AN ACT relating to fiscal matters and declaring an emergency.

This bill expands the legal definition of "contract" used in state purchasing rules and requires state agencies to follow regulations ensuring they pay vendors and contractors on time. It also creates penalties when the state makes late payments and requires the Finance and Administration Cabinet to report those penalties to the legislature every six months. Who it may affect: businesses and contractors that have contracts with Kentucky state government, and state agency administrators responsible for purchasing and payments.

Open official bill text (PDF)·Report a problem with the summary