Subject to the requirements of this chapter, the department, through a collaborative process, shall adopt rules for:

     (1) Certification, operation, and monitoring of wetlands mitigation banks. The rules shall include procedures to assure that:

     (a) Priority is given to banks providing for the restoration of degraded or former wetlands;

     (b) Banks involving the creation and enhancement of wetlands are certified only where there are adequate assurances of success and that the bank will result in an overall environmental benefit; and

     (c) Banks involving the preservation of wetlands or associated uplands are certified only when the preservation is in conjunction with the restoration, enhancement, or creation of a wetland, or in other exceptional circumstances as determined by the department consistent with this chapter;

     (2) Determination and release of credits from banks. Procedures regarding credits shall authorize the use and sale of credits to offset adverse impacts and the phased release of credits as different levels of the performance standards are met;

     (3) Public involvement in the certification of banks, using existing statutory authority;

     (4) Coordination of governmental agencies;

     (5) Establishment of criteria for determining service areas for each bank;

     (6) Performance standards; and

     (7) Long-term management, financial assurances, and remediation for certified banks.

     Before adopting rules under this chapter, the department shall submit the proposed rules to the appropriate standing committees of the legislature. By January 30, 1999, the department shall submit a report to the appropriate standing committees of the legislature on its progress in developing rules under this chapter.

[1998 c 248 § 4.]