Senate Bill NO. 2116

By Senator(s) Hewes, Moffatt

(4) Any nonprofit corporation lessees of Public Trust Tidelands shall pay an annual rental based upon the fair market value as determined by the valuation of the square footage of piers or upon the fair market value as determined by appraisal according to the actual use for which the tidelands are leased, but the annual rental shall not exceed Five Hundred Dollars ($500.00). The subleasing or assignment of such leases is prohibited.