9 Va. Admin. Code § 25-900-280

Current through Register Vol. 40, No. 22, June 17, 2024

Section 9VAC25-900-280 - Allowable financial mechanisms

A. Subject to the limitations and requirements outlined in 9VAC25-900-260 and 9VAC25-900-270, an owner of nutrient credit-generating project using structural BMPs to generate term or perpetual nutrient credits and required to submit financial assurance pursuant to 9VAC25-900-230 may use any one or combination of mechanisms listed in 9VAC25-900-290 through 9VAC25-900-330 to meet the financial assurance requirements of this chapter.

B. Subject to the limitation and requirements outlined in 9VAC25-900-270, an owner of a nutrient credit-generating project utilizing wetland or stream restoration practices to generate perpetual credits and required to submit financial assurance pursuant to 9VAC25-900-230, may use any one or combination of mechanisms listed in 9VAC25-900-290 through 9VAC25-900-330 to meet the financial assurance requirements for the monitoring plan; however, only a trust fund may be used to meet the financial assurance requirements for the long-term management fund, unless a third-party long-term steward is approved by the department in accordance with 9VAC25-230 C 3.

Derived From Virginia Register Volume 36, Issue 23, eff. 9/1/2020; Amended, Virginia Register Volume 38, Issue 26, eff. 9/14/2022.

Statutory Authority: § 62.1-44.19:20 of the Code of Virginia.