CT SB00119

Increases equity securities investment limits for municipal Climate Change and Coastal Resiliency Reserve Funds from 40% to 50% of total fund amount if the budget-making authority adopts an asset allocation and investment policy.

Allows municipalities to invest reserve funds in state treasurer-administered trust funds pursuant to chapter 32, with investment regulations adopted under chapter 54.

Expands the definition of "trust funds" under sections 3-13 to 3-13e to include Climate Change and Coastal Resiliency Reserve Funds administered, held or invested by the State Treasurer.

Requires the Commissioner of Energy and Environmental Protection to identify and maximize state receipt of federal funds for state and municipal climate resiliency projects, including coastal resiliency initiatives.

Mandates the commissioner submit biennial reports to the joint standing committee on environment beginning January 1, 2023, detailing federal funds identified, applications submitted, funds received, projects funded, and recommendations to maximize federal funding.