093_SB0226
LRB093 02039 SJM 02040 b
1 AN ACT concerning State finance.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The State Prompt Payment Act is amended by
5 adding Section 8 as follows:
6 (30 ILCS 540/8 new)
7 Sec. 8. Payment of vendor's debt service costs as a
8 result of late payment. If a State official or agency is late
9 in payment of a vendor's bill or invoice for goods or
10 services furnished to the State, properly approved in
11 accordance with rules adopted under Section 3-3, and the
12 vendor is forced to borrow money to make up for the late
13 payment from the State, in addition to any other payment the
14 State is required to make to the vendor, the State must pay
15 the vendor an amount equal to the vendor's debt service costs
16 related to the money the vendor borrowed as a result of the
17 late payment.