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721
NO. 17,307
AN ORDINANCE TO APPROPRIATE EIGHTY THOUSAND
DOLLARS ($80,000) FROM THE INFRASTRUCTURE
FUND TO SATISFY A JUDGMENT IN EMINENT DOMAIN;
AND FOR OTHER PURPOSES.
WHEREAS, On September 26, 1996, a judgment was entered in
the case of City of Little Rock v. Rector, Phillips, Morse,
Inc., Pulaski Circuit, First Division No. 94 -3298; and
WHEREAS, said judgment was entered in accordance with a
jury verdict rendered on September 11, 1996, to award just
compensation to the land owner for the partial taking of land
plus damage to the remainder, in the University Avenue to Chicot
Road project; and
WHEREAS, the City had previously deposited Six Thousand Six
Hundred Fifty Dollars ($6,650) into the Registry of the Court
for taking of the property; and
WHEREAS, the jury awarded the landowner Sixty -Five Thousand
Nine Hundred Fifty Dollars ($65,950) plus interest at the rate
of eight percent (8 %) per annum from April 5, 1994; and
WHEREAS, the judgment plus interest amounts to Seventy Nine
Thousand Five Hundred Four Dollars and ten cents ($79,504.10) as
of October 29, 1996, and interests accrues at $14.45 per day
until paid.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS.
SECTION 1: The City Manager is hereby authorized to
appropriate Eighty Thousand Dollars ($80,000) from the
infrastructure fund for the purpose of paying the judgment plus
accrued interest to Rector, Phillips, Morse, Inc. in the above
styled case.
PASSED: November 7, 1996
ATTEST:
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9 10:41m.
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APPROVED:
*
MAYOR JIVMJDAILEY