{
  "generated": "2026-10-27",
  "sources": [
    {
      "id": "S01",
      "title": "33 CFR Part 332, Compensatory Mitigation for Losses of Aquatic Resources (the federal Mitigation Rule)",
      "publisher": "eCFR, Office of the Federal Register",
      "url": "https://www.ecfr.gov/current/title-33/chapter-II/part-332",
      "docType": "regulation",
      "version": "eCFR current text",
      "lastChecked": "2026-10-27",
      "status": "verified",
      "note": "Federal rules for mitigation banks: instruments, Interagency Review Team (IRT), service areas, credit release, financial assurances, long-term financing, and the no-double-use rule.",
      "auditFinding": "Cited paragraphs read from a text snapshot (research/snapshots/ecfr332.txt). Paragraph anchors (#p-332.x) open the exact paragraph."
    },
    {
      "id": "S02",
      "title": "San Francisco District Public Notices, Year 2026 (entry SPN-2024-00321, Rancho Estrellita Mitigation Bank)",
      "publisher": "U.S. Army Corps of Engineers, San Francisco District",
      "url": "https://www.spn.usace.army.mil/Missions/Regulatory/Public-Notices/Year/2026/",
      "docType": "web",
      "published": "2026-09-08",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "The only primary public statement found about the bank: sponsor, stage (prospectus), location and comment deadline.",
      "auditFinding": "usace.army.mil returns 403 to scripted clients; entry text read with a browser-class fetch and saved verbatim (research/snapshots/spn_2026_list_excerpt.txt)."
    },
    {
      "id": "S03",
      "title": "Public notice PDF SPN-2024-00321_PN_2026.09.04 and \"FIGURE FOR PN\" (Rancho Estrellita Mitigation Bank)",
      "publisher": "U.S. Army Corps of Engineers, San Francisco District",
      "url": "https://www.spn.usace.army.mil/Missions/Regulatory/Public-Notices/Year/2026/",
      "docType": "pdf",
      "published": "2026-09-04",
      "lastChecked": "2026-10-27",
      "status": "pending",
      "note": "Would show proposed acreage, credit types, service area and the map figure. NOT obtained: the attachment links return 403 to every automated client tried.",
      "auditFinding": "Open question for a real browser. Nothing on this site is cited to it."
    },
    {
      "id": "S04",
      "title": "Final 2015 Regional Compensatory Mitigation and Monitoring Guidelines for South Pacific Division",
      "publisher": "U.S. Army Corps of Engineers, South Pacific Division",
      "url": "https://www.spd.usace.army.mil/Portals/13/docs/regulatory/mitigation/MitMon.pdf",
      "docType": "pdf",
      "published": "2014-12-31",
      "version": "Final 2015 guidelines",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "Regional Corps guidance for California districts: preference for banks, ratios, vernal pools as difficult to replace, non-aquatic (species) mitigation.",
      "auditFinding": "Read through a browser-class fetch (403 to curl). Text through section 4.5 audited; excerpts in research/snapshots/spd_mitmon_excerpts.txt. Sections 8.5 to 8.7 not audited."
    },
    {
      "id": "S05",
      "title": "Public Notice of CA Interagency Mitigation and Conservation Banking Draft Prospectus, Prospectus, and Draft BEI Checklists (August 2025)",
      "publisher": "U.S. Army Corps of Engineers, San Francisco District",
      "url": "https://www.spn.usace.army.mil/Missions/Regulatory/Public-Notices/Article/4271970/",
      "docType": "web",
      "published": "2025-08-11",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "Describes the 2011 California banking MOU, its signatory agencies, and when the August 2025 checklists became mandatory.",
      "auditFinding": "Notice text read. The three checklist PDFs themselves were not retrievable (403)."
    },
    {
      "id": "S06",
      "title": "State Wetland Definition and Procedures for Discharges of Dredged or Fill Material to Waters of the State",
      "publisher": "California State Water Resources Control Board",
      "url": "https://www.waterboards.ca.gov/water_issues/programs/cwa401/docs/2021/procedures.pdf",
      "docType": "pdf",
      "published": "2019-04-02",
      "version": "Adopted April 2, 2019; effective May 28, 2020",
      "lastChecked": "2026-10-27",
      "status": "verified",
      "note": "The state wetland definition and the state rules for compensatory mitigation, including the 1:1 minimum and interagency coordination.",
      "auditFinding": "PDF downloaded; page numbers below are PDF pages, used in #page= links."
    },
    {
      "id": "S07",
      "title": "State Wetland Definition and Procedures (program page)",
      "publisher": "California State Water Resources Control Board",
      "url": "https://www.waterboards.ca.gov/water_issues/programs/cwa401/wrapp.html",
      "docType": "web",
      "lastChecked": "2026-10-27",
      "status": "verified",
      "note": "Program page with the adoption history (Resolutions 2019-0015 and 2021-0012)."
    },
    {
      "id": "S08",
      "title": "Fish and Game Code section 1797.5 (definitions for conservation and mitigation banks)",
      "publisher": "California Legislative Information",
      "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FGC&sectionNum=1797.5",
      "docType": "statute",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "Defines bank, bank enabling instrument, sponsor and prospectus.",
      "auditFinding": "leginfo returns 403 to curl; read via browser-class fetch."
    },
    {
      "id": "S09",
      "title": "Fish and Game Code section 1798 (prospectus review and fees)",
      "publisher": "California Legislative Information",
      "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FGC&sectionNum=1798",
      "docType": "statute",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "Draft prospectus and prospectus review clocks and statutory base fees; prospectus contents."
    },
    {
      "id": "S10",
      "title": "Fish and Game Code section 1798.5 (bank agreement package)",
      "publisher": "California Legislative Information",
      "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FGC&sectionNum=1798.5",
      "docType": "statute",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "Bank agreement package contents (including endowment analysis and financial assurances) and review clocks."
    },
    {
      "id": "S11",
      "title": "Fish and Game Code section 1799 (no bank operative before CDFW approval)",
      "publisher": "California Legislative Information",
      "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FGC&sectionNum=1799",
      "docType": "statute",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "No bank is operative and no credits issued until CDFW written approval and a recorded easement; annual report; implementation fee."
