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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
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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"; providi ng 9
construction; providing an 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 whether a vendor is a responsible 18
vendor, an agency may establish financial stability criteria and 19
require a vendor to demonstrate its financial stability. If an 20
agency requires a vendor to demonstrate its financial stability 21
during the competitive solicitation process, the agency must 22
accept any of the following as evidence of the vendor's 23
financial stability: 24
1. Audited financial statements that demonstrate the 25
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CS/CS/HB 1057 2022 Legislature
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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
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.a. For a vendor with annual revenues exceeding $1 31
billion, a letter con taining a written declaration, pursuant to 32
s. 92.525, issued by the chief financial officer or controller 33
attesting that the vendor is financially stable and meets the 34
definition of financial stability in paragraph (b). 35
b. For a vendor with annual revenu es of $1 billion or 36
less, documentation, based on criteria established by the 37
agency, evidencing that the vendor is financially stable and 38
meets the definition of financial stability in paragraph (b). 39
The criteria established by the agency shall be reasona bly 40
related to the value of the contract and may not include audited 41
financial statements. 42
(b) For purposes of this subsection, the term "financial 43
stability" means, at a minimum, having adequate income and 44
capital and the capacity to efficiently allocat e resources, 45
assess and manage financial risks, and maintain financial 46
soundness through the term of the contract. 47
(c) This subsection does not preclude an agency from 48
requiring a performance bond for the duration of the contract, 49
when appropriate. 50
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CS/CS/HB 1057 2022 Legislature
CODING: Words stricken are deletions; words underlined are additions.
hb1057-03-er
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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
Section 2. This act shall take effect upon becoming a law. 51