| (a) The credit registry. All emission credit generators,
users, and holders will be included in the commission's credit registry.
(1) All notices of generation, use, and transfer will
be posted to the credit registry.
(2) The credit registry will assign a unique number
to each certificate which will include the amount of emission reductions
generated.
(3) The credit registry will maintain a listing of
all credits available for each ozone nonattainment area.
(b) Life of an emission credit.
(1) If an emission credit is used before its expiration
date, the emission credit is effective for the life of the applicable
user facility or mobile source.
(2) Emission credits certified as part of an administratively
complete application received after January 2, 2001 shall be available
for use for 60 months from the date of the emission reduction.
(3) Notwithstanding paragraph (2) of this subsection,
the executive director may invalidate a certificate or portion of
a certificate if local, state, or federal regulatory changes occur
after the certification of the emission credit which would or would
have affected the generating facility or mobile source.
(c) Creditability review of emission credits. Emission
credits may be reviewed for creditability at any time during their
banked life to ensure the reductions generating the emission credit
are surplus to all current local, state, and federal requirements
that would have affected the generating facility or mobile source.
(1) A request for a creditability review may be made
by any interested party through the submittal of a completed application
form specified by the executive director.
(2) If a creditability review identifies a regulatory
change invalidating a certificate or portion of a certificate, the
executive director shall void the emission credit certificate and,
issue a new certificate with a unique number to the certificate owner
in the amount of remaining surplus credit.
(d) Trading. Emission credits are freely transferable
in whole or in part, and may be traded or sold to a new owner any
time before the expiration date of the emission credit in accordance
with the following.
(1) Before the transfer, the seller shall submit a
completed application form specified by the executive director.
(2) The executive director will issue a new certificate
number to the purchaser reflecting the emission credits purchased,
and a new certificate number to the seller reflecting any remaining
emission credits available to the original owner. A trade is considered
final only after the executive director grants approval of the transaction.
(3) The trading of emission credits may be discontinued
by the executive director in whole or in part and in any manner, with
commission approval, as a remedy for problems resulting from trading
in a localized area of concern.
(e) Emission credit voidance. Emission credits may
be voided from the credit registry by the owner at any time prior
to the expiration date of the credit and may be held by the owner.
Reductions certified as emission credits may still be used by the
original owner as an emission reduction for netting purposes after
the emission credits have expired, as provided by Chapter 116, Subchapter
B of this title (relating to New Source Review Permits).
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