with subsection (b). (b) Reserve The Secretary shall establish a reserve for carbon permits. Carbon permits transferred into the reserve shall be available in the manner determined by the Secretary when the Secretary determines that price point for carbon permits determined under subsection (d) is met and additional carbon permit supply is needed to stabilize the auction price. Permits in the reserve shall be used on a first in, first out basis. (c) Expiration A carbon permit shall not expire unless— (1) it is surrendered to the Secretary under section 9904 or section 9907(a)(3), (2) it has remained in the reserve for 5 years after being transferred into the reserve, or (3) the Secretary determines by regulation that expiration is necessary to ensure the authenticity and integrity of carbon permits or the carbon permit tracking system. (d) Borrowing future vintage year carbon permits (1) In general If the auction price for carbon permits increases by more than 50 percent above the average auction price for carbon permits during the preceding two years (or, if before the third year for which auctions are conducted, the average auction price for carbon permits during the preceding auctions), the Secretary shall auction as many additional carbon permits as are necessary to stabilize the auction price. (2) Special rules (A) Coordination with reserve Additional permits may not be auctioned under paragraph (1) until after all available permits in the reserve for carbon permits established under subsection (b) have been used. (B) Reduction in vintage year permits Any carbon permits made available under this subsection shall result in an equivalent reduction in the aggregate amount of carbon permits made available in vintage years 2030 through 2040 as set forth in section 9902, and the Secretary shall reduce the number of carbon permits by an equal percentage in each of those vintage years. 102 Healthy Climate Dividends Sec. 9911. Healthy Climate Trust Fund. Sec. 9912. Healthy Climate Dividend Payments.