§ 35-6-42 Disbursements pending receipt offederal funds. – (a) Pending the receipt by the state of any approved grant or reimbursement duefrom the federal government in connection with any undertaking of the state,the state controller, upon receipt by him or her of properly authenticatedvouchers, for the purpose of meeting the obligations of the state in connectionwith the undertaking, is authorized and directed to draw from time to time hisor her orders upon the general treasurer payable out of any funds of the statenot specifically held for any particular purpose; and the general treasurer isauthorized and directed to make the payments upon receipt of the orders;provided, that upon receipt of a grant or reimbursement from the federalgovernment, the grant or reimbursement shall be placed in the funds out ofwhich the payments have been made. The state controller to make suitable rulesand regulations governing the reimbursements.
(b) If the state disburses its own funds for ongoing programpurposes in accordance with federal law, regulation, or federal-stateagreement, the state may be entitled to interest from the time when state fundsare used to redeem checks or warrants, or to render payments, until federalfunds are deposited into the state's account. The federal government may berequired by law, regulation, or agreement to pay interest to the state.Likewise, the state may be required to pay interest to the federal governmentfrom the time federal funds are deposited into the state's account, until thesefunds are paid out in order to redeem checks or warrants, or to renderpayments. The amounts for transfer shall be determined by the state controller.In determining the amount to be paid by the state to the federal government,indirect costs incurred by the state may be considered. When permitted byapplicable federal laws or administrative regulations, the state controllershall first offset and reduce the amount to be transferred by any and allamounts of interest payments calculated to be received by the state from thefederal government, where the payments are due to the state because the statewas required to disburse its own funds for federal program purposes prior tothe receipt of funds. Should the interest payments calculated to be made by thefederal government to the state exceed the transfer of interest transferredfrom the state to the federal government, the state controller shall thennotify the federal government of the net amount of interest due to the stateand shall record the net interest, upon its receipt, as interest revenue earnedby the general fund, or any other appropriate fund within the state fundstructure.
(c) In the event that the amount available in the appropriatefund within the state fund structure is not sufficient to pay reciprocalinterest, a sum sufficient is hereby appropriated out of any money in thetreasury not otherwise appropriated for the payment of these amounts.
§ 35-6-42 Disbursements pending receipt offederal funds. – (a) Pending the receipt by the state of any approved grant or reimbursement duefrom the federal government in connection with any undertaking of the state,the state controller, upon receipt by him or her of properly authenticatedvouchers, for the purpose of meeting the obligations of the state in connectionwith the undertaking, is authorized and directed to draw from time to time hisor her orders upon the general treasurer payable out of any funds of the statenot specifically held for any particular purpose; and the general treasurer isauthorized and directed to make the payments upon receipt of the orders;provided, that upon receipt of a grant or reimbursement from the federalgovernment, the grant or reimbursement shall be placed in the funds out ofwhich the payments have been made. The state controller to make suitable rulesand regulations governing the reimbursements.
(b) If the state disburses its own funds for ongoing programpurposes in accordance with federal law, regulation, or federal-stateagreement, the state may be entitled to interest from the time when state fundsare used to redeem checks or warrants, or to render payments, until federalfunds are deposited into the state's account. The federal government may berequired by law, regulation, or agreement to pay interest to the state.Likewise, the state may be required to pay interest to the federal governmentfrom the time federal funds are deposited into the state's account, until thesefunds are paid out in order to redeem checks or warrants, or to renderpayments. The amounts for transfer shall be determined by the state controller.In determining the amount to be paid by the state to the federal government,indirect costs incurred by the state may be considered. When permitted byapplicable federal laws or administrative regulations, the state controllershall first offset and reduce the amount to be transferred by any and allamounts of interest payments calculated to be received by the state from thefederal government, where the payments are due to the state because the statewas required to disburse its own funds for federal program purposes prior tothe receipt of funds. Should the interest payments calculated to be made by thefederal government to the state exceed the transfer of interest transferredfrom the state to the federal government, the state controller shall thennotify the federal government of the net amount of interest due to the stateand shall record the net interest, upon its receipt, as interest revenue earnedby the general fund, or any other appropriate fund within the state fundstructure.
(c) In the event that the amount available in the appropriatefund within the state fund structure is not sufficient to pay reciprocalinterest, a sum sufficient is hereby appropriated out of any money in thetreasury not otherwise appropriated for the payment of these amounts.
§ 35-6-42 Disbursements pending receipt offederal funds. – (a) Pending the receipt by the state of any approved grant or reimbursement duefrom the federal government in connection with any undertaking of the state,the state controller, upon receipt by him or her of properly authenticatedvouchers, for the purpose of meeting the obligations of the state in connectionwith the undertaking, is authorized and directed to draw from time to time hisor her orders upon the general treasurer payable out of any funds of the statenot specifically held for any particular purpose; and the general treasurer isauthorized and directed to make the payments upon receipt of the orders;provided, that upon receipt of a grant or reimbursement from the federalgovernment, the grant or reimbursement shall be placed in the funds out ofwhich the payments have been made. The state controller to make suitable rulesand regulations governing the reimbursements.
(b) If the state disburses its own funds for ongoing programpurposes in accordance with federal law, regulation, or federal-stateagreement, the state may be entitled to interest from the time when state fundsare used to redeem checks or warrants, or to render payments, until federalfunds are deposited into the state's account. The federal government may berequired by law, regulation, or agreement to pay interest to the state.Likewise, the state may be required to pay interest to the federal governmentfrom the time federal funds are deposited into the state's account, until thesefunds are paid out in order to redeem checks or warrants, or to renderpayments. The amounts for transfer shall be determined by the state controller.In determining the amount to be paid by the state to the federal government,indirect costs incurred by the state may be considered. When permitted byapplicable federal laws or administrative regulations, the state controllershall first offset and reduce the amount to be transferred by any and allamounts of interest payments calculated to be received by the state from thefederal government, where the payments are due to the state because the statewas required to disburse its own funds for federal program purposes prior tothe receipt of funds. Should the interest payments calculated to be made by thefederal government to the state exceed the transfer of interest transferredfrom the state to the federal government, the state controller shall thennotify the federal government of the net amount of interest due to the stateand shall record the net interest, upon its receipt, as interest revenue earnedby the general fund, or any other appropriate fund within the state fundstructure.
(c) In the event that the amount available in the appropriatefund within the state fund structure is not sufficient to pay reciprocalinterest, a sum sufficient is hereby appropriated out of any money in thetreasury not otherwise appropriated for the payment of these amounts.
