§ 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 Director of the Arkansas Natural Resources Commission shall establish a system of aquatic resources values and credits consistent with compensatory mitigation under § 404 of the Clean Water Act, 33 U.S.C. § 1344 , and §§ 9 and 10 of the Rivers and Harbors Act, 33 U.S.C. §§ 401 and 403 , as they existed on January 1, 2007, and Exec. Order No. 11,990 issued May 24, 1977, 42 Fed. Reg. 26,961. (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 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 aquatic resources functions and values with the aquatic resources 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 aquatic resources 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 aquatic resources functions and values are established.

Legislative History

Amended by Act 2021, No. 501,§ 6, eff. 7/28/2021. Acts 1995, No. 562, § 6; 1997, No. 390, § 2; 2007, No. 476, § 5.