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(1)
(a) The state treasurer and the Division of Finance shall enter into an agreement with the United States Secretary of the Treasury that establishes procedures and requirements for implementing the United States Cash Management Improvement Act of 1990.
(b) The agreement shall stipulate that:
(i) the time elapsed between the transfer of funds from the United States Treasury and the redemption of warrants shall be minimized; and
(ii) if the state:
(A) deposits federal funds before the time funds are paid out of the state treasury for the redemption of warrants issued for federal programs, the Division of Finance may pay to the United States Treasury, out of interest earnings on the funds, an interest amount as required by federal regulation; or
(B) disburses its own funds for federal programs, the Division of Finance shall bill the federal government for interest from the time state funds are paid out to redeem warrants until the federal funds are received.
(2) To the degree allowed by federal regulation, all direct costs of calculating the interest may be:
(a) deducted from any interest payments made to the United States Treasury; or
(b) included in any billings to the United States Treasury.