Chapter 468 Oregon Laws 2001

AN ACT

SB 948

Relating to development incentives.

Be It Enacted by the People of the State of Oregon:

SECTION 1. (1) The Department of Environmental Quality shall establish a community emission reduction credit bank upon written request to the department by the appropriate board or boards of county commissioners.

(2) The community emission reduction credit bank shall be governed by rules adopted by the Environmental Quality Commission. The validity of emission reduction credits shall be determined by rule. The rules shall include, but need not be limited to, the following:

(a) Valid emission reduction credits created or banked within two years from the time of actual emission reduction may be transferred to the community bank for up to 10 years. The 10-year period shall begin at the time of actual emission reduction.

(b) The department shall transfer valid emission reduction credits to the community bank upon written application from the holder of the credits.

(c) The department may not discount credits banked under this section during any 10-year period unless the commission finds it necessary to discount the credits to attain or maintain air quality standards.

(3) The community emission reduction credit bank shall be administered by the appropriate board or boards of county commissioners, in coordination with the department.

SECTION 2. Section 1 of this 2001 Act applies to emission reductions occurring on or after January 1, 2000.

Approved by the Governor June 19, 2001

Filed in the office of Secretary of State June 19, 2001

Effective date January 1, 2002

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