OAR 690-521-0500: Mitigation Banks

(1) Pursuant to Chapter 659, 2001 Oregon Laws (HB 2184), the Department may recognize and establish mitigation banks for the Deschutes Basin to facilitate transactions among holders of mitigation credits and persons interested in acquiring mitigation credits. (2) Any person may apply to become recognized as a mitigation bank by submitting an application form to the Department. The form shall be provided by the Department. (3) A person applying to be recognized as a mitigation bank shall enter into an agreement with the Department to receive a mitigation bank charter that details the agreements and obligations necessary to meet the provisions of OAR 690, division 521 and Chapter 659, 2001 Oregon Laws (HB 2184). A mitigation bank shall at a minimum be required to: (a) Maintain an accounting system to track assignments of mitigation credits to or from the bank. A separate account shall be maintained for mitigation credits obtained through time-limited transfer and instream lease mitigation projects. Each type of account maintained by the mitigation bank shall be separated into the general zones of impact established by the Department; and (b) Annually report all transactions and activities of the bank to the Department in accordance with the requirements of this rule, and any other reporting requirements determined to be necessary by the Department. (4) Mitigation bank charters under section (3) of this rule shall be approved or denied by the Water Resources Commission following public notice and an opportunity for public comment. (5) A mitigation bank may establish, obtain, hold and assign mitigation credits, and is subject to the rules contained in OAR 690-521-0100 through 690-521-0600. (6) The Department is neither party to nor in any way responsible for the contractual agreements between a mitigation bank and its customers. (7) The Department may, at the discretion of the Director, audit the mitigation credit accounting records of any mitigation bank.