Section 11.04.070. Interest payments.

	(a)  If a royalty payment is unpaid or underpaid on the date the amount of the royalty payment is due, the division will assess an interest charge on the unpaid and underpaid royalty payment from the first day after the date the amount is due as specified in this chapter. The division will charge interest only on the amount of the payment not received and only for the number of days, including the day of the payment, the payment is late. Unless otherwise specified in the lease, the division will charge interest on a late payment or underpayment at the rate established by AS 38.05.135(d).  
	(b)  If a royalty payment is overpaid the division will pay or credit interest on the overpayment from the first day after the date the royalty payment is due as specified in this chapter or received, whichever is later, until and including the date the overpayment is paid or credited. The division will pay or credit interest only on the amount of the payment received in excess of the amount due. Unless otherwise specified in the lease or in a settlement agreement, the division will pay or credit interest on an overpayment at the rate established by AS 38.05.135(e).  

Authorities

38.05.020;38.05.135;38.05.180

Notes

Reference

11 AAC 04.060

Authority

AS 38.05.020 AS 38.05.135 AS 38.05.180

History

Eff. 2/21/98, Register 145; am 12/27/2002, Register 164