§ 42-11.1-7. Determination of appropriations for interest payments.
Except in situations when federal law or other provisions of this chapter require
otherwise, an interest payment required by this chapter shall be paid from the same
appropriation as that from which the related proper invoice is paid, provided, however,
that the interest payment shall not reduce the amount of money that otherwise will
be payable to the contractor under the terms of the relevant contract and that if
the obligation to make an interest payment is incurred in whole or in part because
it takes the controller's office more than seventeen (17) working days from the date
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§ 42-11.1-7. Determination of appropriations for interest payments.
Except in situations when federal law or other provisions of this chapter require
otherwise, an interest payment required by this chapter shall be paid from the same
appropriation as that from which the related proper invoice is paid, provided, however,
that the interest payment shall not reduce the amount of money that otherwise will
be payable to the contractor under the terms of the relevant contract and that if
the obligation to make an interest payment is incurred in whole or in part because
it takes the controller's office more than seventeen (17) working days from the date
it receives an approvable voucher from another state agency, excluding legal holidays,
to process a contract payment, then the portion of the total interest payment that
is attributable to delays by the controller's office shall be paid from funds made
available to the controller's office. Notwithstanding any other provision of law to
the contrary, if the amount of money available from any above mentioned appropriation
to the state agency that received the proper invoice is insufficient to pay the interest
and if for any reason it is not feasible for the director of the budget to exercise
the transfer or interchange authority, the director of the budget may issue a voucher
or vouchers transferring or interchanging within a fund such amount as is needed to
pay the interest to the appropriation within the fund from the unspent balance of
any appropriation that is available to the same state agency. In exercising the latter
transfer or interchange authority, the director of the budget shall transfer or interchange
amounts that are not needed to accomplish the purposes for which the appropriation
was made, except, however, the director of the budget may, to the extent the director
deems it practicable, transfer or interchange amounts from appropriations that otherwise
would be available for the administration and operations of the state agency that
incurred the interest payment. Any such voucher or vouchers issued by the director
of the budget shall be sent to the state controller.