Agenda - 02-17-2009 - 4l - Laserfiche WebLink

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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 that exceed any surplus proceeds resulting from the monetization of any Environmental Benefits. In the event the University generates a surplus in any month, it shall provide an accounting of the surplus revenue thus generated in the Monthly Billing Statement and the monthly payment to the County shall be increased accordingly. A sample calculation is provided in Exhibit G. 126. Notwithstanding anything contained herein to the contrary, the County shall have the option, exercisable at any time and from time to time upon thirty (30) days' written notice to the University,to purchase Carbon Credits from a third party and to exchange such Carbon Credits, without any additional compensation, for an amount equal to up to fifteen percent (15%) of the Carbon Credits generated by the 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. F. Billing 127. The University shall cause the metering devices to be read on the last day of each month during the Term of this Agreement. The University shall thereafter prepare and deliver to the County on or before the fifteenth (15th) day of each subsequent month the Flare Payment 41 {00018638.DOC 2424}