62B-56.090. Financial Assurances

(1) Prior to issuance of a Notice to Proceed, the responsible entity shall provide the Department with financial assurance, as defined in Rule 62B-56.020, F.A.C., in an amount sufficient to cover the cost of dune core removal and restoration of the project site, including topography and native beach-dune vegetation, and a one-time deferred removal cost, as defined in Rule 62B-56.020, F.A.C. In the event the responsible entity fails to remove and restore pursuant to Rule 62B-56.160, F.A.C., the financial assurance shall be used to conduct such removal and restoration.

(2) Proof of financial assurance shall be submitted on either Form 62B-56.900(10) “Trust Fund Agreement” (effective date 6-22-09); Form 62B-56.900(11), “Payment Bond” (effective date 6-22-09); Form 62B-56.900(12), “Performance Bond” (effective date 6-22-09); Form 62B-56.900(13), “Letter of Credit” (effective date 6-22-09); or, Form 62B-56.900(14) “Standby Trust Agreement” (effective date 6-22-09), as appropriate. These forms are incorporated by reference. Copies of forms may be obtained by writing to the Department of Environmental Protection, 2600 Blairstone Road, MS 3522, Tallahassee, Florida 32399-2400; or at the following web site: www.dep.state.fl.us/beaches. A standby trust agreement must accompany any surety payment bond or performance bond or letter of credit.

(3) The amount of the financial assurance shall be based on a cost estimate provided by an individual qualified to make such an estimate who is not the applicant or an employee of the applicant, or associated with the sale, installation, or contract for removal, of the geotextile container to be permitted under this chapter. The individual providing the estimate may be a professional engineer or general contractor licensed in the State of Florida or other person who has demonstrated similar qualifications to the Department. The estimate shall include the costs associated with removal of the geotextile container and restoration of the project site, including topography and native beach-dune vegetation, and the cost of a one-time deferred removal, consistent with subsection 62B-56.160(6), F.A.C., and based on the engineering documents submitted with the application. The costs shall be estimated on a per unit basis, with the description of the estimates indicated, and shall be submitted on Form 62B-56.900(2), “Financial Assurance Worksheet” (effective date 6-22-09), as part of the permit application. This form is incorporated by reference. Copies of forms may be obtained by writing to the Department of Environmental Protection, 2600 Blairstone Road, MS 3522, Tallahassee, Florida 32399-2400; or at the following web site: www.dep.state.fl.us/beaches.

(4) As part of the permit application, the applicant must also submit a written commitment from the financial institution or insurance company providing or acting as Trustee of the financial assurance that such funds or instruments in the amount estimated on Form 62B-56.900(2), “Financial Assurance Worksheet” (effective date 6-22-09), will be made available to the responsible entity prior to the issuance of the Notice to Proceed. This form is incorporated by reference. Copies of forms may be obtained by writing to the Department of Environmental Protection, 2600 Blairstone Road, MS 3522, Tallahassee, Florida 32399-2400; or at the following web site: www.dep.state.fl.us/beaches.

(5) The responsible entity shall revise and resubmit the cost estimate, Form 62B-56.900(2), “Financial Assurance Worksheet” (effective date 6-22-09), every five years from the date of permit issuance to adjust for inflation or other changes in costs, and shall provide the revised financial assurance to the Department. This form is incorporated by reference. Copies of forms may be obtained by writing to the Department of Environmental Protection, 2600 Blairstone Road, MS 3522, Tallahassee, Florida 32399-2400; or at the following web site: www.dep.state.fl.us/beaches.

(6) Prior to any transfer of the permit, the new responsible entity (transferee) must provide the Department with proof of financial assurance to cover the cost of dune core removal and restoration of the project site, including topography and native beach-dune vegetation, and the one-time deferred removal cost. The new responsible entity’s (transferee’s) financial assurance may be satisfied by proof of the continuation of the existing financial assurance.

Rulemaking Authority 161.053(20), 161.085(5) FS. Law Implemented 161.053(4), 161.085(9) FS. History–New 6-22-09.