AN ACT relating to fiscal matters and declaring an emergency.

Amend KRS 45A.030 to expand the definition of "contract"; amend KRS 45A.035 to require promulgation of administrative regulations to establish policies regarding timely payments under contracts; create a new section of KRS Chapter 45A to establish timely payment penalty and procedures; require the Finance and Administration Cabinet to submit a detailed report of interest penalties and reimbursement payments every six months due to payments not timely made to the Legislative Research Commission; EMERGENCY.