Page:United States Statutes at Large Volume 112 Part 5.djvu/725

 PUBLIC LAW 105-388 —NOV. 13, 1998 112 STAT. 3483 "(A) the State of Hawaii, in addition to having the opportunity to submit a competitive bid, may— "(i) submit a binding offer, and shall on submission of the offer, be entitled to purchase a category of a petroleum product specified in a notice of sale at a price equal to the volumetrically weighted average of the successful bids made for the remaining quantity of the petroleum product within the category that is the subject of the offering; and "(ii) submit one or more alternative offers, for other categories of the petroleum product, that will be binding if no price competitive contract is awarded for the category of petroleum product on which a binding offer is submitted under clause (i); and "(B) at the request of the Governor of the State of Hawaii, a petroleum product purchased by the State of Hawaii at a competitive sale or through a binding offer shall have first preference in scheduling for lifting. " (3) LIMITATION ON QUANTITY. — "(A) IN GENERAL.— In administering this subsection, in the case of each offering, the Secretary may impose the limitation described in subparagraph (B) or (C) that results in the purchase of the lesser quantity of petroleum product. " (B) PORTION OF QUANTITY OF PREVIOUS IMPORTS.— The Secretary may limit the quantity of a petroleum product that the State of Hawaii may purchase through a binding offer at any offering to 1/12 of the total quantity of imports of the petroleum product brought into the State during the previous year (or other period determined by the Secretary to be representative). "(C) PERCENTAGE OF OFFERING.— The Secretary may limit the quantity that may be purchased through binding offers at any offering to 3 percent of the offering. " (4) ADJUSTMENTS. — "(A) IN GENERAL.— Notwithstanding any limitation imposed under paragraph (3), in administering this subsection, in the case of each offering, the Secretary shall, at the request of the Governor of the State of Hawaii, or an eligible entity certified under paragraph (7), adjust the quantity to be sold to the State of Hawaii in accordance with this paragraph. "(B) UPWARD ADJUSTMENT.The Secretary shall adjust upward to the next whole number increment of a full tanker load if the quantity to be sold is— "(i) less than 1 full tanker load; or "(ii) greater than or equal to 50 percent of a full tanker load more than a whole number increment of a full tanker load. "(C) DOWNWARD ADJUSTMENT.—The Secretary shall adjust downward to the next whole number increment of a full tanker load if the quantity to be sold is less than 50 percent of a full tanker load more than a whole number increment of a full tanker load. "(5) DELIVERY TO OTHER LOCATIONS. —The State of Hawaii may enter into an exchange or a processing agreement that

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