17. a. There is established in the General Fund a special nonlapsing account to be known as the “Clean Stormwater and Flood Reduction Fund.” The State Treasurer shall credit to this account all moneys remitted to the State Treasurer by counties, municipalities, and authorities pursuant to subsection d. of section 8 of P.L.2019, c.42 (C. 40A:26B-8). Pending the use thereof, moneys deposited in the fund may be invested or reinvested in such securities as are approved by the State Treasurer. Interest or other income earned on moneys deposited into the fund shall be credited to the fund for use as set forth in subsection b. of this section.

b. Moneys deposited in the “Clean Stormwater and Flood Reduction Fund” are specifically dedicated and shall be used by the Department of Environmental Protection only to fund planning, implementation, and coordination activities related to stormwater utilities in the State, water quality monitoring and assessment, point and non-point source water pollution reduction projects, implementation of the department’s stormwater management program, and a public education and outreach program relating to stormwater management.

L.2019, c.42, s.17.