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   under  this  subsection.  The  allowances  so  withheld  shall  be

   deposited in the Reserve under this section.

   "(c) Direct Sale at $1,500 Per Ton.-

      "(1)   Subaccount  for   direct   sales.-In   accordance   with

   regulations under this section, the  Administrator shall establish

   a  Direct  Sale  Subaccount  in  the   Special  Allowance  Reserve

   established under this  section. The Direct Sale  Subaccount shall

   contain allowances in the amount of 50,000 tons per year for  each

   year beginning in the year 2000.

      "(2) Sales.-Allowances  in the subaccount shall  be offered for

   direct sale  to  any  person  at the  times  and  in  the  amounts

   specified in table 1 at a price of  $1,500 per allowance, adjusted

   by the  Consumer Price  Index in  the same  manner as provided  in

   paragraph (3).  Requests to  purchase allowances  from the  Direct

   Sale Subaccount established under paragraph (1)  shall be approved

   in  the  order of  receipt  until  no  allowances  remain in  such

   subaccount,   except  that   an  opportunity   to   purchase  such

   allowances shall  be provided to  the independent power  producers

   referred to in this subsection before such allowances  are offered

   to  any other person. Each  applicant shall be  required to pay 50

   percent  of the  total purchase price  of the  allowances within 6

   months  after  the  approval  of  the  request  to  purchase.  The

   remainder  shall  be  paid  on  or  before  the  transfer  of  the

   allowances.

 "Table 1-Number of Allowances Available for Sale at $1,500 per ton

Year of Sale        Spot Sale (same year)        Advance Sale

ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ

1993-1999 ..................................   25,000

2000 and after .......   25,000...............   25,000

ÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄÄ    

   Allowances sold in the  spot sale in any year are allowances which

   may only  be used in that  year (unless banked for use  in a later

   year).  Allowances  sold in  the  advance  sale  in  any year  are

   allowances which may only  be used in the 7th year after  the year

   in which they are  first offered for  sale (unless banked for  use

   in a later year).

      "(3)  Entitlement to  written guarantee.-Any  independent power

   producer  that   submits  an  application   to  the  Administrator

   establishing that such independent power producer-

         "(A)  proposes   to  construct  a   new  independent   power

      production  facility for  which allowances  are  required under

      this title;

         "(B)  will apply  for financing  to construct  such facility

      after January 1, 1990, and before the date of the first auction

      under this section;

         "(C) has submitted to each owner or operator of an  affected

      unit listed in  table A  (in section  404) a  written offer  to

      purchase  the required allowances for $750 per ton; and  shall,

      within  30  days  after  submission  of  such  application,  be

      entitled  to  receive  the  Administrator's  written  guarantee

      (subject to the eligibility requirements set forth in paragraph

      (4)) that such required  allowances will be made  available for

      purchase from the Direct Sale Subaccount established under this

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