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| SPONSOR: | Cordova | DATE TYPED: | 02/23/01 | HB | 601 | ||
| SHORT TITLE: | Rate of Interest in Condemnation Proceedings | SB | |||||
| ANALYST: | Eaton | ||||||
| Subsequent
Years Impact |
Recurring
or Non-Rec |
Fund
Affected | ||
| FY01 | FY02 | |||
| Indeterminate | ||||
(Parenthesis ( ) Indicate Revenue Decreases)
Duplicates Senate Bill 103
SOURCES OF INFORMATION
Administrative Office of the Courts (AOC)
Regulation and Licensing Department (RLD) Financial Institutions Division
SUMMARY
Synopsis of Bill
This bill changes the amount of interest which may be collected from public entities authorized to exercise eminent domain and condemn property. This bill would change the amount of interest on an award of "just compensation" paid to a condemnee from 8 percent to 10 percent. This is interest on the unpaid portion of a compensatory award from the date that the petition for condemnation is filed.
Significant Issues
Condemnation actions may become more costly for governmental entities authorized to exercise eminent domain.
FISCAL IMPLICATIONS
The agencies are unable to determine the impact this bill may have.
JBE/ar