Section 11.01: Payment Due

  1. Unless and until otherwise modified or amended by the Authority, payments from the , Participants are due to and receivable by the Authority 20 days, after the due date of the bills from the Participants to their customers, regardless of whether such customers pay quarterly or monthly, and regardless of whether the Participants collect the bill or not.
  2. Participants shall pay to the Authority interest upon over due and delinquent sums in an amount equal to the annual rate of six (6%), per centum, or at the rate existing on any outstanding bonds of the Authority, whichever is higher, unless otherwise modified or amended by the Authority.