Sec. 507.3. Multi-state auctions

(a) The authority shall participate in a multi-state CO₂ allowance auction or auctions if the authority determines, in consultation with the committee, that:

(1) a multi-state auction capability and process is in place for the participating states;

(2) the multi-state auction can provide benefits that meet or exceed the objectives of the auction and purposes of the account, as described in this Part; and

(3) the multi-state auction process would be consistent with the process described in this Part.

(b) Should the authority, in consultation with the committee, find that these conditions have not been satisfied, the authority may conduct a New York State auction or auctions pursuant to this Part.

(c) The authority shall retain control over the proceeds associated with the sale of all of New York’s CO₂ allowances, whether sold in a multi-state or a New York State CO₂ allowance auction.