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AN ACT Relating to the authority of the department of natural <br />rescurces to lease trust assets for the benefit of trust <br />beneficiaries and the state; and amending RCW 79.13.010, 79.13.030, <br />79.13.060, 79.1-3.110, 79.13.120, 79.13.130, and 79.13.140. <br />BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINT^TON: <br />Sec. 1. RCW 79.13.010 and 2007 c 504 s 1 are each amended to <br />read as follows: <br />(1) Subject to other provisions of this chapter and subject to <br />rules adopted by the board, the department may lease state lands and <br />trust assets, deemed by the department to be temporarily available <br />for use on nonstate land, for purposes it deems advisable((;)) <br />including, but not limited To, commercial, industrial, .residential, <br />agricultural, and recreational purposes in order to obtain a fair <br />market rental return to the state or the appropriate constitutional <br />or statutory trust, and if the lease is in the best interest of the <br />state or affected "Crust. <br />(2) Notwithstanding any provision in this chapter to the <br />contrary, in leases for residential purposes, the board may waive or <br />modify any conditions of the lease if the waiver or modification is <br />necessary to enable any federal agency or lending institution <br />authorized to do business in this state or elsewhere in the United <br />States to participate in any loan secured by a security interest in <br />a leasehold interest. <br />(3) Any lard granted to the state by the United States may be <br />leased for any lawful purpose in such minimum acreage as may be <br />fixed by the department. <br />(4) The department shall exercise general supervision and <br />control over the lease of state lards and trust assets for any <br />lawful ourr)ose . <br />(5) State lands leased or for which permits are issued or <br />contracts are entered into for the prospecting and extraction of <br />Code Rev/ML:j_b I Z-0471,1/24 <br />