Substitute House Bill No. 6479, Public Act No. 23-140, is an act concerning climate resiliency funds and projects. The bill amends Section 7-159d of the general statutes to allow municipal budget-making authorities to direct the treasurer to invest portions of the Climate Change and Coastal Resiliency Reserve Fund, including in trust funds managed by the State Treasurer. The bill specifies that no more than 40% (or 50% with an adopted asset allocation and investment policy) of the reserve fund may be invested in equity securities. The remaining funds can be invested in various secure financial instruments, such as government bonds, savings accounts, and investment agreements with highly rated financial institutions. Additionally, the bill includes a new provision that if the reserve fund is invested in a trust fund managed by the State Treasurer, the asset allocation must comply with section 3-13d.

The bill also redefines "trust funds" in Section 3-13c of the general statutes to include various retirement and benefit funds, and now also any Climate Change and Coastal Resiliency Reserve Fund managed by the State Treasurer. Furthermore, the bill introduces a new requirement for the Commissioner of Energy and Environmental Protection to maximize the state's receipt of federal funds for climate change resiliency projects, including coastal resiliency. The Commissioner must identify potential federal funds, apply for them, and report biennially to the relevant General Assembly committee on the efforts made, funds received, and projects funded. The first report is due by January 1, 2024. The act was approved on June 27, 2023.

Statutes affected:
Raised Bill: 3-13c
ENV Joint Favorable Substitute: 3-13c
File No. 154: 3-13c
File No. 722: 3-13c
Public Act No. 23-140: 3-13c