§ 37-6-23. Calculation of interest and payment of judgment.
(a) If a petition for assessment of damages is filed, then the property owner shall be entitled to interest on the fair market value of the property taken by the acquiring authority from the date it is condemned to the day that judgment enters. Interest thereon shall be calculated on the fair market value of the property which exceeds the amount offered by the acquiring authority pending final disposition of the court proceedings. Upon a recovery of final judgment, an execution shall be issued therefor and shall be forthwith paid by the general treasurer out of any funds appropriated and available therefor. Interest on any judgment shall be computed daily to the date of payment and shall be compounded annually. Interest shall be calculated as follows:
(1) Where the period for which interest is owed does not exceed one year, interest shall be calculated for such period form the date of taking at an annual rate equal to the weekly average one year constant maturity Treasury yield, as published by the Board of Governors of the Federal Reserve System, for the calendar week preceding the date of the taking.
(2) Where the period for which interest is owed is more than one year, interest for the first year shall be calculated in accordance with subdivision (1) of this section and interest for each additional year shall be calculated on the combined amount of the principal and accrued interest at an annual rate equal to the weekly average one year constant maturity Treasury yield, as published by the Board of Governors of the Federal Reserve System, for the calendar week preceding the beginning of each additional year.
(b) In the event the one year constant maturity Treasury yield is converted to a different standard reference base or otherwise revised, the determination of interest shall be made with the use of such converted or revised standard reference base. In the event the Board of Governors of the Federal Reserve System ceases to publish a converted or revised rate, interest shall be calculated at a rate published by the United States Treasury Department, or other comparable entity, that establishes a rate reflecting or best approximating the market conditions for one year investments at the time of the taking and each additional year that interest is owed pursuant to subdivision (2) above.
History of Section.
P.L. 1953, ch. 3105, § 12; P.L. 1955, ch. 3515, § 2; G.L. 1956, § 37-6-23; P.L. 1962,
ch. 9, § 1; P.L. 1968, ch. 257, § 1; P.L. 1989, ch. 555, § 4; P.L. 1994, ch. 258,
§ 1; P.L. 2003, ch. 260, § 1; P.L. 2003, ch. 275, § 1; P.L. 2011, ch. 363, § 36.