§ 97-M — Climate change adaptation fund

New York § 97-M

• Jurisdiction: New York
• Law STF: State Finance
• Art. 6: Funds of the State

Text

§ 97-m. Climate change adaptation fund. 1. There is hereby established\nin the custody of the comptroller and the commissioner of taxation and\nfinance a special revenue fund to be known as the "climate change\nadaptation fund" for the purpose of receiving moneys through cost\nrecovery demands and issuing funds for qualifying expenditures pursuant\nto the climate change adaptation cost recovery program established in\narticle seventy-six of the environmental conservation law.\n 2. No monies shall be expended from the fund for any purpose except:\n a. following appropriation by the legislature, qualifying expenditures\npursuant to the program, including their operation and maintenance, as\nwell as reasonable costs and expenses incurred by state entities for\nadministering and directly supporting the implementation of climate\nchange adaptive infrastructure projects under the program; provided,\nhowever, that no more than one percent of the receipts of the fund may\nbe used for such administrative or implementation costs; and\n b. Following appropriation or authorization by the legislature,\ntransfer to other funds for investments, payments or benefits directly\nrelated to such climate change adaptive infrastructure projects, as\nappropriate.\n 3. Any appropriation for qualifying expenditures shall indicate by\nproject type the amount of qualifying expenditures to be made available,\nhowever, notwithstanding any other provision of law to the contrary,\namounts associated with various project types shall be fully\ninterchangeable within the overall appropriation.\n 4. Revenues in the fund shall be kept separate and shall not be\ncommingled with any other moneys in the custody of the comptroller or\nthe commissioner of taxation and finance. All deposits of such revenues\nshall, if required by the comptroller, be secured by obligations of the\nUnited States or of the state having a market value equal at all times\nto the amount of such deposits and all banks and trust companies are\nauthorized to give security for such deposits. Any such revenues in such\nfund may, upon the discretion of the comptroller, be invested in\nobligations in which the comptroller is authorized to invest pursuant to\nsection ninety-eight-a of this article.\n 5. All payments of moneys from the fund shall be made on the audit and\nwarrant of the comptroller.\n