Page:United States Statutes at Large Volume 116 Part 2.djvu/364

 116 STAT. 1146 PUBLIC LAW 107-217—AUG. 21, 2002 (1) may fix the time within which, and the terms on which, the parties in possession shall be required to surrender possession to the petitioner; and (2) may make just and equitable orders in respect of encumbrances, liens, rents, taxes, assessments, insurance, and other chsirges. (e) VESTING NOT PREVENTED OR DELAYED.— An appeal or a bond or undertaking given in a proceeding does not prevent or delay the vesting of title to land in the Government. §3115. Irrevocable commitment of Federal Government to pay ultimate award when fixed (a) REQUIREMENT FOR IRREVOCABLE COMMITMENT.—Action under section 3114 of this title irrevocably committing the Federal Government to the payment of the ultimate award shall not be taken unless the head of the executive department or agency or bureau of the Government empowered to acquire the land believes that the ultimate award probably will be within any limits Congress prescribes on the price to be paid. (b) AUTHORIZED PURPOSES OF EXPENDITURES AFTER IRREVOCABLE COMMITMENT MADE. —When the Government has taken or may take title to real property during a condemnation proceeding and in advance of final judgment in the proceeding and has become irrevocably committed to pay the amount ultimately to be awarded as compensation, and the Attorney General believes that title to the property has been vested in the Government or that all persons having an interest in the property have been made parties to the proceeding and will be bound by the final judgment, the Government may expend amounts appropriated for that purpose to demolish existing structures on the property and to erect public buildings or public works on the property. §3116. Interest as part of just compensation (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)deld, as published by the Bo£u-d 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).

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