20-9-226. Interest assessed on amounts due. (1) Except as provided in 20-9-227, a school district shall pay simple interest at the rate of 0.05% each day on amounts due for supplies and services received if the district fails to make timely payment.
(2) For purposes of this section, payment is timely if a warrant is mailed or is otherwise made available to the payee when due and for the amount specified in the applicable contract or agreement. If no date is specified in the applicable contract or agreement, payment is timely if paid within 45 days after receipt of a properly completed invoice, addressed to the payer school district, or receipt of the supplies or services by the school district, whichever is later.
History: En. Sec. 5, Ch. 413, L. 1985.
Structure Montana Code Annotated
Part 2. Administration of Finances
20-9-201. Definitions and application
20-9-202. County officials for financial administration when joint district
20-9-203. Examination of district accounting records
20-9-204. Conflicts of interests, letting contracts, and calling for bids -- exceptions
20-9-205. Prohibition on division of contracts to circumvent bid requirements
20-9-207. Documentation of expenditures
20-9-208. Transfers among appropriation items of fund -- transfers from fund to fund
20-9-209. Lapse of budgeted appropriations and provision for unpaid claims
20-9-210. Expenditure limitation of nonbudgeted fund
20-9-212. Duties of county treasurer
20-9-215. Destruction of certain financial records
20-9-216. through 20-9-219 reserved
20-9-221. Procedure for issuance of warrants
20-9-223. Cancellation of outstanding warrants -- duplication
20-9-225. Definitions relating to interest assessment
20-9-226. Interest assessed on amounts due
20-9-227. Exemptions from interest assessment
20-9-228. through 20-9-230 reserved
20-9-231. Metal mines tax reserve fund
20-9-232. through 20-9-234 reserved
20-9-235. Authorization for school district investment account
20-9-236. Transfer of funds -- improvements to school safety and security