Sec. 36.25.025. Optional municipal exemption.

219 words·~1 min read·/ak/title-36/chapter-25/36-25-025

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A municipality, by ordinance adopted by its governing body, may exempt contractors from compliance with the provisions of AS 36.25.010

(a)if the estimated cost of the project does not exceed $400,000, and

(1)the contractor is, and for two years immediately preceding the award of the contract has been, a licensed contractor having its principal office in the state;

(2)the contractor certifies that it has not defaulted on a contract awarded to the contractor during the period of three years preceding the award of a contract for which a bid is submitted;

(3)the contractor submits a financial statement, prepared within a period of nine months preceding the submission of a bid for the contract and certified by a public accountant or a certified public accountant licensed under AS 08.04 , demonstrating that the contractor has a net worth of not less than 20 percent of the amount of the contract for which a bid is submitted; and

(4)the total amount of all contracts that the contractor anticipates performing during the term of performance of the contract for which a bid is submitted does not exceed the net worth of the contractor reported in the certified financial statement prepared and submitted under

(3)of this section by more than seven times.