To address and combat the impact of climate change and damage to the environment, the “Clean Water, Clean Air, and Green Jobs Environmental Bond Act of 2022” authorizes the sale of state bonds up to four billion two hundred million dollars to fund environmental protection, natural restoration, resiliency, and clean energy projects. Shall the Environmental Bond Act of 2022 be approved?
The purpose of this proposal is to authorize the creation of state debt and the sale of state bonds in the amount of up to four billion two hundred million dollars ($4,200,000,000) for certain capital projects for the purpose of making environmental improvements that preserve, enhance, and restore New York’s natural resources and reduce the impact of climate change. If approved, the proposal would allow the State to borrow up to $4,200,000,000 to provide funding for capital projects for the following: restoration and flood risk reduction (at least $1,100,000,000), open space land conservation and recreation (up to $650,000,000), climate change mitigation (up to $1,500,000,000), and water quality improvement and resilient infrastructure (at least $650,000,000).
The proposal also would allow the state to refund the debt to take advantage of lower interest rates if the opportunity arises. To accomplish this, the proposal authorizes the state Comptroller to issue additional state bonds in sums up to or exceeding the amount of the bonds initially issued to refund, to advance refund, or otherwise to repay part or all of such bonds prior to the scheduled dates of their maturity.