Florida Senate - 2022                        COMMITTEE AMENDMENT
       Bill No. SB 1952
       
       
       
       
       
       
                                Ì511724ÈÎ511724                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  01/26/2022           .                                
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       The Committee on Governmental Oversight and Accountability
       (Albritton) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Subsection (27) is added to section 287.057,
    6  Florida Statutes, to read:
    7         287.057 Procurement of commodities or contractual
    8  services.—
    9         (27)(a) In determining whether a vendor is a responsible
   10  vendor as defined in s. 287.012, an agency may establish
   11  financial stability criteria and require a vendor to demonstrate
   12  its financial stability. If an agency requires a vendor to
   13  demonstrate financial stability during the competitive
   14  solicitation process, the agency must accept any of the
   15  following as evidence of a vendor's financial stability:
   16         1. Audited financial statements that demonstrate the
   17  vendor’s satisfaction of financial stability criteria.
   18         2. Documentation of an investment-grade rating from a
   19  credit rating agency designated as a nationally recognized
   20  statistical rating organization by the Securities and Exchange
   21  Commission.
   22         3. For a vendor with annual revenues exceeding $1 billion,
   23  a letter issued by the chief financial officer or controller
   24  verifying such vendor’s satisfaction of financial stability
   25  criteria.
   26         (b) For purpose of this section, the term "financial
   27  stability" means the capacity to, at a minimum, efficiently
   28  allocate resources, assess and manage financial risks, and fully
   29  perform the contract requirements, for the term of the contract.
   30         Section 2. This act shall take effect July 1, 2022.
   31  
   32  
   33  ================= T I T L E  A M E N D M E N T ================
   34  And the title is amended as follows:
   35         Delete everything before the enacting clause
   36  and insert:
   37                        A bill to be entitled                      
   38         An act relating to evidence of vendor financial
   39         stability; amending s. 287.057, F.S.; providing that
   40         an agency that requires a vendor to demonstrate
   41         financial stability during a competitive solicitation
   42         process must accept certain evidence; defining
   43         financial stability; providing an effective date.