Illinois Administrative Code › Title 44 - GOVERNMENT CONTRACTS, GRANTMAKING, PROCUREMENT AND PROPERTY MANAGEMENT › Part 650 - PREQUALIFICATION OF CONTRACTORS, AUTHORIZATION TO BID, AND SUBCONTRACTOR REGISTRATION › Subpart A - PREQUALIFICATION › Section 650.130 - Revisions to Prequalification Ratings

Current through Register Vol. 48, No. 28, July 12, 2024
a) Revision to the financial rating that will
				either increase or reduce the rating may be necessary during the period it is
				in effect if there has been a change in status of the contractor due to reasons
				or events that materially impact the financial rating calculation or that
				affect the current responsibility of the contractor, including but not limited
				to those listed in this subsection (a). The Department may require a contractor
				to file a new financial statement at any time it considers such action to be
				warranted. The statement shall be filed within 30 days after such request. The
				prequalification of a contractor who fails to file the requested information
				will be revoked pursuant to Section
				650.110
				of this Part. The Department shall be notified by the contractor when it has
				knowledge of any of the following reasons or events:
1) The contractor experiences a change
				involving ownership.
2) The
				contractor acquires or is acquired by another company.
3) The contractor incurs equipment or plant
				expenditures through purchase, lease or rental which totals 5 percent or more
				of the calculated value of the financial rating for a period of one year after
				the date of the financial statement. Notification of an equipment or a plant
				purchase should include the following:
A)
				Description (i.e., make, model, year, serial number and size or
				capacity);
B) Purchase
				date;
C) Purchase price;
D) Book or appraised value; and
E) Financial transaction (i.e., cash purchase
				or how financed).
4)
				Reduction of any long term notes before their due date.
5) The contractor incurs unanticipated stock
				repurchases within the period of one year after the date of the financial
				statement.
6) Contingent
				liabilities which are paid within one year of the financial
				statement.
7) Payment of the cash
				surrender value of life insurance.
8) The contractor incurs a judgment against
				it due to a lawsuit.
9) The
				contractor defaults on a loan agreement which is encumbered or pledged by
				current or fixed assets of the firm.
10) The contractor defaults on a contract not
				awarded or approved for award by the Department.
11) The contractor has experienced an event
				which has a present or future financial impact or reduction in working capital
				during the prequalification period. Subsequent events which represent a present
				or possible future reduction in working capital during the prequalification
				period will be reviewed and the Department will issue new ratings if the
				reduction in working capital exceeds 30 percent. The Department may request
				verification from the CPA when applicable.
12) The contractor has Department awarded or
				approved contract work in progress that has fallen behind the approved progress
				schedules applicable to the contracts involved due to performance delays caused
				by the contractor.
13) The
				contractor has not commenced performance of Department awarded or approved
				contract work as required by the contract or contracts involved due to
				performance delays caused by the contractor.