[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: 43CFR426.21]

[Page 629]
 
                    TITLE 43--PUBLIC LANDS: INTERIOR
 
      CHAPTER I--BUREAU OF RECLAMATION, DEPARTMENT OF THE INTERIOR
 
PART 426--ACREAGE LIMITATION RULES AND REGULATIONS (Eff. 1-1-98)--Table of Contents
 
Sec. 426.21  Interest on underpayments.

    (a) Definition of underpayment. For the purposes of this section 
underpayment means the difference between what a landholder owed for the 
delivery of irrigation water under Federal reclamation law and what that 
landholder paid.
    (b) Collection of interest on underpayments. If a landholder has 
incurred an underpayment, Reclamation will collect from the appropriate 
district such underpayment with interest. Interest accrues from the 
original payment due date until the district pays the amount due. The 
original payment due date is the date the district should have paid the 
United States for water delivered to the landholder.
    (c) Underpayment interest rate. The Secretary of the Treasury 
determines the interest rate charged the district based on the weighted 
average yield of all interest-bearing marketable issues sold by the 
Department of the Treasury during the period of underpayment.