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(a) The annual rental for all coal leases is $3 per acre or fraction of an acre.
(b) For leases issued after June 18, 1982, the annual rental payment is subject to adjustment by the commissioner not more frequently than every 10 years. The adjustment will take into account the current rental rates for leases in the same or similar areas and all relevant factors affecting the development of a commercial operation. A lease in existence on June 18, 1982, will be adjusted in accordance with the terms of the lease.
(c) The rental payment for the first year of the lease is due on the date that the lease is granted, and the rental for each succeeding year must be paid on or before the beginning of each lease year.
(d) The rental for each lease or coal mining unit for each year will be credited against the royalties as they accrue for that year.
History: Eff. 9/5/74, Register 51; am 6/18/82, Register 82; am 12/31/82, Register 84
Authority: AS 38.05.020
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Last modified 7/05/2006