39607.6.
(a) The state board may develop and adopt, after public notice and hearing and consultation with the districts, a system by which emission reductions created as a result of programs established by the state board may be banked or otherwise used to offset increases in emissions of air pollutants from new peaking powerplants.(b) The system established pursuant to subdivision (a) may contain only those emission reductions that the state board determines are surplus, enforceable, quantifiable, and permanent.
(c) Emission reduction credits described in this section may be made available for use by any district at the discretion of the state board and in accordance with applicable district rules.
(d) The system established pursuant to this section is not intended to recognize any preexisting right to emit air contaminants, but to provide a mechanism for the state board and the districts to recognize the existence of reductions or air contaminants that can be used as offsets, and to provide greater certainty that the offsets are available for new peaking powerplants.
(e) The system established pursuant to subdivision (a) may be implemented by a district upon request to, and the approval of, the state board.
(f) This section shall remain in effect only until January 1, 2004, and as of that date is repealed, unless a later enacted statute, that is enacted before January 1, 2004, deletes or extends that date.