(1) The department shall determine who shall be eligible to bid upon any contract with the department for the construction or maintenance of any public road or section thereof. The department may adopt rules and regulations and make investigations and examinations to determine the financial status, experience, responsibility, business ability, previous record, sufficiency of plant and equipment, and any other pertinent facts necessary to determine the eligibility of the proposed bidder.
(2) The department shall establish rules and regulations governing the application for the certificate of eligibility, the means and methods of obtaining information relative to the applicant, and the granting of, or refusal to grant, a certificate of eligibility, and may require a financial statement of the applicant, verified by the applicant or, in the case of a corporation, by an authorized official thereof, as often as the department deems it necessary, and at least once in every twelve (12) months.