It is enacted by the General Assembly as follows:

SECTION 1. Section 37-6-23 of the General Laws in Chapter 37-6 entitled "Acquisition of Land" is hereby amended to read as follows:

{ADD 37-6-23. Payment of judgment. -- ADD} Upon a recovery of final judgment, an execution shall be issued therefor and shall be forthwith paid by the general treasurer out of any funds appropriated and available therefor. Interest on any judgment shall be computed at the rate {DEL of twelve dollars ($12.00) on one hundred dollars ($100.00) per annum DEL} {ADD as set out herein. Such interest shall be calculated to the date of the entry of the judgment, at a rate equal to the average of the coupon issued yield equivalent as determined by the secretary of the treasury of the average accepted auction price for the auctions of fifty-two (52) week United States Treasury bills from the date interest began to accrue to the date of the judgment. Interest shall be computed daily to the date of payment and shall be compounded annually ADD} .

SECTION 2. Section 37-6-29 of the General Laws in Chapter 37-6 entitled "Acquisition of Land" is hereby amended to read as follows:

{ADD 37-6-29. Calculation of interest. -- ADD} If a petition for assessment of damages is filed, then the property owner shall be entitled to interest on the fair market value of the property taken by the acquiring authority from the date it is condemned to the day that {DEL the acquiring authority pays DEL} {ADD judgment enters ADD} . Interest shall be calculated on the fair market value of the property which exceeds the amount offered by the acquiring authority pending final disposition of the court proceeding. {ADD For purposes of this section, interest shall be calculated from the date of condemnation at a rate equal to the average of the coupon issued yield equivalent as determined by the secretary of the treasury of the average accepted auction price for the auctions of fifty-two (52) week United States Treasury bills from the date interest began to accrue to the date of the judgment. ADD}

SECTION 3. This act shall take effect upon passage, and shall apply to all pending cases where a petition for assessment of damages has been filed but final judgment has not been entered.