New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4214 - Prompt Payment Policy Statement
Section 4214.4 - Reports

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4214.4

Current through Register Vol. 45, No. 52, December 27, 2023

(a) Statement filings. Within 30 days of its adoption, and the adoption of any amendments thereto, UDC shall file a copy of this policy statement with the State Comptroller, the State Director of the Budget, the Chairman of the Senate Finance Committee, and the Chairman of the Assembly Ways and Means Committee.

(b) Annual report. Within 90 days after the end of each fiscal year following January 1, 1989, UDC shall prepare an annual report on the scope and implementation of this prompt payment policy, which shall include, but not be limited to, the following:

(1) a listing of the types or categories of contracts which UDC entered into during the 12-month period covered by the report, together with an indication of whether each such type or category of contract was subject to the prompt payment regulations promulgated by UDC and, if not, why not;

(2) the number and amounts of interest payments made for contracts arranged according to each such type or category;

(3) the number of interest-chargeable days and total number of days taken to process each late contract payment; and

(4) a summary of the principal reasons that such late payment occurred.

Copies of this report shall be filed with the State Comptroller, the State Director of the Budget, the Chairman of the Senate Finance Committee, and the Chairman of the Assembly Ways and Means Committee within 90 days after the completion of UDC's fiscal year.

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