Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What are approved/accepted forms of financial assurance to restore, create, or enhance wetlands?

April 26, 2017Approved assurance create enhance financial forms restore wetlands

0

Posted

What are approved/accepted forms of financial assurance to restore, create, or enhance wetlands?

1 Answer

0

Posted

The Department shall approve a proposal for restoration, creation, or enhancement only if the mitigator or mitigation bank operator provides a letter of credit or other financial assurance that meets the requirements of this section, except that this section does not apply to a mitigation proposal submitted by a government agency, as defined at N.J.A.C. 7:7A-1.4; or an entity that is exempt from this requirement under Federal law. A letter of credit or other financial assurance under this section shall be obtained from a firm licensed to provide such services in New Jersey. The letter of credit or other financial assurance shall be in an amount sufficient for the Department to hire an independent contractor to complete and maintain the mitigation project or mitigation bank should the mitigator default.