1.1 Purpose and Objectives

1.2 Background

1.3 The Comprehensive Conservation and Management Plan (CCMP)

1.4 Trading - Why now?

2.1 General Concepts and Conditions and Constraints

2.1.1 Baseline, Goals and Targets

2.1.2 Nitrogen Sources

2.1.3 Total Maximum Daily Load

2.1.4 Driving Forces

2.1.5 Basis for Trading

2.2 Overview of Trading

2.2.1 Trading Participants

2.2.2 Trading Equivalency

2.2.3 Reduction Requirements

2.2.4 Levels of Treatment

2.3 Trading Program Elements

2.3.1 Watershed Permit

2.3.2 Annual Reduction Limits

2.3.3 Credit Development and Shortfall

2.3.4 Trading Transactions

2.3.5 Credit Life

2.3.6 Spacial Trades

2.3.7 Local Water Quality Needs

2.3.8 New Sources and Growth

2.3.9 Non-Point Sources

3.1 The Nitrogen Credit Exchange

3.1.1 Organization

3.1.2 Powers and Responsibilities

3.1.3 Operating Procedures

3.1.4 The State Account

3.1.5 Auditing and Enforcement

3.2 The Clean Water Fund

3.2.1 Financing the Construction

3.2.2 Establishing Priorities

3.2.3 Establishing the Schedule

3.3 An Alternative - Municipal Nitrogen Credit Exchange

3.3.1 Organization

3.3.2 Powers and Duties

3.3.3 Operating Procedures

3.3.4 Other Operating Procedures

3.3.5 The State Account

3.3.6 Auditing and Enforcement

4.1 Financial Analysis

4.1.1 Objectives of the Financial Analysis

4.1.2 Funding Source

4.2 Costs of Nitrogen Reduction

4.2.1 Capital Costs

4.2.2 Operation and Maintenance Costs

4.3 The Model

4.3.1 Baseline Factors

4.3.2 Reduction Requirements

4.3.3 Analysis

4.4 Credit Costs

4.4.1 Valuing the Credit

4.5 Statewide Impacts

4.5.1 Statewide Savings

4.5.2 Impact Factor

4.5.3 State Account Earnings

4.5.4 State Tax Impact and Other Bonding Limitations

4.6 Trading Expenses (Buyers) and Earnings (Sellers)

4.6.1 Schedule Establishing the Project Funding

4.6.2 Establishing Buyers and Sellers

4.6.3 Determining the Credit Value(s)

4.6.4 Tax Impact and Other Funding Limitations

4.6.5 Example

4.7 Cost to Implement

4.8 Summary

5.1 Public Participation

5.1.1 The Long Island Sound Study Management Committee

5.1.2 The LISS Citizens Advisory Committee (CAC)

5.1.3 The Connecticut Conference of Municipalities (CCM)

5.1.4 The Connecticut General Assembly, Office's of Legislative Management and Research

5.1.5 CT DEP and US EPA Region 1

5.1.6 Other Organizations

5.2 Legislation

5.2.1 The Watershed Permit

5.2.2 The Nitrogen Credit Exchange

5.2.3 The Clean Water Fund

5.3 EPA Approval and The TMDL

5.3.1 The TMDL

5.3.2 The Watershed Permit

5.4 Implementation Steps and Funding

5.5 Enforcement

5.6 Next Steps

6.1 Overview and Conclusions

6.2 Alternative Approaches

6.2.1 Norwalk - Nitrogen Credit Exchange

6.2.2 Environmental Defense Fund/Shabman and Stephenson (EDF/S&S) Proposal

6.3 Relationship to Other Trading Programs

6.4 Lessons Learned