    },
    {
      "id": "S12",
      "title": "Fish and Game Code section 1602 (Lake or Streambed Alteration notification)",
      "publisher": "California Legislative Information",
      "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FGC&sectionNum=1602",
      "docType": "statute",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "When an entity must notify CDFW before altering a river, stream or lake."
    },
    {
      "id": "S13",
      "title": "Fish and Game Code section 2081 (incidental take permits under CESA)",
      "publisher": "California Legislative Information",
      "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FGC&sectionNum=2081",
      "docType": "statute",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "Impacts of authorized take must be minimized and fully mitigated."
    },
    {
      "id": "S14",
      "title": "Fish and Game Code section 1856 (mitigation credit agreements)",
      "publisher": "California Legislative Information",
      "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FGC&sectionNum=1856",
      "docType": "statute",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "Mitigation credit agreements under a Regional Conservation Investment Strategy; no MCA credits on already-protected mitigation land."
    },
    {
      "id": "S15",
      "title": "Fish and Game Code section 1852 (Regional Conservation Investment Strategy contents)",
      "publisher": "California Legislative Information",
      "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FGC&sectionNum=1852",
      "docType": "statute",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "What an RCIS must contain."
    },
    {
      "id": "S16",
      "title": "Government Code section 65965 (mitigation land definitions)",
      "publisher": "California Legislative Information",
      "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV&sectionNum=65965",
      "docType": "statute",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "Defines endowment and related terms."
    },
    {
      "id": "S17",
      "title": "Government Code section 65966 (mitigation land: easements and endowments)",
      "publisher": "California Legislative Information",
      "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV&sectionNum=65966",
      "docType": "statute",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "Endowment principal must be reasonably anticipated to cover annual stewardship costs in perpetuity."
    },
    {
      "id": "S18",
      "title": "Government Code section 65968 (endowment holders)",
      "publisher": "California Legislative Information",
      "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=GOV&sectionNum=65968",
      "docType": "statute",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "Who may hold mitigation endowments."
    },
    {
      "id": "S19",
      "title": "AB 1802 (2025-2026) bill status: Chapter 274, Statutes of 2026",
      "publisher": "California Legislative Information",
      "url": "https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB1802",
      "docType": "statute",
      "published": "2026-09-18",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "Removed the January 1, 2027 sunset in Gov. Code 65968 and added 65968.5."
    },
    {
      "id": "S20",
      "title": "Civil Code section 815.3 (who may hold a conservation easement)",
      "publisher": "California Legislative Information",
      "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=CIV&sectionNum=815.3",
      "docType": "statute",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "Eligible conservation easement holders."
    },
    {
      "id": "S21",
      "title": "Water Code section 13050 (definitions, including \"waters of the state\")",
      "publisher": "California Legislative Information",
      "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=WAT&sectionNum=13050",
      "docType": "statute",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "Statutory definition of waters of the state."
    },
    {
      "id": "S22",
      "title": "Public Resources Code section 21002 (CEQA policy on mitigation)",
      "publisher": "California Legislative Information",
      "url": "https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=PRC&sectionNum=21002",
      "docType": "statute",
      "lastChecked": "2026-10-27",
      "status": "verified-manual",
      "note": "CEQA policy that agencies should not approve projects as proposed if feasible alternatives or mitigation would substantially lessen significant effects."
    },
    {
      "id": "S23",
      "title": "Conservation and Mitigation Banking Guidelines (2026)",
      "publisher": "California Department of Fish and Wildlife",
      "url": "https://nrm.dfg.ca.gov/FileHandler.ashx?DocumentID=79095&inline",
      "docType": "pdf",
      "version": "83-page PDF; webinar May 27, 2026",
      "lastChecked": "2026-10-27",
      "status": "verified",
      "note": "CDFW credit categories, credit types, service areas, credit release, sale and transfer, endowments.",
      "auditFinding": "PDF downloaded; PDF page numbers equal printed page numbers for cited pages."
    },
    {
      "id": "S24",
      "title": "Conservation and Mitigation Banking (program page)",
      "publisher": "California Department of Fish and Wildlife",
      "url": "https://wildlife.ca.gov/Conservation/Planning/Banking",
      "docType": "web",
      "lastChecked": "2026-10-27",
      "status": "verified",
      "note": "Announces the CBEI template (use from May 28, 2026) and the 2026 Guidelines."
    },
    {
      "id": "S25",
      "title": "Conservation and Mitigation Banks Established in California by CDFW",
      "publisher": "California Department of Fish and Wildlife",
      "url": "https://wildlife.ca.gov/Conservation/Planning/Banking/Approved-Banks",
      "docType": "web",
      "lastChecked": "2026-10-27",
      "status": "verified",
      "note": "List of established banks by region, county and species. Not a credit availability list."
    },
    {
      "id": "S26",
      "title": "Conservation and Mitigation Banking Review Fees",
      "publisher": "California Department of Fish and Wildlife",
      "url": "https://wildlife.ca.gov/Conservation/Planning/Banking/Review-Fees",
      "docType": "web",
      "version": "Fees effective 1/1/2026 to 12/31/2026",
      "lastChecked": "2026-10-27",
      "status": "verified",
      "note": "Current, indexed CDFW review and implementation fees."
    },
    {
      "id": "S27",
      "title": "California Conservation and Mitigation Banking, Report to the Legislature, January 2026 (2025 reporting period)",
      "publisher": "California Department of Fish and Wildlife",
      "url": "https://nrm.dfg.ca.gov/FileHandler.ashx?DocumentID=245286&inline",
      "docType": "pdf",
      "published": "2026-01-01",
      "version": "Reporting period Oct 1, 2024 to Sep 30, 2025",
      "lastChecked": "2026-10-27",
      "status": "verified",
      "note": "Statewide program numbers and the per-bank credit table (Appendix B)."
    },
    {
      "id": "S28",
      "title": "California Conservation and Mitigation Banking, Report to the Legislature, January 2024 (2023 reporting period)",
      "publisher": "California Department of Fish and Wildlife",
      "url": "https://nrm.dfg.ca.gov/FileHandler.ashx?DocumentID=227500",
      "docType": "pdf",
      "published": "2024-01-01",
      "version": "Reporting period Nov 1, 2022 to Oct 31, 2023",
      "lastChecked": "2026-10-27",
      "status": "verified",
      "note": "Earlier per-bank credit table, used to show change over time."
