(A) The petitioner shall pay, in addition to the just compensation finally adjudged in the proceedings, interest at the rate of 6% per annum upon:
(1) Any excess of the just compensation so finally adjudged over the amount preliminarily found by the court to be just compensation in accordance with § 38.03, from the date on which the parties interested in the property surrendered possession of the property in accordance with the order of taking, to the date of payment of the excess by the petitioner;
(2) Any portion of the amount preliminarily found by the court to be just compensation and deposited by the petitioner, to which any interested party is entitled, if such interested party applied for authority to withdraw such portion in accordance with § 38.05, and upon objection by the petitioner (other than on grounds that an appeal under § 38.03 (B) is pending or contemplated), such authority was denied; interest to be paid to such party from the date of the petitioner's deposit to the date of payment to such party.
(B) When interest is allowable as provided in division (A)(1) above, no further interest shall be allowed under the provisions of ILCS Ch. 735, Act 5, § 7-108 as amended, or any other law.
(Ord. 6685, passed 8-14-79; amend. Ord. 6994, passed 7-19-83)
Editor’s note:
ILCS Ch. 735, Act 5, § 7-108 was repealed by P.A. 94-1055