77-1-224. Asset value and average return of revenue methods described. (1) The board shall use the department of revenue forest productivity valuation procedures provided in Title 15, chapter 44, part 1, to calculate the asset value of forested tracts held in trust for each beneficiary.
     (2) The board shall calculate the average return of revenue on lands held in trust for each beneficiary by utilizing a 10-year rolling average. The board shall include as revenue all proceeds derived from or attributable to forested tracts held in trust for each beneficiary, and the board shall include any change in value or unrealized gain resulting from the appreciation in the value of the land, using the formula in 15-44-103. All revenue derived from the forested tracts designated to each beneficiary must be:
     (a) totaled for the 10-year period including and prior to the date of the report described in 77-1-223;
     (b) adjusted to reflect current year dollars;
     (c) divided by ten to create a 10-year rolling average;
     (d) expressed as a percentage of the asset value for each trust beneficiary; and
     (e) expressed as a percentage of the asset value collectively for all trust beneficiaries.

     History: En. Sec. 2, Ch. 462, L. 1999.