US Laws, Codes, Statutes & Cases

 
    §   332.  Payments  procedure.  The  procurement  policy  board  shall
  promulgate rules for the expeditious processing of payment  vouchers  by
  city  agencies  and departments including (i) the maximum amount of time
  allowed for the processing and payment of such vouchers from  the  later
  of  (a)  the  date  such vouchers are received by the agency, or (b) the
  date on which the goods, services or construction to which  the  voucher
  relates  have  been  received and accepted by the agency, (ii) a program
  for the payment of interest, at a uniform rate, to vendors  on  vouchers
  not  paid within the maximum amount of time pursuant to clause i of this
  subdivision, (iii) a process for the allocation and charging of any such
  interest payments to the budget of the agency responsible for the  delay
  leading  to  the  interest  payments  and  (iv)  agency reporting on the
  promptness of such payments in such form and containing such information
  as the board shall prescribe. The board  shall  coordinate  and  publish
  such prompt payment reports.