[Federal Register: December 30, 2008 (Volume 73, Number 250)]
[Notices]               
[Page 79977-79978]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr30de08-169]                         

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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 January 1, 2009, and ending on June 
30, 2009, the prompt payment interest rate is 5\5/8\ 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 January 1, 2009, to June 30, 2009.

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.

[[Page 79978]]

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, Acting 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 that has acquired property or 
services from a business concern and has failed 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). The 
Contract Disputes Act of 1978, Sec. 12, Public Law 95-563, 92 Stat. 
2389, and 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 rate 
by which the interest shall be computed for interest payments under 
Sec.  12 of the Contract Disputes Act of 1978 and under the Prompt 
Payment Act. 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 day after the 
required payment date and ending on the date on which the payment is 
made.'' 31 U.S.C. 3902(b). Under the Prompt Payment Act, if an interest 
penalty is owed to a business concern, the penalty shall be paid 
regardless of whether the business concern requested payment of 
interest.
    Therefore, notice is given that the Secretary of the Treasury has 
determined that the rate of interest applicable for the period 
beginning January 1, 2009, and ending on June 30, 2009, is 5\5/8\ per 
centum per annum.

Kenneth E. Carfine,
Fiscal Assistant Secretary.
[FR Doc. E8-30932 Filed 12-29-08; 8:45 am]

BILLING CODE 4810-39-P