1.1                          A bill for an act 
  1.2             relating to state lands; modifying lease rates for 
  1.3             certain leased state lands. 
  1.4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.5      Section 1.  [LEASE RATE; COOK COUNTY.] 
  1.6      (a) Notwithstanding Minnesota Statutes, section 92.46, and 
  1.7   Minnesota Rules, chapter 6122, in 2003, the lease rate for lands 
  1.8   leased under Minnesota Statutes, section 92.46, that are located 
  1.9   in Section 16, Township 62 North, Range 4 East, Cook county, 
  1.10  shall be three percent of the appraised value of the land as 
  1.11  determined by the commissioner of natural resources at the fifth 
  1.12  anniversary of the lease. 
  1.13     (b) In 2004 and every year thereafter, the amount payable 
  1.14  shall be adjusted for inflation and shall be increased to an 
  1.15  amount equal to:  (1) the amount before the inflation adjustment 
  1.16  multiplied by (2) one plus the percentage increase in the 
  1.17  implicit price deflator for government consumption expenditures 
  1.18  and gross investment for state and local governments prepared by 
  1.19  the Bureau of Economic Analysis of the United States Department 
  1.20  of Commerce for the last month of the third quarter of the 
  1.21  calendar year prior to the year for which the rent is paid.