    },
    {
      "id": "S29",
      "title": "SEC Form D, Rancho Estrellita LLC (accession 0002074439-25-000001)",
      "publisher": "U.S. Securities and Exchange Commission, EDGAR",
      "url": "https://www.sec.gov/Archives/edgar/data/2074439/000207443925000001/0002074439-25-000001-index.htm",
      "docType": "filing",
      "published": "2025-06-24",
      "lastChecked": "2026-10-27",
      "status": "verified",
      "note": "A notice of an exempt securities offering. It is filed by the issuer and is not reviewed or approved by the SEC.",
      "auditFinding": "primary_doc.xml downloaded and parsed (research/snapshots/formd_primary_doc.xml)."
    },
    {
      "id": "S30",
      "title": "50 CFR 17.11, List of Endangered and Threatened Wildlife",
      "publisher": "eCFR, Office of the Federal Register",
      "url": "https://www.ecfr.gov/current/title-50/chapter-I/subchapter-B/part-17/subpart-B/section-17.11",
      "docType": "regulation",
      "version": "Version dated 2026-08-20",
      "lastChecked": "2026-10-27",
      "status": "verified",
      "note": "Federal listing status and listing citations."
    },
    {
      "id": "S31",
      "title": "State and Federally Listed Endangered and Threatened Animals of California (October 2026)",
      "publisher": "California Department of Fish and Wildlife, CNDDB",
      "url": "https://nrm.dfg.ca.gov/FileHandler.ashx?DocumentID=109405&inline",
      "docType": "pdf",
      "published": "2026-10",
      "lastChecked": "2026-10-27",
      "status": "verified",
      "note": "State and federal status in one table, including state candidates."
    },
    {
      "id": "S32",
      "title": "Proposed rule: Threatened Status With Section 4(d) Rule for the Northern and Southern DPSs of the Western Spadefoot (88 FR 84252)",
      "publisher": "U.S. Fish and Wildlife Service, Federal Register",
      "url": "https://www.federalregister.gov/documents/2023/12/05/2023-26579/endangered-and-threatened-wildlife-and-plants-threatened-status-with-section-4d-rule-for-the",
      "docType": "regulation",
      "published": "2023-12-05",
      "lastChecked": "2026-10-27",
      "status": "verified",
      "note": "A proposal, not a final listing."
    },
    {
      "id": "S33",
      "title": "San Luis Obispo County parcels map service (SLO_CO_PARCELS)",
      "publisher": "County of San Luis Obispo",
      "url": "https://gis.slocounty.ca.gov/arcgis/rest/services/Public/SLO_CO_PARCELS/MapServer/0",
      "docType": "data",
      "lastChecked": "2026-10-27",
      "status": "verified",
      "note": "Parcel polygons and APNs. GIS polygon area is a mapping figure, not legal acreage or a bank boundary.",
      "auditFinding": "Point query at the notice coordinate saved in research/snapshots/slo_parcel_point.json."
    },
    {
      "id": "S34",
      "title": "Watershed Boundary Dataset map service (HUC8 and HUC12 layers)",
      "publisher": "U.S. Geological Survey, The National Map",
      "url": "https://hydro.nationalmap.gov/arcgis/rest/services/wbd/MapServer",
      "docType": "data",
      "lastChecked": "2026-10-27",
      "status": "verified",
      "note": "Which watershed the notice coordinate falls in.",
      "auditFinding": "Point query saved in research/snapshots/wbd_point.txt."
    },
    {
      "id": "S35",
      "title": "Bay Nature, \"Price-Tagging Nature\" (Summer 2026)",
      "publisher": "Bay Nature magazine",
      "url": "https://baynature.org/magazine/summer2026/price-tagging-nature/",
      "docType": "web",
      "lastChecked": "2026-10-27",
      "status": "secondary",
      "note": "Journalism. Reports what the sponsor hopes to do. SECONDARY: not an agency document, and the figures in it are not approvals."
    },
    {
      "id": "S36",
      "title": "RIBITS, Regulatory In-lieu Fee and Bank Information Tracking System",
      "publisher": "U.S. Army Corps of Engineers",
      "url": "https://ribits.ops.usace.army.mil/ords/f?p=107:2",
      "docType": "app",
      "lastChecked": "2026-10-27",
      "status": "pending",
      "note": "The federal bank ledger system. Could not be reached from automated clients (consent banner and redirect loop). Nothing is cited to it."
    },
    {
      "id": "S37",
      "title": "CDFW Banking Publications and Resources (list of reports to the Legislature)",
      "publisher": "California Department of Fish and Wildlife",
      "url": "https://wildlife.ca.gov/Conservation/Planning/Banking/Publications",
      "docType": "web",
      "lastChecked": "2026-10-27",
      "status": "verified",
      "note": "Where each year's report is posted."
