HB 2485

Abstract

Amends the State Officers and Employees Money Disposition Act. Provides that any interest earnings that are attributable to moneys in the protest fund must be deposited into the protest fund. Provides that, for moneys paid to the State under protest on and after July 1, 2014, any authorized payment from the protest fund shall bear prorated interest based upon the average monthly investable balance from the date of deposit through the date of disbursement from the protest fund. Provides that, on and after July 1, 2014, when the party paying under protest fails in the protest action, any interest earned and retained within the protest fund shall be transferred into the General Revenue Fund.