N.Y. State Finance Law § 97-m: Climate change adaptation fund

§ 97-m. Climate change adaptation fund. 1. There is hereby established

in the custody of the comptroller and the commissioner of taxation and

finance a special revenue fund to be known as the "climate change

adaptation fund" for the purpose of receiving moneys through cost

recovery demands and issuing funds for qualifying expenditures pursuant

to the climate change adaptation cost recovery program established in

article seventy-six of the environmental conservation law.

2. No monies shall be expended from the fund for any purpose except:

a. following appropriation by the legislature, qualifying expenditures

pursuant to the program, including their operation and maintenance, as

well as reasonable costs and expenses incurred by state entities for

administering and directly supporting the implementation of climate

change adaptive infrastructure projects under the program; provided,

however, that no more than one percent of the receipts of the fund may

be used for such administrative or implementation costs; and

b. Following appropriation or authorization by the legislature,

transfer to other funds for investments, payments or benefits directly

related to such climate change adaptive infrastructure projects, as

appropriate.

3. Any appropriation for qualifying expenditures shall indicate by

project type the amount of qualifying expenditures to be made available,

however, notwithstanding any other provision of law to the contrary,

amounts associated with various project types shall be fully

interchangeable within the overall appropriation.

4. Revenues in the fund shall be kept separate and shall not be

commingled with any other moneys in the custody of the comptroller or

the commissioner of taxation and finance. All deposits of such revenues

shall, if required by the comptroller, be secured by obligations of the

United States or of the state having a market value equal at all times

to the amount of such deposits and all banks and trust companies are

authorized to give security for such deposits. Any such revenues in such

fund may, upon the discretion of the comptroller, be invested in

obligations in which the comptroller is authorized to invest pursuant to

section ninety-eight-a of this article.

5. All payments of moneys from the fund shall be made on the audit and

warrant of the comptroller.