(a) For each mitigation bank, the Executive Director of the Arkansas Natural Resources Commission, in consultation with the Wetlands Technical Advisory Committee, shall establish a system of aquatic resources values and credits consistent with compensatory mitigation under § 404 of the Clean Water Act, 33 U.S.C. § 1344, and §§ 9 and 10 of the Rivers and Harbors Act, 33 U.S.C. §§ 401 and 403, as they existed on January 1, 2007, and Exec. Order No. 11,990 issued May 24, 1977, 42 Fed. Reg. 26,961.
(b) The executive director may sell credits from any mitigation bank site prior to the establishment of aquatic resources functions if, upon review of the site plan, the executive director determines that the implementation of the plan will likely result in the established aquatic resources function on the site.
(c) The price for any credit shall be set at an amount that will compensate the state for all of the costs and expenses the state has incurred and is expected to incur in establishing and maintaining that portion of the mitigation bank.
(d) The executive director annually shall:
(1) Evaluate the aquatic resources functions and values created within each aquatic resources mitigation bank site; and
(2)
(A) Compare the current aquatic resources functions and values with the aquatic resources functions and values that the executive director anticipated the mitigation bank would provide.
(B) If the executive director finds any significant disparity between the actual and anticipated aquatic resources functions and values, the executive director shall:
(i) Suspend the withdrawal of credits to that mitigation bank; or
(ii) Take prompt action to assure that the anticipated aquatic resources functions and values are established.
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