§ 97-m. Climate change adaptation fund. 1. 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.