By Romo H.B. No. 2884
74R5161 MJW-D
A BILL TO BE ENTITLED
1-1 AN ACT
1-2 relating to increasing the interest rate on late payments regarding
1-3 state and local purchasing.
1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
1-5 SECTION 1. Section 2251.025(b), Government Code, is amended
1-6 to read as follows:
1-7 (b) An overdue payment bears interest at the rate applicable
1-8 to judgments under Section 2, Article 1.05, Title 79, Revised
1-9 Statutes (Article 5069-1.05, Vernon's Texas Civil Statutes), that
1-10 is in effect on the date on which the payment becomes overdue <of
1-11 one percent each month>.
1-12 SECTION 2. This Act takes effect September 1, 1995, and
1-13 applies only to the accrual of interest on a payment that becomes
1-14 overdue under Chapter 2251, Government Code, on or after that date.
1-15 Interest on a payment that becomes overdue before the effective
1-16 date of this Act accrues at the rate established by the law in
1-17 effect before the effective date of this Act, and the former law is
1-18 continued in effect for that purpose.
1-19 SECTION 3. The importance of this legislation and the
1-20 crowded condition of the calendars in both houses create an
1-21 emergency and an imperative public necessity that the
1-22 constitutional rule requiring bills to be read on three several
1-23 days in each house be suspended, and this rule is hereby suspended.