Senate Bill S4929

Signed By Governor
2015-2016 Legislative Session

Relates to the determination of eligibility for payment of interest on amounts owed to contractors

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Archive: Last Bill Status - Signed by Governor


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2015-S4929 (ACTIVE) - Details

See Assembly Version of this Bill:
A7579
Law Section:
State Finance Law
Laws Affected:
Amd §179-f, St Fin L

2015-S4929 (ACTIVE) - Summary

Relates to the determination of eligibility for payment of interest on amounts owed to contractors.

2015-S4929 (ACTIVE) - Sponsor Memo

2015-S4929 (ACTIVE) - Bill Text download pdf

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4929

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                             April 23, 2015
                               ___________

Introduced  by Sen. DeFRANCISCO -- (at request of the State Comptroller)
  -- 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 the  determination
  of eligibility for payment of interest on amounts owed to contractors

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subdivision 2 of section 179-f of the state finance law, as
amended by chapter 153 of the laws  of  1984,  is  amended  to  read  as
follows:
  2.  The required payment date shall be thirty calendar days, excluding
legal holidays, or in the case of final payments on highway construction
contracts seventy-five calendar days, excluding  legal  holidays,  after
receipt of an invoice for the amount of the contract payment due; except
when:
  (a)  the  state comptroller in the course of his audit determines that
there is reasonable cause to believe that payment may  not  properly  be
due, in whole or in part;
  (b)  in  accordance with specific statutory or contractual provisions,
payment must be preceded by an inspection  period  or  by  an  audit  to
determine  the  resources  applied or used by a contractor in fulfilling
the terms of the contract;
  (c) the necessary state government appropriation required to authorize
payment has yet to be enacted;
  (d) [the cash balance of the fund or sub-fund from which  the  payment
is to be made is insufficient to finance the payment;
  (e)] a proper invoice must be examined by the federal government prior
to payment;
  [(f)]  (E)  the  goods  or  property  have  not  been delivered or the
services have not been rendered by the contractor in compliance with the
terms or conditions of the contract;

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07085-01-5
              

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