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: 8.6.2.1 Measuring Time Funds Are Held Deposit to Issuance; Issuance to Clearance: To determine the total time Federal funds are held, the State shall separately measure two time periods: (1) the date Federal funds are deposited to the date checks are issued; and (2) the date checks are issued to the date funds are debited from the State's account.
Appears in 31 contracts
Samples: Cash Management Improvement Act Agreement, Cash Management Improvement Act Agreement, Cash Management Improvement Act Agreement
