71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
SA to SB 948
 
LC 4022/SB 948-3
 
                      SENATE AMENDMENTS TO
                         SENATE BILL 948
 
                     By COMMITTEE ON REVENUE
 
                              May 2
 
  On page 1 of the printed bill, line 2, after 'incentives '
insert a period and delete the rest of the line and line 3.
  Delete lines 5 through 29 and delete pages 2 through 5 and
insert:
  '  { +  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 the effective date
of this 2001 Act. + } ' .
                         ----------