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      subsection and at  a guaranteed price. The guaranteed  price at

      which  such allowances  shall  be made  available for  purchase

      shall be $1,500 per ton, adjusted by the percentage, if any, by

      which  the Consumer  Price Index  (as determined  under section

      502(b)(3)(B)(v))  for  the  year  in  which  the  allowance  is

      purchased  exceeds the  Consumer Price  Index for  the calendar

      year 1990.

      "(4)  Eligibility requirements.-The  guarantee  issued  by  the

   Administrator  under   paragraph  (3)  shall   be  subject  to   a

   demonstration by the  independent power producer, satisfactory  to

   the Administrator, that-

         "(A) the independent power producer has-

           "(i)  made good  faith efforts  to  purchase the  required

         allowances from the owners or operators of affected units to

         which  allowances  will be  allocated, including  efforts to

         purchase  at annual  auctions under  this section,  and from

         industrial  sources  that have  elected  to  become affected

         units pursuant to section 410; and

           "(ii)  such   bids  and   efforts  were  unsuccessful   in

         obtaining the required allowances; and

         "(B) the  independent power  producer will  continue to make

      good faith efforts to purchase the required allowances from the

      owners  or  operators of  affected  units  and from  industrial


      "(5)  Issuance  of  guaranteed  allowances  from  direct   sale

   subaccount under  this section.-From  the allowances available  in

   the  Direct Sale  Subaccount  established  under this  subsection,

   upon  payment of  the guaranteed  price,  the Administrator  shall

   issue to any  person exercising the right  to purchase  allowances

   pursuant  to a  guarantee  under  this subsection  the  allowances

   covered by such guarantee. Persons to which guarantees under  this

   subsection  have  been  issued  shall  have   the  opportunity  to

   purchase  allowances   pursuant  to   such  guarantee  from   such

   subaccount before the  allowances in such reserve are  offered for

   sale to any other person.

      "(6) Proceeds.-Notwithstanding section 3302  of title 31 of the

   United  States  Code   or  any   other  provision   of  law,   the

   Administrator shall require  that the proceeds of  any sale  under

   this subsection  be transferred,  within 90 days  after the  sale,

   without charge, on a pro  rata basis to the owners or operators of

   the  affected units  from whom the  allowances were withheld under

   subsection (b) and  that any  unsold allowances be  transferred to

   the  Subaccount for  Auction  Sales  established under  subsection

   (d). No proceeds of  any sale under this subsection shall  be held

   by  any officer  or employee of  the United States  or treated for

   any  purpose   as  revenue  to  the   United  States   or  to  the


      "(7) Termination of subaccount.-If the Administrator determines

   that,  during any  period of  2 consecutive  calendar years,  less

   than 20 percent  of the allowances available in the subaccount for

   direct   sales  established   under  this   subsection  have  been

   purchased under this  paragraph, the Administrator shall terminate

   the  subaccount  and  transfer  such  allowances  to  the  Auction

   Subaccount under subsection (d).

   "(d) Auction Sales.-

      "(1) Subaccount for auctions.-The Administrator shall establish

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