New York A 7506: Authorizes the establishment of a public library revolving loan fund

Bill Text

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A07506 Summary:

BILL NOA07506 

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SAME ASNo Same As

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SPONSORPretlow

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COSPNSR

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MLTSPNSR

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Add §273-b, Ed L; add §91-e, St Fin L

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Authorizes the establishment of a public library revolving loan fund to provide loans to municipalities for local public library projects at an interest rate two points below the prime rate.

Go to top A07506 Actions:

BILL NOA07506 

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03/28/2025referred to libraries and education technology

01/07/2026referred to libraries and education technology

Go to topA07506 Committee&nbspVotes:

Go to topA07506 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA07506 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 7506

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 28, 2025
 ___________

 Introduced by M. of A. PRETLOW -- read once and referred to the Commit-
 tee on Libraries and Education Technology

 AN ACT to amend the education law and the state finance law, in relation
 to establishing a public library revolving loan fund

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The education law is amended by adding a new section 273-b
 2 to read as follows:
 3 § 273-b. Public library revolving loan program. 1. The commissioner
 4 shall establish and maintain a public library revolving loan program to
 5 provide loans to libraries and library systems for the purposes desig-
 6 nated in this part. Notwithstanding the provisions of any law to the
 7 contrary, state financial assistance in the form of a loan may be
 8 provided for up to fifty percent of the approved costs (excluding feasi-
 9 bility studies, plans or similar activities) of eligible projects for
 10 capital construction by an eligible public, free association or Indian
 11 library, or by a public, school or reference and research library
 12 resource system, as provided in this section. In areas of high need, as
 13 defined in regulations promulgated by the commissioner pursuant to
 14 subdivision eleven of this section, a loan of up to seventy-five percent
 15 of approved costs (excluding feasibility studies, plans or similar
 16 activities) may be approved by the commissioner. A library or library
 17 system may submit an application for state financial assistance for
 18 eligible projects as provided in this section.
 19 2. The commissioner, after review of the programmatic and fiscal needs
 20 and resources of the project and the library or library system, shall
 21 make a determination, subject to the restrictions, limitations, respon-
 22 sibilities and requirements of this section, as to the amount of state
 23 financial assistance that the library or library system may receive for
 24 any amount up to and including the amount of five hundred thousand
 25 dollars. Any financial assistance may be provided from the public

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD10545-01-5

 A. 7506 2

 1 library revolving loan fund established pursuant to section ninety-one-e
 2 of the state finance law. Interest in any such loan shall be set at two
 3 points below the prime rate. Eligible projects shall include:
 4 a. construction of a new facility for library purposes;
 5 b. improvement, expansion or rehabilitation of a building for library
 6 purposes;
 7 c. improvement, expansion or rehabilitation of existing building or
 8 buildings to provide for handicapped accessibility;
 9 d. such other projects of substantive character as are in keeping with
 10 the spirit and intent of this section.
 11 No project shall be considered eligible if it is approved for financ-
 12 ing from any other state assistance program, excepting aid for library
 13 construction awarded pursuant to section two hundred seventy-three-a of
 14 this part.
 15 3. Each application for financial assistance shall be submitted to the
 16 commissioner by the board of trustees of the library or library system.
 17 Each application shall:
 18 a. demonstrate that adequate operating support and resources will be
 19 available at the completion of the project to provide an improved or
 20 increased level of service;
 21 b. contain verification in suc