Weighted Average Clearance. The State shall maintain information on disbursements and receipts of funds to verify the implementation of any funding technique and document interest liabilities. For each disbursement, the State shall be able to identify:
Weighted Average Clearance. The State's payments take on average 19 days using a weighted average of the federal share of ACH payments to clear the bank. The State shall time the billing process so that funds are requested for a 7 (seven) day cost collection period, (Thursday thru Wednesday of the following week). The State will request funds 19 days from Sunday, the midpoint of the weekly cost collection period or in case of a Holiday in accordance with Section 6.1.3 of this Act. Statement that the request will be made in accordance with cut-off time in Exhibit I. The State issues warrants and ACH payments for contractor fees, engineering fees, right of way acquisition fees, payroll, and other Highway program expenses, by statue, most payments are made via ACH. The state shall bill the Federal Highway Administration (FHWA) weekly for these accrued expenses. This funding technique is interest neutral.
