The time at which payment is due for a purchase other than construction services by a local governmental entity must be calculated from:

   (1) The date on which a proper invoice is received by the chief disbursement officer of the local governmental entity after approval by the governing body, if required; or

   (2) If a proper invoice is not received by the local governmental entity, the date:

   (a) On which delivery of personal property is accepted by the local governmental entity;

   (b) On which services are completed;

   (c) On which the rental period begins; or

   (d) On which the local governmental entity and vendor agree in a contract that provides dates relative to payment periods;

whichever date is latest.

s. 4, ch. 89-297; s. 2, ch. 95-331; s. 2, ch. 2001-169.