(1) DEQ will review
an application submitted according to OAR
340-271-0810 to ensure that it
meets the requirements of that rule. DEQ will inform the applicant either that
the submitted application is complete or that additional specific information
is required to make the application complete. If DEQ determines that the
application is incomplete or does not meet the requirements of OAR
340-271-0810, DEQ will not
consider the application further until the applicant provides the additional
information requested by DEQ.
(2)
DEQ will approve an application for CCI credits submitted by a covered fuel
supplier if DEQ determines that the application is accurate and complete
according to the requirements of OAR
340-271-0810, and DEQ determines
that the CCI funds have been provided to an approved CCI entity that is in good
standing according to OAR
340-271-0910 through OAR
340-271-0990.
(3) Approval of an application for CCI
credits.
(a) Upon approval of an application
for CCI credits, DEQ will notify the covered fuel supplier in writing that DEQ
has approved the application and will generate and distribute to the covered
fuel supplier the quantity of CCI credits approved according to subsection
(b).
(b) The amount of CCI credits
that DEQ will generate and distribute to the covered fuel supplier is one CCI
credit for every verified contribution of the CCI credit contribution amount
that a covered fuel supplier provides to a CCI entity, rounded down to the
nearest whole number. The CCI credit contribution amount is the applicable
amount in Table 7 in OAR
340-271-9000 for the date the
contribution was made, with the CCI credit contribution amount adjusted for
inflation and rounded to the nearest dollar using the inflation rate since
January 2021, as provided by the United States Bureau of Labor and Statistics
West Region Consumer Price Index for All Urban Consumers for all Items. DEQ
will post the current, inflation adjusted CCI credit contribution amount on its
website effective March 1 of each year. The formula for the adjustment is as
follows:
CCI Credit Contribution Amount = CCI Credit
Contribution Amount in Table 7 in OAR
340-271-9000 * (CPI-U West for
January of the calendar year for the price in Table 7 in OAR
340-271-9000 that is currently
in effect / CPI-U West for January 2021)
(4) A CCI credit is a regulatory instrument
and does not constitute personal property, a security or any other form of
property.
(5) DEQ will track
distributed CCI credits.
Notes
Or. Admin. Code
§
340-271-0820
DEQ
27-2021, adopt filed 12/16/2021, effective
12/16/2021
Statutory/Other Authority: ORS
468.020,
468A.025 &
468A.040
Statutes/Other Implemented: ORS
468.020,
468A.025,
468A.040,
468.035,
468A.010,
468A.015 &
468A.045
