Or. Admin. R. 690-521-0500 - Mitigation Banks
(1) Pursuant to
Chapter 659, 2001 Oregon Laws (HB 2184), the Department may recognize and
establish mitigation banks for the Deschutes Basin to facilitate transactions
among holders of mitigation credits and persons interested in acquiring
mitigation credits.
(2) Any person
may apply to become recognized as a mitigation bank by submitting an
application form to the Department . The form shall be provided by the
Department .
(3) A person applying
to be recognized as a mitigation bank shall enter into an agreement with the
Department to receive a mitigation bank charter that details the agreements and
obligations necessary to meet the provisions of OAR chapter 690, division 521
and Chapter 659, 2001 Oregon Laws (HB 2184). A mitigation bank shall at a
minimum be required to:
(a) Maintain an
accounting system to track assignments of mitigation credits to or from the
bank. A separate account shall be maintained for mitigation credits obtained
through time-limited transfer and instream lease mitigation projects. Each type
of account maintained by the mitigation bank shall be separated into the
general zones of impact established by the Department ; and
(b) Annually report all transactions and
activities of the bank to the Department in accordance with the requirements of
this rule, and any other reporting requirements determined to be necessary by
the Department .
(4)
Mitigation bank charters under section (3) of this rule shall be approved or
denied by the Water Resources Commission following public notice and an
opportunity for public comment.
(5)
A mitigation bank may establish, obtain, hold and assign mitigation credits,
and is subject to the rules contained in OAR 690-521-0100 through
690-521-0600.
(6) The Department is
neither party to nor in any way responsible for the contractual agreements
between a mitigation bank and its customers.
(7) The Department may, at the discretion of
the Director, audit the mitigation credit accounting records of any mitigation
bank.
Notes
Stat. Auth.: ORS 537.746 & ORS 536.027
Stats. Implemented: ORS 390.835, Ch. 659 2001 OL HB 2184
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