La. Admin. Code tit. 43 § XXXI-119

Current through Register Vol. 50, No. 11, November 20, 2024

Section XXXI-119 - Restoration Banking Instrument

A. Components of Restoration Banking Instrument. The restoration banking instrument shall, at a minimum, contain the following components:

1. restoration bank plan;

2. provision stating that the legal responsibility for providing restoration lies with the sponsor once credits are secured by the responsible party;

3. accounting and reporting requirements;

4. risk management, indemnity, and insurance requirements;

5. default and closure provisions;

6. force majeure clause (identification of sponsor responsibilities in the event of catastrophic events that are beyond the sponsors control); and

7. any other information deemed necessary by the BRT.

B. Review by the BRT. The sponsor shall provide timely submission of the restoration banking instrument ("instrument") to the BRT chair, and must provide the BRT chair with the number of copies specified by the BRT chair to distribute to the BRT members for review. The BRT chair will provide the BRTs response, including any written comments, to the sponsor within 30 days of the date on which the BRT chair received the draft Instrument. Specifically, the BRT chair must indicate to the sponsor if the draft Instrument is acceptable or identify what changes are needed to address the concerns of any BRT members. If additional time is needed for review, the BRT chair shall provide written notification to the sponsor prior to the running of the 30-day period of the amount of additional time needed.

C. Final Instrument. Within 30 days of receipt of comments from the BRT, the sponsor must submit a final restoration banking instrument to the BRT chair for BRT approval. If additional time is needed, the sponsor shall submit a request to the BRT chair prior to the running of the 30-day period for the amount of additional time needed. The final restoration banking instrument must contain supporting documentation that explains how the sponsor addresses the BRTs comments. The sponsor must provide the BRT chair with the number of copies specified by the BRT chair for distribution to the BRT members for review. Within 30 days of receipt of the final Instrument, the BRT chair will notify the sponsor in writing whether the Instrument is approved and, if the restoration banking instrument is approved, arrange for it to be signed by the appropriate parties. The final restoration banking instrument must be made available to the public upon request.

La. Admin. Code tit. 43, § XXXI-119

Promulgated by the Office of the Governor, Coastal Protection and Restoration Authority, LR 431358 (7/1/2017).

AUTHORITY NOTE: Promulgated in accordance with R.S. 49:214.5.2.