34.055. State to pay late charges for supplies and services, when, rate--vendor to apply, exception--energy assistance program for persons of low income, recipients exempt from interest charges.

MISSOURI STATUTES AND CODES

34.055. State to pay late charges for supplies and services, when, rate--vendor to apply, exception--energy assistance program for persons of low income, recipients exempt from interest charges.

State to pay late charges for supplies and services, when,rate--vendor to apply, exception--energy assistance program forpersons of low income, recipients exempt from interest charges.

34.055. 1. Except as otherwise provided in section34.057, all invoices for supplies and services purchased by thestate, duly approved and processed, shall be subject to interestcharges or late payment charges as provided in this section.

2. After the forty-fifth day following the later of thedate of delivery of the supplies and services or the date uponwhich the invoice is duly approved and processed, interestretroactive to the thirtieth day shall be paid on any unpaidbalance, except balances for services provided by a gascorporation, electrical corporation, water corporation, or sewercorporation which has received authorization from the publicservice commission to impose late payment charges on delinquentutility bills, upon application of the vendor thereof. The rateof such interest shall be three percentage points above theaverage predominant prime rate quoted by commercial banks tolarge businesses, as determined by the Board of Governors of theFederal Reserve System.

3. The state shall be liable for late payment charges onany delinquent bill for services purchased by the state from agas corporation, electrical corporation, water corporation, orsewer corporation which has received authorization from thepublic service commission to impose late payment charges ondelinquent utility bills. The rate of such late payment chargesshall be as established for each such corporation by order ofthe public service commission, but bills rendered to the stateshall not be considered delinquent until thirty days afterrendition of the bill by the corporation.

4. Any such interest charges or late payment charges shallbe paid from appropriations which were made for the fiscal yearin which the supplies or services were delivered to therespective departments purchasing such supplies or services.The commissioner of administration shall be responsible for thetimely implementation of this section and all officers,departments, institutions and agencies of state government shallfully cooperate with the commissioner of administration in theimplementation of this section. No late payment penalty shallbe assessed against, nor payable by, the state unless pursuantto the provisions of this section.

5. Notwithstanding any other provision of this section,recipients of funds from the low-income energy assistanceprogram shall be exempt from interest charges imposed by suchsection for the duration of the recipient's participation in theprogram.