69I-25.003. Requirements


Effective on Tuesday, April 09, 2019
  • 1(1) The following requirements will be carried out by the Bureau of Vendor Relations, under the Division of Accounting and Auditing, once the Chief Financial Officer sets the quarterly rate of interest to be paid on judgments or decrees pursuant to section 4355.03, F.S., 45and for untimely payments to vendors pursuant to section 54215.422, F.S.56:

    57(a) 58On December 1st, March 1st, June 1st, and September 1st of each year, the Chief Financial Officer sets the rate of interest that shall be payable on judgments or decrees for the calendar quarter beginning January 1st, and adjusts the rate quarterly on April 1st, July 1st, and October 1st by averaging the discount rate of the Federal Reserve Bank of New York (published in the Federal Register), for the preceding 12 months, then adding 400 basis points to the averaged federal discount rate, and rounding to two decimal places. In this calculation, one-half of a decimal point will be rounded upward.

    160(b) The daily rate will be determined by dividing the quarterly rate by 365 (366 during any leap year) and rounding the quotient to seven (7) decimal places. In this calculation, one-half of a decimal point will be rounded upward.

    200(2) The Department will inform the clerk of the courts and chief judge of each judicial circuit of the rate that has been established for the upcoming quarter by publication in the Florida Administrative Register before each quarterly rate is to take effect.

    243(3) The new quarterly rate does not apply to interest payments to health care providers for untimely payment as provided in section 265215.422(13), F.S. 267The interest rate for health care providers shall remain at 1% per month or .03333% per day.

    284Rulemaking Authority 28617.29 FS. 288Law Implemented 29055.03, 291215.422(3) FS. 293History–New 11-30-94, Formerly 3A-25.003, Amended 4-9-19.