BUFFALO, N.Y. — The midterm elections are nearly here and early voting starts next weekend. There has been a lot of focus on the candidates appearing on the front of the ballot. But on the backside is the Clean Water, Clean Air, and Green Jobs Environmental Bond Act, or for short, the Environmental Bond Act of 2022.
You might recall hearing about it in 2020, but efforts were halted due to the pandemic. It totals $4.2 billion. Voters decide whether the state should be allowed to borrow that money.
That money will pay for projects in four categories: climate change mitigation, flood-risk reduction, water infrastructure, as well as land conservation and recreation. It breaks down as follows:
- $1.5 billion for climate change mitigation
- $1.1 billion for flood risk measures
- $650 million for wastewater, sewage, septic infrastructure, lead service line replacement, stormwater and agricultural nutrient runoff reduction, as well as addressing harmful algal blooms
- $650 million for land conservation and recreation.
The act also calls for 40% of jobs created by climate change initiatives to be filled by people in disadvantaged communities and that at least 35% of bond revenue benefits disadvantaged communities.
If passed, DEC Commissioner Basil Seggos says it would be a game changer. He's calling it a down payment on our future. Seggos says it's about thinking proactively to protect ourselves from Mother Nature's wrath.
"In Western New York, we are well underway in some really important habitat projects along the Buffalo River, the Niagara River, and we would seek to increase that work," Seggos said. "The Scajacuada Creek has been a source of contamination from nearby wastewater for many years. We have made investments in that, but there's still a gap in the amount of money that's available."
If this is approved on Nov. 8, the state will issue bonds that are purchased by investors. These bonds are like loans the state will repay to the bondholders within at least 30 years. This money can only be used for capital projects.
