2003 Session

Budget Amendments - SB700 (Committee Approved)

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Treasury loan to avoid interest (language only)

Item 287 #2s

Item 287 #2s

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 Partnershp Fund in the amount of any invoice submitted by the private partner that is deemed payable, if sufficient funds are not available in the Partnerhip Fund to pay the invoice.  Any such treasury loan advanced shall be repaid immediately from the next deposit to the Partnership Fund."

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