Mitigation Banking Rulemaking for Florida Department of Environmental Protection.
This information has recently been updated and is now available.
Rule Adoption Hearing for 62-342.700, F.A.C., Financial Assurance for Mitigation Banks (Tentative)
DATE AND TIME: January 19th, 2018, 1:00 p.m., ET
PLACE: This hearing will be broadcast via webinar. Parties can register to attend the webinar via their personal computers with audio by telephone (regular long distance telephone charges will apply) or by speakers connected to their computer (no telephone charges will apply).
Alternatively, persons may view the webinar at the following location where staff will be present to accept comments: Florida Department of Environmental Protection, Bob Martinez Building, Room 609, 2600 Blair Stone Road, Tallahassee, FL 32399.
RULE ADOPTION NOTICE
RULE NO.: 62-342.700 RULE TITLE: Financial Responsibility
PURPOSE AND EFFECT: 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.
SUMMARY: Rule 62-342.700, F.A.C., will be amended to allow mitigation banks to use certain forms of insurance and escrow accounts as a means of demonstrating financial responsibility.
Memo outline of the changes DEP is proposing to the mitigation bank financial responsibility rules.
The Mitigation Banking Group, Inc.
3208 W. State Road 426 Suite 1020 Oviedo, FL 32765