Common use of Bank Operations Clause in Contracts

Bank Operations. Upon approval of the mitigation banking instrument (MBI) by the IRT, the mitigation bank shall be authorized through a Department of the Army permit. Approved work at the bank may commence at that time in accordance with the following: 1. Credits may be sold once they are released. After initial credit release, the banker must submit data to the IRT that demonstrates a performance standard has been met. An IRT review of the data will be conducted throughout the growing season, and if necessary, the IRT may conduct a field visit prior to a requested credit release; 2. The initial physical and biological improvements at the bank site (including, but not limited to, grading, planting, and restoration of hydrology) must be completed no later than the end of the first full growing season following initial debiting of the bank. Initial debiting of the bank is defined as the date of the first approved sale from the bank under the allowable pre- construction sales as established in this agreement. This provision is not applicable to single user banks; 3. During the construction phase of the mitigation bank, qualified personnel must record periodic inspections of the site to ensure that soil erosion control measures are employed and functioning properly. If applicable, site inspection reports must be submitted to the District on a monthly basis during construction activities; 4. Monitoring reports for the mitigation bank must be provided to all members of the IRT on an annual basis until all performance standards are met and all credit sales are complete (Appendix B). Joint field inspections by the IRT shall be conducted on a regular basis for confirmation of the submitted data as defined below: a. The permittee or sponsor is responsible for submitting monitoring reports in accordance with the special conditions of the DA permit or the terms of the MBI. Failure to submit monitoring reports in a timely manner will result in compliance action by the District; b. The information in the monitoring report must be sufficient for the District engineer to determine how the mitigation project is progressing towards meeting its performance standards, and may include as-built plans, maps, photographs, etc., to illustrate site conditions. Monitoring reports must include the results of functional condition, or other assessments used to provide quantitative or qualitative measures of the functions provided by the mitigation site; c. If the mitigation project cannot be constructed in accordance with the approved mitigation plans, the mitigation sponsor must notify the District. Any modification to the approved plans, or any proposed adaptive management strategy will require approval from the District, in consultation with the IRT. If monitoring or other information indicates that the mitigation project is not progressing towards meeting its performance standards as predicted, the responsible party must notify the District as soon as possible. The District will evaluate and pursue measures to address deficiencies at the bank. The District will consider whether the mitigation project is providing ecological benefits comparable to the original objectives as defined in the MBI. The District, in consultation with the IRT and the party responsible for the bank, will determine appropriate measures to bring the bank into compliance. Measures may include site modification, design changes, and revisions to maintenance and monitoring requirements. The measures must be designed to ensure that the modified mitigation project provides aquatic resource functions comparable to those described in the mitigation plan objectives; d. Failure to submit monitoring reports in a timely manner shall result in compliance action taken by the District; and e. Monitoring reports must be provided by the District to interested federal, tribal, state, and local resource agencies, and the public, upon formal request. 5. Once performance standards have been met at the bank, management and monitoring activities must continue at the bank, and the bank must remain in compliance with all requirements of the approved banking instrument until the final mitigation credit has been sold; 6. The District, in coordination with the IRT, will determine what constitutes yearly monitoring and management activities once performance standards have been met, and until the final mitigation credit has been sold. If the bank does not develop as designed or does not provide intended functions as proposed then changes may have to be made to the banking instrument to address these matters; 7. The bank sponsor must provide a fully completed credit sales form to the District for all Corps permitted and non-Corps permitted projects confirming the final sale of each credit transaction. In situations where the agreement to buy credits between the bank sponsor and the permittee is terminated, the sponsor must provide written notification to the District within 15 days of said action; 8. The bank sponsor must keep a current and accurate ledger of all available credits, whether purchased or un-purchased, of all credits sold or otherwise debited. This ledger balance will be provided on the credit sales form at each credit sale, with the full ledger provided to the Corps at the end of each calendar year. The sponsor must submit a ledger showing the beginning and ending balance of available credits and the permitted impacts for each resource type, all additions and subtractions of credits, and any other changes in credit availability (e.g. additional credits released, credit sales suspended). In addition to the ledger submission, the bank sponsor must provide to the District confirmation of their financial assurances, written verification of site control (permission to utilize the site by owner), and confirmation (or letter of intent) of the long term manager for the site. The annual financial assurance report must include the beginning and ending balances, including deposits into and any withdrawals from the accounts providing funds for bank operations and long term management activities. The report must also include information on the amount required for operations and long term management, current status of the account, and the potential expiration date. Submission of all the above noted information must be made by February 15 of each calendar year; and 9. The operational life of a bank consists of the period during which the terms and conditions of the banking instrument are in effect. With the exception of arrangements for the long-term management of the site, and the protection in perpetuity of the wetlands and/or other aquatic resources and associated uplands, the operational life of a mitigation bank terminates once all mitigation credits have been sold or banking activity is voluntarily terminated. If voluntarily terminated, the bank sponsor must provide written notification to the District.