    }
  ],
  "claims": [
    {
      "checked": "2026-10-27",
      "asOf": "2026-09-08",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL01",
      "assertion": "The Corps San Francisco District posted a public notice (SPN-2024-00321) on 8 Sep 2026 stating that Dieguito Asset Management, Inc. submitted a Prospectus to the Corps and other Interagency Review Team members for the establishment of the Rancho Estrellita Mitigation Bank.",
      "sourceId": "S02",
      "locator": "Year 2026 list, entry SPN-2024-00321",
      "scope": "Rancho Estrellita Mitigation Bank",
      "limitation": "A prospectus is the first formal step. The notice does not say the bank is approved, and it is not."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-09-08",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL02",
      "assertion": "The notice places the proposed bank south of River Grove Drive, off Highway 46 East, in the City of Paso Robles, San Luis Obispo County, at latitude 35.629376, longitude -120.494739.",
      "sourceId": "S02",
      "locator": "Year 2026 list, entry SPN-2024-00321",
      "scope": "Rancho Estrellita Mitigation Bank",
      "limitation": "A single point, not a boundary. The bank footprint is shown only in the notice figure, which was not obtained."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-04",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL03",
      "assertion": "The public comment period on the Rancho Estrellita notice expired on 10/4/2026.",
      "sourceId": "S02",
      "locator": "Year 2026 list, entry SPN-2024-00321, \"Expiration date\"",
      "scope": "Rancho Estrellita Mitigation Bank",
      "limitation": "Comments received and the Corps initial evaluation letter are not public on the list page."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "prohibited",
      "evidenceClass": "UNVERIFIED / OPEN QUESTION",
      "id": "CL04",
      "assertion": "The notice PDF and its figure, which would state the proposed acreage, credit types and service area, could not be retrieved by any automated client during this audit.",
      "sourceId": "S03",
      "locator": "Attachments \"SPN-2024-00321_PN_2026.09.04.PDF\" and \"FIGURE FOR PN.PDF\"",
      "scope": "Rancho Estrellita Mitigation Bank",
      "limitation": "Open question. Fetch in a real browser before relying on any acreage or credit figure."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2025-06-24",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL05",
      "assertion": "Rancho Estrellita LLC, a California LLC organized in 2025 with an address in Solana Beach, filed a Form D notice of an exempt offering under Rule 506(b), industry group \"Other Real Estate\", equity securities, first sale 2025-06-16.",
      "sourceId": "S29",
      "locator": "Form D items 1 to 9 (primary_doc.xml)",
      "scope": "Rancho Estrellita LLC",
      "limitation": "Form D is a notice filed by the issuer. The SEC does not review or approve it. It does not describe the bank or its credits."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2025-06-24",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "HISTORICAL BID/TRANSACTION SIGNAL",
      "id": "CL06",
      "assertion": "The Form D reports a total offering amount of $4,000,000, $2,580,000 sold, $1,420,000 remaining, a $250,000 minimum investment, 6 investors, and no non-accredited investors.",
      "sourceId": "S29",
      "locator": "Form D items 11, 13, 14",
      "units": "USD",
      "scope": "Rancho Estrellita LLC",
      "limitation": "Figures as of the filing date only. Later sales would appear only in an amendment, and none was found."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2025-06-24",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL07",
      "assertion": "The Form D reports $0 sales commissions, $0 finders fees, and $180,000 of gross proceeds used for payments to executive officers, directors or promoters (the form's own label).",
      "sourceId": "S29",
      "locator": "Form D items 15 and 16",
      "units": "USD",
      "scope": "Rancho Estrellita LLC",
      "limitation": "Reported as the form labels it. The form gives no further detail and this site draws no conclusion from it."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "prohibited",
      "evidenceClass": "UNVERIFIED / OPEN QUESTION",
      "id": "CL08",
      "assertion": "The public sources found do not state how Rancho Estrellita LLC (the Form D issuer) relates to Dieguito Asset Management, Inc. (the sponsor named in the Corps notice).",
      "sourceId": "S02",
      "locator": "Compare S02 entry with S29 issuer",
      "scope": "Rancho Estrellita",
      "limitation": "Open question. Do not assume the two are the same entity."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "medium",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL09",
      "assertion": "In the county parcel layer, the notice coordinate falls inside APN 019-161-010, whose mapped polygon area is about 28,438,344 square feet (about 652.9 acres).",
      "sourceId": "S33",
      "locator": "Point query at 35.629376, -120.494739; field Shape.STArea()",
      "units": "square feet (GIS)",
      "scope": "Notice coordinate",
      "limitation": "GIS polygon area is a mapping figure, not surveyed legal acreage, and one parcel is not necessarily the whole bank."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL10",
      "assertion": "The notice coordinate lies in USGS HUC8 18060004 (Estrella) and HUC12 180600040405 (Pine Creek-Estrella River).",
      "sourceId": "S34",
      "locator": "WBD layers 4 (HUC8) and 6 (HUC12), point query",
      "scope": "Notice coordinate",
      "limitation": "A watershed address, not a service area. The service area is set in the instrument."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "low",
      "underwriting": "prohibited",
      "evidenceClass": "UNVERIFIED / OPEN QUESTION",
      "id": "CL11",
      "assertion": "Bay Nature (secondary source) reported that the Rancho Estrellita project covers about 1,700 acres with 32 vernal pools and that the sponsor hopes for about 1,700 credits.",
      "sourceId": "S35",
      "locator": "Summer 2026 article",
      "scope": "Rancho Estrellita",
      "limitation": "SECONDARY. Journalism reporting hopes, not an agency approval. Must not be used as a credit count."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL12",
      "assertion": "Rancho Estrellita does not appear on CDFW's list of banks established in California.",
      "sourceId": "S25",
      "locator": "Approved banks list, Central Region",
      "scope": "Rancho Estrellita",
      "limitation": "Consistent with prospectus stage. Absence from a list is not proof of anything beyond the list."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL13",
      "assertion": "Under the federal rule, when an impact is inside the service area of an approved bank that has the right number and type of credits, the permittee may meet its mitigation requirement by securing those credits from the sponsor.",
      "sourceId": "S01",
      "locator": "33 CFR 332.3(b)(2)",
      "fragment": "#p-332.3(b)(2)",
      "scope": "Corps permits (federal)",
      "limitation": "Applies to Department of the Army (DA) permits."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL14",
      "assertion": "A federal mitigation bank needs an approved instrument, including an approved mitigation plan and real estate and financial assurances, before its credits can be used.",
      "sourceId": "S01",
      "locator": "33 CFR 332.3(b)(2)",
      "fragment": "#p-332.3(b)(2)",
      "scope": "Corps permits (federal)",
