Statutes > Kentucky Statutes > CHAPTER 65 GENERAL PROVISIONS APPLICABLE TO COUNTIES, CITIES, AND OTHER LOCAL UNITS > 65.140 Local governments required to pay for purchases within 30 days -- Interest penalty.

65.140 Local governments required to pay for purchases within 30 days -- Interest penalty.

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65.140 Local governments required to pay for purchases within 30 days -- Interest penalty. (1) As used in this section, unless the context otherwise requires, &quot;purchaser&quot; means any city, county, or urban-county government which receives goods or services <br>from a vendor. (2) Unless the purchaser and vendor otherwise contract, all bills for goods or services shall be paid within thirty (30) working days of receipt of a vendor's invoice except <br>when payment is delayed because the purchaser has made a written disapproval of <br>improper performances or improper invoicing by the vendor or by the vendor's <br>subcontractor. (3) An interest penalty of one percent (1%) of any amount approved and unpaid shall be added to the amount approved for each month or fraction thereof after the thirty (30) <br>working days which followed receipt of vendor's invoice by the purchaser. Effective: July 13, 1990 <br>History: Created 1990 Ky. Acts ch. 154, sec. 1, effective July 13, 1990.