| State of North Carolina
Office of the State Controller |
||
| Michael F. Easley, Governor |
Edward Renfrow,
State Controller
Gwen Canady, Chief Deputy |
|
January 31, 2001
MEMORANDUM SAD 01-39
| To: |
Fiscal Contacts – Community Colleges |
| From: |
Don Waugh |
| Subject: | Higher Education Facility Bonds via Electronic Payments |
The Office of the State Controller, along with the Department of Community Colleges is requiring all community colleges to participate in the Electronic Payment Process. In reference to the Higher Education Facility Bonds, the electronic payments process (E-Pay) will ensure compliance with IRS Regulations Chapter 26 Part 1.148-6 (D)(7) which mandates funds derived from bonds be disbursed to contractors within 24 hours in order to prevent violation of arbitrage laws.
To accommodate this request, each community college will need to complete and submit the attached Trade Vendor Payment Verification Form. Please be aware once the Trade Vendor File is updated, all payments processed to these vendors will be electronic.
If you have any questions, please do not hesitate to contact Denise Driver at (919) 981-5496 or Kellie Turner at (919) 981-5426. Thank you for your prompt attention to this matter.
CC: Alice Smith, Department of Community Colleges
| Electronic Payment Form: | MS Word | Adobe Acrobat |