Sec. 110. Mitigation banks
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In this section, the term mitigation bank has the meaning given that term in section 332.2 of title 33, Code of Federal Regulations. The Secretary shall issue guidance on the use of mitigation banks to meet requirements for water resources development projects in order to update mitigation bank credit release schedules to— support the goal of achieving efficient permitting and maintaining appropriate environmental protections; and promote increased transparency in the use of mitigation banks. The guidance issued under subsection
(b)shall— be consistent with— part 230 of title 40, Code of Federal Regulations; section 906 of the Water Resources Development Act of 1986 ( 33 U.S.C. 2283 ); part 332 of title 33, Code of Federal Regulations; and section 314(b) of the National Defense Authorization Act for Fiscal Year 2004 ( Public Law 108–136 ; 33 U.S.C. 1344 note); and provide for— the mitigation bank sponsor to provide sufficient financial assurances to ensure a high level of confidence that the compensatory mitigation project will be successfully completed, in accordance with applicable performance standards, under section 332.3(n) of title 33, Code of Federal Regulations; the mitigation bank sponsor to reserve the share of mitigation bank credits required to ensure ecological performance of the mitigation bank, in accordance with section 332.8(o) of title 33, Code of Federal Regulations; and all credits except for the share reserved under subparagraph
(B)to be available upon completion of the construction of the mitigation bank.
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- Pub. L. 108-136
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