02-16602. Renegotiation Board Interest Rate; Prompt Payment Interest Rate; Contract Disputes Act

AGENCY:

Bureau of the Public Debt, Fiscal Service, Treasury.

ACTION:

Notice.

SUMMARY:

For the period beginning July 1, 2002 and ending on December 31, 2002 the prompt payment interest rate and the contract dispute interest rate are each 5.250 per centum per annum.

DATES:

Comments or inquiries may be mailed to Eleanor Farrar, Team Leader, Debt Accounting Branch, Office of Public Debt Accounting, Bureau of the Public Debt, Parkersburg, West Virginia, 26106-1328. A copy of this Notice will be available to download from http://www.publicdebt.treas.gov.

DATES:

This notice announces the applicable interest rate for the July 1, 2002 to December 31, 2002 period.

FOR FURTHER INFORMATION CONTACT:

Rank Dunn, Manager, Debt Accounting Branch, Office of Public Debt Accounting, Bureau of the Public Debt, Parkersburg, West Virginia, 26106-1328, [phone]; Eleanor Farrar, Team Leader, Borrowings Accounting Team, Office of Public Debt Accounting, Bureau of the Public Debt, [phone]; Edward C. Gronseth, Deputy Chief Counsel, Office of the Chief Counsel, Bureau of the Public Debt, [phone]; or Mary C. Schaffer, Attorney-Adviser, Office of the Chief Counsel, Bureau of the Public Debt, [phone].

SUPPLEMENTARY INFORMATION:

Although the Renegotiation Board is no longer in existence, other Federal Agencies are required to use interest rates computed under the criteria established by the Renegotiation Act of 1971 Sec. 2, Pub. L. 92-41, 85 Stat. 97. For example, the Contract Disputes Act of 1978 Sec. 12, Pub. L. 95-563, 92 Stat. 2389 and indirectly, the Prompt Payment Act of 1982, 31 U.S.C. 3902(a), provide for the calculation of interest due on claims at a rate established by the Secretary of the Treasury for the Renegotiation Board under Pub. L. 92-41.

Therefore, notice is given that the Secretary of the Treasury has determined that the rate of interest applicable, for the period beginning July 1, 2002 and ending on December 31, 2002, is 5.250 per centum per annum. This rate is determined pursuant to the above-mentioned sections for the purpose of said sections.

Dated: June 26, 2002.

Donald V. Hammond,

Fiscal Assistant Secretary.