HomeMy WebLinkAbout116-93 RESOLUTIONDa
•
•
RESOLUTION NO. 116-93
A RESOLUTION AUTHORIZING THE ACCEPTANCE
$7,987.23 REPRESENTING THE ACTUAL AMOUNT OF
INTEREST EARNED AS SETTLEMENT AND FULL
SATISFACTION OF THE PRE AND POST -JUDGMENT
INTEREST AWARDED IN THE LAWSUIT WITH MOUNT
OLIVE WATER ASSOCIATION.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1. That the Council hereby accepts the sum of $7,987.23 representing the
actual amount of Interest earned as settlement and full satisfaction of the pre and post judgment
interest awarded m the lawsuit with Mount Olive Water Association A copy of the schedule
summary is attached hereto marked Exhibit "A" and made a part hereof.
PASSED AND APPROVED this 2nd day of November , 1993.
ATTEST:
By:C'�i"nenaz-
�.mas, City Clerk
APPROVED:
BY:
Mayor
F A Y E T T E Tr Jr L L E
CITY ATTORNEY DEPARTMENT
CL.el1. OL. tIb.Cle.ty_
—.s.
375...1313
DEPARTMENTAL CORRESPONDENCE
TO: City Council
THRU: Fred Hanna, Mayor W�
FROM: LaGayle D. McCarty, Asst. City Attorney 1
DATE: October 26, 1993
RE: Mount Olive Water Association
Settlement of Pre- and Post -Judgment Interest Issue
The Supreme Court, on June 28, 1993, affirmed the lower court's
ruling granting Summary Judgment and damages of $139,833.33 in
favor of the City of Fayetteville. Further, at my request and
pursuant to A.C.A. §16-65-114, which provides for post -judgment
interest, and based upon a motion for pre -judgment interest
presently before the court, the attached schedule of accrued
interest was prepared by the finance department. Based upon those
calculations, the total amount outstanding is $15,415.07, with
credit being given for interest previously paid.
The Mayor and Jerry Paschal, from Mount Olive Water Association,
met and discussed the issue of interest. Mr. Paschal submitted a
schedule showing actual interest received on their Fayetteville
Reserve Account.
The result of that meeting was a proposal that the City,
recognizing the value of our neighboring communities and in support
thereof, accept actual interest accrued in full satisfaction of
pre- and post -judgement interest.
Upon approval by the Council, the amount of $7987.23 will fully
settle and satisfy the issue of pre- and post -judgment interest.
•
MOUNT OLIVE WATER ASSOCIATION
Account #2212-3760-10
3985 S. Black Oak Road
