Secretary of State Ben Ysursa's motion, setting cabin-site rents for 2012 and the following nine years at 4 percent of current value, has passed unanimously. Attorney General Lawrence Wasden said the motion will increase revenue to the state endowment beneficiaries by $5.7 million over the next five years. "My personal opinion is that the record supports a rental rate of 6 percent, I also recognize that I am but one vote on this board," he said. But studies show market rent for the cabin sites should be between 4 percent and 6 percent of value, he said. "It is therefore fiduciarially consistent with this board's duty, and I will defend this motion." State schools Supt. Tom Luna objected that the motion leaves the state facing volatility, with ups and downs of the housing market. Gov. Butch Otter said, "We have an obligation to the schoolkids. We also have an obligation to be fair and reflect the market value."
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