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DATE: December 2, 1998
TO: Agency Addressed (No. 11, 1998-99)
FROM: William O. Monroe, Director
Division of Accounting & Auditing
Office of Comptroller

Section 55.03(1), Florida Statutes, requires the Comptroller, on December 1 of each year beginning in 1994, 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, Florida Statutes, were amended to require the use of interest at the rate established in Section 55.03(1), Florida Statutes, 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), Florida Statutes, remains at 1% per month or .03333% per day. Rule 3A-25, Florida Administrative Code, establishes the procedures for computing the interest rate on an annual basis.

The 1999 interest rate established pursuant to Section 55.03, Florida Statutes, has been set at 10.0% per annum or .02740% per day. This information including prior year rates is now located on the Internet. The Comptroller's Home Page address is www.dbf.state.fl.us.

If additional information is needed, please call Reuben Helms at 410-9354, Suncom 210-9354.

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