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the Administrator shall allocate allowances for each affected  unit at

an affected source annually, as provided in paragraphs (2) and (3) and

section 408. Except as  provided in sections 409 and  410, the removal

of  an existing affected unit  or source from  commercial operation at

any  time  after the  date  of  the enactment  of  the  Clean Air  Act

Amendments  of 1990  (whether  before or  after  January 1,  1995,  or

January  1,   2000)  shall  not  terminate  or  otherwise  affect  the

allocation of allowances  pursuant to section 404 or  405 to which the

unit  is entitled.  Allowances shall be allocated by the Administrator

without  cost  to the  recipient, except  for  allowances sold  by the

Administrator pursuant  to section  416. Not later  than December  31,

1991, the Administrator  shall publish  a proposed list  of the  basic

Phase  II   allowance  allocations,  the  Phase   II  bonus  allowance

allocations  and,  if  applicable,  allocations  pursuant  to  section

405(a)(3)  for   each  unit   subject  to  the   emissions  limitation

requirements of section 405 for the year 2000 and the year 2010. After

notice and opportunity for public comment, but not later than December

31,  1992,  the  Administrator shall  publish  a  final  list of  such

allocations, subject to the provisions of section 405(a)(2). Any owner

or operator of an existing unit subject to the requirements of section

405(b) or  (c) who  is considering  applying for  an extension of  the

emission limitation requirement compliance deadline for that unit from

January 1, 2000, until not  later than December 31, 2000, pursuant  to

section  409, shall notify the  Administrator no later  than March 31,

1991.  Such notification shall be used as the basis for estimating the

basic  Phase II  allowances under  this subsection.  Prior to  June 1,

1998, the Administrator  shall publish  a revised  final statement  of

allowance allocations, subject to  the provisions of section 405(a)(2)

and taking into account  the effect of any compliance  date extensions

granted  pursuant to section 409  on such allocations.  Any person who

may  make  an  election concerning  the  amount  of  allowances to  be

allocated to  a unit or units  shall make such election  and so inform

the Administrator not  later than March  31, 1991, in  the case of  an

election  under section  405 (or  June  30, 1991,  in the  case of  an

election  under  section  406). If  such  person  fails  to make  such

election, the Administrator  shall set  forth for each  unit owned  or

operated  by such  person,  the amount  of  allowances reflecting  the

election that would, in the judgment of the Administrator, provide the

greatest benefit for the owner or operator of the unit. If such person

is  a Governor  who may  make an  election under  section 406  and the

Governor  fails to make an election, the Administrator shall set forth

for  each unit  in the State  the amount of  allowances reflecting the

election that would, in the judgment of the Administrator, provide the

greatest benefit for units in the State.

   "(b) Allowance  Transfer System.-Allowances  allocated under  this

title  may  be transferred  among  designated  representatives of  the

owners or operators of affected sources under this title and any other

person  who holds such allowances, as provided by the allowance system

regulations  to be  promulgated by  the Administrator  not later  than

eighteen  months after  the  date of  enactment of  the Clean  Air Act

Amendments  of 1990.  Such regulations  shall establish  the allowance

system prescribed under this  section, including, but not limited  to,

requirements for the allocation, transfer, and use of allowances under

this title. Such regulations  shall prohibit the use of  any allowance

prior to the calendar year for which the  allowance was allocated, and

shall provide, consistent  with the  purposes of this  title, for  the

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