1. The board of county commissioners of a county may by ordinance establish, use and operate a mitigation bank or an in-lieu fee program in accordance with the federal regulations set forth in 33 C.F.R. Parts 325 and 332 and 40 C.F.R. Part 230.
2. A board of county commissioners that establishes a mitigation bank or an in-lieu fee program pursuant to subsection 1 may enter into a cooperative agreement with a public agency or nonprofit organization for the establishment, use or operation of the mitigation bank or the in-lieu fee program.