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RIVERSIDE PUBLIC UTILITIES <br />Board Memorandum <br />BOARD OF PUBLIC UTILITIESDATE:FEBRUARY 12, 2018 <br />ITEM NO: 12 <br />SUBJECT:PARTICIPATION IN THE CALIFORNIA AIR RESOURCES BOARD’SONGOING LOW <br />CARBON FUEL STANDARD PROGRAM,INCLUDING THE SALE OF CREDITS TO <br />GENERATE APPROXIMATELY $120,000 ANNUALLY TO SUPPORT THE <br />DEVELOPMENT OF PROGRAMS SUPPORTING ELECTRIC VEHICLE ADOPTION <br />ISSUES: <br />Recommend that City Council approveRiverside Public Utilities to participatein the California Air <br />Resources Board’sLow Carbon Fuel Standard Program,including authorization ofsecondary market <br />transactions to sell credits, compliance reporting and account management, and other Low Carbon Fuel <br />StandardProgram activitiesas may be required pursuant to regulation. <br />RECOMMENDATIONS: <br />That the Board of Public Utilitiesrecommend that the City Council: <br />1.ApproveRiverside Public Utilities to participate in the California Air Resources Board’sLow <br />Carbon Fuel Standard Program, including secondary market transactions for the sale of Low <br />Carbon Fuel Standardcredits; <br />2.Authorize the City Manager, or designee, to execute the appropriate paperwork to enable <br />Riverside’s participation in the Low Carbon Fuel StandardProgram, including secondary market <br />transactions for the sale of Low Carbon Fuel Standardcreditsand retention of third-party <br />verification services when required; <br />3.Authorize the City Manager, or his designee,to designate Riverside’s primary and secondary <br />account representatives and delegate the authority to these Riverside representatives to <br />designate additional employees to conduct transfers of Low Carbon Fuel Standardcredits, sell <br />Low Carbon Fuel Standardcredits on behalf of Riverside, and effect associated compliance <br />activities; and <br />4.Establish a Regulatory Requirement –Low Carbon Fuel Standardlegally restricted reserve <br />account within the Electric Fund, as determined by the Finance Department to deposit and <br />segregate monies received from this program. <br />BACKGROUND: <br />The Low Carbon Fuel Standard (LCFS)Programis one ofanumber of programs established by the <br />State of California and the California Air Resources Board (CARB)for the purposes of reducing <br />Page 103 <br />