Issuance of $4.2 Billion in Environmental Bonds

Date Due:: N/A
Responsible Entity:: State
Action:: Issuance of $4.2 Billion in Environmental Bonds
Summary:: The State is authorized to issue up to $4.2 billion in bonds "for the single purpose of making environmental improvements that preserve, enhance, and restore New York's natural resources and reduce the impact of climate change."
Status:: ONGOING: NYS DEC released draft eligibility guidelines to allocate funding under the Clean Water, Clean Air and Green Jobs Environmental Bond Act of 2022 (Bond Act) to support projects funded through New York State’s successful Climate Smart Communities (CSC) grant program on March 13, 2024.
Statute:: Clean Water, Clean Air, and Green Jobs Environmental Bond Act of 2022

Statutory Language:

The Clean Water, Clean Air, and Green Jobs Environmental Bond Act of 2022:

"§2. Creation of state debt. The creation of state debt in an amount not exceeding in the aggregate four billion two hundred million dollars ($4,200,000,000) is hereby authorized to provide moneys for the single purpose of making environmental improvements that preserve, enhance, and restore New York's natural resources and reduce the impact of climate change by funding capital projects for: restoration and flood risk reduction not less than one billion one hundred million dollars ($1,100,000,000); open space land conservation and recreation up to six hundred fifty million dollars ($650,000,000); climate change mitigation up to one billion five hundred million dollars ($1,500,000,000); and, water quality improvement and resilient infrastructure not less than six hundred fifty million dollars ($650,000,000)."
"§3. Bonds of the state. The state comptroller is hereby authorized and empowered to issue and sell bonds of the state up to the aggregate amount of four billion two hundred million dollars ($4,200,000,000) for the purposes of this act, subject to the provisions of article 5 of the state finance law. The aggregate principal amount of such bonds shall not exceed four billion two hundred million dollars ($4,200,000,000) excluding bonds issued to refund or otherwise repay bonds heretofore issued for such purpose; provided, however, that upon any such refunding or repayment, the total aggregate principal amount of outstanding bonds may be greater than four billion two hundred million dollars ($4,200,000,000) only if the present value of the aggregate debt service of the refunding or repayment bonds to be issued shall not exceed the present value of the aggregate debt service of the bonds to be refunded or repaid. The method for calculating present value shall be determined by law."
"§4. Use of moneys received. The moneys received by the state from the sale of bonds sold pursuant to this act shall be expended pursuant to appropriations for capital projects related to design, planning, site acquisition, demolition, construction, reconstruction, and rehabilitation projects specified in section two of this act."