150.255 Wetland or stream compensatory mitigation projects -- Mitigation fund --
267 words·~1 min read·
/ky/150-255A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Purposes.
(1)Upon request of any state agency or any other entity, the department may contract
with the agency or party to undertake any compensatory mitigation project,
including, but not limited to, wetland or stream mitigation.
(2)The department may establish and manage wetland or stream compensatory
mitigation banks, the purpose of which shall be to restore, create, or enhance
wetlands and streams as compensatory mitigation where a state agency or other
party is required to provide compensatory mitigation, and where the use of banked
mitigation is approved by the agency requiring mitigation. The department may
create the bank in advance of requests for banked mitigation credits.
(3)There is established and created in the State Treasury the "Kentucky Wetland and
Stream Mitigation Fund" for the purpose of restoring, creating, enhancing, or
preserving the Commonwealth's wetlands or streams that may be damaged or
destroyed due to any project, recovering costs associated with performing these
projects, and administering these programs. The fund shall be deemed a trust and
agency fund account and made available solely for the purposes and benefits of the
Kentucky wetland and stream mitigation projects. The fund may receive state
appropriations, gifts, grants, federal funds, revolving funds, and any other funds
both public and private. Money deposited in the fund shall be disbursed by the State
Treasurer upon the request of the commissioner with the approval of the
commission. Any unallocated or unencumbered balance in the fund shall be
invested as provided in KRS 42.500(9), and any income earned from the
investments, along with the unallocated or unencumbered balance in the fund, shall
not lapse.