Section 11 AAC 04.050 - Methods of payment; payment application(a) The lessee shall make royally payments to the credit of the state by an automated cleaning house transaction. by a wire transfer through the Federal Reserve System, or by another method as approved by the commissioner, to the address specified in writing by the department. (b) The lessee shall make payments of amounts other than royalties, including payments of interest or administrative fees, in accordance with (a) of this section.(c) The lessee shall make minimum royalty payments in accordance with the minimum royalty provisions of the lease, when applicable. Otherwise, the lessee shall make minimum royalty payments in accordance with (a) of this section(d) The division will (1) apply a payment described in (a) - (b) of this section in the following order (A) first, to pay administrative fees: (B) Second to pay interest: (C) third to pay past principal: (D) fourth, to reduce current principal: and (2) apply the payment first to the accounting unit with the smallest produced volume for the production month being paid by the lessee.Eff. 2/21/98, Register 145; am 12/27/2002, Register 164; am 12/26/2019, Register 232, January 2020Authority:AS 38.05.020
AS 38.05.135
AS 38.05.180