§ 37-6-23 Calculation of interest andpayment of judgment. – If a petition for assessment of damages is filed, then the property owner shallbe entitled to interest on the fair market value of the property taken by theacquiring authority from the date it is condemned to the day that judgmententers. Interest thereon shall be calculated on the fair market value of theproperty which exceeds the amount offered by the acquiring authority pendingfinal disposition of the court proceedings. Upon a recovery of final judgment,an execution shall be issued therefor and shall be forthwith paid by thegeneral treasurer out of any funds appropriated and available therefor.Interest on any judgment shall be computed daily to the date of payment andshall be compounded annually. Interest shall be calculated as follows:
(1) Where the period for which interest is owed does notexceed one year, interest shall be calculated for such period form the date oftaking at an annual rate equal to the weekly average one year constantmaturity Treasury yield, as published by the Board of Governors of the FederalReserve System, for the calendar week preceding the date of the taking.
(2) Where the period for which interest is owed is more thanone year, interest for the first year shall be calculated in accordance withparagraph (1) of this section and interest for each additional year shall becalculated on the combined amount of the principal and accrued interest at anannual rate equal to the weekly average one year constant maturity Treasuryyield, as published by the Board of Governors of the Federal Reserve System,for the calendar week preceding the beginning of each additional year.
In the event the one year constant maturity Treasury yield isconverted to a different standard reference base or otherwise revised, thedetermination of interest shall be made with the use of such converted orrevised standard reference base. In the event the Board of Governors of theFederal Reserve System ceases to publish a converted or revised rate, interestshall be calculated at a rate published by the United States TreasuryDepartment, or other comparable entity, that establishes a rate reflecting orbest approximating the market conditions for one year investments at the timeof the taking and each additional year that interest is owed pursuant toparagraph (2) above.
§ 37-6-23 Calculation of interest andpayment of judgment. – If a petition for assessment of damages is filed, then the property owner shallbe entitled to interest on the fair market value of the property taken by theacquiring authority from the date it is condemned to the day that judgmententers. Interest thereon shall be calculated on the fair market value of theproperty which exceeds the amount offered by the acquiring authority pendingfinal disposition of the court proceedings. Upon a recovery of final judgment,an execution shall be issued therefor and shall be forthwith paid by thegeneral treasurer out of any funds appropriated and available therefor.Interest on any judgment shall be computed daily to the date of payment andshall be compounded annually. Interest shall be calculated as follows:
(1) Where the period for which interest is owed does notexceed one year, interest shall be calculated for such period form the date oftaking at an annual rate equal to the weekly average one year constantmaturity Treasury yield, as published by the Board of Governors of the FederalReserve System, for the calendar week preceding the date of the taking.
(2) Where the period for which interest is owed is more thanone year, interest for the first year shall be calculated in accordance withparagraph (1) of this section and interest for each additional year shall becalculated on the combined amount of the principal and accrued interest at anannual rate equal to the weekly average one year constant maturity Treasuryyield, as published by the Board of Governors of the Federal Reserve System,for the calendar week preceding the beginning of each additional year.
In the event the one year constant maturity Treasury yield isconverted to a different standard reference base or otherwise revised, thedetermination of interest shall be made with the use of such converted orrevised standard reference base. In the event the Board of Governors of theFederal Reserve System ceases to publish a converted or revised rate, interestshall be calculated at a rate published by the United States TreasuryDepartment, or other comparable entity, that establishes a rate reflecting orbest approximating the market conditions for one year investments at the timeof the taking and each additional year that interest is owed pursuant toparagraph (2) above.
§ 37-6-23 Calculation of interest andpayment of judgment. – If a petition for assessment of damages is filed, then the property owner shallbe entitled to interest on the fair market value of the property taken by theacquiring authority from the date it is condemned to the day that judgmententers. Interest thereon shall be calculated on the fair market value of theproperty which exceeds the amount offered by the acquiring authority pendingfinal disposition of the court proceedings. Upon a recovery of final judgment,an execution shall be issued therefor and shall be forthwith paid by thegeneral treasurer out of any funds appropriated and available therefor.Interest on any judgment shall be computed daily to the date of payment andshall be compounded annually. Interest shall be calculated as follows:
(1) Where the period for which interest is owed does notexceed one year, interest shall be calculated for such period form the date oftaking at an annual rate equal to the weekly average one year constantmaturity Treasury yield, as published by the Board of Governors of the FederalReserve System, for the calendar week preceding the date of the taking.
(2) Where the period for which interest is owed is more thanone year, interest for the first year shall be calculated in accordance withparagraph (1) of this section and interest for each additional year shall becalculated on the combined amount of the principal and accrued interest at anannual rate equal to the weekly average one year constant maturity Treasuryyield, as published by the Board of Governors of the Federal Reserve System,for the calendar week preceding the beginning of each additional year.
In the event the one year constant maturity Treasury yield isconverted to a different standard reference base or otherwise revised, thedetermination of interest shall be made with the use of such converted orrevised standard reference base. In the event the Board of Governors of theFederal Reserve System ceases to publish a converted or revised rate, interestshall be calculated at a rate published by the United States TreasuryDepartment, or other comparable entity, that establishes a rate reflecting orbest approximating the market conditions for one year investments at the timeof the taking and each additional year that interest is owed pursuant toparagraph (2) above.
