Section 710.10  Requests for Special Handling

 

Each payee desiring electronic disbursement of State funds must request special handling of State warrants by the State Treasurer.

 

Such requests must be presented in writing, and indicate the identity of the person authorized to receive State funds on behalf of the receiving entity.

 

Section 710.20  Details Required on Requests

 

By 10 a.m. the day of the request of transfer, the authorized individual must contact the Banking Division of the Office of the State Treasurer with the following information:

 

a)         The identity and the account number of the payee for each warrant to be presented for electronic transfer

 

b)         The amount of each warrant to be presented

 

c)         The total amount of the transfer to be executed

 

d)         The identity of the institution to which funds are to be transferred

 

Section 710.30  Deadline for Requests

 

Warrants must be presented to the Treasurer's Banking Division for transfer by 2:00 p.m. on the date requested.

 

Section 710.40  Surcharges

 

In the event that scheduled warrants are not presented by the above time, the Treasurer shall assess a surcharge to the presenting entity equal to the amount of investment income lost on reserved funds.

 

a)         Such surcharge will be calculated on the principal amount of the non-completed transfer, at the average repurchase agreement rate received by the State Treasurer from its major clearing banks on that day.

 

b)         This surcharge must be paid prior to making subsequent requests.

 

Section 710.50  Charges

 

a)         The Treasurer will assess a $50 charge for each transfer of funds.

 

b)         This charge may either be paid at the time of the transfer, or once each month for all transfers executed during the month.