Indiana § 8-23-10-3 Financial statements of applicants

Indiana Statutes

§ 8-23-10-3 — Financial statements of applicants

Indiana·Art. 23 INDIANA DEPARTMENT OF·Ch. 10 Qualifications of Bidders for Contracts

(a)A bidder may not be given a certificate of qualification unless the bidder's financial statement and the investigation made by the department show that the bidder possesses net current assets sufficient in the judgment of the department to render it probable that the bidder can satisfactorily execute contracts and meet obligations incurred. All applications for qualification must expressly authorize the department to obtain all information considered pertinent with respect to the financial worth and assets and liabilities of the applicant from banks or other financial institutions, surety companies, dealers in material, equipment, or supplies, or other persons having business transactions with an applicant and must expressly authorize all financial institutions or other persons to furn

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(a) A bidder may not be given a certificate of
qualification unless the bidder's financial statement and the
investigation made by the department show that the bidder possesses
net current assets sufficient in the judgment of the department to render
it probable that the bidder can satisfactorily execute contracts and meet
obligations incurred. All applications for qualification must expressly
authorize the department to obtain all information considered pertinent
with respect to the financial worth and assets and liabilities of the
applicant from banks or other financial institutions, surety companies,
dealers in material, equipment, or supplies, or other persons having
business transactions with an applicant and must expressly authorize
all financial institutions or other persons to furnish information
requested by the department.
(b) The department shall adopt rules under IC 4-22-2 that establish
the requirements for financial statements furnished to the department
by potential applicants for the purpose of determining an applicant's
eligibility and financial capacity under this chapter.
(c) This chapter shall be administered without reference to the
residence of applicants, and its provisions and the rules of the
department adopted under this chapter apply equally to residents and
nonresidents of Indiana. This chapter does not apply to the purchase of
material, equipment, and supplies or to the construction and
maintenance of buildings.
(d) Notwithstanding IC 5-14-3-4(a)(5), a financial statement
submitted to the department under this chapter is considered
confidential financial information for the purposes of IC 5-14-3.