CS/HB 1057 2022
CODING: Words stricken are deletions; words underlined are additions.
hb1057-01-c1
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to evidence of vendor financial 2
stability; amending s. 287.057, F.S.; authorizing an 3
agency to establish financial stability criteria and 4
require a vendor to demonstrate financial stability; 5
providing that an agency that requires a vendor to 6
demonstrate financial stability during a competitive 7
solicitation process must accept certain evidence; 8
defining the term "financial stability"; providing an 9
effective date. 10
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Be It Enacted by the Legislature of the State of Florida: 12
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Section 1. Subsection (27) is added to section 287.057, 14
Florida Statutes, to read: 15
287.057 Procurement of commodities or contractual 16
services.— 17
(27)(a) In determining wh ether a vendor is a responsible 18
vendor as defined in s. 287.012, an agency may establish 19
financial stability criteria and require a vendor to demonstrate 20
its financial stability. If an agency requires a vendor to 21
demonstrate its financial stability during the competitive 22
solicitation process, the agency must accept any of the 23
following as evidence of the vendor's financial stability: 24
1. Audited financial statements that demonstrate the 25
CS/HB 1057 2022
CODING: Words stricken are deletions; words underlined are additions.
hb1057-01-c1
Page 2 of 2
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
vendor's satisfaction of financial stability criteria. 26
2. Documentation of an investment grade rating from a 27
credit rating agency designated as a nationally recognized 28
statistical rating organization by the Securities and Exchange 29
Commission. 30
3. For a vendor with annual revenues exceeding $1 billion, 31
a letter issued by t he chief financial officer or controller 32
verifying such vendor's satisfaction of financial stability 33
criteria. 34
(b) For purpose of this subsection, the term "financial 35
stability" means the capacity to, at a minimum and for the term 36
of the contract, effici ently allocate resources, assess and 37
manage financial risks, and fully perform the contract 38
requirements. 39
Section 2. This act shall take effect upon becoming a law. 40