Pre -judgment interest
Post -judgment interest
$10,303.28
6,768.68
Total $17,071.96
Account #8842-4800-10
664 E. Wallin Mountain Road
Pre -judgment interest $ 303.78
Post -judgment interest 457.79
Total $ 761.57
TOTAL INTEREST ACCRUED $ 17,833.53
LESS INTEREST PAID BY 8-18 CASHIERS CHECK $ 2,418.46
TOTAL OUTSTANDING INTEREST DUE $ 15,415.07
44
Fi�,w,commw,w,a�, wmw,,,n,o
F rOF P?(P- P—)Z§E CCE 2r7r2r2r2r$r
§ § 2r 2 m
m
m
§ § m
m
2 2 §
-.7 22—TAq$R22Mg2-9$a§®a■,
tttMa§t§§t2aaaaaaa§d%$2§§§§§
§§�\))84\2$281\2)§)Jƒ)$kk§)7$§
2222;)�v-=at/=a#$ta=3=2tata'at
� t k
00 8 2 8 88 8'$
t« 2« t k§ 3§
\
■p#p###
- ■ ■�-■�������--
ta
§a)gr??,N888 :28 - 9 §k $�§&
8§88488ta a;s■aq'28888t2■N8;■s
§R
g g a ) s
8 ■ ■ t ■
§■
mTo
1§k
mc>
�2■
!k2
°0§
mcommTwommmmmmtemonTym;e7omfm.um
;FeWegegFFgF egFeF F
r3/4'm m_ m m m m m m m m m m m
0000g49E22 Cppp oo 8800 .,
O �� W 41+♦ NO! `V��
ttt-taaaaaaaaaaaaaaaafaaaaafa
Npp•q N.-.MN..N.q. N.«. N.q. N,4mallq.N../ttal pi' NN
+Oe .,404 (�p�tt OD ASO o� (��OtitaNp4+--04t 00 pN V �Np �tmyu�N_ �Wp WN
V V V tO �N�pp pnpest:llak - f l2O t.§EcONgN
� otow_ AvX X,3°'X�X,°. X,y XX�X�X�X�SC
1
a o
0
yz
az
Ma
ti
C
4
0o
N. -.N N. -.N NN NNNN
m VOA�p W irIp oOV• V• VO V O1 bJ V > r
o O��O tvWOOX 0+1N 8i �� W � OeN�X V ++'b�N oONNfO
• G om
p O m k C n f Q f s a
• F N « 4p1 pnp� 1-14
p� Op� b1 pO
zi6V mti N m Els
O Ol fO N O V b P O/
N M N v M 4t —. Q{p� N Oil 1 ♦p0 +to to to
V V N -;43 (N� Oq� + + +W
N d
1:41
O O N ♦ W V 8 P O
41,
Os S f0 �O - W V_ 0
V�1 O� ((�� pp (O(�� mm O
✓ W N C7 O O W N V N
o O 9 O1 O1 Ol Ol O1 01 Ol Ol O1 O1 Ol W
movmvmvwvmvmvmvmvavavmvavaovwvavmvmvavmv
D DDDDDDDDDDDDDD>D'D'>
F>FF F<F<F F FF F FFF F>F F F FF
mEEC m m m m m m m Cm m m mMCE ME
m m rn m rn rn m
m m m m m m m m m m m m m m m m m m m m
tNN NNNNNNNNNNMNNN lttttt tttn It
m01f07.405VV00Xfr;,:h tupOSNVV 80.911202?5$VfO Cea100
✓ 0)LAW ME1 M (J -oma nm AO AA pCm p1C 000 4,1N12
O i0 01 /0 01 01 V O V
N N N N N N N N N N
N
- $ 2 - -
0 0�{ ,�31 V 0
0) fat W 41 W W i�if W
N M « N N N N N
pip ili VgEologA 0N-hNNA41A41AANA V m V ppi1pe V m000INNI�7t+N
OI+N 047 App 0p��NW010140�92 pa0�00�00p0 80_ipp7�+p♦N� opamde
WoWN+IA 4t Nc(pp0 A �O�pp W N 4(pp188p1� OOD 5a0N�A{pp+eO�e pgppp (00�lII ON V aNa fO tO N�pp OVi7I� NCIO
4fAO+afAO V OOI8Sti V S V O V 88'833P-fliS2tti°2Ta .& W +
T
111
a
C.
