11 AAC 86.772 - Interest on unpaid royalties; deficient payments
(a) Interest
accrues from the due date set in
11 AAC 86.769(c)
on the outstanding balance of any production royalty not paid in full when due.
This interest accrues at the legal rate of interest in the State of Alaska, as
specified in
AS
45.45.010(a), until the
outstanding balance is paid in full.
(b) If the division discovers that a
production royalty payment is deficient, the division shall send the holder of
a mining claim, leasehold location, or mining lease a deficiency notice by
certified mail, return receipt requested. The deficiency notice must comply
with 11 AAC 88.140, and must
(1) state the amount of the deficiency, if
known;
(2) state the rate at which
interest accrues on the deficiency;
(3) inform the holder that it has 60 days
after the date on the notice to pay in full the total of the deficiency plus
interest; and
(4) inform the holder
that failure to pay the total of the deficiency plus interest within 60 days is
an abandonment of the holder's claim, leasehold location, or mining lease
unless the holder, under
11 AAC 86.778, contests the
deficiency notice before expiration of the 60-day period.
Notes
Authority:AS 38.05.212
AS 38.05.265
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