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IN -YEAR SUPPLEMENTAL BUDGET REQUEST
CITY OF FAYETTEVILLE, ARKANSAS
IN THE CIRCUIT COURT OF WASHINGTON COUNTY, ARKANSAS
cc;
CITY OF FAYETTEVILLE, ARKANSAS
VS. NO. CIV 87-1063
JOHN VERNON WILSON
ORDER
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Now on this 6th day of June, 1990, this cause comes on for
hearing on remand from the Arkansas ;Court of Appeals for a
determination of a proper rate of interest from the time of taking
(April 14, 1977) to date of judgment (October 11, 1988). Plaintiff
appears by its attorney, James N. McCord, and the defendant appears
in person and by his attorney, Roy E. Stanley. From the briefs and
stipulations submitted by counsel and the evidence adduced, the
Court finds as follows:
1. Based upon the holding of the Arkansas Supreme Court in
Arkansas State Highway Commission v. Vick, 284 Ark. 372, 682 S.W.
2d 731 (1985), determination of a proper rate of interest will be
based upon average rates of interest paid by local lenders on
certificates of deposit. Interest rates. reported by the Federal
Reserve System on certificates of deposit and corporate bonds will
not be taken into account.
2. Neither the highest average CD rate (9.420%) nor the
lowest CD rate (8.694%) paid by local lenders should be selected
as the "proper rate", but the Court finds that 9.25% is a fair and
proper rate of prejudgment interest in this matter.
3. Based upon the holding in Vick, supra, the Court finds
that such prejudgment rate of interest should be computed as simple
EXHIBIT A
_-GK 105 ,A'_GO7
1
interest without compounding.
IT IS, THEREFORE, ORDERED that prejudgment interest on the sum
of $28,900.00 is hereby fixed at 9.25% per annum simple interest
from the date of taking (April 14, 1977) to the date of judgment
(October 11, 1988) for a total of $30,718.32 in prejudgment
interest.
IT IS FURTHER ORDERED that Defendant recover postjudgment
interest at the rate of 10% per annum simple interest on the sum
of `$59,618.32, representing the unpaid portion of the jury's
verdict and the award of prejudgment interest, from the date of
judgment (October 11, 1988) until paid.
IT IS SO ORDERED.
•
Approved as to form.
dentei..)7atide,ttorney or P aintiff
Attorney for Defendant/
•
CIR IT JUD E
7( 9 /1
BOOK 105 race 608
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RESOLUTION NO. 165-90
i ; • .. .
t"A RESOLUTION!APPROVING A BUDGET ADJUSTMENT FOR
A LAND ACQUISTION' LOCATED AT THE CORNER 4 OF f
NORTH STREET AND GARLAND AVENUE.
V 4
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the Board of Directors hereby approves a
budget adjustment in the amount of .$69,467.00 for the a land.
acquistion located at the corner of North Street and Garland Avenue
belonging to John Vernon Wilson. This amount was determined by the
court order of June 9, 1990. A copy of the order and budget
adjustment authorized for execution hereby is attached hereto
marked Exhibit "A" and made a part hereof.
PASSED AND APPROVED this 6th day of November , 1990.
APPROVED:
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Mayor