Average Clearance. For all transactions where the State pays out its funds for program purposes prior to receiving Federal funds, the Federal interest liability shall be based on the difference in whole days between the average date of clearance for the disbursement, as specified in Exhibit II, and the date the related Federal funds are credited to State account. With Federal-State matching programs, interest shall be calculated on the Federal percentage of the disbursement.
Appears in 9 contracts
Sources: Cash Management Improvement Act Agreement, Cash Management Improvement Act Agreement, Cash Management Improvement Act Agreement
Average Clearance. For all transactions where the State pays out its own funds for program purposes prior to receiving Federal funds, the Federal interest liability shall be based on the difference in whole days between the average date of clearance for the disbursement, as specified in Exhibit II, and the date the related Federal funds are credited to State account. With Federal-State matching programs, interest shall be calculated on the Federal percentage of the disbursement.
Appears in 8 contracts
Sources: Cash Management Improvement Act Agreement, Cash Management Improvement Act Agreement, Cash Management Improvement Act Agreement
Average Clearance. For all transactions where the State pays out its own funds for program purposes prior to receiving Federal funds, the Federal interest liability shall be based on the difference in whole days between the average date of clearance for the a disbursement, as specified in Exhibit II, and the date the related Federal funds are credited to a State account. With Federal-State matching programs, interest shall be calculated on the Federal percentage of the disbursement.
Appears in 5 contracts
Sources: Cash Management Improvement Act Agreement, Cash Management Improvement Act Agreement, Cash Management Improvement Act Agreement