Part TT of Senate Bill 2509C
§ 1. Short title. This act shall be known & may be cited as the “environmental bond act of 2022 restore mother nature”.
§ 2. Creation of state debt. The creation of state debt in an amount not exceeding in the aggregate three billion dollars ($3,000,000,000) is hereby authorized to provide moneys for the single purpose of making environmental improvements that preserve, enhance, & restore New York’s natural resources & reduce the impact of climate change by funding capital projects for: restoration & flood risk reduction not less than one billion dollars ($1,000,000,000); open space land conservation & recreation up to five hundred fifty million dollars ($550,000,000); climate change mitigation up to seven hundred million dollars ($700,000,000); and, water quality improvement & resilient infrastructure not less than five hundred fifty million dollars ($550,000,000).
§ 3. Bonds of the state. The state comptroller is hereby authorized & empowered to issue & sell bonds of the state up to the aggregate amount of three billion dollars ($3,000,000,000) 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 three billion dollars ($3,000,000,000) 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 three billion dollars ($3,000,000,000) 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, & rehabilitation projects specified in section two of this act.
This act shall take effect immediately, provided that the provisions of section one of this act shall not take effect unless & until this act shall have been submitted to the people at the general election to be held in November 2022 & shall have been approved by a majority of all votes cast for & against it at such general election. Upon approval by the people, section one of this act shall take effect immediately. The ballots to be furnished for the use of voters upon submission of this act shall be in the form prescribed by the election law & the proposition or question to be submitted shall be printed thereon in the following form, namely “To address & combat the impact of climate change & damage to the environment, the Environmental Bond Act of 2022 “Restore Mother Nature” authorizes the sale of state bonds up to three billion dollars to fund environmental protection, natural restoration, resiliency, & clean energy projects.
Shall the Environmental Bond Act of 2022 be approved?”.