65.14 0 Local governments required to pay for purchases within 30 days -- Interest penalty. (1) As used in this section, unless the context otherwise requires, 'purchaser' means any city, county, or urban -county government which receives goods or services 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 when payment is delayed because the purchaser has made a written disapp roval of improper performances or improper invoicing by the vendor or by the vendor's 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 afte r the thirty (30) working days which followed receipt of vendor's invoice by the purchaser. Effective: July 13, 1990 History: Created 1990 Ky. Acts ch. 154, sec. 1, effective July 13, 1990.
Kentucky Legal Code