NR 350.008(1)(g)(g) After a mitigation bank sponsor submits a final mitigation bank instrument to the department, the department shall do all of the following:

NR 350.008(1)(g)1.1. Within 30 days, notify the mitigation bank sponsor whether the department intends to approve the final mitigation bank instrument.

NR 350.008(1)(g)2.2. Once the U.S. army corps of engineers determines that the instrument will be approved, the department shall be a signatory to the final mitigation bank instrument.

NR 350.008(1)(g)3.3. Include the bank on a mitigation banking web page listing banks that are open and approved to sell credits. If bank sponsors choose to include contact information and a project narrative the department shall provide this information on the mitigation banking web page.

NR 350.008 NoteNote: As an interagency review team member, the department will review mitigation bank prospectus submittals and issue any comments to the U.S. army corps of engineers within 90 days of receipt; will review draft mitigation bank instrument submittals and issue any comments to the U.S. army corps of engineers within 90 days of receipt; and the department will review final mitigation bank instrument submittals and notify its intent to approve or object within 30 days of receipt. Should the U.S. army corps of engineers’ review of any of these documents extend beyond the stated timeline, the department’s comments may be subsequently delayed in reaching a mitigation bank sponsor.

NR 350.008(2)(a)(a) The department shall require a credit release schedule as part of a mitigation bank instrument under s. NR 350.007 (6) and review a credit release schedule proposal as part of its review of the draft and final mitigation bank instrument proposals under sub. (1).

NR 350.008(2)(b)(b) The credit release schedule for a mitigation bank may include scheduled releases at project milestones, including but not limited to mitigation bank instrument approval and signing; the letter of compliance from the department stating that construction, as documented in the as-built report under s. NR 350.009 (2) (c), and all corrective actions, if applicable, are complete; and approval of a monitoring report that documents fulfillment of performance standards.

NR 350.008(2)(c)(c) The department shall review a proposed credit release schedule in accordance with s. 281.36 (3w) (b), Stats., based on the following considerations:

NR 350.008(2)(c)2.2. The level of risk associated with a proposed mitigation project design, including but not limited to the amount of engineered structures, extent of excavation, and invasive plant species considerations.

NR 350.008(2)(d)(d) If a preservation activity is proposed for an area or areas of a mitigation bank project, a credit release schedule that allows for the full release of credits after the site protection mechanism is recorded and the mitigation bank instrument is approved may be proposed for preservation areas of the mitigation bank.

NR 350.008(3)(a)(a) The department shall require the mitigation bank sponsor to submit a performance bond, irrevocable letter of credit, irrevocable escrow account, irrevocable trust account, or other financial assurance to ensure that a mitigation project is constructed, operated, monitored, and maintained according to ss. NR 350.007 (4) and 350.009 (2) to (3) and in accordance with the approvals issued by the department and other agencies involved in the approval process. The department may waive the requirement for financial assurances for construction on a case-by-case basis if the first credit release for a mitigation bank is scheduled to occur after the mitigation bank sponsor has submitted and the department has approved the as-built report.

NR 350.008(3)(b)(b) When multiple regulatory authorities have jurisdiction over a mitigation project, the regulatory authorities may develop and implement a cooperative financial security arrangement to avoid requiring the mitigation bank sponsor to provide financial assurances with more than one regulatory authority for the same mitigation project.

NR 350.008(3)(c)(c) The department shall require financial assurances to guarantee adequate post-construction monitoring and maintenance for a specified time period after construction is complete, or after performance standards are met, depending on the type of mitigation project.

NR 350.008(3)(d)(d) The mitigation bank sponsor shall submit a proposal for financial assurances as part of the draft and final mitigation bank instrument. This proposal shall include an estimate of costs for construction, operation, maintenance, and monitoring.

NR 350.008(3)(e)(e) The department shall evaluate the proposed amount of financial assurances and may require an updated proposal in the subsequent mitigation bank instrument submittal or as supplemental information.

NR 350.008(3)(f)(f) The mitigation bank sponsor shall submit financial assurance instruments that meet requirements determined by the department to be reasonably necessary to assure proper construction, operation, monitoring, and maintenance of the mitigation project. Requirements shall, at a minimum, include all of the following:

NR 350.008(3)(f)1.1. Forms of financial assurance, which include a third party as obligor, shall be issued by a person authorized to do business in this state.

NR 350.008(3)(f)2.2. Any financial assurance instrument shall provide that the financial assurance cannot be canceled or modified except after not less than 90 days’ notice in writing to the department by certified mail. Not less than 30 days prior to the cancellation or modification of the financial assurance, the mitigation bank sponsor shall deliver to the department a replacement for the financial assurance. The department shall then notify the mitigation bank sponsor by email or mail whether the replacement instrument is acceptable. If the replacement financial assurance is not provided and accepted, the original financial assurance shall remain in effect.

NR 350.008(3)(f)3.3. The financial assurances shall provide that the mitigation bank sponsor will perform all requirements of the approvals for the project. If the project site or the mitigation bank is transferred, the new owner or successor in interest shall provide the necessary financial assurance in the amount required by the department for the project.

NR 350.008(3)(g)(g) The department may periodically reevaluate and approve modifications to the amount or form of financial assurance to reflect completion of tasks that are required under the department’s approval.

NR 350.008(3)(h)(h) A mitigation bank sponsor may submit a request to the department to change from one method of financial assurance to another. The department may approve or deny the request.

NR 350.008(3)(i)(i) A mitigation bank sponsor shall notify the department by certified mail of the commencement of any voluntary or involuntary proceeding under bankruptcy code, 11 USC, naming the mitigation bank sponsor as debtor, within 10 days of commencement of the proceeding.