Haw. Code R. § 13-210-13 - Payment
(a) Within thirty days following receipt of
an invoice from the managing partner at the beginning of each fiscal year in
which the State has approved and appropriated funding under the program, the
State shall pay to the managing partner an amount equal to one-third of the
State's annual matching share based on the approved budget.
(b) Within thirty days following receipt of
an invoice and the six-month progress report as provided in section
13-210-12(b) for each year until the partnership agreement. is terminated, the
State shall pay to the managing partner an additional amount up to, but not
exceeding one-third of the State's annual matching share based on the approved
budget. The managing partner may request less than the full one-third amount
due if the lesser amount is sufficient as a progress payment. This payment
shall not be subject to the division's approval of the six-month progress
report.
(c) Within thirty days of
receipt of an invoice and upon acceptance of the annual report by the
department as provided in section 13-210-12(c)(2), the State shall pay to the
managing partner the balance of the approved, matching funds for the year,
calculated on the basis of-actual expenditures.
(1) If the State's initial and additional
payments, as provided in subsections (a) and (b), total more than two-thirds of
the actual final expenditures reported by the managing partner, the managing
partner shall return the difference with interest owed to the State as follows:
(A) Interest will be calculated at the
floating rate as quoted in the Wall Street Journal on the first business day of
each month for $100,000 and above certificates of deposit;
(B) The interest rate shall fluctuate to
match the quoted rate for each month of overpayment by the State;
(C) Interest shall be compounded daily;
and
(D) The final payment shall be
subject to any withheld amounts as outlined in the partnership
agreement.
Notes
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