Senate Bill 1952 (2022) — Evidence of vendor financial stability
SB 1952
Florida Bills
Florida Senate - 2022 SB By Senator Albritton 26-01713-22 20221952__ CODING: Words stricken are deletions; words underlined are additions. A bill to be entitled
An act relating to evidence of vendor financial stability; amending s. 287.057, F.S.; providing that an agency that requires a vendor to demonstrate financial stability during a competitive solicitation process must accept certain evidence; providing an effective date. 7
Be It Enacted by the Legislature of the State of Florida: 9
Section 1. Subsection (27) is added to
section 287.057, 11 Florida Statutes, to read: 12 287.057 Procurement of commodities or contractual services.— 14
(27) An agency that requires a vendor to demonstrate financial stability during the competitive solicitation process must accept any of the following as evidence of such stability: 17
(
a) Audited financial statements that demonstrate the vendor’s satisfaction of generally accepted financial stability criteria. 20
(
b) Documentation of an investment-grade rating from a credit rating agency designated as a nationally recognized statistical rating organization by the Securities and Exchange Commission. 24
(
c) For a vendor with annual revenues exceeding $1 billion, 25 a letter issued by the chief financial officer or controller verifying such vendor’s satisfaction of generally accepted financial stability criteria. 28