[Federal Register Volume 74, Number 250 (Thursday, December 31, 2009)]
[Notices]
[Pages 69379-69380]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-31008]


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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, 2010, and ending on June 
30, 2010, the prompt payment interest rate is 3\1/4\ per centum per 
annum.

ADDRESSES: Comments or inquiries may be mailed to Dorothy Dicks, 
Reporting Team Leader, Federal Borrowings Branch, 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.treasurydirect.gov.

DATES: Effective January 1, 2010, to June 30, 2010.

FOR FURTHER INFORMATION CONTACT: Mike Linder, Director, Division of 
Accounting Operations, Office of Public Debt Accounting, Bureau of the 
Public Debt, Parkersburg, West Virginia 26106-1328, (304) 480-5125; 
Dorothy Dicks, Reporting Team Leader, Federal Borrowings Branch, 
Division of

[[Page 69380]]

Accounting Operations, Office of Public Debt Accounting, Bureau of the 
Public Debt, Parkersburg, West Virginia 26106-1328, (304) 480-5115; 
Paul Wolfteich, Chief Counsel, Office of the Chief Counsel, Bureau of 
the Public Debt, (202) 504-3705; or Brenda L. Hoffman, Attorney-
Advisor, 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. 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. 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 payment is made.'' 31 U.S.C. 3902(b).
    Therefore, notice is given that the Secretary of the Treasury has 
determined that the rate of interest applicable for the period 
beginning January 1, 2010, and ending on June 30, 2010, is 3\1/4\ per 
centum per annum.

Nancy Fleetwood,
Fiscal Assistant Secretary (Acting).
[FR Doc. E9-31008 Filed 12-28-09; 11:15 am]
BILLING CODE 4810-39-P