An acreage rent is collected each year by January 1
What the document says“the Secretary shall, subject to paragraph (3) and not later than January 1 of each calendar year, collect from the holder of a right-of-way for a renewable energy project an acreage rent in an amount determined by the equation described in paragraph (2).”
The section requires the Secretary, under section 504(g) of the Federal Land Policy and Management Act of 1976 (43 U.S.C. 1764(g)), to collect an acreage rent from the holder of a right-of-way for a renewable energy project by January 1 each year. The amount is set by an equation multiplying the Per-Acre Rate by the Encumbrance Factor and by one plus the Annual Adjustment Factor raised to the power of the year in the term of the right-of-way.
What the document actually says“the Secretary shall, subject to paragraph (3) and not later than January 1 of each calendar year, collect from the holder of a right-of-way for a renewable energy project an acreage rent in an amount determined by the equation described in paragraph (2).”
The Secretary must collect a yearly rent on the acres used. It is due by January 1 each year. A formula sets the amount.
The formula takes the local land rate. It scales that by how much of the land is taken up. It then grows the figure by 3 percent a year.
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