N.Y. State Finance Law 179-J – Disclaimer of state responsibility for interest payments incurred by contractors
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§ 179-j. Disclaimer of state responsibility for interest payments incurred by contractors. In the event that an interest payment is made by a contractor in the course of transacting business with any entity other than a state agency, such interest shall not be an obligation of the state and the state shall not reimburse the contractor for such interest, nor shall any moneys expended for such interest payments be counted toward any matching requirement applicable to grants or payments of state funds unless expressly permitted by statute or regulation.
Terms Used In N.Y. State Finance Law 179-J
- Contractor: means any person, partnership, firm, corporation, or association:
a. See N.Y. State Finance Law 179-E - Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- State agency: means any department, board, bureau, commission, division, office, council, institution, or committee in the executive, legislative, or judicial branches of state government; the city university of New York when acting on behalf of any of its senior colleges; the facilities development corporation; or the state university construction fund. See N.Y. State Finance Law 179-E
- State funds: means funds held in joint custody by the state comptroller and the state commissioner of taxation and finance. See N.Y. State Finance Law 179-E
- Statute: A law passed by a legislature.