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It is determined by city council that 1) establishment of a consistent schedule of late payment fees and interest on past due certain accounts receivable to the city will enhance the business practices of the city; 2) will enhance the city's use of electronic financial management tools; and 3) is an administrative matter which should be accomplished by the finance department pursuant to the standards provided herein. The finance director is authorized to establish a schedule of late payment fees and interest on past due accounts receivable for goods or services provided by the city under contract. The schedule shall be applied to contracts entered into or amended after the effective date of the schedule. Late payment fees shall not exceed fifty ($50) dollars or 100% of the contract amount, whichever is less. The maximum amount of such late payment fee shall be adjusted in accordance with the formula set forth in that part of ordinance M-3129 codified as VMC 3.05.080. Interest on past due accounts shall not exceed the rate permitted by law. Such schedule and any amendments thereto shall only be effective after a notice has been advertised at least once in the city's official newspaper. (Ord. M-3575, 2001)