§ 66-1524 — State not liable; when; payment of principal and interest on unpaid applications

The State of Nebraska shall not be liable for any reimbursement under the Petroleum Release Remedial Action Act in the event that the fund is insufficient to reimburse the amount set forth in section 66-1523 . Interest on any unpaid application for reimbursement shall continue to accrue on the principal amount of the application pursuant to the Prompt Payment Act until the principal amount of the reimbursement is paid, except such interest is not a liability of the state and is not required to be paid during any period of time that the fund is insufficient to pay the reimbursement.
On and after April 16, 1996, the department shall pay any unpaid applications by first paying the principal amount of all unpaid applications and then any accrued interest on the unpaid applications, except that the department shall not pay interest on interest. Notwithstanding provisions of the Prompt Payment Act and for purposes of applications on file with the department on April 16, 1996, applicants shall request payment of interest within ninety days of such date. For applications filed after April 16, 1996, all provisions of the Prompt Payment Act shall apply.

Legislative History

Source: Laws 1989, LB 289, § 24; Laws 1996, LB 1226, § 10. Cross References: Prompt Payment Act, see section 81-2401.