S T A T E O F N E W Y O R K
I N A S S E M B L Y
July 6, 2022
Introduced by COMMITTEE ON RULES -- (at request of M. of A. Dinowitz) --
read once and referred to the Committee on Environmental Conservation
AN ACT to amend the environmental conservation law, in relation to
establishing the climate change adaptation cost recovery program; and
to amend the state finance law, in relation to establishing the
climate change adaptation fund
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. This act shall be known and may be cited as the "climate
change superfund act".
§ 2. Legislative findings. The legislature finds and declares the
1. Climate change, resulting primarily from the combustion of fossil
fuels, is an immediate, grave threat to the state's communities, envi-
ronment, and economy. In addition to mitigating the further buildup of
greenhouse gases, the state must take action to adapt to certain conse-
quences of climate change that are irreversible, including rising sea
levels, increasing temperatures, extreme weather events, flooding, heat
waves, toxic algal blooms and other climate-change-driven threats.
Maintaining New York's quality of life into the future, particularly for
young people, who will experience greater impacts from climate change
over their lifetimes, will be one of the state's greatest challenges
over the next three decades. Meeting that challenge will require a
shared commitment of purpose and huge investments in new or upgraded
2. New York has previously adopted programs now in place - the inac-
tive hazardous waste disposal site (state superfund) program and the oil
spill fund - to remediate environmental damage to lands and waters based
on the principle that, where possible, the entities responsible for
environmental damage should pay for its cleanup. No similar program
exists yet for the pollution of the atmosphere by greenhouse gas buildup
as a result of burning fossil fuels.
3. Based on decades of research it is now possible to determine with
great accuracy the share of greenhouse gases released into the atmos-
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
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phere by specific fossil fuel companies over the last 70 years or more,
making it possible to assign liability to and require compensation from
companies commensurate with their emissions during a given time period.
4. It is the intent of the legislature to establish a climate change
adaptation cost recovery program that will require companies that have
contributed significantly to the buildup of climate change-driving
greenhouse gases in the atmosphere to bear a proportionate share of the
cost of infrastructure investments required to adapt to the impacts of
climate change in New York state.
5. a. The obligation to pay under the program is based on the fossil
fuel companies' historic contribution to the buildup of greenhouse gases
that is largely responsible for climate change. The program operates
under a standard of strict liability; companies are required to pay into
the fund because the use of their products caused the pollution. No
finding of wrongdoing is required.
b. Nonetheless, the legislature recognizes that the actions of many of
the biggest fossil fuel companies have been unconscionable, closely
reflecting the strategy of denial, deflection, and delay used by the
tobacco industry. In spite of the information provided by their own
scientists that the continued burning of fossil fuels would have
catastrophic results, these companies hid the truth from the public and
actively spread false information that the science of climate change was
uncertain when in fact it was beyond controversy. This breach of the
public trust was breathtaking in its scope and consequences, and it
continues to this day.
c. In 2022, the fossil fuel industry has taken advantage of several
overlapping global crises to earn immense profits, charging record high
prices while aggressively rejecting any responsibility for the costs of
its business activities. While all the profits accrue to the companies,
all of the costs of climate change are paid by taxpayers. This is a
market failure that needs to be addressed through policy change.
5. Payments by historical polluters into the climate change adaptation
cost recovery program would be used for new or upgraded infrastructure
needs such as sea walls, storm water drain system upgrades and air
conditioning in public buildings, including school buildings, all of
which are necessary to protect the public safety and welfare in the face
of the growing impacts of climate change. At least 35% of the overall
benefits of program spending would go to climate change adaptive infras-
tructure projects that directly benefit disadvantaged communities.
6. This act is not intended to intrude on the authority of the federal
government in areas where it has preempted the right of the states to
legislate. This act is remedial in nature, seeking compensation for
damages resulting from the past actions of polluters.
§ 3. The environmental conservation law is amended by adding a new
article 76 to read as follows:
CLIMATE CHANGE ADAPTATION COST RECOVERY PROGRAM
SECTION 76-0101. DEFINITIONS.
