R850-23-300. Rentals and Royalties

1. Rentals.

(a) Rental rates shall be $10 per acre, or fractional part thereof, per annum.

(b) The minimum annual rental on permits shall be determined periodically by the agency pursuant to board policy.

2. Royalty Rates and Provisions.

(a) The agency shall charge full market value for all permitted materials purchased under a sand, gravel or cinders permit. Market value will be determined by the agency through analysis of the local market.

(b) The agency, pursuant to board policy, may annually establish minimum royalty rates for permits based on the type of permitted material being removed.

(c) Royalty payments shall be remitted to the agency on a quarterly basis or on such other basis as may be required by the terms and conditions of the permit and shall be accompanied by an agency approved "Production and Settlement Transmittal Form."