Terms Used In Florida Regulations 14-22.005

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
    (1) The applicant’s period of qualification shall be 18 months from the applicant’s fiscal year ending date included in the application. For good cause, the Department shall approve a period of qualification less than 18 months. Good cause shall mean as set forth in Rule 14-22.012, F.A.C. The Certificate of Qualification shall expire on the expiration date of the certificate, regardless of whether an administrative hearing has been requested concerning the Department’s action on the application. Submission of an application shall not affect the expiration of the Certificate of Qualification. Issuance of a new Certificate of Qualification will determine the new Ability Factor and Maximum Capacity Rating that is effective on the date of issuance and supersedes the current Certificate of Qualification.
    (2) Qualified applicants in good standing will be notified of the impending deadline date for submittal of their application at least 45 days prior to that date. Failure of notification shall not affect the deadline date for submittal of applications.
    (3) Qualified applicants shall submit a new application with financial statements as required by subsection 14-22.002(2), F.A.C., within four months from the date a change of ownership or incorporation of a non-incorporated firm occurs. A new application shall also be required whenever the Department has reason to believe that the position of a qualified applicant is less favorable than at the time of its last application, or that a subsequent, material event has occurred which adversely affects the financial position of the applicant.
    (4) A qualified applicant need not submit a new application solely based on a change in the officers or name of a corporation, but such information shall be certified to the Department within 10 days of the event.
    (5) A qualified applicant shall notify the Department, in writing, within 10 days of the decrease in its available surety performance bond credit amount.
    (6) A Certificate of Qualification shall not be issued to an applicant or affiliate that is insolvent.
    (7) A qualified applicant or affiliate shall notify the Contracts Administration Office in writing upon the filing of a bankruptcy petition. The notice must be received by the Contracts Administration Office within 10 days of the initial filing.
    (8) A qualified applicant, upon written request from the Department (stating the reasons for this request), shall submit updated or other additional financial information necessary for the Department to verify financial adequacy during the period of validity of qualification.
Rulemaking Authority Florida Statutes § 334.044(2), 337.14(1). Law Implemented 337.11, 337.14, 337.164 FS. History—(Formerly Chapter 14-8), New 7-1-67, 8-20-68, 5-9-70, 1-6-72, 9-24-75, Formerly 14-22.01(7), Amended 3-23-79, 11-10-82, 8-25-83, 10-1-85, Formerly 14-22.05, Amended 12-20-89, 1-4-94, 6-27-04, 5-15-06, 10-10-10, 4-13-14.