Of the moneys received by the state from the sale of bonds pursuant to
the environmental bond act of 2022, not less than one billion one
hundred million dollars ($1,100,000,000) shall be available for
disbursements for restoration and flood risk reduction projects
developed pursuant to section 58-0303 of this title. Not more than two
hundred fifty million dollars ($250,000,000) of this amount shall be
available for projects pursuant to subdivision two of section 58-0303 of
this title and not less than one hundred million dollars ($100,000,000)
each shall be available for coastal rehabilitation and shoreline
restoration projects and projects which address inland flooding,
pursuant to paragraph a of subdivision one of section 58-0303 of this
title.
* NB Takes effect only if section 1 of part TT of chapter 59 of the
laws of 2021 enacting the "clean water, clean air, and green jobs
environmental bond act of 2022" is submitted to the people at the
general election to be held in November 2022 and is approved by the
majority of votes