76-0103. THE CLIMATE CHANGE ADAPTATION COST RECOVERY PROGRAM.
§ 76-0101. DEFINITIONS.
FOR THE PURPOSES OF THIS ARTICLE THE FOLLOWING TERMS SHALL HAVE THE
1. "APPLICABLE PAYMENT DATE" MEANS SEPTEMBER THIRTIETH OF THE SECOND
CALENDAR YEAR FOLLOWING THE YEAR IN WHICH THIS ARTICLE IS ENACTED INTO
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2. "CLIMATE CHANGE ADAPTIVE INFRASTRUCTURE PROJECT" MEANS AN INFRAS-
TRUCTURE PROJECT DESIGNED TO AVOID, MODERATE, OR REPAIR DAMAGE CAUSED BY
CLIMATE CHANGE. SUCH PROJECTS INCLUDE BUT ARE NOT LIMITED TO THE BUILD-
ING OF SEA WALLS AND COASTAL DEFENSES; UPGRADING STORM WATER DRAINAGE
SYSTEMS; MAKING DEFENSIVE UPGRADES TO ROADS, BRIDGES, SUBWAYS, AND TRAN-
SIT SYSTEMS; PREPARING FOR AND RECOVERING FROM HURRICANES AND OTHER
EXTREME WEATHER EVENTS; RELOCATING, ELEVATING, OR RETROFITTING SEWAGE
TREATMENT PLANTS VULNERABLE TO FLOODING; INSTALLING AIR CONDITIONING AND
OTHER UPGRADES AND RETROFITS IN PUBLIC BUILDINGS, INCLUDING SCHOOLS; AND
RESPONDING TO TOXIC ALGAE BLOOMS, LOSS OF AGRICULTURAL TOPSOIL, AND
OTHER CLIMATE-DRIVEN ECOSYSTEM THREATS TO FORESTS, FARMS AND FISHERIES.
3. "COAL" SHALL HAVE THE SAME DEFINITION AS IN SECTION 1-103 OF THE
4. "CONTROLLED GROUP" MEANS TWO OR MORE ENTITIES TREATED AS A SINGLE
EMPLOYER UNDER SECTION 52(A) OR (B) OR SECTION 414(M) OR (O) OF THE
INTERNAL REVENUE CODE. IN APPLYING SUBSECTIONS (A) AND (B) OF SECTION
52, SECTION 1563 OF THE INTERNAL REVENUE CODE SHALL BE APPLIED WITHOUT
REGARD TO SUBSECTION(B)(2)(C). FOR PURPOSES OF THIS ARTICLE, ENTITIES IN
A CONTROLLED GROUP ARE TREATED AS A SINGLE ENTITY FOR PURPOSES OF MEET-
ING THE DEFINITION OF RESPONSIBLE PARTY AND ARE JOINTLY AND SEVERALLY
LIABLE FOR PAYMENT OF ANY COST RECOVERY DEMAND OWED BY ANY ENTITY IN THE
5. "COST RECOVERY DEMAND" MEANS A CHARGE ASSERTED AGAINST A RESPONSI-
BLE PARTY FOR COST RECOVERY PAYMENTS UNDER THE PROGRAM FOR PAYMENT TO
6. "COVERED GREENHOUSE GAS EMISSIONS" MEANS, WITH RESPECT TO ANY ENTI-
TY, THE TOTAL QUANTITY OF GREENHOUSE GASES RELEASED INTO THE ATMOSPHERE
DURING THE COVERED PERIOD, EXPRESSED IN METRIC TONS OF CARBON DIOXIDE
EQUIVALENT, RESULTING FROM THE USE OF FOSSIL FUELS OR PETROLEUM PRODUCTS
EXTRACTED, PRODUCED, REFINED, OR SOLD BY SUCH ENTITY.
7. "COVERED PERIOD" MEANS THE PERIOD THAT BEGAN JANUARY FIRST, TWO
THOUSAND AND ENDED ON DECEMBER THIRTY-FIRST, TWO THOUSAND EIGHTEEN.
