Section 97-M - Climate change adaptation fund1. 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 recovery demands and issuing funds for qualifying expenditures pursuant to the climate change adaptation cost recovery program established in article 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 operation and maintenance.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 obligations in which the comptroller is authorized to invest pursuant to section ninety-eight-a of this article.4. All payments of moneys from the fund shall be made on the audit and warrant of the comptroller.N.Y. State Fin. Law § 97-M
Added by New York Laws 2024, ch. 679,Sec. 4, eff. 12/26/2024.