Account Adjustments. The Municipality agrees to notify the State within seven days of the date that a debt has been settled through payment in full or compromise. The Municipality agrees to advise the State at least one time per calendar year of payments received and applied to debts placed with the Setoff Program, and of debt interest accumulations occurring since the last account adjustment report. The annual account adjustments may be provided upon return of the master listing to the Setoff Program, which master listing will be provided to the Municipality during the last quarter of each calendar year. The Municipality is not precluded from making more frequent reports of account adjustments. Upon notification that a match has been made against a debt owed to a Municipality, the Municipality shall notify the Setoff Program in writing within 10 days of any necessary adjustments to the account.
Appears in 3 contracts
Sources: Municipal Agreement, Municipal Agreement, Municipal Agreement