1798.5
. (a) (1) If the department determines that a bank prospectus
is acceptable pursuant to Section 1798, the person seeking to
establish the bank may submit a bank agreement package to the
department. Pursuant to subdivision (b) of Section 1799.1, the
department may adopt and amend guidelines and criteria for the bank
agreement package, including, but not limited to, recommended
standard forms for bank enabling instruments or long-term management
plan and conservation easements.
(2) The bank agreement package shall be consistent with the
prospectus and contain at least all of the following information:
(A) The draft bank enabling instrument and all exhibits.
(B) Drafts of the interim management plan, long-term management
plan, bank closure plan, and, if applicable, a development or
construction plan for the bank.
(C) A draft conservation easement, or if potential state ownership
is contemplated by the department, a draft grant deed.
(D) A map and written description of the proposed bank service
area.
(E) A proposed credit ledger and credit release schedule for the
bank.
(F) A property analysis record or other comparable economic
analysis of the funding necessary to support bank maintenance
activities, such as monitoring and reporting, in perpetuity.
(G) Estimates of financial assurances and proposed forms of
security. Proposed forms of security may be either cash or a letter
of credit.
(H) A phase I environmental site assessment of the site of the
proposed bank dated not more than six months prior to the date the
bank agreement package is submitted to the department. This
assessment shall be performed in accordance with the American Society
of Testing and Materials Standard E1527-05 "Standard Practice for
Environmental Site Assessments: Phase I Environmental Site Assessment
Process" or any successive ASTM standard active at the time of the
assessment.
(b) The department shall collect a fee of twenty-five thousand
dollars ($25,000) per bank agreement package to fund the cost of the
department's review services. The fee shall be collected at the time
the bank agreement package is submitted to the department.
(c) Within 30 calendar days following the department's receipt of
a bank agreement package and fee pursuant to subdivision (a), the
department shall determine whether or not the package is complete and
give written notice of the determination to the person who submitted
the package.
(1) If the department determines that the bank agreement package
is not complete, it may be made complete and resubmitted.
(2) If the department determines that the bank agreement package
is complete, within 90 calendar days of that determination, the
department shall determine whether or not it is acceptable and notify
the person who submitted the package of the determination. If the
department determines that the bank agreement package is not
acceptable, the department shall state the reasons.
(d) The department may request clarifying information during the
bank agreement review process.
(e) If the department needs supplemental information during its
review of the bank agreement package in order to fully evaluate the
proposed bank, the regional manager or departmental equivalent, or a
higher level department employee, shall provide the person seeking to
establish the bank a written request for the needed information.
Upon the department's receipt of the requested information, a new
90-day period shall begin during which the department shall determine
acceptability pursuant to paragraph (2) of subdivision (c). If the
department does not receive the requested information within 60
calendar days of the department's request, the bank agreement package
will be deemed unacceptable.
(f) If the person seeking to establish the bank proposes changes
to the bank agreement package that have not been solicited by the
department during its 90-day review period, including, but not
limited to, parties, number or type of credits, bank size, number or
type of species, credit release schedule, service area, design
change, or other changes as identified by the department as
necessitating additional review time, the department, acting through
the regional manager or department equivalent, or a higher level
department employee, shall assess a one-time fee of ten thousand
dollars ($10,000) to cover the reasonable cost of the department's
services in reviewing the changes. A new 90-day review period shall
begin upon the department's receipt of the proposed changes and the
associated review fee, during which it will determine acceptability
pursuant to paragraph (2) of subdivision (c).
(g) If the department determines that 90 days is insufficient time
to complete its review of the bank agreement package for reasons
including, but not limited to, the size, location, or complexity of
the bank, that the package includes a development or construction
plan, complexity of the bank agreement package, or substantial
variations from recommended standard forms, the department may extend
the 90-day period for reviewing the bank agreement package by an
additional 60 calendar days.
(h) If the department determines that a bank agreement package is
not acceptable, the package may be resubmitted in accordance with
subdivision (a) if further consideration is desired. Any resubmittal
shall be accompanied by payment of a new bank agreement package
review fee.