Interest as part of just compensation

40 U.S.C. § 3116

• Title: 40 — Public Buildings, Property, and Works
• Chapter: SUBCHAPTER II—ACQUIRING LAND

Text

(a) Calculation.—The district court shall calculate interest required to be paid under this subchapter as follows:
(1) Period of not more than one year.—Where the period for which interest is owed is not more than one year, interest shall be calculated from 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 taking.
(2) Period of more than one year.—Where the period for which interest is owed is more than one year, interest for the first year shall be calculated in accordance with paragraph (1) and interest for each additional year shall be calculated on the amount by which the award of compensation is more than the deposit referred to in section 3114 of this title, plus 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) Distribution of Notice of Rates.—The Director of the Administrative Office of the United States Courts shall distribute to all federal courts notice of the rates described in paragraphs (1) and (2) of subsection (a).

History

(Pub. L. 107–217, Aug. 21, 2002, 116 Stat. 1146.)