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only with the prior, express approval of the Corps and DSL. <br /> Subject to the following, the Program may sell both certified and uncertified credits: <br /> Certified credits. ' <br /> Certified mitigation credits aze those which aze created on mitigation bank sites and <br /> come into existence (i.e., certification by the Corps and DSL) and have completed the <br /> hydrologic and vegetative improvements on the site before they are committed to a particular <br /> project impact. Certified mitigation credits aze used to provide mitigation at the time they are <br /> purchased in connection with a proposed development activity. <br /> .Uncertified credits. <br /> In order to ~ capitalize the Mitigation Banking Program, the Program may sell a limited <br /> number of .uncertified credits ,during _ the initial stages of this Agreement. The sale of <br /> uncertified credits shall tie limited to-the first six years of this Agreement, by which time <br /> the parties anticipate that the Banking Program will be fully operational. The Program will use <br /> the funds from the sale of uncertified mitigation credits to perform the mitigation requirements <br /> described in the Plan to create a sufficient number of mitigation credits to provide the required <br /> mitigation for the pazticulaz project. <br /> The sale of uncertified credits shall be limited to 30% of the number of mitigation <br /> credits reasonably expected to be produced as a result of the individual mitigation bank projects <br /> contained in the three-yeaz capital improvement plans. In addition, no . uncertif ed credit may <br /> be sold unless the Corps. and DSL have approved a mitigation .improvement plan which, when <br /> implemented, will create the necessary credits. <br /> Following completion of the mitigation improvement plan for which uncertified credits <br /> were sold, the Corps and DSL shall determine the actual number of mitigation credits produced <br /> by the project. Following that determination, the Program shall reconcile the actual certified <br /> credits with the number of uncertified credits sold. If the actual certified credits exceeds the <br /> number of uncertified credits sold, then the excess shall be credited to the Program. to be sold <br /> as any other certified mitigation credit. If the actual certified credits is less than the number <br /> of uncertified credits sold, then the shortage shall be debited from the mitigation bank's ledger. <br /> In no event may the Program sell a certified credit created for work for which an uncertified <br /> credit already was sold. In the -event any uncertified credits become certified prior to their <br /> purchase, the now certified credits must 'be .purchased prior to the sale of any new uncertified <br /> credits. Any new uncertified credits must have an approved Mitigation Improvement Plan. <br /> Uncertified .credits shall be accounted for as follows: <br /> (1) The maximum number of uncertified credits is limited to 30% of the potential <br /> <br /> . credits to be realized -from the Bank's 3-yeaz capital improvement plan (CIP): <br /> (2) Each year the CIP will be updated to extend the CIP into the next 3-yeaz cycle and <br /> to estimate the resulting number of potential uncertified credits. The estimate will <br /> Page 11 - MOA For West Eugene Wetlands Mitigation Banking Program <br /> <br />