Of the moneys received by the state from the sale of bonds pursuant to the environmental bond act of 2022, not less than one billion dollars ($1,000,000,000) shall be available for disbursements for restoration and flood risk reduction projects developed pursuant to section 58-0303 of this title. Not more than two hundred fifty million dollars ($250,000,000) of this amount shall be available for projects pursuant to subdivision two of section 58-0303 of this title and not less than one hundred million dollars ($100,000,000) each shall be available for coastal rehabilitation and shoreline restoration projects and projects which address inland flooding, pursuant to paragraph a of subdivision one of section 58-0303 of this title.

* NB Takes effect only if section 1 of part TT of chapter 59 of the laws of 2021 enacting the environmental bond act of 2022 "restore mother nature" is submitted to the people at the general election to be held in November 2022 and is approved by the majority of votes