CT HB06479

Municipal budget-making authorities may invest portions of Climate Change and Coastal Resiliency Reserve Funds in state trust funds administered by the State Treasurer, with allowance for up to 50% equity securities investment if an asset allocation policy is adopted (increased from 40% without such policy).

Reserve funds not invested in equity securities may be invested in government bonds, certificates of deposit, municipal obligations rated in top two categories, investment agreements with highly-rated financial institutions, and securities fully backed by U.S. government obligations.

Climate Change and Coastal Resiliency Reserve Funds administered by the State Treasurer are added to the definition of trust funds covered under state trust fund provisions, allowing standardized asset allocation procedures.

The Commissioner of Energy and Environmental Protection must identify and maximize the state's receipt of federal funds designated for climate resiliency and coastal resiliency projects, with biennial reporting to the legislature beginning January 1, 2024.

Commissioner's reports must detail federal funds identified, applications submitted, funds received, projects funded, and recommendations for increasing federal fund maximization.