8. "CRUDE OIL" MEANS OIL OR PETROLEUM OF ANY KIND AND IN ANY FORM,
INCLUDING BITUMEN, OIL SANDS, HEAVY OIL, CONVENTIONAL AND UNCONVENTIONAL
OIL, SHALE OIL, NATURAL GAS LIQUIDS, CONDENSATES, AND RELATED FOSSIL
9. "ENTITY" MEANS ANY INDIVIDUAL, TRUSTEE, AGENT, PARTNERSHIP, ASSOCI-
ATION, CORPORATION, COMPANY, MUNICIPALITY, POLITICAL SUBDIVISION, OR
OTHER LEGAL ORGANIZATION, INCLUDING A FOREIGN NATION, THAT HOLDS OR HELD
AN OWNERSHIP INTEREST IN A FOSSIL FUEL BUSINESS DURING THE COVERED PERI-
10. "FOSSIL FUEL" SHALL HAVE THE SAME DEFINITION AS IN SECTION 1-103
OF THE ENERGY LAW.
11. "FOSSIL FUEL BUSINESS" MEANS A BUSINESS ENGAGING IN THE EXTRACTION
OF FOSSIL FUELS OR THE REFINING OF PETROLEUM PRODUCTS.
12. "FUEL GASES" SHALL HAVE THE SAME DEFINITION AS IN SECTION 1-103 OF
THE ENERGY LAW.
13. "FUND" MEANS THE CLIMATE CHANGE ADAPTATION FUND ESTABLISHED PURSU-
ANT TO SECTION NINETY-SEVEN-K OF THE STATE FINANCE LAW.
14. "GREENHOUSE GAS" SHALL HAVE THE SAME DEFINITION AS IN SECTION
75-0101 OF THIS CHAPTER.
15. "NOTICE OF COST RECOVERY DEMAND" MEANS THE WRITTEN COMMUNICATION
INFORMING A RESPONSIBLE PARTY OF THE AMOUNT OF THE COST RECOVERY DEMAND
PAYABLE TO THE FUND.
16. "PETROLEUM PRODUCTS" SHALL HAVE THE SAME DEFINITION AS IN SECTION
1-103 OF THE ENERGY LAW.
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17. "PROGRAM" MEANS THE CLIMATE CHANGE ADAPTATION COST RECOVERY
PROGRAM ESTABLISHED UNDER SECTION 76-0103 OF THIS ARTICLE.
18. "QUALIFYING EXPENDITURE" MEANS AN AUTHORIZED PAYMENT FROM THE FUND
IN SUPPORT OF A CLIMATE CHANGE ADAPTIVE INFRASTRUCTURE PROJECT, INCLUD-
ING ITS OPERATION AND MAINTENANCE, AS DEFINED BY THE DEPARTMENT.
19. "RESPONSIBLE PARTY" MEANS ANY ENTITY (OR A SUCCESSOR IN INTEREST
TO SUCH ENTITY DESCRIBED HEREIN), WHICH, DURING ANY PART OF THE COVERED
PERIOD, WAS ENGAGED IN THE TRADE OR BUSINESS OF EXTRACTING FOSSIL FUEL
OR REFINING CRUDE OIL AND IS DETERMINED BY THE DEPARTMENT TO BE RESPON-
SIBLE FOR MORE THAN ONE BILLION TONS OF COVERED GREENHOUSE GAS EMIS-
SIONS. THE TERM RESPONSIBLE PARTY SHALL NOT INCLUDE ANY PERSON WHO LACKS
SUFFICIENT CONNECTION WITH THE STATE TO SATISFY THE NEXUS REQUIREMENTS
OF THE UNITED STATES CONSTITUTION.
§ 76-0103. THE CLIMATE CHANGE ADAPTATION COST RECOVERY PROGRAM.
1. THERE IS HEREBY ESTABLISHED A CLIMATE CHANGE ADAPTATION COST RECOV-
ERY PROGRAM ADMINISTERED BY THE DEPARTMENT.