Bank Operations. Upon approval of the mitigation banking instrument (MBI) by the IRT, the mitigation bank shall will be authorized through a Department of the Army permit. Approved work at the bank may commence at that time in accordance with the following: 1. Credits may be sold once they are released. After initial credit release, the banker must submit data to the IRT that demonstrates a performance standard has been met. An IRT review of the data will be conducted throughout the growing season, and if necessary, the IRT may conduct a field visit prior to a requested credit release; 2. The initial physical and biological improvements at the bank site (including, but not limited to, grading, planting, and restoration of hydrology) must be completed no later than the end of the first full growing season following initial debiting of the bank. Initial debiting of the bank is defined as the date of the first approved sale from the bank under the allowable pre- construction sales as established in this agreement. This provision is not applicable to single user banks; 3. During the construction phase of the mitigation bank, qualified personnel must record periodic inspections of the site to ensure that soil erosion control measures are employed and functioning properly. If applicable, site inspection reports must be submitted to the District on a monthly basis during construction activities;. 4. Monitoring reports for the mitigation bank must be provided to all members of the IRT on an annual basis until all performance standards are met and all credit sales are complete (Appendix B). Joint field inspections by the IRT shall be conducted on a regular basis for confirmation of the submitted data as defined below: a. The permittee or sponsor is responsible for submitting monitoring reports in accordance with the special conditions of the DA permit or the terms of the MBI. Failure to submit monitoring reports in a timely manner will result in compliance action by the District; b. The information in the monitoring report must be sufficient for the District engineer to determine how the mitigation project is progressing towards meeting its performance standards, and may include as-built plans, maps, photographs, etc., to illustrate site conditions. Monitoring reports must include the results of functional condition, or other assessments used to provide quantitative or qualitative measures of the functions provided by the mitigation site; c. If the mitigation project cannot be constructed in accordance with the approved mitigation plans, the mitigation sponsor must notify the District. Any modification to the approved plans, or any proposed adaptive management strategy will require approval from the District, in consultation with the IRT. If monitoring or other information indicates that the mitigation project is not progressing towards meeting its performance standards as predicted, the responsible party must notify the District as soon as possible. The District will evaluate and pursue measures to address deficiencies at the bank. The District will consider whether the mitigation project is providing ecological benefits comparable to the original objectives as defined in the MBI. The District, in consultation with the IRT and the party responsible for the bank, will determine appropriate measures to bring the bank into compliance. Measures may include site modification, design changes, and revisions to maintenance and monitoring requirements. The measures must be designed to ensure that the modified mitigation project provides aquatic resource functions comparable to those described in the mitigation plan objectives;. d. Failure to submit monitoring reports in a timely manner shall may result in compliance action taken by the District; and e. Monitoring reports must be provided by the District to interested federal, tribal, state, and local resource agencies, and the public, upon formal request. 5. Once performance standards have been met at the bank, management and monitoring activities must continue at the bank, and the bank must remain in compliance with all requirements of the approved banking instrument until the final mitigation credit has been sold;. 6. The District, in coordination with the IRT, will determine what constitutes yearly monitoring and management activities once performance standards have been met, and until the final mitigation credit has been sold. If the bank does not develop as designed or does not provide intended functions as proposed then changes may have to be made to the banking instrument to address these matters;. 7. The bank sponsor must provide a fully completed credit sales form to the District form, for all Corps permitted and non-Corps permitted projects projects, to the District confirming the final sale of each credit transaction. In situations where the agreement to buy credits between the bank sponsor and the permittee is terminated, the sponsor must provide written notification to the District within 15 days of said action; 8. The bank sponsor must keep a current and accurate ledger of all available credits, whether purchased or un-purchased, of all credits sold or otherwise debited. This ledger balance will be provided on the credit sales form at each credit sale, with the full ledger provided to the Corps at the end of each calendar year. The sponsor must submit a ledger showing the beginning and ending balance of available credits and the permitted impacts for each resource type, all additions and subtractions of credits, and any other changes in credit availability (e.g. additional credits released, credit sales suspended). In addition to the ledger submission, the bank sponsor must provide to the District confirmation of their financial assurances, written verification of site control (permission to utilize the site by owner), and confirmation (or letter of intent) of the long term manager for the site. The annual financial assurance report must include the beginning and ending balances, including deposits into and any withdrawals from the accounts providing funds for bank operations and long term management activities. The report must also include information on the amount required for operations and long term management, current status of the account, and the potential expiration date. Submission of all the above noted information must be made by February 15 of each calendar year; and. 9. The operational life of a bank consists of the period during which the terms and conditions of the banking instrument are in effect. With the exception of arrangements for the long-term management of the site, and the protection in perpetuity of the wetlands and/or other aquatic resources and associated uplands, the operational life of a mitigation bank terminates once all mitigation credits have been sold or banking activity is voluntarily terminated. If voluntarily terminated, the bank sponsor must provide written notification to the District.