Priority Projects. 1. The “Priority Projects” listed in Appendix B attached hereto, totaling approximately $32.5 million, have been pre-approved for funding through the Trust and shall be implemented by the Trust Administrator pursuant to a schedule to be developed by the Governance Committee in order to meet the primary objectives of the Trust during its initial phase. The Governance Committee, by a three-quarters (3/4) vote, may determine, on the basis of changed circumstances, that a Priority Project should not be implemented in whole or in part. 2. In accordance with Certificate Condition 165, no more than 75% of the monies to be provided by Certificate Holders to the Trust in any year may be designated for such Priority Projects during the first fifteen (15) years of the Trust’s existence or until the Priority Projects have been completed.
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Sources: Environmental Trust Governance Agreement, Environmental Trust Governance Agreement, Environmental Trust Governance Agreement