21 CRR-NY 2051.3NY-CRR
21 CRR-NY 2051.3
21 CRR-NY 2051.3
2051.3 Penalty for late payment.
(a) Payment of interest.
(1) Except where defects or improprieties of the type specified in section 2051.2(b)(2) of this Part justify extension of the date by which contract payment must be made, the corporation shall be liable for the payment of interest on the contract payment if payment is made later than the date specified in section 2051.2(b)(1) of this Part, in which case interest shall be calculated from the date payment was due under said section 2051.2(b)(1) until the payment date.
(2) Interest shall be computed at the rate equal to the rate set by the New York State Tax Commission for corporate taxes pursuant to section 1096(e)(1) of the Tax Law.
(b) Sources of funds.
The corporation will make any payment of interest required by paragraph (a)(1) of this section with moneys in the corporation's operating funds, established pursuant to the corporation's Phase I indenture of trust or its Phase II/III indenture of trust.
21 CRR-NY 2051.3
Current through May 31, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.