Common use of Calculation Procedure Clause in Contracts

Calculation Procedure. The State's interest liability for all programs except those described in 10.4, 10.5, 10.6, 10.7, 10.8, 10.9 shall be calculated by applying the following formula: Pre-Issuance Time + Clearance Time I = P x r x (PI + CT) where I= State's total interest liability for direct program expenditures P= Total annual expenditures of Federal Funds for direct program expenditures subject to pre-issuance interest calculation. r= Annualized rate equal to the average equivalent yields of 13-week Treasury bills auctioned during a State's fiscal year divided by 365 days. PI= Number of days Federal funds are held by State prior to warrant issuance CT= Dollar-weighted average number of days Federal funds are held by State between issuance and clearance of warrants, as determined by the appropriate clearance pattern in Exhibit II

Calculation Procedure. The State's interest liability for all programs except those described in 10.4, 10.5, 10.6, 10.7, 10.8, 10.9 shall be calculated by applying the following formula: Pre-Issuance Time + Clearance Time I = P x r x (PI + CT) where I= State's total interest liability for direct program expenditures P= Total annual expenditures of Federal Funds for direct program expenditures subject to pre-pre- issuance interest calculation. r= Annualized rate equal to the average equivalent yields of 13-week Treasury bills auctioned during a State's fiscal year divided by 365 days. days PI= Number of days Federal funds are held by State prior to warrant issuance CT= Dollar-weighted average number of days Federal funds are held by State between issuance and clearance of warrants, as determined by the appropriate clearance pattern in Exhibit II