Establishes a 30-day deadline for Alaska state agencies to pay grants, contracts, and reimbursement agreements to nonprofit organizations.

The bill sets a 30-day deadline for Alaska state agencies to pay grants, contracts, and reimbursement agreements to nonprofit organizations, municipalities, and Alaska Native organizations. If payments are not made within this timeframe, the agencies must pay interest on the unpaid amount. The interest rate is set according to Alaska Statute 45.45.010(a). The bill also specifies that the remainder of the grant must be paid either in monthly installments or a lump sum. It does not apply to public construction contracts, cash assistance, subsidies, or certain other agreements.

Establishes a 30-day deadline for Alaska state agencies to pay grants, contracts, and reimbursement agreements to nonprofit organizations.

The bill sets a 30-day deadline for Alaska state agencies to pay grants, contracts, and reimbursement agreements to nonprofit organizations, municipalities, and Alaska Native organizations. If payments are not made within this timeframe, the agencies must pay interest on the unpaid amount. The interest rate is set according to Alaska Statute 45.45.010(a). The bill also specifies that the remainder of the grant must be paid either in monthly installments or a lump sum. It does not apply to public construction contracts, cash assistance, subsidies, or certain other agreements.