Bill S3695-2013

Relates to prompt payments to counties by the state

Relates to prompt payments to counties by the state.

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  • Jan 8, 2014: REFERRED TO FINANCE
  • Feb 11, 2013: REFERRED TO FINANCE

Text

STATE OF NEW YORK ________________________________________________________________________ 3695 2013-2014 Regular Sessions IN SENATE February 11, 2013 ___________
Introduced by Sens. RITCHIE, DeFRANCISCO, GRIFFO, MARCHIONE, SAVINO -- read twice and ordered printed, and when printed to be committed to the Committee on Finance AN ACT to amend the state finance law, in relation to prompt payment to counties from the state THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Subdivision 1 of section 179-f of the state finance law, as amended by chapter 332 of the laws of 1989, is amended to read as follows: 1. Each state agency which is required to make a payment from state funds pursuant to a contract and which does not make such contract payment by the required payment date shall make an interest payment to the contractor OR COUNTY GOVERNMENT in accordance with this article, OR OTHER PROVISIONS OF LAW, on the amount of the contract payment which is due, unless failure to make such contract payment is the result of a lien, attachment, or other legal process against the money due said contractor OR COUNTY GOVERNMENT, or unless the amount of the interest payment as computed in accordance with the provisions of section one hundred seventy-nine-g of this article is less than ten dollars. A pro rata share of such interest shall be paid by the contractor or subcon- tractor, as the case may be, to subcontractors and materialmen in a proportion equal to the percentage of their pro rata share of the contract payment. Such pro rata share of interest shall be due to such subcontractors and materialmen only for those payments which are not paid to such subcontractors and materialmen prior to the date upon which interest begins to accrue between the state agency and the contractor. Such pro rata share of interest shall be computed daily until such payments are made to the subcontractors and materialmen. S 2. This act shall take effect on the ninetieth day after it shall have become a law.

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