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Page: of 24
NID Receives $413
Condemnation
Monies Bolster
State Coffers
State Controller Alan Cranston
announced this week that during
the first six months of.1964, the
State and certain local governments earned $608, 344 in nontax revenue from interest on
moniesinvolvedin property con~
demnation suits.
This was the-total distribution:
of earnings from the Condemna-~
tion Deposits Fund, $563,756
going to the State, and $44,588
tosome 28 cities, counties, special districts and school districts.
Chief beneficiary was the Highway Fund, whose earnings came
to $468,034. The California
Water Fund received $56, 615; the
California Water Resources Development Bond Fund, $24, 803;—}—
and the General Fund, $14,303,
Nevada Irrigation District,
which is now engaged in acquiring
property for its Yuba-Bear River
Development, received a total
of $413.26 in interest from
monies deposited in the Condem~
nation Deposits Fund. Of this total
$19.72 was interest from money
deposited for property located-in
Nevada County and $393.54 for
"property in Sierra County.
‘Government purchase money
that is involved in property condemnation disputes is deposited in
the Condemnation Deposits Fund
for the duration of litigation. In
turn, the fund, under supervision
of the Pooled Money Investment
Board. is invested and its earnings ©
distributed tothe various governmental depositors.
Prior tothe creation of the fund
in 1957, condemnation suit deposits were held by the courts,
without earning interest.
Local agencies have the option
of depositing condemnation suit
money with either the fund or the
courts. Since the fund was established, it has earned a total of
$5,392,080 -$5,004,611 for
the State and $387,469 for local
governments.
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