16-2-402. Purchase of initial inventory by existing state agent. (1) As of June 30, 1995, the department of revenue shall calculate a closing statement showing the dollar amount of inventory on hand for each agency liquor store in operation on that date. As soon as practical thereafter, the department shall send to each agency liquor store a statement for the total price of the inventory, payable in 16 even monthly payments. The price must be calculated in the same manner as the price for liquor purchased by an agency liquor store under the provisions of 16-2-101. The first payment is due 60 days from the date on which the department mails the statement, and each subsequent payment is due on the last day of the month for each month thereafter. At any time after payment of the first payment, an agent who is purchasing the initial inventory may pay in full the amount due or may increase the amount of each monthly payment. The payment of increased payments does not waive the making of a monthly payment until the initial purchase price is fully paid.
     (2) Any shortages due the state as of June 30, 1995, must be offset from the final commission payment. If the shortage exceeds the calculated commission payment, the agent shall make payment within 30 days of notice of the amount due.

     History: En. Sec. 2, Ch. 530, L. 1995.