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1. There is hereby established in the custody of the comptroller and the commissioner of taxation and finance a special revenue 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 purpose except: a. following appropriation by the legislature, qualifying expenditures pursuant to the program, including their operation and maintenance, as well as reasonable costs and expenses incurred by state entities for administering and directly supporting the implementation of climate change adaptive infrastructure projects under the program; provided, however, that no more than one percent of the receipts of the fund may be used for such administrative or implementation costs; and b. Following appropriation or authorization by the legislature, transfer to other funds for investments, payments or benefits directly related to such climate change adaptive

mplementation costs; and b. Following appropriation or authorization by the legislature, transfer to other funds for investments, payments or benefits directly related to such climate change adaptive infrastructure projects, as appropriate. 3. Any appropriation for qualifying expenditures shall indicate by project type the amount of qualifying expenditures to be made available, however, notwithstanding any other provision of law to the contrary, amounts associated with various project types shall be fully interchangeable within the overall appropriation. 4. 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

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. 5. All payments of moneys from the fund shall be made on the audit and warrant of the comptroller.