X hits on this document





235 / 316

use in a later year).

   *Available for use only in 1995 (unless banked for  use in a later


      "(3) Proceeds.-(A) Notwithstanding section  3302 of title 31 of

   the United States  Code or any other  provision of law, within  90

   days of  receipt, the  Administrator shall  transfer the  proceeds

   from the auction under  this section, on a pro rata basis,  to the

   owners or  operators of the affected  units at  an affected source

   from whom  allowances were withheld under subsection (b). No funds

   transferred from a  purchaser to a seller of allowances under this

   paragraph shall be held by  any officer or employee of the  United

   States or treated for any purpose as revenue to the United  States

   or the Administrator.

      "(B) At the end  of each year, any allowances offered  for sale

   but not  sold at the auction shall be  returned without charge, on

   a pro rata basis,  to the owner or operator of the  affected units

   from whose allocation the allowances were withheld.

      "(4)  Additional  auction   participants.-Any  person   holding

   allowances   or  to   whom  allowances   are   allocated  by   the

   Administrator may submit those allowances to  the Administrator to

   be  offered  for  sale  at  auction  under  this  subsection.  The

   proceeds  of any  such sale  shall be  transferred at the  time of

   sale by the  purchaser to  the person  submitting such  allowances

   for  sale. The  holder of allowances  offered for  sale under this

   paragraph  may  specify  a minimum  sale  price.  Any  person  may

   purchase  allowances offered  for  auction under  this  paragraph.

   Such allowances shall be allocated  and sold to purchasers  on the

   basis of  bid  price after  the  auction  under paragraph  (2)  is

   complete.  No funds  transferred from a  purchaser to  a seller of

   allowances under  this paragraph shall be  held by  any officer or

   employee of  the  United States  or  treated  for any  purpose  as

   revenue to the United States or the Administrator.

      "(5)  Recording  by  epa.-The Administrator  shall  record  and

   publicly report  the nature,  prices and results  of each  auction

   under this  subsection, including the  prices of successful  bids,

   and shall record the transfers of  allowances as a result of  each

   auction in accordance with the  requirements of this section.  The

   transfer  of allowances  at  such  auction shall  be  recorded  in

   accordance with  the regulations promulgated  by the Administrator

   under this title.

   "(e) Changes  in  Sales,  Auctions, and  Withholding.-Pursuant  to

rulemaking after public  notice and comment  the Administrator may  at

any time after the  year 1998 (in the case of advance sales or advance

auctions)  and  2005 (in  the  case of  spot sales  or  spot auctions)

decrease  the  number  of  allowances  withheld  and  sold  under this


   "(f)  Termination of Auctions.-The Administrator may terminate the

withholding  of allowances and the auction sales under this section if

the  Administrator determines that, during any period of 3 consecutive

calendar  years after  2002, less  than 20  percent of  the allowances

available in the  auction subaccount have been  purchased. Pursuant to

regulations under this section, the Administrator may by delegation or

contract  provide for  the  conduct of  sales  or auctions  under  the

Administrator's supervision  by other  departments or agencies  of the

United States  Government or  by nongovernmental agencies,  groups, or

Document info
Document views958
Page views958
Page last viewedWed Jan 18 22:33:53 UTC 2017