§ 319-13. Interest Assessment.

(a)

Interest shall be assessed and paid with respect to an account payable commencing on the later of thirty (30) days after the invoice date or the date to which the interest accrual date is adjusted as set out herein, unless an unresolved dispute between the city and the contractor is pending.

(b)

The director of finance is authorized to calculate interest due, charge the applicable appropriation, and interest to the contractor at the time payment is made on the principal of any account payable.

(c)

Any interest paid by the city pursuant to this chapter shall be paid at the interest rate for the calendar year, (i.e., rate per annum), which is established by the tax commissioner of the Ohio department of taxation pursuant to section 5703.47 of the Ohio Revised Code. The city shall apply the interest rate for the calendar year which includes the month for which the interest charge accrued. If the calculated interest on a single invoice is less than ten dollars ($10.00), such interest shall not be payable by the city.

(d)

Funds for the payment of interest under this section shall be allocated and encumbered from the expending authority's budget.

(e)

When federal, state or private grant regulations or statutes prevent the city from charging the federal, state or private funds with interest assessment, the city shall identify an alternative source to assess interest on late payments.

(Ordained by Ord. No. 297-2002, eff. Sept. 18, 2002)