Federal Interest Liabilities Sample Clauses

Federal Interest Liabilities. 8.2.1 A Federal interest liability shall accrue from the day the State pays out its own funds for program purposes to the day Federal funds are credited to a State account. With regard to funds transferred out of the Federal Highway Trust Fund, if a State does not bill at least weekly for current project costs, the Federal interest liability shall not accrue prior to the day the State submits a request for funds. 8.2.2 The State shall use the following method to calculate Federal interest liabilities: Actual Activity: For all transactions where the State pays out its own funds for program purposes prior to receiving Federal funds, the State shall track each payment from the date it is paid out of a State account to the date Federal funds are subsequently credited to a State account to cover that outlay. The Federal interest liability on each payment shall be based on the difference in whole days between the two events. With Federal-State matching programs, interest shall be calculated on the Federal percentage of the disbursement.
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Federal Interest Liabilities. 10.2.1 A Federal interest liability shall accrue from the day the State pays out its own funds for program purposes to the day Federal funds are credited to a State account. With regard to funds transferred out of the Federal Highway Trust Fund, the State shall xxxx at least weekly for current project costs. 10.2.2 The State shall use the following method to calculate Federal interest liabilities: Actual Activity: For all transactions where the State pays out its own funds for program purposes prior to receiving Federal funds, the State shall track each payment from the date it is paid out of a State account to the date Federal funds are subsequently credited to a State account to cover that outlay. The Federal interest liability on each payment shall be based on the difference in whole days between the two events. With Federal-State matching programs, interest shall be calculated on the Federal percentage of the disbursement.
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Federal Interest Liabilities. 8.2.1 A Federal interest liability shall accrue from the day the State pays out its own funds for program purposes to the day Federal funds are credited to a State account. With regard to funds transferred out of the Federal Highway Trust Fund, if a State does not bill at least weekly for current project costs, the Federal interest liability shall not accrue prior to the day the State submits a request for funds. 8.2.2 The State shall use the following method to calculate Federal interest liabilities: For all transactions where the State pays out its own funds for program purposes prior to receiving Federal funds, the Federal interest liability shall be based on the difference in whole days between the composite clearance for a disbursement, as specified in Exhibit II, and the date the related Federal funds are credited to a State account. With Federal-State matching programs, interest shall be calculated on the Federal percentage of the disbursement.
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Federal Interest Liabilities. Federal interest liabilities will be incurred when: 1. The State pays out its own funds for program purposes with valid obligational authority before the Federal government deposits funds into a state account, including but not limited to: A. A federal agency’s payment system shutdown; B. A drawdown request improperly posting to the federal agency’s payment management system, and C. Federal government “bad weather” days. 2. The State pays out its own funds for program purposes before the passage of a federal appropriations act, and the act permits payment for expenditures already incurred by the state when enacted, and 3. The State pays out its own funds for program purposes without obligational authority if the lack of obligational authority is not a result of limitation, reduction or termination of the program, and where obligational authority is subsequently established to permit payment for the state’s expenditures. Federal interest liabilities will not be incurred when: 1. A state pays out its own funds prior to the earlier of the day a federal agency officially notifies the state in writing that a discretionary grant project has been approved or the date that a federal agency is otherwise obligated in law to pay the discretionary grant project to the state, 2. A state pays out its own funds prior to the availability of federal funds that have been authorized or appropriated in a future federal fiscal year, and 3. A state does not request funds at least weekly from the Federal Highway Trust Fund for current project costs.
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Federal Interest Liabilities. 8.2.1 A Federal interest liability shall accrue from the day the State pays out its own funds for program purposes to the day Federal funds are credited to a State account. With regard to funds transferred out of the Federal Highway Trust Fund, if a State does not bill at least weekly for current project costs, the Federal interest liability shall not accrue prior to the day the State submits a request for funds. 8.2.2 The State shall use the following method to calculate Federal interest liabilities: For the following funding techniques: Cost Allocation Plan - Administrative and Indirect Cost Edison Indirect Costs Modified Zero Balance Accounting Zero Balance Accounting - Same Day Payment Edison Modified Post Issuance Edison Transportation Modified Post Issuance Edison Unemployment Insurance Modified Post Issuance A Federal interest liability shall accrue from the day the State should have received funds based on the specified funding technique to the day Federal funds are credited to a State account. A State interest liability shall accrue from the day Federal funds are credited to a State account to the day the State should have received funds based on the specified funding technique. With Federal-State matching programs and programs that require maintenance of effort, interest shall be calculated on the Federal percentage of the disbursement. 8.2.3 Under this agreement "the day the State pays out its own funds for program purposes" refers to and is equal to "the compliance date".
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Federal Interest Liabilities. 8.2.1 A Federal interest liability shall accrue from the day the State pays out its own funds for program purposes to the day Federal funds are credited to a State account. With regard to funds transferred out of the Federal Highway Trust Fund, if a State does not bill at least weekly for current project costs, the Federal interest liability shall not accrue prior to the day the State submits a request for funds. 8.2.2 The State shall use the following method to calculate Federal interest liabilities: In the event the funds are not received by the state in accordance with Exhibit I timelines, the state shall be entitled to calculate a federal interest liability from the date the federal agency should have submitted the funds according to Exhibit I timelines until the date the funds are actually received by the state. 8.2.3 Except for Unemployment Insurance (CFDA No. 17.225), where a Federal agency funds multiple grants under a single payment system, the State shall net positive and negative grant drawdown amounts and request funds for the net positive balance. If within a Letter of Credit having a net positive balance a drawdown cannot be made against a grant because of an insufficient grant balance, the State shall calculate interest due from the Federal Government on that grant. Where the result of netting is a negative amount, a draw will not be made. The State shall calculate interest due to the Federal Government for positive balances in the cash book for the Administrative Fund and on positive bank balances in the Benefit Payment Fund for the Federal share portion. Both interest calculations shall be included on the Annual Report, when applicable.
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Federal Interest Liabilities. 8.2.1 A federal interest liability shall accrue from the day the State pays out its own funds for program purposes to the day federal funds are credited to a State account. With regard to funds transferred out of the Federal Highway Trust Fund, if a State does not xxxx at least weekly for current project costs, the federal interest liability shall not accrue prior to the day the State submits a request for funds. 8.2.2 The State shall use the following method to calculate federal interest liabilities:
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Related to Federal Interest Liabilities

  • State Interest Liabilities 8.6.1 The State shall be liable for interest on Federal funds from the date Federal funds are credited to a State account until the date those funds are paid out for program purposes. 8.6.2 The State shall use the following method to calculate State interest liabilities on Federal funds:

  • Contingent Liabilities Assume, guarantee, become liable as a surety, endorse, contingently agree to purchase, or otherwise be or become liable, directly or indirectly (including, but not limited to, by means of a maintenance agreement, an asset or stock purchase agreement, or any other agreement designed to ensure any creditor against loss), for or on account of the obligation of any person or entity, except by the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of the Company’s business.

  • Current Liabilities Current Liabilities means the aggregate amount of all current liabilities as determined in accordance with GAAP, but in any event shall include all liabilities except those having a maturity date which is more than one year from the date as of which such computation is being made.

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