(a) The Air Pollution Control Officer shall deny an application to bank emission reductions unless the Air Pollution Control Officer determines that:

  1. The source that is the subject of the application is in compliance with all rules and regulations, is not exempt from District permit requirements, and the applicant has obtained and kept current such permits.

  2. Except as provided in Rules 26.0(c)(3) and 26.9(a), the emission reductions exceed those required by SIP Control Measures or otherwise accounted for in the SIP, or required by adopted federal, state, or district laws, rules, regulations, permits or orders. The Air Pollution Control Officer shall maintain a list of SIP Control Measures for which ERCs may not be issued (limited ERCs are allowable under Rule 26.9). A variance issued by the Air Pollution Control District Hearing Board is not an order within the meaning of this Subsection.

  3. The emission reductions applied for have not been used or taken under any other provision of law.

  4. The State Implementation Plan will not be amended by the Air Pollution Control Board, within 120 days after receipt of the complete application to bank emission reductions, to add to the Plan the emission reductions for which the application to bank is made. If the Plan is to be amended in said time, but only part of the reductions will be added to the Plan, the remainder may still be banked.

  5. The emission reductions occurred on or after July 5, 1979.

  6. All requirements of these rules and regulations are met.

  7. The emission reductions have been implemented and are in effect after the Air Pollution Control Officer's determination to grant an ERC, but prior to entry of the ERC in the register.

  8. The emission reductions can be enforced through a condition contained in a Permit to Operate or through surrender and cancellation of a Permit to Operate. Once the Air Pollution Control Officer has indicated to the applicant that all requirements and procedures for approval of the banking application have been completed, the applicant shall surrender for modification, alteration, or cancellation, the permits to operate from all sources which will supply the banked reduction.

  9. The emission reductions will be real and permanent or can be classified as Class B, pursuant to Rule 26.0(c).