Page 688

70A.65.240, except that during fiscal year 2025, the deposit as 1 provided in this subsection (7)(c)(i) may be prorated equally across 2 each of the auctions occurring in fiscal year 2025; and (ii) the 3 remaining auction proceeds to the climate investment account created 4 in RCW 70A.65.250 and the air quality and health disparities 5 improvement account created in RCW 70A.65.280, which may be prorated 6 equally across each of the auctions occurring in fiscal year 2025. 7 (d) For fiscal years 2026 through 2037, upon completion and 8 verification of the auction results, the financial services 9 administrator shall notify winning bidders and transfer the auction 10 proceeds to the state treasurer for deposit as follows: (i) 11 $359,117,000 per year must first be deposited into the carbon 12 emissions reduction account created in RCW 70A.65.240; and (ii) the 13 remaining auction proceeds to the climate investment account created 14 in RCW 70A.65.250 and the air quality and health disparities 15 improvement account created in RCW 70A.65.280. 16 (e) The deposits into the carbon emissions reduction account 17 pursuant to (a) through (d) of this subsection must not exceed 18 $5,200,000,000 over the first 16 fiscal years and any remaining 19 auction proceeds must be deposited into the climate investment 20 account created in RCW 70A.65.250 and the air quality and health 21 disparities improvement account created in RCW 70A.65.280. 22 (f) For fiscal year 2038 and each year thereafter, upon 23 completion and verification of the auction results, the financial 24 services administrator shall notify winning bidders and transfer the 25 auction proceeds to the state treasurer for deposit as follows: (i) 26 50 percent of the auction proceeds to the carbon emissions reduction 27 account created in RCW 70A.65.240; and (ii) the remaining auction 28 proceeds to the climate investment account created in RCW 70A.65.250 29 and the air quality and health disparities improvement account 30 created in RCW 70A.65.280. 31 (8) The department shall adopt by rule provisions to guard 32 against bidder collusion and minimize the potential for market 33 manipulation. A registered entity may not release or disclose any 34 bidding information including: Intent to participate or refrain from 35 participation; auction approval status; intent to bid; bidding 36 strategy; bid price or bid quantity; or information on the bid 37 guarantee provided to the financial services administrator. The 38 department may cancel or restrict a previously approved auction 39 p. 687 ESSB 5187.SL