-Asserts that previously rejected applications for drilling leases should be re-considered in light of the current fiscal emergency (Sec. 1).
-Creates the Interim Resources Management Board, made up of the Secretary for Environmental Protection, the Controller [of currency], and The Secretary of the Natural
Resources Agency, who shall serve as chair; this Board shall re-consider applications for leases submitted before the effective date of this act (Sec. 2).
-Sets January 10, 2011 as the dissolution date for the Interim Resources Management Board (Sec. 2).
-Specifies that leases may only be granted upon evidence that adjacent federal lands are draining state oil and gas deposits (Sec. 3).
-Allows leases only for those who own an existing offshore platform on adjacent federal lands from which state oil and gas deposits will be drained, in addition to infrastructure for transporting and processing oil and gas (Sec. 3).
-Requires leaseholders to avoid, reduce or offset all greenhouse gas emissions caused by project operations under the lease (Sec. 3).
NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.