARY ANALYSIS RELEVANT INFORMATION BILL HISTORY
6
In Florida, institutions that hold funds or assets on behalf of the state must comply with the Qualified Public
Depository Act. A qualified public depository is a financial institution that meets the requirements of Florida’s
Qualified Public Depository Act and is designated by the Chief Financial Officer to receive or hold public funds.
24
These institutions must secure public deposits with collateral,
25 file monthly reports,
26 and comply with minimum
liquidity and solvency standards.
27 Institutions must generally be federally insured, although limited exemptions
may apply for entities that hold non-cash assets.
28
Financial Services Regulatory Bodies in Florida
Florida’s financial regulatory framework includes the OFR and the FSC. The OFR is responsible for overseeing and
licensing financial institutions, money services businesses, securities firms, and mortgage entities.
29 The FSC,
composed of the Governor and Cabinet, serves as the rulemaking body for the OFR and provides overall policy
direction.
30 The OFR operates under the policy direction of the FSC and enforces state financial laws and
regulations. Together, these entities are responsible for implementing and enforcing Florida’s financial regulatory
laws.
Anti-Money Laundering
The Florida Control of Money Laundering and Terrorist Financing in Financial Institutions Act (the Act) establishes
reporting and recordkeeping requirements for financial institutions to help detect and prevent money laundering
and terrorist financing.
31 The Act is intended to deter the use of financial institutions to conceal or transfer
proceeds related to criminal or terrorist activity and to provide information useful in regulatory and law
enforcement investigations.
32
Other States' Treatment of Specie and Bullion
Several states have adopted laws to recognize gold and silver as legal tender or to remove various tax barriers to
facilitate their use in commerce. These laws vary in scope and effect, ranging from simple tax exemptions to the
establishment of state-run bullion depositories.
Utah was the first state to recognize U.S.-minted gold and silver coins as legal tender through its Legal
Tender Act of 2011. Utah law also provides a tax exemption for capital gains derived from the sale or
exchange of gold and silver coins that are recognized as legal tender. In addition, Utah permits private firms
to operate accounts backed by physical precious metals, which allows individuals to conduct transactions
denominated in gold and silver.
33
Texas has established a state-operated bullion depository, known as the Texas Bullion Depository, to
securely store precious metals for individuals, businesses, and governmental entities. The depository
provides secure storage and the ability for account holders to deposit and withdraw physical bullion.
Although Texas law enables secure in-state storage of precious metals, it does not authorize gold and silver
as official legal tender for payment of state taxes or other obligations.
34
Wyoming enacted legislation in 2018 declaring gold and silver legal as tender and exempting the sale of
these metals from state sales and use taxes. Wyoming law also prohibits the treatment of specie as taxable
24
See s. 280.02(26), F.S. (defining “qualified public depository”).
25
See s. 280.04(1), F.S.
26
See s. 280.16, F.S.
27
See Rule 69C-2.026, F.A.C.
28
See s. 280.03(3), F.S. (permitting exceptions to federal insurance requirements under certain conditions).
29
s. 20.121(3), F.S.
30
s. 20.121(3)(c), F.S.
31
s. 655.50, F.S.
32
S. 655.50(2), F.S.
33
Utah Code §§ 59-1-1501 et seq.; H.B. 317 (2011). See also Bullion Feasibility Study: An Exploratory Review of Key Policy
Considerations for Implementing Gold and Silver Bullion as Legal Tender in the State of Florida, prepared for the Florida
Department of Financial Services by Guidehouse Inc., p. 122. February 28, 2025.
34
Tex. Gov’t Code § 2116; S.B. 483 (2015). See also Bullion Feasibility Study: An Exploratory Review of Key Policy Considerations
for Implementing Gold and Silver Bullion as Legal Tender in the State of Florida, prepared for the Florida Department of
Financial Services by Guidehouse Inc., p. 116. February 28, 2025. JUMP TO SUMMARY ANALYSIS RELEVANT INFORMATION BILL HISTORY
7
tangible personal property, effectively removing several barriers to the private holding and use of gold and
silver for commerce.
35
Arizona has removed state capital gains taxes on sales of precious metals and has authorized gold and
silver coins as legal tender for private transactions. Like Wyoming, Arizona's approach focuses on tax
treatment rather than establishing state-operated depositories or payment systems.
36
Other states, such as Oklahoma, Louisiana, Kansas, and Indiana, have adopted various forms of tax exemptions
related to the sale or exchange of gold and silver bullion, though these laws do not necessarily recognize precious
metals as legal tender or create infrastructure to support their use as a medium of exchange.
37
While these states have taken steps to encourage the use of gold and silver by removing tax barriers and
recognizing their status as lawful money in specific contexts, no state currently operates a fully integrated,
government-supported electronic payment system backed by physical precious metals that is recognized for
payment of all state taxes, fees, or other obligations. Most existing laws focus on facilitating private holding and
exchange of gold and silver and on removing disincentives such as sales and capital gains taxes, rather than
creating comprehensive alternative currency systems.
