(e) SELECTION.—The Secretary shall select projects 
from eligible entities to receive funds under this section 
based on criteria and guidelines determined and published 
by the Commission. 
(f) NON-FEDERAL
FUNDING
REQUIREMENT.—In 
order to receive funds under this section, an eligible entity 
shall provide funds for the project in an amount that is 
equal to not less than 25 percent of the amount of funds 
provided under this section. 
(g) MAINTENANCE OF EFFORT.—All amounts depos-
ited in the Fund in accordance with section 301(a) shall 
be used only to fund new projects in accordance with this 
Act. 
(h) APPLICABILITY OF FEDERAL LAW.—Nothing in 
this Act waives the requirements of any Federal law (in-
cluding regulations) that would otherwise apply to a quali-
fied climate change project that receives funds under this 
section. 
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 pursuant to this title shall be paid 
wages at rates not less than those prevailing on projects 
of a character similar in the locality as determined by the 
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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 specified 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. 
The Secretary shall use funds made available to the 
Secretary and not otherwise obligated to carry out the pro-
gram under section 201(b). 
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 
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-
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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. 
(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 
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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 2020 through 2024. 
(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 2020 through 
2024, there is authorized to be appropriated $10,000,000 
to carry out the purposes of this section. 
Æ 
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