Authorizes the state finance committee to issue general obligation bonds to provide funds to finance: (1) Flood control, prevention, protection, and mitigation projects in areas of the state that are at greatest risk and most vulnerable to flooding; and

(2) An ongoing, statewide competitive program of grants to cities and counties for storm water projects that protect and improve water quality and improve watershed functionality.

Creates the flood hazard reduction account and the storm water financial assistance account.