numbers that becomes a tradable commodity. The big companies are looking for this to trade is any given ton on a spot transaction. And because a land owner has 3-4 tons per years it becomes the pooling mechanism.

HB 2145: Mr. David said he wanted to recognize Delegate Cole, Delegate Thomas, Delegate Guzman and Delegate Hodges from a local government practitioner’s stand point and everyone seeing the benefit of this. It was overwhelmingly embraced by the General Assembly. He discussed some code of Virginia and how it draws together how to take abstract policy in the code and give it legs. He stated this is a work in progress and he has used a metaphor of building the plane as we are flying it. He said we are at the point were we are getting into the accounting, legal and how it works.

EDA working Schematic Mr. David said he has already had a number of conversations with lawyers. He discussed the difference between the counties and the staffing at each and what they need to figure out is how to create a legal structure either within the EDA or outside the EDA. The governance of the program and who oversees the program are the ones who have the authority and induce property owners to participate as it is the trust relationship and how to get the nuts and bolts of this. He said this is a fiduciary structure. Ms. Saphire asked if the goal is to create a nutrient bank. Mr. David discussed how this will work. He stated when he talks about Phase III this is being built into it. He discussed the resources for money and the trees and how does it assist to aggregate this. How to structure it under transparency, government, fiduciary and fiscal agent and how do make sure it ensures audits and government standards. He said this transaction is subject to audits and ???. This program would hire someone to do the work and as it is not done in trees. The other part in order to get there, there needs to be a serial number and this program has a relationship with someone to commit over a period of time if you buy credits form them.

Mr. Van Voorhis talked about the property size and the requirements done with geospatial data. He also discussed what happens in the county government we have a lot of that as public information, and partial liability for the locality to cut out the program. Mr. Van Voorhis added everything that is on this particular slide is everything we are doing. We are taking everything in the private domain and inserting it in the normal processes as well as data collects and other things that can be helpful in a verification process. He discussed what is happening in the Mississippi Delta and how this is being performed and serialized. Here we need to break it apart to determine who owns what. He said we take what is being done and create the public private bucket. Mr. David said they reduce operational costs by making it a public private program. There is an opportunity for localities to have a basic GIS function and most already use the digital 911. Mr. Hofmann suggested this is a good place to consider doing that. Mr. David said the revenues can help to assist this. Another part is workforce development and the land owners will need people to know how to maximize the yield to create more carbon credits, to maximize the money back to the land owners. The state has Lydar 3-D arial. Mr. White said you have suppliers of goods, and then you have buyers and what we have to do is create a start up business in all aspects from legal, financial and policy. That business has to be created by them