Form 62-342.700(11) Mitigation Bank Trust Fund Agreement to Demonstrate (Construction and Implementation or Perpetual Management) Financial Assurance - Florida

What Is Form 62-342.700(11)?

This is a legal form that was released by the Florida Department of Environmental Protection - a government authority operating within Florida. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is the purpose of Form 62-342.700(11)?A: The purpose of Form 62-342.700(11) is to demonstrate financial assurance for construction and implementation or perpetual management of a mitigation bank in Florida.

Q: What is a mitigation bank?A: A mitigation bank is a site where ecological restoration, enhancement, preservation, or creation activities are done to provide compensatory mitigation for authorized impacts to wetlands, streams, and other waters of the United States.

Q: What is a Trust Fund Agreement?A: A Trust Fund Agreement is a legal document that establishes the terms and conditions for a trust fund, which holds funds for a specific purpose.

Q: What is the purpose of the Trust Fund Agreement in this form?A: The purpose of the Trust Fund Agreement in this form is to ensure that sufficient funds are available to cover the costs of construction and implementation or perpetual management of a mitigation bank.

Q: Who is responsible for demonstrating financial assurance?A: The entity or person responsible for the mitigation bank is responsible for demonstrating financial assurance.

Q: Why is financial assurance necessary?A: Financial assurance is necessary to ensure that the mitigation bank can cover the costs of construction and implementation or perpetual management, even in the event of default or failure.

Q: What is meant by perpetual management?A: Perpetual management refers to the ongoing maintenance and monitoring of a mitigation bank site to ensure its long-term ecological function and success.

Q: What are the potential sources of funds for the Trust Fund Agreement?A: The potential sources of funds for the Trust Fund Agreement can include cash, letters of credit, surety bonds, financial guarantees, or other forms of acceptable financial assurance.

Q: Who should I contact for more information about this form?A: For more information about this form, you should contact the relevant regulatory agency or government department in Florida that oversees the mitigation banking program.