mines necessary to assist in implementing the Fund 
in accordance with this section. 
(b) CLIMATE CHANGE ADAPTATION PROJECTS.— 
The Secretary, in consultation with the Commission, shall 
carry out a program to provide funds to eligible entities 
to carry out projects for a qualified climate change adapta-
tion purpose. 
(c) APPLICATIONS.— 
(1) IN GENERAL.—An eligible entity desiring 
funds under subsection (b) shall, with respect to a 
project, submit to the Secretary an application at 
such time, in such manner, and containing such in-
formation as the Secretary may require. 
(2) CONTENTS.—An application submitted by 
an eligible entity under this subsection shall include 
data relating to any benefits the eligible entity ex-
pects the project to provide to the community in 
which the applicable project is performed, such as— 
(A) an economic impact; or 
(B) improvements to public health. 
(3) TECHNICAL
ASSISTANCE.—The Secretary 
shall offer technical assistance to eligible entities 
preparing applications under this subsection. 
(d) SELECTION.— 
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(1) IN GENERAL.—The Secretary shall select el-
igible entities to receive funds to carry out projects 
under this section based on criteria and guidelines 
determined and published by the Commission under 
section 102. 
(2) PRIORITY.—In selecting eligible entities 
under paragraph (1), the Secretary shall give pri-
ority to eligible entities planning to perform projects 
that will serve areas with the greatest need. 
(e) NON-FEDERAL FUNDING REQUIREMENT.— 
(1) IN GENERAL.—Subject to paragraphs (2) 
and (3), in order to receive funds under this section, 
an eligible entity shall provide funds for a project in 
an amount that is equal to not less than 25 percent 
of the amount of funds provided under this section. 
(2) WAIVER.—The Secretary may waive all or 
part of the matching requirement under paragraph 
(1) for an eligible entity, especially an eligible entity 
performing a project benefitting a low-income com-
munity or an environmental justice community, if 
the Secretary determines that— 
(A) there are no reasonable means avail-
able through which the eligible entity can meet 
the matching requirement; or 
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(B) the probable benefit of the project out-
weighs the public interest of the matching re-
quirement. 
(3) NO-MATCH PROJECTS.— 
(A) IN
GENERAL.—The Secretary shall 
award not less than 10 percent and not more 
than 40 percent of the total funds awarded 
under this section to eligible entities to which 
the matching requirement under paragraph (1) 
shall not apply. 
(B) PRIORITY.—The Secretary shall give 
priority for funding under subparagraph (A) to 
an eligible entity performing a project in a com-
munity experiencing a disproportionate impact 
of climate change, including— 
(i) an environmental justice commu-
nity; 
(ii) a low-income community; or 
(iii) a community of color. 
(f) APPLICABILITY OF FEDERAL LAW.—Nothing in 
this Act shall be construed to waive the requirements of 
any Federal law or regulation that would otherwise apply 
to a project that receives funds under this section. 
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SEC. 202. COMPLIANCE WITH DAVIS-BACON ACT. 
(a) IN GENERAL.—All laborers and mechanics em-
ployed by contractors and subcontractors on projects fund-
ed directly by, or assisted in whole or in part by and 
through, the Fund shall be paid wages at rates not less 
than those prevailing on projects of a character similar 
in the locality as determined by the Secretary of Labor 
in accordance with subchapter IV of chapter 31 of part 
A of title 40, United States Code. 
(b) LABOR STANDARDS.—With respect to the labor 
standards described in this section, the Secretary of Labor 
shall have the authority and functions set forth in Reorga-
nization Plan Numbered 14 of 1950 (64 Stat. 1267; 5 
U.S.C. App.) and section 3145 of title 40, United States 
Code. 
SEC. 203. FUNDING. 
To carry out the program under section 201(b), the 
Secretary, in addition to amounts in the Fund, may use 
amounts that have been made available to the Secretary 
and are not otherwise obligated. 
TITLE III—REVENUE 
SEC. 301. CLIMATE CHANGE OBLIGATIONS. 
(a) IN GENERAL.—Not later than 6 months after the 
date of the enactment of this Act, the Secretary of the 
Treasury or the Secretary’s delegate (referred to in this 
title as the ‘‘Secretary’’) shall issue obligations under 
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chapter 31 of title 31, United States Code (referred to 
in this title as ‘‘climate change obligations’’), the proceeds 
from which shall be deposited in the Fund. 
(b) FULL FAITH AND CREDIT.—Payment of interest 
and principal with respect to any climate change obliga-
tion issued under this section shall be made from the gen-
eral fund of the Treasury of the United States and shall 
be backed by the full faith and credit of the United States. 
(c) EXEMPTION FROM LOCAL TAXATION.—All cli-
mate change obligations issued by the Secretary, and the 
interest on or credits with respect to such obligations, 
shall not be subject to taxation by any State, county, mu-
nicipality, or local taxing authority. 
(d) AMOUNT OF CLIMATE CHANGE OBLIGATIONS.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the aggregate face amount of the climate 
change obligations issued annually under this section 
shall be $200,000,000. 
(2) ADDITIONAL OBLIGATIONS.—For any cal-
endar year in which all of the obligations issued pur-
suant to paragraph (1) have been purchased, the 
Secretary may issue additional climate change obli-
gations during such calendar year, provided that the 
aggregate face amount of such additional obligations 
does not exceed $800,000,000. 
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(e) FUNDING.—The Secretary shall use funds made 
available to the Secretary and not otherwise obligated to 
carry out the purposes of this section. 
SEC. 302. PROMOTION. 
(a) IN GENERAL.—The Secretary shall promote the 
purchase of climate change obligations through such 
means as are determined appropriate by the Secretary, 
with the amount expended for such promotion not to ex-
ceed $10,000,000 for any fiscal year during the period of 
fiscal years 2022 through 2026. 
(b) DONATED ADVERTISING.—In addition to any ad-
vertising paid for with funds made available under sub-
section (c), the Secretary shall solicit and may accept the 
donation of advertising relating to the sale of climate 
change obligations. 
(c) AUTHORIZATION OF APPROPRIATIONS.—For each 
fiscal year during the period of fiscal years 2022 through 
2026, there is authorized to be appropriated $10,000,000 
to carry out the purposes of this section. 
Æ 
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