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Session Laws, 1988
Volume 770, Page 5317   View pdf image
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WILLIAM DONALD SCHAEFER, Governor

Agency heads to pay their bills on time, and I assigned to Budget
Secretary Charles Benton the responsibility of assuring that my
instructions were implemented. I am pleased to report that we
have now reduced the rate of overdue payments to 2%, and I hope
that further improvement can still be made.

In view of the strong efforts we have made to address this
problem, I believe that the current 10% interest rate is adequate
compensation to vendors whose invoices are not paid on time. The
10% rate exceeds by more than 3 points the coupon rate on General
Obligation Bonds issued by the State. It exceeds by one
percentage point the rate paid by the Federal Government on
overpayments of individual income taxes. The 10% rate is
generally representative of current market conditions.

For the above reasons, I have decided to veto House Bill 10.

Sincerely,

William Donald Schaefer

Governor

House Bill No. 10

AN ACT concerning

Procurement Contracts - Prompt Payment - Calculation of Interest

FOR the purpose of altering the rate of interest applicable to
certain amounts due and payable under procurement contracts
that remain unpaid for a certain period of time; and
providing for a delayed effective date.

BY repealing and reenacting, with amendments,

Article - State Finance and Procurement

Section 15-104

Annotated Code of Maryland

(1985 Volume and 1987 Supplement)

(As enacted by Chapter ____ (H.B. 1) of the

Acts of the General Assembly of 1988)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - State-Finance and Procurement

15-104.

- 5317 -

 

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Session Laws, 1988
Volume 770, Page 5317   View pdf image
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