      "limitation": "Federal side only; CDFW has its own approval gate (FGC 1799)."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL15",
      "assertion": "\"Under no circumstances may the same credits be used to provide mitigation for more than one permitted activity.\"",
      "sourceId": "S01",
      "locator": "33 CFR 332.3(j)(1)(ii)",
      "fragment": "#p-332.3(j)(1)(ii)",
      "scope": "Corps permits (federal)",
      "limitation": "This is the core anti-double-counting rule."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL16",
      "assertion": "Mitigation banks may be designed to holistically address requirements under multiple programs and authorities for the same activity.",
      "sourceId": "S01",
      "locator": "33 CFR 332.3(j)(1)(ii)",
      "fragment": "#p-332.3(j)(1)(ii)",
      "scope": "Corps permits (federal)",
      "limitation": "\"For the same activity\" is the key limit."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL17",
      "assertion": "Federally funded restoration or conservation projects undertaken for purposes other than compensatory mitigation generally cannot be used to generate credits for DA permits, with listed exceptions.",
      "sourceId": "S01",
      "locator": "33 CFR 332.3(j)(2)",
      "fragment": "#p-332.3(j)(2)",
      "scope": "Corps permits (federal)",
      "limitation": "Read the exceptions in the text."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL18",
      "assertion": "Compensatory mitigation projects may also be used under the Endangered Species Act or for Habitat Conservation Plans if they comply with 332.3(j)(1).",
      "sourceId": "S01",
      "locator": "33 CFR 332.3(j)(3)",
      "fragment": "#p-332.3(j)(3)",
      "scope": "Corps and ESA",
      "limitation": "Still subject to the same-credits rule."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL19",
      "assertion": "The district engineer chairs an Interagency Review Team (IRT) that reviews documentation for establishing and managing banks.",
      "sourceId": "S01",
      "locator": "33 CFR 332.8(b)(1)",
      "fragment": "#p-332.8(b)(1)",
      "scope": "Corps permits (federal)",
      "limitation": "Other agencies may co-chair when a bank serves their programs."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL20",
      "assertion": "The district engineer must tell the sponsor within 30 days whether a prospectus is complete, and must issue public notice within 30 days of receiving a complete prospectus, normally with a 30-day comment period.",
      "sourceId": "S01",
      "locator": "33 CFR 332.8(d)(2) and (d)(4)",
      "fragment": "#p-332.8(d)(4)",
      "scope": "Corps permits (federal)",
      "units": "days",
      "limitation": "Clock targets in the rule, not guaranteed outcomes."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL21",
      "assertion": "Within 30 days after the comment period ends, the district engineer must send the sponsor a written initial evaluation of the bank's potential.",
      "sourceId": "S01",
      "locator": "33 CFR 332.8(d)(5)(i)",
      "fragment": "#p-332.8(d)(5)",
      "scope": "Corps permits (federal)",
      "units": "days",
      "limitation": "Initial evaluation is not approval. Whether a letter has issued for Rancho Estrellita is not public."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL22",
      "assertion": "After the initial evaluation, a sponsor that proceeds must prepare and submit a draft instrument.",
      "sourceId": "S01",
      "locator": "33 CFR 332.8(d)(6)",
      "fragment": "#p-332.8(d)(6)",
      "scope": "Corps permits (federal)",
      "limitation": "Further review steps follow (final instrument)."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL23",
      "assertion": "The service area is the watershed, ecoregion, physiographic province or other area within which a bank is authorized to provide mitigation, and must be sized so the resources compensate across the whole area.",
      "sourceId": "S01",
      "locator": "33 CFR 332.8(d)(6)(ii)(A)",
      "fragment": "#p-332.8(d)(6)(ii)(A)",
      "scope": "Corps permits (federal)",
      "limitation": "Each bank's service area is set in its instrument."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL24",
      "assertion": "Credit releases are tied to milestones and must be approved by the district engineer in consultation with the IRT, who may reduce credits or suspend sales.",
      "sourceId": "S01",
      "locator": "33 CFR 332.8(o)(8)",
      "fragment": "#p-332.8(o)(8)",
      "scope": "Corps permits (federal)",
      "limitation": "Schedule is bank-specific."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL25",
      "assertion": "A bank instrument may allow initial debiting of a percentage of projected credits only after the instrument and mitigation plan are approved, the site is secured, and financial assurances are in place.",
      "sourceId": "S01",
      "locator": "33 CFR 332.8(m)",
      "fragment": "#p-332.8(m)",
      "scope": "Corps permits (federal)",
      "limitation": "The percentage is set bank by bank."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL26",
      "assertion": "Release of credits is a determination by the district engineer, with the IRT, that credits are available for sale or transfer; some may release at plan approval and more as milestones are met.",
      "sourceId": "S01",
      "locator": "33 CFR 332.2, definition \"Release of credits\"",
      "fragment": "#p-332.2",
      "scope": "Corps permits (federal)",
      "limitation": "Definition only."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL27",
      "assertion": "Long-term financing provisions must be addressed in the instrument; appropriate mechanisms include non-wasting endowments and trusts.",
      "sourceId": "S01",
      "locator": "33 CFR 332.7(d)(3)",
      "fragment": "#p-332.7(d)(3)",
      "scope": "Corps permits (federal)",
      "limitation": "Amount is site-specific."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL28",
      "assertion": "SPD guidance lists the preference order as mitigation banks first (if in the service area with credits available), then in-lieu fee programs, then permittee-responsible mitigation.",
      "sourceId": "S04",
      "locator": "SPD 2015 Guidelines, section 3.1",
      "scope": "Corps districts in California",
      "limitation": "Regional guidance implementing 332.3(b)."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL29",
      "assertion": "SPD guidance says that if no suitable assessment method exists, at least a one-to-one acreage or linear foot ratio must be used, and that the Corps has commonly required more than 1:1.",
      "sourceId": "S04",
      "locator": "SPD 2015 Guidelines, section 3.4",
      "scope": "Corps districts in California",
      "limitation": "Final ratios use QMS Document 12501."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL30",
      "assertion": "SPD guidance names vernal pools as a difficult-to-replace resource, for which preferred mechanisms are in-kind rehabilitation, enhancement or preservation, while preservation is rarely approved as the sole method.",
      "sourceId": "S04",
      "locator": "SPD 2015 Guidelines, section 4.2.4",
      "scope": "Corps districts in California",
      "limitation": "Guidance, applied case by case."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL31",
      "assertion": "SPD guidance defines non-aquatic mitigation and says upland mitigation for impacts to federally listed species is generally not compensatory mitigation for DA permits.",
      "sourceId": "S04",
