The single proposition up for a vote in New York this Election Day is the Clean Water, Clean Air and Green Jobs Environmental Bond Act of 2022.
The act would allow the sale of state bonds up to $4.2 billion to fund environmental protection, natural restoration, resiliency and clean energy projects in order to address and combat the impact of climate change and environmental damage.
If approved, the proposal would allow the state to borrow up to $4.2 billion to provide funding for capital projects for restoration and flood risk reduction (at least $1.1 billion), open space land conservation and recreation (up to $650 million), climate change mitigation (up to $1.5 billion) and water quality improvement and resilient infrastructure (at least $650 million).
The proposal would also allow the state to repay the loan to benefit from reduced interest rates if the opportunity arose.
To do this, the proposal empowers the state Comptroller to issue additional state bonds in amounts equal to or greater than the amount of the bonds originally issued in order to refund, advance refund or otherwise return part or all of such obligations prior to their maturity dates.