N.Y. State Finance Law § 99-qq*2: New York climate action fund

* § 99-qq. New York climate action fund. 1. There is hereby

established in the joint custody of the commissioner of taxation and

finance and the state comptroller a special fund to be known as the "New

York climate action fund".

2. The comptroller shall establish the following separate and distinct

accounts within the New York climate action fund:

(a) consumer climate action account;

(b) industrial small business climate action account; and

(c) climate investment account.

3. (a) The New York climate action fund consumer climate action

account shall consist of moneys received by the state pursuant to

paragraph (a) of subdivision twenty-five of section eighteen hundred

fifty-four of the public authorities law, and all other moneys

appropriated, credited, or transferred thereto from any other fund or

source pursuant to law. Moneys of the account shall be expended for the

purposes of providing benefits to help reduce potential increased costs

of various goods and services to consumers in the state.

(b) The New York climate action fund industrial small business climate

action account shall consist of moneys received by the state pursuant to

paragraph (b) of subdivision twenty-five of section eighteen hundred

fifty-four of the public authorities law, and all other moneys

appropriated, credited, or transferred thereto from any other fund or

source pursuant to law. Moneys of the account shall be expended for the

purposes of providing benefits to help reduce potential increased costs

of various goods and services to industrial small businesses

incorporated, formed or organized, and doing business in the state of

New York.

(c) The New York climate action fund climate investment account shall

consist of moneys received by the state pursuant to paragraph (c) of

subdivision twenty-five of section eighteen hundred fifty-four of the

public authorities law, and all other moneys appropriated, credited, or

transferred thereto from any other fund or source pursuant to law.

Moneys of the account shall be made available for the purposes of

assisting the state in transitioning to a less carbon intensive economy,

including but not limited to: (i) purposes which are consistent with the

general findings of the scoping plan prepared pursuant to section

75-0103 of the environmental conservation law; (ii) administrative and

implementation costs, auction design and support costs, program design,

evaluation, and other associated costs; and (iii) measures which

prioritize disadvantaged communities by supporting actions consistent

with the requirements of paragraph d of subdivision three of section

75-0109 and of section 75-0117 of the environmental conservation law,

identified through community decision-making and stakeholder input,

including early action to reduce greenhouse gas emissions in

disadvantaged communities.

4. Moneys in the New York climate action fund shall be kept separate

from and shall not be commingled with any other moneys in the custody of

the comptroller or the commissioner of taxation and finance. Provided,

however, that any moneys of the fund not required for immediate use may,

at the discretion of the comptroller, in consultation with the director

of the division of budget, be invested by the comptroller in obligations

of the United States or the state. The proceeds of any such investment

shall be retained by the fund as assets to be used for purposes of the

fund.

* NB There are 2 § 99-qq's