Section 19-4387. INTEREST ON ADVANCE PAYMENTS

 

4387.1The DCPL CPO shall charge interest on the daily balance of all advance payments at the  rate of interest in the District allowed in judgments and decrees as set forth in the D.C. Official Code § 28-3302(c) (1981 ed.).

 

4387.2The interest rate for advance payments shall be adjusted for changes in the prime rate or any change in rate established under D.C. Official Code §28-3302(c) (1981 ed.).

 

4387.3Interest shall be computed at the end of each month on the daily balance of advance payments at the applicable daily interest rate, unless the balance is repaid within thirty (30) days.

 

4387.4The DCPL CPO shall not allow interest charges for advance payments as reimbursable costs under cost-reimbursement contracts, whether the interest charge was incurred by the prime contractor or a subcontractor.

 

 

authority

An Act to establish and provide for the maintenance of a free public library and reading room in the District of Columbia, approved June 3, 1896, as amended (29 Stat. 244, ch. 315, § 5; D.C. Official Code § 39-105 (2012 Supp.)); Section 3205 (jjj) of the District of Columbia Government Comprehensive Merit Personnel Act of 1978, effective March 3, 1979 (D.C. Law 2-139; D.C. Official Code § 39-105 (2012 Supp.)); Section 2 of the District of Columbia Public Library Board of Trustees Appointment Amendment Act of 1985, effective September 5, 1985 (D.C. Law 6-17; D.C. Official Code § 39-105 (2012 Supp.)); the Procurement Reform Amendment Act of 1996, effective April 12, 1997, as amended (D.C. Law 11-259; 44 DCR 1423 (March 14, 1997)); and Section 156 of An Act Making appropriations for Agriculture, Rural Development, Food and Drug Administration, and Related Agencies programs for the fiscal year ending September 30, 1999, and for other purposes, approved October 21, 1998 (112 Stat. 2681, Pub. L. 105-277; codified at D.C. Official Code § 39-105 (2012 Repl.)).

source

Final Rulemaking published at 64 DCR 1378 (February 10, 2017).