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Ref-05072 Form 62-342.700(6) “Mitigation Bank Standby Trust Fund Agreement to Demonstrate Perpetual Management Financial Assurance”

62-342 700 6 mitbank form 2-19-15.docx

1/26/2015

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Agency:: Department of Environmental Protection
D62. Departmental

Related Rules

62-342.700 Financial Responsibility

Related Notices

19873959.The Department proposes to amend Chapter 62-342.700, F.A.C., to allow mitigation banks established under Part IV of Chapter 373, F.S., to use certain forms of insurance and escrow as a means of demonstrating the financial responsibility required pursuant to Section 373.4136(1)(i), F.S. The effect would be to establish additional mechanisms for demonstrating the required “financial responsibility for the construction, operation, and long-term management of a mitigation bank” in rule, in accordance with Section 373.4136(11)(a), F.S. Other mechanisms of demonstrating financial responsibility currently authorized in the rule (i.e., surety bond, performance bond, trust fund, standby trust fund and irrevocable letter of credit) would remain unaffected.