se` am
m 1 m c c`_
N M N 1 pN Np N M N+N N NN p44 N Ne N pM
N N • pO p0N�1 pA pM 4t Pi• ) (000 (0 O8e --4 A _f0i1 Oe
(.� �N�pp a fA.t r4�ppt OD 0 W N (O.1 (O�! N V �0 in
N▪ p 03 0
e O: A O t0 0 A O V 0 4t N N + 1 0
f0
1"11 D. N 41 O t0 V O b
(0 0 -6 a 0�pp - p pop
O V V V f0JI 01 O 3 V s tJ
NJ M 41pp 111 M_aa
10 V 0 V +
V
+t W N
m �ji }$� 4* N N Mp io
M INS 4* 1a�
(.� 41 10 .N�II V+♦ 1D O 8 m V O Nppp pO1
O N {0 tO + V cn S p A N .:44g V N 10
0) 4, a+ m ae m a a a $0 m 0
m
0
z
01
O
z
Cm
00
Mm
s
am
m
comma tMMXmmmmvmMmamvmmmmmma Malva»aima malVEMX
; F;F;F;FBF;FsF;F;FF;FFFFFFFFFF
O OOOOOppoo OOppppp OOOOO822p888 o0
��� W W Q �NNS18 V V OOpb 000++�r�� W W A+N NOI j V
aaaaaa aaaaa aaaaaaaaaaataaaatttt tt
N N N N N N N N N N N N N N N N N N N N N N N N W W W W W
{_� y_y��N{�{��1N__qq N_ _ _MND _q _N {�_ _M g M
4N1 V Atl1m� O! A~ ppHp VAf�V A�pA�i/�tNNp V W V^ #j^�j14
V (m(�1N,co001O pp�1O AAA t�0 01 QN0pp {{/��NN���pp OA1N W S4tO4t4t Np W qNq VV po fgVON W�1 0001qq
�0t01nfl WOflltB1141ONdON-isaaasma:i aDOOOA
t0
N
8 Y 8 8 8 8 8 0&i 8 8$- 8
N N N N N N N N N N W W W W
N W W AJstt;;A t NS0; OW V t V VSSSSco0 SOS�SO+t g«
NE712§1V ENpNW114OV0V1pN{SVOOM}+
p1NptVAmvSSOppgttyyWtt 00pVaoGppgqpA
il
Nq q q q q N M M q M M « N M M f
W a A 0A0pf�1 tpp N 401 s 4WD O! l V v oO C♦pO 4mO7 O M N C Gm
pA pOp N m2m N V v pOp N Oyal ��p /0 (V(pp• V m♦ O V O pO ; 1
t0 00 m + OWi t W W m g g W O+ 01 V O/ O C S S r
0o
1gMg
m 9
q q �
"' x x 0 Sr !� !b '3 3i b2 bi 8 * ; 0
p� § •V6 tp1� zi(,�t p 4 �ip 4 pg ! i �4j g
N g CVe v U N A fAd 01 OVl g 01 + V O fJ �+ N 7 1
H 44 N 4 N 4, 4, q q {M� {@� Yp y M
fD ut C Cl Ap t!� i 0i 4q t0WN.1t -Jpp O oNo + Twpp i pwp pp Q s
N CO N N 0 W Ol N m W t0 V N V W b N O +
l
0 0) 01 01 01 0) 01 0) 0) 0) O1 O1 ae ae O O O O O O
amp
th
NEV;
'4S
1_$
;o�
t°
MOUNT OLIVE WATER ASSOCIATION
P.O. Box 326
ELKINS, ARKANSAS 72727-0326
TELEP.+ONE SOI.643.2324
Interest Received on Fayetteville Reserve Account
1-10-91 $57.19
1-18-91 22.44
2-20-91 91.34
3-20-91 93.27
4-19-91 153.08
5-19-91 165.82
6-20-91 188.34
7-20-91 217.57
8-20-91 237.69
9-20-91 282.05
10-20-91 255.17
11-20-91 302.58
12-20-91 319.47
1-20-92 270.20
2-20-92 303.04
3-20-92 335.54
4-20-92 335.91
5-20-92 371.90
6-19-92 417.85
7-20-92 383.99
8-20-92 423.34
9-18-92 458.56
10-18-92 387.79
11-18-92 432.98
12-18-92 380.47
1-20-93 434.51
1-20-93 (Washington Co. Clerk CD $139,833.33)
2-20-93 97.69
3-20-93 105.99
4-20-93 134.66
5-20-93 156.54
6-20-93 170.98
$7987.23
No Interest paid from 6-20-93 to 7-14-93
7-12-93 Paid City of Fayetteville $74,267.46
CD 139,833.33
74,267.46
$214,100.79
CD Interest 2,418.46
$216,519.25