43 U.S.C. § 485h–7 — Amendment of repayment contract for payment of annual installments in two parts

submitted 64 years ago by Pub. L. 87-613 to r/title-43-PUBLIC-LANDS · 57 words · no verdicts yet

in plain englishAI-generated · not legal advice

A repayment contract normally calls for one construction-charge payment each year. The Secretary of the Interior may agree with the contracting organization to split that payment into two. The two payment dates are chosen to best help the organization meet its obligations.

For any repayment contract that provides for paying construction charges through a single annual installment, the Secretary may agree with the contracting organization to amend the contract. The amendment splits that single annual installment into two payments instead. The two payment dates within the calendar year are chosen to best let the contracting organization meet its payment obligations.

the actual law source: uscode.house.gov ↗public domain

In any repayment contract which provides for payment of construction charges by single annual installments, the Secretary may by agreement with the contracting organization amend such contract to provide for the payment of such annual installments in two parts on such dates in the calendar year as may best enable the contracting organization to meet its payments.

Source credit: (Pub. L. 87–613, § 3, Aug. 28, 1962, 76 Stat. 408.)

history & why it existsrecord from the source credit

1962Enacted · Pub. L. 87-613 · 76 Stat. 408

A history note hasn’t been published yet. The record shows enactment by Pub. L. 87-613 on 1962-08-28.

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