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          70:07:02:04.  Procedure for obtaining classification and capacity rating. To obtain a classification and maximum bidding capacity rating a prospective bidder shall submit a prequalification statement to the committee, on a form approved by the department. The prospective bidder shall include in the prequalification statement the prospective bidder's equipment, organization, prior experience, and any debarment or pending debarment by a state or federal agency from bidding on construction projects. At its discretion, the committee may request additional information.


          In addition to the prospective bidder's prequalification statement, the prospective bidder shall furnish audited financial details in accordance with either of the following:


          (1)  The prospective bidder may furnish a certification of surety from a bonding firm authorized to do business in this state stating the maximum bonding coverage the surety will issue on the prospective bidder's behalf for both a single contract and for all of the prospective bidder's work including uncompleted contracts; or


          (2)  The prospective bidder may submit a separate statement of financial position audited by an independent certified public accountant. The opinion page of the audit statement shall include the audit firm's name, address, telephone number, and signature of a member of the firm.


          Source: SL 1975, ch 16, § 1; 8 SDR 45, effective October 28, 1981; 8 SDR 98, effective February 24, 1982; 13 SDR 129, 13 SDR 134, effective July 1, 1987; transferred from § 70:01:05:03, 19 SDR 154, effective April 11, 1993; 25 SDR 145, effective May 30, 1999; 40 SDR 121, effective January 6, 2014.

          General Authority: SDCL 31-5-10.

          Law Implemented: SDCL 31-5-10.


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