The Director of State Finance shall also establish a procedure whereby interest shall be paid from the thirtieth day after receipt by the designated office of a proper invoice for which payment has not been mailed, transmitted, or delivered to a vendor by the close of business on the forty-fifth day. Such interest shall be at an annualized rate as reported by the State Treasurer based on an average of the interest rate for thirty-day time deposits of state funds during the last calendar quarter of the last preceding fiscal year.

Laws 1983, HJR 1010, p. 1167, § 2, emerg. eff. May 24, 1983.