§ 319-5. Process for Prompt Payment of Invoices and for Payment of Accrued Interest.

(a)

This section shall apply to and govern the process for prompt payment and for payment of accrued interest on a complete and responsive invoice as set out in Section 319-13 below. Interest in the amount provided at Section 319-13, up to a maximum of 10% of the total contract amount, 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)

Upon receipt of a complete and responsive invoice the city shall endeavor to issue payment within thirty days or, as provided in the terms or conditions of the contract, provided that, if it is not practicable to do so in the city's sole discretion, payment shall be rendered as soon thereafter as is practicable.

(1)

In addition, the city may extend or shorten the due date if the terms of the contract at issue are more advantageous to the city than the terms of this chapter. The expending authority shall specifically request such treatment for a particular payment.

(2)

The city shall also take any and all discounts offered by a contractor, to which the city is lawfully entitled, if such terms are more advantageous to the city than the terms of this chapter.

(3)

Partial payments shall be made upon partial deliveries, partial contract completion, or passage of a portion of a lease term, to the extent that may be authorized in the terms or conditions of the contract at issue.

(c)

Interest shall accrue and be paid on an unpaid complete and responsive invoice beginning on the thirtieth (30th) day after the invoice date unless the interest accrual date has been extended beyond such thirtieth (30th) day by being adjusted as described in Section 319-7, "Adjustments to interest accrual date."

(d)

If any payment to a contractor on an invoice is delayed beyond the interest accrual date the city shall pay interest to the contractor on such unpaid payment as provided herein from such interest accrual date, as the same may be adjusted, until the date that payment is rendered by the city, up to a maximum of 10% of the total contract amount.

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