      "locator": "SPD 2015 Guidelines, section 2 definitions",
      "scope": "Corps districts in California",
      "limitation": "Upland habitat may count when it buffers aquatic resources."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL32",
      "assertion": "SPD guidance says a 20 percent contingency generally should be included in the proposed financial assurance amount.",
      "sourceId": "S04",
      "locator": "SPD 2015 Guidelines, section 3.5.1",
      "units": "percent",
      "scope": "Corps districts in California",
      "limitation": "Guidance; the instrument sets the actual amount."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL33",
      "assertion": "SPD guidance reports that validation of CRAM (California Rapid Assessment Method) for depressional wetlands, including vernal pools, has been completed.",
      "sourceId": "S04",
      "locator": "SPD 2015 Guidelines, section 3.8.1",
      "scope": "Corps districts in California",
      "limitation": "Says nothing about which method a given bank uses."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL34",
      "assertion": "Under a 2011 MOU, three Corps districts, USFWS, CDFW, the Natural Resources Agency, NMFS, EPA, the State Water Board and NRCS committed to a combined and coordinated approach to banking in California.",
      "sourceId": "S05",
      "locator": "Aug 11, 2025 public notice, paragraph 1",
      "scope": "California interagency banking",
      "limitation": "Coordination, not a single approval."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2025-09-01",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL35",
      "assertion": "Sponsors must use the August 2025 interagency checklists for any new draft prospectus, prospectus or draft BEI submitted on or after September 1, 2025.",
      "sourceId": "S05",
      "locator": "Aug 11, 2025 public notice",
      "scope": "California interagency banking",
      "limitation": "Checklist PDFs themselves not retrieved."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL36",
      "assertion": "California defines \"waters of the state\" as any surface water or groundwater, including saline waters, within the state's boundaries.",
      "sourceId": "S21",
      "locator": "Water Code 13050(e)",
      "scope": "California",
      "limitation": "Broader than federal waters."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL37",
      "assertion": "The State Water Board Procedures state that all waters of the U.S. are also waters of the state.",
      "sourceId": "S06",
      "locator": "Procedures, PDF p. 4, background",
      "fragment": "#page=4",
      "scope": "California",
      "limitation": "The reverse is not true."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL38",
      "assertion": "The Procedures contain a state wetland definition (\"An area is wetland if ...\") used to decide which wetlands are waters of the state.",
      "sourceId": "S06",
      "locator": "Procedures, PDF p. 3, section II",
      "fragment": "#page=3",
      "scope": "California",
      "limitation": "Applying it needs field data."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL39",
      "assertion": "The Procedures require a minimum one-to-one mitigation ratio, measured as area or length, for wetland or stream losses when compensatory mitigation is required.",
      "sourceId": "S06",
      "locator": "Procedures, PDF p. 13 (printed p. 11), section IV.B.5",
      "fragment": "#page=13",
      "scope": "California",
      "limitation": "Higher ratios used where needed."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL40",
      "assertion": "Where feasible, the water board will coordinate with other agencies with concurrent mitigation requirements to achieve multiple benefits with a single mitigation project.",
      "sourceId": "S06",
      "locator": "Procedures, PDF p. 13, section IV.B.5",
      "fragment": "#page=13",
      "scope": "California",
      "limitation": "Supports one project serving several agencies for the same impact."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL41",
      "assertion": "The Procedures say mitigation banks and in-lieu fee programs may be used to compensate for authorized impacts in accordance with the preference hierarchy.",
      "sourceId": "S06",
      "locator": "Procedures, PDF p. 35, State Supplemental Guidelines (g)",
      "fragment": "#page=35",
      "scope": "California",
      "limitation": "State water board side."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL42",
      "assertion": "For discharges to waters of the U.S., the water board defers to the Corps on the alternatives analysis.",
      "sourceId": "S06",
      "locator": "Procedures, PDF p. 12",
      "fragment": "#page=12",
      "scope": "California",
      "limitation": "Deference covers the alternatives analysis, not every question."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2020-05-28",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL43",
      "assertion": "The Procedures were adopted April 2, 2019 and took effect May 28, 2020.",
      "sourceId": "S06",
      "locator": "Procedures cover and footers",
      "fragment": "#page=1",
      "scope": "California",
      "limitation": "Later amendments by Resolution 2021-0012."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL44",
      "assertion": "California law defines a \"bank enabling instrument\" as a written agreement with CDFW on a bank's establishment, use, operation and maintenance, and a \"prospectus\" as a written summary detailed enough for informed review.",
      "sourceId": "S08",
      "locator": "FGC 1797.5(b), (h)",
      "scope": "CDFW banks",
      "limitation": "Definitions only."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL45",
      "assertion": "A conservation bank under California law may compensate for take under CESA, reduce impacts under the Lake or Streambed Alteration program, mitigate under CEQA, or provide mitigation in advance.",
      "sourceId": "S08",
      "locator": "FGC 1797.5(d)(1)-(4)",
      "scope": "CDFW banks",
      "limitation": "Uses listed; each still needs agency acceptance."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL46",
      "assertion": "CDFW must decide whether a prospectus is complete within 30 calendar days and whether it is acceptable within 90 calendar days after that.",
      "sourceId": "S09",
      "locator": "FGC 1798(c), (d)",
      "units": "calendar days",
      "scope": "CDFW banks",
      "limitation": "CDFW reports it met timelines for only part of its reviews (see CL72)."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL47",
      "assertion": "A CDFW prospectus must include the size of the proposed bank in acres, a map of proposed service areas, a declaration on prior mitigation use, and details of any public funding for the site.",
      "sourceId": "S09",
      "locator": "FGC 1798(b)(2)(C), (I), (M), (N)",
      "scope": "CDFW banks",
      "limitation": "The prospectus itself is not public here."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL48",
      "assertion": "A CDFW bank agreement package must include a credit ledger and release schedule, an economic analysis of funding needed in perpetuity, financial assurance estimates (cash, letter of credit or surety bond), and a recent Phase I environmental site assessment.",
      "sourceId": "S10",
      "locator": "FGC 1798.5(a)(2)(E)-(H)",
      "scope": "CDFW banks",
      "limitation": "Statutory minimum contents."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL49",
      "assertion": "CDFW has 30 days to decide completeness and 90 days to decide acceptability of a bank agreement package, extendable by 60 days.",
