Modifying the definition of inflation rate for aquatic leases.

Senate Bill 5656 modifies the definition of the "inflation rate" specifically for state-owned aquatic leases. The bill changes the economic index used to calculate this rate, which directly affects leaseholders of tidelands, shorelands, harbor areas, and beds of navigable waters. Previously, the inflation rate was tied to the all commodity producer price index; now, it will be based on the consumer price index for all urban consumers in the Seattle metropolitan area. This update alters how inflation adjustments are determined for these leases.