[Federal Register Volume 76, Number 127 (Friday, July 1, 2011)]
[Notices]
[Pages 38742-38743]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-16656]


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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, 2011, and ending on December 
31, 2011, the prompt payment interest rate is 2\1/2\ per centum per 
annum.

DATES: Effective July 1, 2011, to December 31, 2011.

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,

[[Page 38743]]

Parkersburg, West Virginia 26106-1328. A copy of this Notice is 
available at http://www.treasurydirect.gov.

FOR FURTHER INFORMATION CONTACT: Kimberly Poling, Acting Manager, 
Federal Borrowings Branch, Office of Public Debt Accounting, Bureau of 
the Public Debt, Parkersburg, West Virginia 26106-1328, (304) 480-5103; 
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, (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 
service 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 
section 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. 31 U.S.C. 
3902(c)(1). 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. 31 U.S.C. 3902(a). 
``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 July 1, 2011, and ending on December 31, 2011, is 2\1/2\ per 
centum per annum.

Richard L. Gregg,
Fiscal Assistant Secretary.
[FR Doc. 2011-16656 Filed 6-28-11; 4:15 pm]
BILLING CODE 4810-39-P