      "sourceId": "S10",
      "locator": "FGC 1798.5(c), (g)",
      "units": "calendar days",
      "scope": "CDFW banks",
      "limitation": "Clock restarts when CDFW requests information."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL50",
      "assertion": "\"Until the department has approved a bank, in writing, and, if applicable, a conservation easement has been recorded on the site, no bank shall be operative, vested, or final, nor bank credits issued.\"",
      "sourceId": "S11",
      "locator": "FGC 1799(a)",
      "scope": "CDFW banks",
      "limitation": "The state approval gate."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL51",
      "assertion": "CDFW must report annually to the Legislature on bank applications, approvals, credits approved and sold, fees and whether review timelines were met.",
      "sourceId": "S11",
      "locator": "FGC 1799(d)",
      "scope": "CDFW banks",
      "limitation": "Reports lag a year."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL52",
      "assertion": "An entity must notify CDFW before substantially diverting or obstructing flow, or changing the bed, channel or bank of any river, stream or lake.",
      "sourceId": "S12",
      "locator": "FGC 1602(a)",
      "scope": "California",
      "limitation": "Whether any stream at the site is affected is unknown."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL53",
      "assertion": "For a CESA incidental take permit, the impacts of authorized take must be minimized and fully mitigated.",
      "sourceId": "S13",
      "locator": "FGC 2081(b)(2)",
      "scope": "California",
      "limitation": "Mitigation must be roughly proportional."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL54",
      "assertion": "Mitigation credit agreement (MCA) credits may not be created on a site already permanently protected and used for compensatory mitigation for permanent impacts.",
      "sourceId": "S14",
      "locator": "FGC 1856(f)",
      "scope": "California RCIS/MCA",
      "limitation": "Applies to MCA credits; banks under Chapter 7.9 are not limited by Chapter 9 (1856(j))."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL55",
      "assertion": "California law requires an endowment for mitigation land to include principal reasonably anticipated to cover annual stewardship costs in perpetuity.",
      "sourceId": "S17",
      "locator": "Gov. Code 65966(b)(2)",
      "scope": "California mitigation land",
      "limitation": "The law sets the standard, not the number."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL56",
      "assertion": "An \"endowment\" is funds conveyed solely for long-term stewardship of a mitigation property, held as charitable trusts permanently restricted to that purpose.",
      "sourceId": "S16",
      "locator": "Gov. Code 65965(a)",
      "scope": "California mitigation land",
      "limitation": "Endowment money is not sponsor money."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL57",
      "assertion": "A conservation easement created to satisfy a state or local mitigation requirement must be perpetual.",
      "sourceId": "S17",
      "locator": "Gov. Code 65966(a)",
      "scope": "California mitigation land",
      "limitation": "Perpetual means permanent restriction on the land."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-09-18",
      "confidence": "medium",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL58",
      "assertion": "AB 1802 (Chapter 274, Statutes of 2026) removed the sunset in Government Code 65968 and added section 65968.5.",
      "sourceId": "S19",
      "locator": "Bill status, chaptered 2026-09-18",
      "scope": "California endowment holders",
      "limitation": "Read the chaptered text for operative details."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL59",
      "assertion": "CEQA policy is that agencies should not approve projects as proposed if feasible alternatives or mitigation measures would substantially lessen significant environmental effects.",
      "sourceId": "S22",
      "locator": "Pub. Resources Code 21002",
      "scope": "California",
      "limitation": "Why local projects create demand for mitigation."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL60",
      "assertion": "CDFW recognizes four credit categories: preservation, restoration, establishment and enhancement.",
      "sourceId": "S23",
      "locator": "2026 Guidelines, section 3.4, p. 24",
      "fragment": "#page=24",
      "scope": "CDFW banks",
      "limitation": "Category is about the action, not the resource."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL61",
      "assertion": "In the BEI/CBEI template, credit types include Waters of the U.S., Waters of the State, Covered Species, Covered Habitat and LSA Resources.",
      "sourceId": "S23",
      "locator": "2026 Guidelines, section 3.4, p. 24",
      "fragment": "#page=24",
      "scope": "CDFW banks",
      "limitation": "Which types a given bank gets is set in its instrument."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL62",
      "assertion": "CDFW guidance says each credit type should have a distinct, ecologically based service area, reviewed at the prospectus stage and again at the bank agreement stage.",
      "sourceId": "S23",
      "locator": "2026 Guidelines, section 4.2, p. 31",
      "fragment": "#page=31",
      "scope": "CDFW banks",
      "limitation": "Guidance."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL63",
      "assertion": "CDFW says credits are typically released in five or six stages, each tied to criteria such as bank establishment, endowment funding or performance standards.",
      "sourceId": "S23",
      "locator": "2026 Guidelines, section 6.1.1, p. 62",
      "fragment": "#page=62",
      "scope": "CDFW banks",
      "limitation": "Each bank's schedule differs."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL64",
      "assertion": "Once a sponsor sells a credit, the purchaser may not resell it, and a sale without a transfer does not guarantee the credits will be acceptable mitigation for a particular project.",
      "sourceId": "S23",
      "locator": "2026 Guidelines, section 6.1.2, pp. 62-63",
      "fragment": "#page=62",
      "scope": "CDFW banks",
      "limitation": "There is no secondary market in CDFW bank credits."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL65",
      "assertion": "CDFW may approve a transfer for a project outside a bank's service area, and may deny one inside it.",
      "sourceId": "S23",
      "locator": "2026 Guidelines, section 6.1.3, p. 63",
      "fragment": "#page=63",
      "scope": "CDFW banks",
      "limitation": "Service area is a strong default, not an absolute."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL66",
      "assertion": "CDFW requires a fully funded endowment held by a third party; the endowment analysis must show the projected annual capitalization rate, every task and cost, and administration and contingency.",
      "sourceId": "S23",
      "locator": "2026 Guidelines, section 7.3, p. 69",
      "fragment": "#page=69",
      "scope": "CDFW banks",
      "limitation": "The capitalization rate is set in each analysis; this site does not assume one."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-05-28",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL67",
      "assertion": "CDFW states that use of the CBEI template is required as of May 28, 2026.",
      "sourceId": "S24",
      "locator": "Banking program page",
      "scope": "CDFW banks",