2. THE PURPOSES OF THE PROGRAM SHALL BE THE FOLLOWING:
A. TO SECURE COMPENSATORY PAYMENTS FROM RESPONSIBLE PARTIES BASED ON A
STANDARD OF STRICT LIABILITY TO PROVIDE A SOURCE OF REVENUE FOR CLIMATE
CHANGE ADAPTIVE INFRASTRUCTURE PROJECTS WITHIN THE STATE.
B. TO DETERMINE PROPORTIONAL LIABILITY OF RESPONSIBLE PARTIES PURSUANT
TO SUBDIVISION THREE OF THIS SECTION;
C. TO IMPOSE COST RECOVERY DEMANDS ON RESPONSIBLE PARTIES AND ISSUE
NOTICES OF COST RECOVERY DEMANDS;
D. TO ACCEPT AND COLLECT PAYMENT FROM RESPONSIBLE PARTIES;
E. TO IDENTIFY CLIMATE CHANGE ADAPTIVE INFRASTRUCTURE PROJECTS;
F. TO DISPERSE FUNDS TO CLIMATE CHANGE ADAPTIVE INFRASTRUCTURE
G. TO ENSURE THAT AT LEAST THIRTY-FIVE PERCENT OF THE QUALIFIED
EXPENDITURES FROM THE PROGRAM SHALL GO TO CLIMATE CHANGE ADAPTIVE
INFRASTRUCTURE PROJECTS THAT DIRECTLY BENEFIT DISADVANTAGED COMMUNITIES
AS DEFINED IN SECTION 75-0101 OF THIS CHAPTER.
3. A. A RESPONSIBLE PARTY SHALL BE STRICTLY LIABLE, WITHOUT REGARD TO
FAULT, FOR A SHARE OF THE COSTS OF CLIMATE CHANGE ADAPTIVE INFRASTRUC-
TURE PROJECTS, INCLUDING THEIR OPERATION AND MAINTENANCE, SUPPORTED BY
B. WITH RESPECT TO EACH RESPONSIBLE PARTY, THE COST RECOVERY DEMAND
SHALL BE EQUAL TO AN AMOUNT THAT BEARS THE SAME RATIO TO THIRTY BILLION
DOLLARS AS THE RESPONSIBLE PARTY'S APPLICABLE SHARE OF COVERED GREEN-
HOUSE GAS EMISSIONS BEARS TO THE AGGREGATE APPLICABLE SHARES OF COVERED
GREENHOUSE GAS EMISSIONS OF ALL RESPONSIBLE PARTIES.
C. THE APPLICABLE SHARE OF COVERED GREENHOUSE GAS EMISSIONS TAKEN INTO
ACCOUNT UNDER THIS SECTION FOR ANY RESPONSIBLE PARTY SHALL BE THE AMOUNT
BY WHICH THE COVERED GREENHOUSE GAS EMISSIONS ATTRIBUTABLE TO SUCH
RESPONSIBLE PARTY EXCEEDS ONE BILLION METRIC TONS.
