Terms Used In New York Laws > State Finance > Article 11-A - Interest Payments On Certain Amounts Owed By State

• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Contract: A legal written agreement that becomes binding when signed.
• Contract: means an enforceable agreement entered into by a contractor and a state agency. See N.Y. State Finance Law 179-E
• Contractor: means any person, partnership, firm, corporation, or association:
  
  a. See N.Y. State Finance Law 179-E
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Designated payment office: means the office designated by the state agency to which a proper invoice is to be submitted by a contractor. See N.Y. State Finance Law 179-E
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Payment date: means the date on which a check for payment pursuant to a contract is dated. See N.Y. State Finance Law 179-E
• Proper invoice: means a written request for a contract payment that is submitted by a contractor setting forth the description, price, and quantity of goods, property, or services delivered or rendered, in such form and supported by such other substantiating documentation as the state comptroller or individual state agency may reasonably require. See N.Y. State Finance Law 179-E
• Receipt of an invoice: means (a) the date on which a proper invoice is actually received in the designated payment office, or (b) the date on which the state agency receives the purchased goods, property, or services covered by the proper invoice, whichever is later, or (c) in regard to final payments on highway construction contracts, the date determined in accordance with the provisions of paragraph (g) of subdivision seven of § 38 of the highway law. See N.Y. State Finance Law 179-E
• Required payment date: means the date by which a contract payment must be made in order for the state government not to become liable for interest payments, pursuant to subdivision two or subdivision five of section one hundred seventy-nine-f of this article. See N.Y. State Finance Law 179-E
• Set-off: means the reduction by the comptroller of a payment due to a contractor by an amount equal to the amount of an unpaid legally enforceable debt owed by the contractor to the state of New York. See N.Y. State Finance Law 179-E
• State agency: means any department, board, bureau, commission, division, office, council, institution, or committee in the executive, legislative, or judicial branches of state government; the city university of New York when acting on behalf of any of its senior colleges; the facilities development corporation; or the state university construction fund. See N.Y. State Finance Law 179-E
• State funds: means funds held in joint custody by the state comptroller and the state commissioner of taxation and finance. See N.Y. State Finance Law 179-E
• Statute: A law passed by a legislature.