Long-Term Management Account. The Statewide ILF Program will maintain a Long-Term Management Account, with sub-accounts for each Service Area. The Long-Term Management Account will be held in reserve to fund long-term management, including adaptive management and remediation at compensatory mitigation project sites and enforcement of protections. Funds in the Long-Term Management Account will be available solely for use during the Long-Term Management phase and are not available for use on a project until the project enters the Long-Term Management phase (i.e. after all credit associated with a project is released). Funds from the Long-Term Management Account may be used as Financial Assurances on a statewide basis. The Long-Term Management Account will be funded initially by deposits of 15 percent of Credit Fees collected and may be adjusted by MARS as necessary. Long-term financing mechanisms may include non-wasting endowments, trusts, contractual arrangements with future responsible parties, and other appropriate financial instruments. A separate Mitigation Project Account will be established for each approved compensatory mitigation project plan. Mitigation Project Accounts will be funded directly by transfer from the Mitigation Account once compensatory mitigation project plans have been approved. All funds within Mitigation Project Accounts will be restricted to implementation and operation of respective compensatory mitigation projects, but may be used for any expenses incurred by the project during the Establishment phase or Long-Term Management phase (see Section V.B. for description of Operational Phases).
Long-Term Management Account. Each Service Area will have a Long-Term 276 Management Account. This account will be funded by a percentage of the Credit 277 Fees collected in the Service Area. The account is to be funded when Credit Fees 278 are collected. Moneys in the Long Term Management Accounts will be held in 279 reserve to fund long term management, including adaptive management and 280 remediation, at mitigation sites after completion of the Establishment Phase and 281 the project enters the Long Term Management Phase. Additionally, when a 282 project enters the Long Term Management Phase, its portion of the Contingency 283 Account will be rolled into the Long-Term Management Account. Moneys in the 284 Long-Term Management Account will be available solely for use in long-term 285 management (i.e. for implementing long-term management plans included in IRT- 286 approved Mitigation Plans; see Appendix L, Credit Fulfillment and Appendix Q, 287 Site Protection and Long Term Management). Long-Term Management funds are 288 not available for use on a project until the project enters the Long-Term 289 Management Phase (i.e. after the Establishment Phase is complete, and all ILF 290 credits associated with a project are released.) (See Credit Release Schedule, 291 Appendix L, Section 5.0 and Site Protection and Long-Term Management, 292 Appendix Q).
