[Code of Federal Regulations]
[Title 43, Volume 1]
[Revised as of October 1, 2002]
From the U.S. Government Printing Office via GPO Access
[CITE: 43CFR402.8]

[Page 548]
 
                    TITLE 43--PUBLIC LANDS: INTERIOR
 
      CHAPTER I--BUREAU OF RECLAMATION, DEPARTMENT OF THE INTERIOR
 
PART 402--SALE OF LANDS IN FEDERAL RECLAMATION PROJECTS--Table of Contents
 
                         Subpart A--Public Lands
 
Sec. 402.8  Terms of sale.

    (a) Under the Acts of May 16, 1930 (46 Stat. 367; 43 U.S.C. 424 
through 424e) and March 31, 1950 (64 Stat. 39; 43 U.S.C. Sup., 375b 
through 375f) lands may be sold either for cash or upon deferred 
payments. A sale providing for deferred payments shall be upon terms to 
be established by the Commissioner, except that the Commissioner shall 
require the annual payment of interest at six percent per annum on the 
unpaid balance.
    (b) Under the Act of May 20, 1920 (41 Stat. 605; 43 U.S.C. 375) 
lands may be sold either for cash or upon deferred payments. In 
connection with a sale providing for deferred payments the Commissioner 
shall require that not less than one-fifth the purchase price in cash be 
paid at the time of sale and that the remainder be payable in not more 
than four annual payments with interest at six percent per annum on the 
unpaid balance.
    (c) All payments shall be made to the official of the Bureau of 
Reclamation specified in the contract of sale.