Florida Senate - 2022                                    SB 1952
       
       
        
       By Senator Albritton
       
       
       
       
       
       26-01713-22                                           20221952__
    1                        A bill to be entitled                      
    2         An act relating to evidence of vendor financial
    3         stability; amending s. 287.057, F.S.; providing that
    4         an agency that requires a vendor to demonstrate
    5         financial stability during a competitive solicitation
    6         process must accept certain evidence; providing an
    7         effective date.
    8          
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Subsection (27) is added to section 287.057,
   12  Florida Statutes, to read:
   13         287.057 Procurement of commodities or contractual
   14  services.—
   15         (27) An agency that requires a vendor to demonstrate
   16  financial stability during the competitive solicitation process
   17  must accept any of the following as evidence of such stability:
   18         (a) Audited financial statements that demonstrate the
   19  vendor’s satisfaction of generally accepted financial stability
   20  criteria.
   21         (b) Documentation of an investment-grade rating from a
   22  credit rating agency designated as a nationally recognized
   23  statistical rating organization by the Securities and Exchange
   24  Commission.
   25         (c) For a vendor with annual revenues exceeding $1 billion,
   26  a letter issued by the chief financial officer or controller
   27  verifying such vendor’s satisfaction of generally accepted
   28  financial stability criteria.
   29         Section 2. This act shall take effect July 1, 2022.