D. WHERE AN ENTITY OWNS A MINORITY INTEREST IN ANOTHER ENTITY OF TEN
PERCENT OR MORE, THE CALCULATION OF THE ENTITY'S APPLICABLE SHARE OF
GREENHOUSE GAS EMISSIONS TAKEN INTO ACCOUNT UNDER THIS SECTION SHALL
INCLUDE THE APPLICABLE SHARE OF GREENHOUSE GAS EMISSIONS TAKEN INTO
ACCOUNT UNDER THIS SECTION BY THE ENTITY IN WHICH THE RESPONSIBLE PARTY
HOLDS A MINORITY INTEREST, MULTIPLIED BY THE PERCENTAGE OF THE MINORITY
E. IN DETERMINING THE AMOUNT OF GREENHOUSE GAS EMISSIONS ATTRIBUTABLE
TO ANY ENTITY, AN AMOUNT EQUIVALENT TO NINE HUNDRED FORTY-TWO AND ONE-
HALF METRIC TONS OF CARBON DIOXIDE EQUIVALENT SHALL BE TREATED AS
RELEASED FOR EVERY MILLION POUNDS OF COAL ATTRIBUTABLE TO SUCH ENTITY;
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AN AMOUNT EQUIVALENT TO FOUR HUNDRED THIRTY-TWO THOUSAND ONE HUNDRED
EIGHTY METRIC TONS OF CARBON DIOXIDE EQUIVALENT SHALL BE TREATED AS
RELEASED FOR EVERY MILLION BARRELS OF CRUDE OIL ATTRIBUTABLE TO SUCH
ENTITY; AND AN AMOUNT EQUIVALENT TO FIFTY-THREE THOUSAND FOUR HUNDRED
FORTY METRIC TONS OF CARBON DIOXIDE EQUIVALENT SHALL BE TREATED AS
RELEASED FOR EVERY MILLION CUBIC FEET OF FUEL GASES ATTRIBUTABLE TO SUCH
F. THE COMMISSIONER MAY ADJUST THE COST RECOVERY DEMAND AMOUNT OF A
RESPONSIBLE PARTY REFINING PETROLEUM PRODUCTS (OR WHO IS A SUCCESSOR IN
INTEREST TO SUCH AN ENTITY) IF SUCH RESPONSIBLE PARTY ESTABLISHES TO THE
SATISFACTION OF THE COMMISSIONER THAT A PORTION OF THE COST RECOVERY
DEMAND AMOUNT WAS ATTRIBUTABLE TO THE REFINING OF CRUDE OIL EXTRACTED BY
ANOTHER RESPONSIBLE PARTY (OR WHO IS A SUCCESSOR IN INTEREST TO SUCH AN
ENTITY) THAT ACCOUNTED FOR SUCH CRUDE OIL IN DETERMINING ITS COST RECOV-
ERY DEMAND AMOUNT.
G. PAYMENT OF A COST RECOVERY DEMAND SHALL BE MADE IN FULL ON THE
APPLICABLE PAYMENT DATE UNLESS A RESPONSIBLE PARTY ELECTS TO PAY IN
INSTALLMENTS PURSUANT TO PARAGRAPH H OF THIS SUBDIVISION.
H. A RESPONSIBLE PARTY MAY ELECT TO PAY THE COST RECOVERY DEMAND
AMOUNT IN NINE ANNUAL INSTALLMENTS, TWENTY PERCENT OF THE TOTAL DUE IN
THE FIRST INSTALLMENT AND TEN PERCENT OF THE TOTAL DUE IN EACH OF THE
FOLLOWING EIGHT INSTALLMENTS. IF AN ELECTION IS MADE UNDER THIS PARA-
GRAPH, THE FIRST INSTALLMENT SHALL BE PAID ON THE APPLICABLE PAYMENT
DATE AND EACH SUBSEQUENT INSTALLMENT SHALL BE PAID ON THE SAME DATE AS
THE APPLICABLE PAYMENT DATE IN EACH SUCCEEDING YEAR.
