A person may create a forest mitigation bank from which applicants may purchase credits by afforesting or reforesting an area of land in accordance with a forest mitigation bank plan which has been approved by the Department. The area of land on which the bank is planted shall be a minimum of 1 acre. A forest mitigation bank shall use native plants for afforestation and reforestation, unless inappropriate. A person proposing to create a forest mitigation bank shall submit to the Department: A completed application on a form approved by the Department which has been signed by an authorized individual in conformance with COMAR 08.19.04.02I; and A forest mitigation bank plan which shall include: A 2-year maintenance agreement which meets all the standards described in COMAR 08.19.05, A bond or other alternate form of security to ensure that the trees will be cared for and maintained for 2 years or until sufficiently established, whichever is longer, All the information required by Regulation .04 of this chapter for a preliminary forest conservation plan, and The draft easement, covenants, or deed restrictions which will be sold to the developer when credits are withdrawn from the bank. A forest mitigation bank shall: Establish or enhance forest buffers adjacent to intermittent and perennial streams and coastal bays to widths of at least 50 feet; Establish or increase existing forested corridors, which where practical should be a minimum of 300 feet in width to facilitate wildlife movement, to connect existing forests within or adjacent to the site; Establish or enhance forested buffers adjacent to critical habitats where appropriate; Establish or enhance forested areas in 100-year floodplains; Stabilize slopes of 25 percent or greater; Stabilize slopes of 15 percent or greater with a soil K value greater than 0.35 including the slopes of ravines or other natural depressions; Establish buffers adjacent to areas of differing land use where appropriate, or adjacent to highways or utility rights-of-way; or Establish forested areas adjacent to existing forests to increase the overall area of contiguous forest cover, when appropriate. Credits may not be debited from a forest mitigation bank until the trees planted in the bank have successfully survived for 2 years from the date of planting unless the bank has planted 25 percent more trees than is required for the project. On or before March 1 of each year, a forest mitigation bank shall submit an annual report to the Department which contains a list of all the tracts debited from the bank during the previous year. In order to debit credits from an approved forest mitigation bank, an applicant may draw credits from a forest mitigation bank by conveying or causing to be conveyed to the Department or its assignees, the easement, covenants, or deed restrictions which ensure that the newly reforested or afforested area of land shall remain a forest in perpetuity. The credits shall purchase the amount of land identified in Regulation .08 of this chapter.