093_SB0226

 
                                     LRB093 02039 SJM 02040 b

 1        AN ACT concerning State finance.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The  State  Prompt Payment Act is amended by
 5    adding Section 8 as follows:

 6        (30 ILCS 540/8 new)
 7        Sec. 8. Payment of  vendor's  debt  service  costs  as  a
 8    result of late payment. If a State official or agency is late
 9    in  payment  of  a  vendor's  bill  or  invoice  for goods or
10    services  furnished  to  the  State,  properly  approved   in
11    accordance  with  rules  adopted  under  Section 3-3, and the
12    vendor is forced to borrow money to  make  up  for  the  late
13    payment  from the State, in addition to any other payment the
14    State is required to make to the vendor, the State  must  pay
15    the vendor an amount equal to the vendor's debt service costs
16    related  to  the money the vendor borrowed as a result of the
17    late payment.