Interest to be paid on late contract payments to non-profit contractors.

This bill would require city agencies to pay interest on late payments for contracts with non-profit organizations. A non-profit contractor would not be eligible to receive interest if it has received a no-interest and no-service-fee loan issued or authorized by a city agency to cover its expenses under the subject contract. The City Chief Procurement Officer would be required to submit an annual report to the Mayor and Speaker detailing interest payments made to non-profit contractors.