The bill amends RCW 79.105.060 to update the definition of "inflation rate" as it pertains to aquatic land leases. The new definition specifies that the inflation rate will be calculated based on the percentage change in the previous calendar year's published Seattle area consumer price index for all urban consumers (CPI-U), as compiled by the Bureau of Labor Statistics of the United States Department of Commerce. This replaces the previous reference to the "commodity producer price index." Additionally, the bill stipulates that if the CPI-U ceases to be published, the department will designate a comparable substitute index by rule.

Other definitions within the statute remain unchanged, including terms related to aquatic lands, shorelands, tidelands, and various uses of these lands. The bill aims to ensure that the calculation of inflation for aquatic land leases is based on a more relevant and widely recognized economic indicator, thereby providing a clearer framework for lease adjustments in line with economic conditions.

Statutes affected:
Original Bill: 79.105.060
Substitute Bill: 79.105.060