§ 15-22-1006 - Resource values and credits for mitigation banks -- Use and withdrawal of credits -- Annual evaluation of system. - Arkansas Statutes

15-22-1006. Resource values and credits for mitigation banks -- Use and withdrawal of credits -- Annual evaluation of system.

(a) For each mitigation bank, the Executive Director of the Arkansas Natural Resources Commission, in consultation with the Wetlands Technical Advisory Committee, shall establish a system of resource values and credits consistent with compensatory mitigation under section 404 of the Clean Water Act, 33 U.S.C. 1344, and sections 9 and 10 of the Rivers and Harbors Act, 33 U.S.C. 401 and 403, as they existed on January 1, 2007, and Executive Order 11990 issued May 24, 1977, 42 F.R. 26961.

(b) The director may sell credits from any mitigation bank site prior to the establishment of aquatic resources functions if, upon review of the site plan, the director determines that the implementation of the plan will likely result in the established aquatic resources function on the site.

(c) The price for any mitigation credit shall be set at an amount that will compensate the state for all of the costs and expenses the state has incurred and is expected to incur in establishing and maintaining that portion of the mitigation bank.

(d) The director annually shall:

(1) Evaluate the aquatic resources functions and values created within each aquatic resources mitigation bank site; and

(2) (A) Compare the current functions and values with the functions and values that the director anticipated the mitigation bank would provide.

(B) If the director finds any significant disparity between the actual and anticipated functions and values, the director shall:

(i) Suspend the withdrawal of credits to that mitigation bank; or

(ii) Take prompt action to assure that the anticipated functions and values are established.