Calculation Procedure. Interest liability for each program shall be calculated by applying the following formula: Net Daily Balance I = NDB X R where I = State or Federal Government's total interest liability NDB = Net Daily Balance of cash in a program's account R = Annualized rate equal to the average equivalent yields of 13-week Treasury bills auctioned during the State's fiscal year. The interest liability calculations shall be based on whole days.
Appears in 6 contracts
Samples: Cash Management Improvement Act Agreement, Cash Management Improvement Act Agreement, Cash Management Improvement Act Agreement
