The Environmental Bond Act is on the Ballot this Election!
Vote Yes on Prop 1
Election Day: November 8th
What is a Bond Act?
A bond act is a mechanism by which the state can borrow money to immediately fund projects. Once a bond act is approved by the voters, the state issues bonds which are purchased by investors. These bonds are essentially loans that the state will repay to the bondholders over a period of time. The bonds will be repaid within at least 30 years, and bond act money may only be used for capital projects.
History of NY’s Environmental Bond Acts
New York’s environmental bond acts have historically been passed in response to the rise of environmental movements. The early part of the 20th Century saw the State pass an environmental bond act with the purpose of conserving natural land and forests, thus establishing state parks and land preserves, which is super rad.
The Environmental Bond Act
The 2022 bond act would enable the state comptroller to issue $4.2 billion in state bonds. The funds would then be allocated across a number of capital projects that would aim to improve the state’s environmental condition.
Here’s how the 2022 bond act will be allocating it’s $4.2 billion:
If passed by voters on November 8, Prop 1 will improve public health by upgrading the state’s antiquated 100-year-old pipes and water infrastructure, fund projects to mitigate climate change and flooding, and create tens of thousands of local jobs. Among the perceived benefits of the bond act, the coalition touts jobs, health and safety. A recent analysis by infrastructure consultant AECOM shows the bond act would create about 84,000 jobs.
We’ve been advocating for years with a coalition of environmental groups to get the Environmental Bond Act on the ballot and the time has finally come! Let’s not mess this up! Tell your mom, your dad, your friends and your burrito guy to vote YES for Prop 1!