38
Precious Metals-Backed Electronic Payment Systems
Precious metals-backed electronic payment systems are digital platforms that allow users to store and transact
using units backed by physical precious metals, primarily gold and silver.
39 These systems typically allow users to
maintain accounts denominated in gold or silver, and to spend from those accounts using debit cards or mobile
applications.
40
Such systems rely on physical bullion stored in secure vaults, often accredited by international organizations that
set industry standards. Users may conduct transactions based on their bullion holdings and may redeem their
digital balances for physical delivery of gold or silver.
41 While these systems offer an alternative to traditional fiat
currency (government-issued currency that is not backed by a physical commodity) transactions, they are typically
not insured by the Federal Deposit Insurance Corporation and are subject to various state and federal regulatory
requirements, including anti-money laundering, cybersecurity, and fraud prevention measures.
42
35
Wyo. Stat. §§ 34-29-101 to 34-29-103; SF111 (2018). See also Bullion Feasibility Study: An Exploratory Review of Key Policy
Considerations for Implementing Gold and Silver Bullion as Legal Tender in the State of Florida, prepared for the Florida
Department of Financial Services by Guidehouse Inc., p. 128. February 28, 2025.
36
Ariz. Rev. Stat. § 43-1027. See also Bullion Feasibility Study: An Exploratory Review of Key Policy Considerations for
Implementing Gold and Silver Bullion as Legal Tender in the State of Florida, prepared for the Florida Department of Financial
Services by Guidehouse Inc., p. 102. February 28, 2025.
37
Bullion Feasibility Study, supra note 36.
38
Id. at 14, 20, 22-23.
39
See generally H.B. 306, 65th Leg., Gen. Sess. (Utah 2025), https://le.utah.gov/Session/2025/bills/introduced/HB0306.pdf;
Christian Bender, A Gold Standard for the Internet? An Introductory Assessment, 11 Electronic Markets p. 123 (2001),
https://electronicmarkets.org/fileadmin/user_upload/doc/Issues/Volume_11/Issue_02/V11I2_A_Gold_Standard_for_the_Inte
rnet-_An_Introductory_Assessment.pdf.
40
Bender, supra note 1, at 122.
41
See generally London Bullion Market Ass’n, LBMA Launches Digital Database for Gold Bars to Improve Transparency, Reuters
(Jan. 29, 2025), https://www.reuters.com/markets/commodities/london-bullion-association-launches-digital-database-gold-
bars-2025-01-29; Digital Gold: Understanding Cryptocurrency Backed by Physical Gold, BlockApps (2023),
https://blockapps.net/blog/digital-gold-understanding-cryptocurrency-backed-by-physical-gold.
42
Lael Brainard, Governor, Bd. of Governors of the Fed. Rsrv. Sys., The Digitalization of Payments and Currency: Some Issues for
Consideration (Feb. 5, 2020), https://www.federalreserve.gov/newsevents/speech/brainard20200205a.htm. JUMP TO SUMMARY ANALYSIS RELEVANT INFORMATION BILL HISTORY
8
RECENT LEGISLATION:
YEAR BILL # HOUSE SPONSOR(S) SENATE SPONSOR OTHER INFORMATION
2024 697 Bankson and LaMarca Martin The bill died in the State
Affairs Committee.
BILL HISTORY
COMMITTEE REFERENCE ACTION DATE
STAFF
DIRECTOR/
POLICY CHIEF
ANALYSIS
PREPARED BY
Insurance & Banking
Subcommittee
16 Y, 0 N 3/20/2025 Hamon Herrera
Ways & Means Committee 19 Y, 0 N 4/2/2025 Aldridge Hallaian
Commerce Committee 25 Y, 0 N, As CS 4/15/2025 Hamon Herrera
THE CHANGES ADOPTED BY THE
COMMITTEE:
Clarified that only gold coin or silver coin meeting specific purity
standards would be recognized as legal tender for paying debts in
Florida beginning in 2026.
Allowed, but did not require, state and local governments to accept
gold coin or silver coin electronically for payment of taxes or fees.
Established licensing, storage, insurance, and audit requirements for
custodians holding gold coin or silver coin, including those holding
public deposits.
Established requirements for money services businesses and financial
institutions that handle gold and silver coins.
Added consumer protections, fiduciary duties, and privacy safeguards
for gold coin and silver coin account holders.
Required the Department of Financial Services to report on
implementation and any additional legislative needs.
Corrected a drafting error by clarifying that the sales tax exemption
applies when gold coin or silver coin qualifies as legal tender.
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THIS BILL ANALYSIS HAS BEEN UPDATED TO INCORPORATE ALL OF THE CHANGES DESCRIBED ABOVE.
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