New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter XXXIII - United Nations Development Corporation
Part 2051 - Prompt Payment Regulations
Section 2051.3 - Penalty for late payment
Universal Citation: 21 NY Comp Codes Rules and Regs ยง 2051.3
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Payment of interest.
(1) Except where defects
or improprieties of the type specified in section
2051.2(b)(2)
of this Part justify extension of the date by which contract payment must be
made, the corporation shall be liable for the payment of interest on the
contract payment if payment is made later than the date specified in section
2051.2(b)(1)
of this Part, in which case interest shall be calculated from the date payment
was due under said section
2051.2(b)(1)
until the payment date.
(2)
Interest shall be computed at the rate equal to the rate set by the New York
State Tax Commission for corporate taxes pursuant to section
1096(e)(1) of the Tax
Law.
(b) Sources of funds. The corporation will make any payment of interest required by paragraph (a)(1) of this section with moneys in the corporation's operating funds, established pursuant to the corporation's Phase I indenture of trust or its Phase II/III indenture of trust.
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