85-1-804. Appraisal of project lands -- adjustment of lease fee. The department shall appraise project lands owned by the department and shall maintain records of the appraisals. Not less than once during the term of a lease, the department shall reappraise the project lands and adjust the lease fee accordingly. The department may not increase a lease fee for a current lessee more than 2% a year during any period of 10 consecutive years.

     History: En. Sec. 4, Ch. 301, L. 1995.