I. IF THERE IS ANY ADDITION TO THE ORIGINAL AMOUNT OF THE COST RECOV-
ERY DEMAND FOR FAILURE TO TIMELY PAY ANY INSTALLMENT REQUIRED UNDER THIS
SUBDIVISION, A LIQUIDATION OR SALE OF SUBSTANTIALLY ALL THE ASSETS OF
THE RESPONSIBLE PARTY (INCLUDING IN A PROCEEDING UNDER U.S. CODE: TITLE
11 OR SIMILAR CASE), A CESSATION OF BUSINESS BY THE RESPONSIBLE PARTY,
OR ANY SIMILAR CIRCUMSTANCE, THEN THE UNPAID BALANCE OF ALL REMAINING
INSTALLMENTS SHALL BE DUE ON THE DATE OF SUCH EVENT (OR IN THE CASE OF A
PROCEEDING UNDER U.S. CODE: TITLE 11 OR SIMILAR CASE, ON THE DAY BEFORE
THE PETITION IS FILED). THE PRECEDING SENTENCE SHALL NOT APPLY TO THE
SALE OF SUBSTANTIALLY ALL OF THE ASSETS OF A RESPONSIBLE PARTY TO A
BUYER IF SUCH BUYER ENTERS INTO AN AGREEMENT WITH THE DEPARTMENT UNDER
WHICH SUCH BUYER IS LIABLE FOR THE REMAINING INSTALLMENTS DUE UNDER THIS
SUBDIVISION IN THE SAME MANNER AS IF SUCH BUYER WERE THE RESPONSIBLE
4. WITHIN ONE YEAR OF THE EFFECTIVE DATE OF THIS ARTICLE, THE DEPART-
MENT SHALL PROMULGATE SUCH REGULATIONS AS ARE NECESSARY TO CARRY OUT
THIS ARTICLE, INCLUDING BUT NOT LIMITED TO:
A. ADOPTING METHODOLOGIES USING THE BEST AVAILABLE SCIENCE TO DETER-
MINE RESPONSIBLE PARTIES AND THEIR APPLICABLE SHARE OF COVERED GREEN-
HOUSE GAS EMISSIONS CONSISTENT WITH THE PROVISIONS OF THIS ARTICLE;
B. REGISTERING ENTITIES THAT ARE RESPONSIBLE PARTIES UNDER THE
C. ISSUING NOTICES OF COST RECOVERY DEMAND TO RESPONSIBLE PARTIES
INFORMING THEM OF THE COST RECOVERY DEMAND AMOUNT; HOW AND WHERE COST
RECOVERY DEMANDS CAN BE PAID; THE POTENTIAL CONSEQUENCES OF NONPAYMENT
AND LATE PAYMENT; AND INFORMATION REGARDING THEIR RIGHTS TO CONTEST AN
D. ACCEPTING PAYMENTS FROM, PURSUING COLLECTION EFFORTS AGAINST, AND
NEGOTIATING SETTLEMENTS WITH RESPONSIBLE PARTIES; AND
E. ADOPTING PROCEDURES FOR IDENTIFYING CLIMATE CHANGE ADAPTIVE INFRAS-
TRUCTURE PROJECTS ELIGIBLE TO RECEIVE QUALIFYING EXPENDITURES, INCLUDING
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LEGISLATIVE BUDGET APPROPRIATIONS, ISSUANCE OF REQUESTS FOR PROPOSALS
FROM LOCALITIES AND NOT-FOR-PROFIT AND COMMUNITY ORGANIZATIONS, GRANTS
TO PRIVATE INDIVIDUALS, OR OTHER METHODS AS DETERMINED BY THE DEPART-
MENT, AND FOR DISPERSING MONEYS FROM THE FUND FOR QUALIFYING EXPENDI-
TURES. TOTAL QUALIFYING EXPENDITURES SHALL BE ALLOCATED IN SUCH A WAY AS
TO ENSURE AT LEAST THIRTY-FIVE PERCENT OF THE QUALIFIED EXPENDITURES
FROM THE PROGRAM SHALL GO TO CLIMATE CHANGE ADAPTIVE INFRASTRUCTURE
PROJECTS THAT DIRECTLY BENEFIT DISADVANTAGED COMMUNITIES AS DEFINED IN
SECTION 75-0101 OF THIS CHAPTER.
5. THE DEPARTMENT, THE DEPARTMENT OF TAXATION AND FINANCE, AND THE
ATTORNEY GENERAL ARE HEREBY AUTHORIZED TO ENFORCE THE PROVISIONS OF THIS
6. THE DEPARTMENT OR THE DEPARTMENT OF TAXATION AND FINANCE SHALL
PROVIDE AN OPPORTUNITY TO BE HEARD TO ANY RESPONSIBLE PARTIES THAT SEEK
TO CONTEST A COST RECOVERY DEMAND. DETERMINATIONS MADE IN FAVOR OF A
PETITIONER AFTER SUCH HEARING SHALL BE FINAL AND CONCLUSIVE. A DETERMI-
NATION IN FAVOR OF THE STATE MAY BE APPEALED UNDER ARTICLE SEVENTY-EIGHT
OF THE CIVIL PRACTICE LAW AND RULES.
