19873959, 62-342.700 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 19873959

Notice of Proposed Rule

Department:

DEPARTMENT OF ENVIRONMENTAL PROTECTION

Chapter:

MITIGATION BANKS

Overview

RULE:

62-342.700

Financial Responsibility

PURPOSE:

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.

RULEMAKING AUTHORITY:

373.4131, 373.4136(11) F.S.

LAW:

373.4131, 373.4135, 373.4136 F.S

PRINT PUBLISH DATE:

12/22/2017 Vol. 43/246

COMMENTS:

From 12/22/2017 To 1/12/2018 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

Ref-05064 Investment Company Act of 1940
Ref-05067 Form 62-342.700(1), "Mitigation Bank Performance Bond to Demonstrate Construction and Implementation Financial Assurance”
Ref-05068 Form 62-342.700(2), “Mitigation Bank Irrevocable Letter of Credit to Demonstrate Construction and Implementation Financial Assurance”
Ref-05069 Form 62-342.700(3), “Mitigation Bank Standby Trust Fund Agreement to Demonstrate Construction and Implementation Financial Assurance”
Ref-05070 Form 62-342.700(4), “Mitigation Bank Trust Fund Agreement to Demonstrate Construction/Implementation Financial Assurance”
Ref-05071 Form 62-342.700(5), “Mitigation Bank Trust Fund Agreement to Demonstrate Perpetual Management Financial Assurance”
Ref-05072 Form 62-342.700(6) “Mitigation Bank Standby Trust Fund Agreement to Demonstrate Perpetual Management Financial Assurance”

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