Bill Text: FL S1952 | 2022 | Regular Session | Comm Sub

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Bill Title: Evidence of Vendor Financial Stability

Spectrum: Slight Partisan Bill (? 2-1)

Status: (Introduced - Dead) 2022-03-04 - Laid on Table, refer to CS/CS/HB 1057 [S1952 Detail]

Download: Florida-2022-S1952-Comm_Sub.html

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       Florida Senate - 2022                      CS for CS for SB 1952
       
       
        
       By the Committees on Appropriations; and Governmental Oversight
       and Accountability; and Senator Albritton
       
       
       
       
       576-03561-22                                          20221952c2
    1                        A bill to be entitled                      
    2         An act relating to evidence of vendor financial
    3         stability; amending s. 287.057, F.S.; authorizing an
    4         agency, in making a certain determination, to
    5         establish financial stability criteria and require a
    6         demonstration of financial stability; providing that
    7         an agency that requires a vendor to demonstrate
    8         financial stability during a competitive solicitation
    9         process must accept certain evidence; defining the
   10         term “financial stability”; providing an effective
   11         date.
   12          
   13  Be It Enacted by the Legislature of the State of Florida:
   14  
   15         Section 1. Subsection (27) is added to section 287.057,
   16  Florida Statutes, to read:
   17         287.057 Procurement of commodities or contractual
   18  services.—
   19         (27)(a) In determining whether a vendor is a responsible
   20  vendor as defined in s. 287.012, an agency may establish
   21  financial stability criteria and require a vendor to demonstrate
   22  its financial stability. If an agency requires a vendor to
   23  demonstrate financial stability during the competitive
   24  solicitation process, the agency must accept any of the
   25  following as evidence of the vendor’s financial stability:
   26         1. Audited financial statements that demonstrate the
   27  vendor’s satisfaction of financial stability criteria.
   28         2. Documentation of an investment-grade rating from a
   29  credit rating agency designated as a nationally recognized
   30  statistical rating organization by the Securities and Exchange
   31  Commission.
   32         3. For a vendor with annual revenues exceeding $10 million,
   33  a letter issued by the vendor’s chief financial officer or
   34  controller verifying such vendor’s satisfaction of financial
   35  stability criteria.
   36         4. For a vendor that previously provided substantially
   37  similar services, unaudited financial statements demonstrating
   38  such vendor’s previous performance of substantially similar
   39  services.
   40         (b) For purposes of this section, the term “financial
   41  stability” means the capacity to, at a minimum, efficiently
   42  allocate resources, assess and manage financial risks, and fully
   43  perform the contract requirements for the term of the contract.
   44         Section 2. This act shall take effect July 1, 2022.