LISBON - East Liverpool and the Buckeye Water District continued Thursday to stay far apart on the amount of money believed to be fair in the final settlement of a lawsuit which has lasted seven years.
About four months ago there was a settlement offer by Buckeye Water District for $5.9 million total, which included $4.8 million in principle granted by the Seventh District Court of Appeals, plus $1.1 million in interest.
However, a brief filed with Judge C. Ashley Pike by East Liverpool attorneys this week requests more due to additional interest. According to the city's calculations, the water district owed them $6.547 million as of July 8, which included the $4.8 million and $1.7 million in interest.
Then on July 9, Buckeye Water District paid $3.359 million, according to the brief. In the city's attorney's eyes, the money was first used to pay the $1.7 million in interest and the rest was applied to the $4.8 million principal. This left a remaining balance of $3.188 million.
The interest rate was 8 percent and East Liverpool believes this now reduces the interest rate on the lower principal. Initially it had been $1,061 per day on the $4.8 million. Now East Liverpool believes the interest is $699 per day.
Calculated at that rate, East Liverpool attorneys state $48,918 in interest can be added from July 9 through Sept. 17, bringing the new total owed to $3.237 million.
The attorneys for both sides held a telephone conference in Pike's courtroom on Thursday. Buckeye Water District attorneys claimed they also filed a motion on Wednesday, but it had not yet reached the judge.
Pike said in his mind the difference between what East Liverpool believes it is owed by Buckeye Water District and what the district wants to pay is $667,811.
"Is there anyway we can reach an accommodation and put this matter to bed," questioned Pike?
He urged both sides to come to a compromise, but only silence was heard on the conference call. Instead he asked them to speak with the bailiff and set up another date for yet another hearing. At this point, the hearing may be set for Dec. 10, although one attorney was uncertain yet if the date would work.
That being 81 days from now at $699 per day the interest could increase another $56,519.