2005 Connecticut Code - Sec. 37-3c. Rate of interest recoverable in condemnation cases.
Sec. 37-3c. Rate of interest recoverable in condemnation cases. The judgment
of compensation for a taking of property by eminent domain shall include interest at a
rate that is reasonable and just on the amount of the compensation awarded. If a court
does not set a rate of interest on the amount of compensation awarded, the interest shall
be calculated as follows: (1) If the period for which interest is owed does not exceed
one year, interest shall be calculated from the date of taking at an annual rate equal to the
weekly average one-year constant maturity yield of United States Treasury securities, as
published by the Board of Governors of the Federal Reserve System, for the calendar
week preceding the date of taking; and (2) if the period for which interest is owed exceeds
one year, interest for the first year shall be calculated pursuant to the provisions of
subdivision (1) of this section and interest for each additional year shall be calculated
on the combined amount of principal, which is the amount by which the compensation
award exceeds the original condemnation deposit, plus accrued interest at an annual rate
equal to the weekly average one-year constant maturity yield of United States Treasury
securities, as published by the Board of Governors of the Federal Reserve System, for
the calendar week preceding the beginning of each year for which interest is owed.
Such judgment shall not include interest on any funds deposited by the condemnor as
compensation for the taking for the period after such deposited funds become available
for withdrawal by the condemnee. The interest shall accrue from the date of taking to
the date of payment.
History: P.A. 95-343 added provisions re calculation of interest applicable if court does not set rate of interest on amount of compensation awarded, effective July 13, 1995; P.A. 02-52 changed the rate of interest from the coupon issue yield equivalent of the average accepted auction price of fifty-two-week U.S. Treasury bills settled immediately prior to the date of taking to the weekly average one-year constant maturity yield of U.S. Treasury securities for the calendar week preceding the date of taking, effective May 9, 2002.
Cited. 21 CA 359, 365.
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