Agenda - 02-03-2009 - 6b - Laserfiche WebLink

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46 solely categorized as Carbon Credits, and the University decides in a given month, in its sole discretion, to monetize a portion or all of the Environmental Benefits in a manner other than as Carbon Credits, the University shall pay to the County fifty percent (50%) of the proceeds resulting from such monetization net of any costs the University incurs both in monetizing the Environmental Benefits and replacing Carbon Credits that would otherwise have been generated by the operation of the LFG Project, if any, but for the University's decision to monetize another type of Environmental Benefit. Provided,however, that nothing in this Agreement shall obligate the County to incur all or any portion of any costs ex --4 any surplus proceeds resulting from the monetization of any Environmental B, # In the r ent the University generates a surplus in any month, it shall provide an accounting of lus revenue thus generated in the Monthly Billing Statement and the monthly payment to Co •ty shall be increased accordingly. A sample calculation is provided in Exhibit G. 126. Notwi • •g contained herein to the contrary, the County shall have the option, exerc . •y tim.- -.=►d from time to time upon thirty(30) days' written notice to the University, to pure • a third party and to exchange such Carbon Credits,without any additional • E ation, for an amount equal to up to fifteen percent(15%) of the Carbon Credits generated by e LFG Project in a given month. The Carbon Credits purchased from a third party for exchange must be eligible carbon offsets under a Cap-and-Trade System enacted under federal legislation in the United States, or in the absence of such a system, must be eligible carbon offsets under the California Climate Action Registry, the Voluntary Carbon Standard, or the rules of any,regional compliance market, such as the Regional Greenhouse Gas Initiative or the Western Climate Initiative. 41 {0001863&DOC 21)