      "limitation": "Template content not reviewed here."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-01-01",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "CURRENT PUBLIC FEE",
      "id": "CL68",
      "assertion": "CDFW 2026 fees: Prospectus $14,480.75 ($12,308.50 if a draft was evaluated); Draft Prospectus $2,172.25; Bank Agreement Package $36,201; Implementation $86,882.25.",
      "sourceId": "S26",
      "locator": "Review Fees page, 2026 column",
      "units": "USD",
      "scope": "CDFW banks",
      "limitation": "Adjusted every January 1. Agency review fees only; not a bank's total cost."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-01-01",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "CURRENT PUBLIC FEE",
      "id": "CL69",
      "assertion": "CDFW 2026 fees for changes: Unsolicited Change $14,480.75; Amendment (initial or simple) $10,860.75; Amendment (complex) $36,201.",
      "sourceId": "S26",
      "locator": "Review Fees page, 2026 column",
      "units": "USD",
      "scope": "CDFW banks",
      "limitation": "Adjusted annually."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL70",
      "assertion": "CDFW's implementation fee is collected in proportion to the share of total credits released, and CDFW may stop sales or releases until it is paid.",
      "sourceId": "S11",
      "locator": "FGC 1799(e)(2)",
      "scope": "CDFW banks",
      "limitation": "Statutory base $60,000, indexed (see CL68)."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2025-09-30",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "HISTORICAL BID/TRANSACTION SIGNAL",
      "id": "CL71",
      "assertion": "For the 2025 reporting period (Oct 1, 2024 to Sep 30, 2025), CDFW reported 102 established banks covering about 76,913 acres and 66 actively proposed banks.",
      "sourceId": "S27",
      "locator": "January 2026 report, p. 2",
      "fragment": "#page=2",
      "scope": "California, CDFW banks",
      "limitation": "Program-wide counts, not credit prices."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2025-09-30",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "HISTORICAL BID/TRANSACTION SIGNAL",
      "id": "CL72",
      "assertion": "CDFW reported that 40 percent of its bank document reviews in the 2025 reporting period were completed on time.",
      "sourceId": "S27",
      "locator": "January 2026 report, p. 2",
      "fragment": "#page=2",
      "scope": "California, CDFW banks",
      "limitation": "Why reviews were late is not analyzed here."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL73",
      "assertion": "CDFW lists Palo Prieto Conservation Bank (San Joaquin kit fox; Kern and San Luis Obispo counties; Central Region) as an established bank, with Holistic Energy Solutions, LLC of Paso Robles as contact.",
      "sourceId": "S25",
      "locator": "Approved banks list, Central Region (R4)",
      "scope": "Palo Prieto Conservation Bank",
      "limitation": "Listed as a nearby comparable only."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2025-09-30",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "HISTORICAL BID/TRANSACTION SIGNAL",
      "id": "CL74",
      "assertion": "For the 2025 reporting period CDFW reported Palo Prieto at 5,086 acres, 4,933 potential credits, 4,725.5 credits sold and a 207.56 credit balance.",
      "sourceId": "S27",
      "locator": "January 2026 report, Appendix B, p. 26",
      "fragment": "#page=26",
      "units": "credits (kit fox)",
      "scope": "Palo Prieto Conservation Bank",
      "limitation": "Report notes potential credits are not necessarily released, and balances may differ due to pending sales."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2023-10-31",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "HISTORICAL BID/TRANSACTION SIGNAL",
      "id": "CL75",
      "assertion": "For the 2023 reporting period CDFW reported Palo Prieto at 5,086 acres, 5,086 potential credits, 4,170.53 sold and a 915.47 balance.",
      "sourceId": "S28",
      "locator": "January 2024 report, Appendix B, p. 23",
      "fragment": "#page=23",
      "units": "credits (kit fox)",
      "scope": "Palo Prieto Conservation Bank",
      "limitation": "The reports do not explain the change in potential credits; this site does not guess."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "HISTORICAL BID/TRANSACTION SIGNAL",
      "id": "CL76",
      "assertion": "CDFW's per-bank tables report acres and credit counts but not credit prices.",
      "sourceId": "S27",
      "locator": "January 2026 report, Appendix B",
      "fragment": "#page=26",
      "scope": "California, CDFW banks",
      "limitation": "No public CDFW price series was found."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-08-20",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL77",
      "assertion": "Federal list: San Joaquin kit fox endangered (1967); vernal pool fairy shrimp threatened and vernal pool tadpole shrimp endangered (1994); California tiger salamander, Central California DPS, threatened (2004).",
      "sourceId": "S30",
      "locator": "50 CFR 17.11(h), species rows",
      "scope": "Federal ESA",
      "limitation": "Listing status only; occurrence at the site is not established here."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL78",
      "assertion": "CNDDB (October 2026) shows San Joaquin kit fox as state threatened and federally endangered, and western spadefoot as a state candidate (since 2026-09-15) and federally proposed threatened.",
      "sourceId": "S31",
      "locator": "CNDDB list, PDF pp. 22 and 33",
      "fragment": "#page=22",
      "scope": "California and federal",
      "limitation": "Candidate and proposed status can change."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2023-12-05",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL79",
      "assertion": "USFWS proposed threatened status with a 4(d) rule for the northern and southern DPSs of the western spadefoot on December 5, 2023.",
      "sourceId": "S32",
      "locator": "88 FR 84252",
      "scope": "Federal ESA",
      "limitation": "Proposed, not final, as of the eCFR version checked."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "prohibited",
      "evidenceClass": "UNVERIFIED / OPEN QUESTION",
      "id": "CL80",
      "assertion": "Which species or habitats Rancho Estrellita proposes to credit is not stated in any primary source obtained.",
      "sourceId": "S03",
      "locator": "Notice PDF not obtained",
      "scope": "Rancho Estrellita",
      "limitation": "Open question."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "allowed-with-label",
      "evidenceClass": "RULE / AGENCY FACT",
      "id": "CL82",
      "assertion": "SPD guidance defines a credit as a unit of measure (for example a functional or areal measure) representing the accrual or attainment of aquatic functions at a compensatory mitigation site.",
      "sourceId": "S04",
      "locator": "SPD 2015 Guidelines, section 2 definitions",
      "scope": "Corps districts in California",
      "limitation": "Each bank defines its own credit in its instrument."
    },
    {
      "checked": "2026-10-27",
      "asOf": "2026-10-27",
      "confidence": "high",
      "underwriting": "prohibited",
      "evidenceClass": "UNVERIFIED / OPEN QUESTION",
      "id": "CL81",
      "assertion": "RIBITS, the Corps bank tracking system, could not be reached from automated clients, so no federal ledger entry for Rancho Estrellita was confirmed.",
      "sourceId": "S36",
      "locator": "RIBITS home",
      "scope": "Rancho Estrellita",
      "limitation": "Open question for a real browser."
    }
  ]
}