I found the answer I was looking for
Here is the answer to my own question. I am posting this as a reference for anyone who is interested.
The whole section can be found at:
http://www.revisor.leg.state.mn.us/stats/550/37.html
"Subd. 4a. Adjustment of dollar amounts. (a) Except
for subdivisions 5 and 7, the dollar amounts in this section
shall change periodically as provided in this subdivision to the
extent of changes in the implicit price deflator for the gross
national product, 1972 = 100, compiled by the United States
Department of Commerce, and hereafter referred to as the index.
The index for December, 1980, is the reference base index.
(b) The designated dollar amounts shall change on July 1 of
each even-numbered year if the percentage of change, calculated
to the nearest whole percentage point, between the index for
December of the preceding year and the reference base index is
ten percent or more. The portion of the percentage change in
the index in excess of a multiple of ten percent shall be
disregarded and the dollar amounts shall change only in
multiples of ten percent of the amounts stated in this section.
(c) If the index is revised, the percentage of change
pursuant to this section shall be calculated on the basis of the
revised index. If a revision of the index changes the reference
base index, a revised reference base index shall be determined
by multiplying the reference base index then applicable by the
rebasing factor furnished by the Department of Commerce. If the
index is superseded, the index referred to in this section is
the one represented by the Department of Commerce as reflecting
most accurately changes in the purchasing power of the dollar
for consumers.
(d) The commissioner of commerce shall announce and publish:
(1) on or before April 30 of each year in which dollar
amounts are to change, the changes in dollar amounts required by
paragraph (b); and
(2) promptly after the changes occur, changes in the index
required by paragraph (c) including, if applicable, the
numerical equivalent of the reference base index under a revised
reference base index and the designation or title of any index
superseding the index."
