[Federal Register: July 1, 2008 (Volume 73, Number 127)]
[Notices]               
[Page 37529]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr01jy08-93]                         

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DEPARTMENT OF THE TREASURY

Fiscal Service

 
Prompt Payment Interest Rate; Contract Disputes Act

AGENCY: Bureau of the Public Debt, Fiscal Service, Treasury.

ACTION: Notice.

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SUMMARY: For the period beginning July 1, 2008, and ending on December 
31, 2008, the prompt payment interest rate is 5\1/8\ per centum per 
annum.

ADDRESSES: Comments or inquiries may be mailed to Milissia S. Morris, 
Team Leader, Borrowings Accounting Team, Division of Accounting 
Operations, Office of Public Debt Accounting, Bureau of the Public 
Debt, Parkersburg, West Virginia, 26106-1328. A copy of this Notice is 
available at http://www.publicdebt.treas.gov.

DATES: Effective July 1, 2008, to December 31, 2008.

FOR FURTHER INFORMATION CONTACT: Mike Linder, Acting Director, Division 
of Accounting Operations, Office of Public Debt Accounting, Bureau of 
the Public Debt, Parkersburg, West Virginia, 26106-1328, (304) 480-
5125; Milissia S. Morris, Team Leader, Borrowings Accounting Team, 
Division of Accounting Operations, Office of Public Debt Accounting, 
Bureau of the Public Debt, Parkersburg, West Virginia, 26106-1328, 
(304) 480-5167; Amy Mertz Brown, Deputy Chief Counsel, Office of the 
Chief Counsel, Bureau of the Public Debt, (202) 504-3715; or Brenda L. 
Hoffman, Attorney-Adviser, Office of the Chief Counsel, Bureau of the 
Public Debt, (202) 504-3706.

SUPPLEMENTARY INFORMATION: An agency acquiring property or services 
from a business concern that fails to pay for the complete delivery of 
property or service by the required payment date shall pay the business 
concern an interest penalty. 31 U.S.C. 3902(a) (2003). The Contract 
Disputes Act of 1978, Section 12, Public Law 95-563, 92 Stat. 2389, 
and, indirectly, the Prompt Payment Act of 1982, 31 U.S.C. 3902(a), 
provide for the calculation of interest due on claims at the rate 
established by the Secretary of the Treasury.
    The Secretary of the Treasury has the authority to specify the 
Prompt Payment Interest Rate by which the interest shall be computed 
for interest payments under Sec.  12 of the Contract Disputes Act of 
1978. 31 U.S.C. 3902(a) (2003). Agencies must pay the interest penalty 
calculated with the interest rate which is in effect at the time the 
agency accrues the obligation to pay a late payment interest penalty. 
Id. ``The interest penalty shall be paid for the period beginning on 
the date after the required payment date and ending on the date on 
which the payment is made.'' 31 U.S.C. 3902(b) (2003). If an interest 
penalty is owed to a business concern, the penalty shall be paid 
regardless of whether the business concern requested payment of money.
    Therefore, notice is given that the Secretary of the Treasury has 
determined that the rate of interest applicable for the period 
beginning July 1, 2008, and ending on December 31, 2008, is 5\1/8\ per 
centum per annum.

Kenneth E. Carfine,
Fiscal Assistant Secretary.
[FR Doc. E8-14769 Filed 6-30-08; 8:45 am]

BILLING CODE 4810-39-P