Text Of Proposal Number One, A Proposition:
“Clean Water, Clean Air, And Green Jobs Environmental Bond Act of 2022”
This act shall be known and may be cited as the “clean water, clean air, and green jobs environmental bond act of 2022.”
Creation of state debt
The creation of state debt in an amount not exceeding in the aggregate $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 $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 not less than $650,000,000.
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 $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 $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 $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.
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.
This act shall take effect immediately, provided that the provisions of section one of this act shall not take effect unless and until this act shall have been submitted to the people at the general election to be held in November 2022 and shall have been approved by a majority of all votes cast for and 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 and the proposition or question to be submitted shall be printed thereon in the following form, namely “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 $4,200,000,000 to fund environmental protection, natural restoration, resiliency, and clean energy projects. Shall the Environmental Bond Act of 2022 be approved?”.