Title: Opinion File 72-43 thru 72-46
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Permanent Link: http://ufdc.ufl.edu/WL00003328/00001
 Material Information
Title: Opinion File 72-43 thru 72-46
Physical Description: Book
Language: English
 Subjects
Spatial Coverage: North America -- United States of America -- Florida
 Notes
Abstract: Buddy Blain's Collections - Opinion File 72-43 thru 72-46
General Note: Box 14, Folder 3 ( Opinions 1972 - 1973 - 1972 - 1973 ), Item 13
Funding: Digitized by the Legal Technology Institute in the Levin College of Law at the University of Florida.
 Record Information
Bibliographic ID: WL00003328
Volume ID: VID00001
Source Institution: Levin College of Law, University of Florida
Holding Location: Levin College of Law, University of Florida
Rights Management: All rights reserved by the source institution and holding location.

Full Text


.72-43


KEY WORDS:


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December 6, 1972


Mr. Ted M. Reiter, C.P.A.
Messrs. Crippen, Reiter,
& Berryhill
17 N.E. First Avenue
Ocala, Florida 32670

Re: Southwest Florida Water
Management District


Dear Ted:

After consideration of your letter of October 23, 1972 and dis-
cussion with other individuals whom I consider to be experts in
the field of "financial responsibility," I suggest the following:

1. That a company which has been in business at
least five years and has a net worth in excess
of $500,000.00 be declared to be financially
responsible and not have to post a $25,000.00
bond. Such companies should submit financial
statements at least annually.

2. That any company that has a net worth of
$250,000.00 and has been in business for at
least five years be declared to be financially
responsible, providing it submits a financial
statement every six months.

3. That all other companies would have to post
either a surety bond or a cash bond of $25,000.00.
Your suggestion concerning minimum cash position,
minimum current ratio and minimum current assets
seem to leave too many other things which might
cause problems to such an extent that they would
not be showing proof of financial responsibility.


L..
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I 2-44

12-6-72 2


Such things as character of the individuals and businesses, as
well as many other variables, would make it very difficult to
set minimum positions in other areas, and I believe the only
way we can set up guidelines is to require that a company be of
such size in its net worth that its financial responsibility can
be more or less assured because of the strength of the company
otherwise, we are going to be continually reviewing borderline
cases.

Yours very truly,



Myron G. Gibbons

MGG: seb


cc: Mr. Don Feaster






/I--- --


CRIPPEN, REITER & BERRYHILL
CERTIFIED PUBLIC ACCOUNTANTS
17 NORTHEAST FIRST AVENUE
OCALA. FLORIDA 32670
TEL. (904) 622.41B5


RAYMOND L. CRIPPEN. C.P.A.
TED M. REITER, C.P.A.
MICHAEL W. BERRYHILL, C.P.A.


MEMBERS
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
FLORIDA INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS


October 23, 1972






Mr. Myron G. Gibbons, Attorney
Post Office Box 1363
Tampa, Florida

Re: Southwest Florida Water
Management District


Dear Myron:

Per our recent conversation, the following criteria is offered regarding
"proof of financial responsibility" in connection with Chapter 16CC, Florida
Administrative Code.

As we further discussed, it was our decision that we could not review
financial statements submitted by the testing laboratories and deem them acceptable
in lieu of a $25,000.00 bond for various reasons outlined to you.

However, we realize the Board may want to set some standards,
which they would consider acceptable in this area. These may include but
certainly would not be limited to the following:

1) A minimum cash position in terms of dollars, which could be
required to be placed in a restricted account. "i
1 / I-. <' -
2) A minimum "current ratio", which is current assets vs. current
S ,liabilities.

3) A minimum amount of current assets in terms of dollars.

h /4) A minimum amount of "stockholder's equity" in terms of dollars. t

5) A minimum amount of current income in terms of dollars. iltC

S6) An audited statement from a C.P.A., which would include his
opinion. .4'4 / .

S7) There should be a limit on how old the, statements are..and how
oftenn they must be submitted. 4/-/
)d'~i4~\f -j. /
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72-45







Mr. Myron G. GibL
Page 2,
October 23, 1972


'.1..
4-,


It appears to me, even if we could agree on "standards" similar
to the above, we still have a very difficult situation in attempting to administer
them. I am enclosing the four statements currently submitted for your review.

Let me hear from you regarding your thoughts and maybe we can
come up with some recommendations to the Board.

Very truly yours,

CRIPPEIh REITFa & BERRYHILL


Ted M. Reiter


TMR:vb

Enclosure


cc: Mr. Dale Twachtmann


SAttorney


72-46


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