7. MONEYS RECEIVED FROM COST RECOVERY DEMANDS SHALL BE DEPOSITED IN
THE CLIMATE CHANGE ADAPTATION FUND ESTABLISHED PURSUANT TO SECTION NINE-
TY-SEVEN-K OF THE STATE FINANCE LAW.
8. A. THE DEPARTMENT SHALL CONDUCT AN INDEPENDENT EVALUATION OF THE
CLIMATE CHANGE ADAPTATION COST RECOVERY PROGRAM. THE PURPOSE OF THIS
EVALUATION IS TO DETERMINE THE EFFECTIVENESS OF THE PROGRAM IN ACHIEVING
ITS PURPOSES AS DEFINED IN SUBDIVISION TWO OF THIS SECTION.
B. SUCH EVALUATION SHALL BE PROVIDED TO THE GOVERNOR, THE TEMPORARY
PRESIDENT OF THE SENATE AND THE SPEAKER OF THE ASSEMBLY ON OR BEFORE
JANUARY FIRST OF THE SECOND CALENDAR YEAR FOLLOWING THE YEAR IN WHICH
THIS ARTICLE IS ENACTED INTO LAW, AND ANNUALLY ON OR BEFORE SEPTEMBER
C. ANY ENTITY CONTRACTED BY THE DEPARTMENT TO CONDUCT SUCH EVALUATION
SHALL RECEIVE PROMPT PAYMENT OF ALL MONEYS DUE UPON COMPLETION OF SUCH
§ 4. The state finance law is amended by adding a new section 97-k to
read as follows:
§ 97-K. CLIMATE CHANGE ADAPTATION FUND. 1. THERE IS HEREBY ESTABLISHED
IN THE CUSTODY OF THE COMPTROLLER AND THE COMMISSIONER OF TAXATION AND
FINANCE A SPECIAL REVOLVING FUND TO BE KNOWN AS THE "CLIMATE CHANGE
ADAPTATION FUND" FOR THE PURPOSE OF RECEIVING MONEYS THROUGH COST RECOV-
ERY DEMANDS AND ISSUING FUNDS FOR QUALIFYING EXPENDITURES PURSUANT TO
THE CLIMATE CHANGE ADAPTATION COST RECOVERY PROGRAM ESTABLISHED IN ARTI-
CLE SEVENTY-SIX OF THE ENVIRONMENTAL CONSERVATION LAW.
2. NO MONIES SHALL BE EXPENDED FROM THE FUND FOR ANY PROJECT EXCEPT
QUALIFYING EXPENDITURES PURSUANT TO THE PROGRAM, INCLUDING THEIR OPERA-
TION AND MAINTENANCE, AS WELL AS REASONABLE COSTS INCURRED BY THE
DEPARTMENT OF ENVIRONMENTAL CONSERVATION FOR ADMINISTERING THE PROGRAM.
3. 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 OBLI-
GATIONS IN WHICH THE COMPTROLLER IS AUTHORIZED TO INVEST PURSUANT TO
SECTION NINETY-EIGHT-A OF THIS ARTICLE.
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4. ALL PAYMENTS OF MONEYS FROM THE FUND SHALL BE MADE ON THE AUDIT AND
WARRANT OF THE COMPTROLLER.
§ 5. Availability of additional remedies. Nothing in this act shall be
deemed to preclude the pursuit of a civil action or other remedy by any
person. The remedies provided in this act are in addition to those
provided by existing statutory or common law.
§ 6. Severability. If any word, phrase, clause, sentence, paragraph,
section, or part of this act shall be adjudged by any court of competent
jurisdiction to be invalid, such judgment shall not affect, impair, or
invalidate the remainder thereof, but shall be confined in its operation
to the word, phrase, clause, sentence, paragraph, section, or part ther-
eof directly involved in the controversy in which such judgment shall
have been rendered.
§ 7. Construction. This act, being necessary for the general health,
safety, and welfare of the people of this state, shall be liberally
construed to effect its purpose.
§ 8. This act shall take effect immediately.