2003 Session

Budget Amendments - HB1400 (Conference Report)

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Treasury loan to avoid interest (language only)

Item 287 #2c

Item 287 #2c

Taxation, Department of

Page 266, line 52, after the word "partners.", insert:
"In order to avoid the payment of interest to the private partner, a treasury loan shall be advanced to the Partnership Fund in the amount of any invoice submitted by the private partner that is deemed payable, if sufficient funds are not available in the Partnership Fund to pay the invoice.  Any such treasury loan advanced shall be repaid immediately from the next deposit to the Partnership Fund.  However, the interest payable on any funds that the Department holds back as a guarantee against operational defects can be paid from interest earned on the hold-back, combined with any other funds that are available to the Department."

(This amendment eliminates the possibility that a high interest rate will be charged on unpaid invoices.)