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DATE: December 13, 2001
TO: Agency Addressed (No. 07, 2000-01)
FROM: Douglas A. Darling, Director
Division of Accounting & Auditing
Office of Comptroller

Section 55.03(1), Florida Statutes (F.S.), requires the Comptroller, on December 1 of each year, to set the rate of interest that shall be payable on judgments and decrees for the year beginning the following January 1. Additionally, Sections 215.422(3)(a), 337.141(3) and 687.01, F.S., were amended to require the use of interest at the rate established in Section 55.03(1), F.S., for the payment of interest applicable to the late payments to vendors for goods and services purchased by the State, for late payments on applicable construction or maintenance contracts administered by the Department of Transportation, and for cases where a rate of interest is not specified in a contract. The interest rate for payments to health care providers pursuant to Section 215.422(13), F.S., remains at 1 percent per month or .0003333 per day. Rule 3A-25, Florida Administrative Code, establishes the procedures for computing the interest rate on an annual basis.

The year 2002 interest rate established pursuant to Section 55.03, F.S., has been set at 9.0 percent per annum or .0002466 per day. This information, including prior year rates, is located on the Internet at www.dbf.state.fl.us/interest.html.

If additional information is needed, please call the Vendor Ombudsman section at (850) 410-9724 or SC 210-9724.

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