New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter LXXVII - New York Local Government Assistance Corporation
Subchapter C - Prompt Payment Policy
Part 9770 - Prompt Payment Policy
Section 9770.8 - Interest eligibility and computation

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 9770.8
Current through Register Vol. 46, No. 39, September 25, 2024

In order for the corporation not to be liable for the payment of interest, contract payment must be made within 30 calendar days, excluding legal holidays, after the receipt of an invoice for the amount of the contract payment due; except that any time taken to satisfy or rectify any of the facts or circumstances described in section 9770.7 of this Part shall extend the date by which contract payment must be made in order for the corporation not to become liable for interest payments by an equal period of time. Furthermore, any time taken by the Department of Audit and Control, the Department of Taxation and Finance or some other entity not under the corporation's control to process the corporation's contract payments shall likewise extend the date by which contract payment must be made in order for the corporation not to become liable for interest payments by an equal period of time.

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