Form 62-342.700(2) Mitigation Bank Irrevocable Letter of Credit to Demonstrate Construction and Implementation Financial Assurance - Florida

What Is Form 62-342.700(2)?

This is a legal form that was released by the Florida Department of Environmental Protection - a government authority operating within Florida. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 62-342.700(2)?
A: Form 62-342.700(2) is a form used in Florida for the purpose of demonstrating construction and implementation financial assurance for a mitigation bank.

Q: What is a Mitigation Bank?
A: A mitigation bank is a site or program where wetlands, streams, or other aquatic resources are restored, created, or enhanced to offset impacts to similar resources.

Q: What is an Irrevocable Letter of Credit?
A: An irrevocable letter of credit is a financial instrument issued by a bank that guarantees payment to a beneficiary upon presentation of specified documents or conditions.

Q: Why is an Irrevocable Letter of Credit required for a Mitigation Bank in Florida?
A: An irrevocable letter of credit is required to provide financial assurance that funds will be available for the construction and implementation of the mitigation bank in case the responsible entity fails to fulfill its obligations.

Q: What is the purpose of the Form 62-342.700(2)?
A: The purpose of the Form 62-342.700(2) is to provide information and documentation related to the irrevocable letter of credit used as financial assurance for a mitigation bank in Florida.