Assembly Bill A1873

2017-2018 Legislative Session

Authorizes the establishment of a public library revolving loan fund

download bill text pdf

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Archive: Last Bill Status - In Assembly Committee


  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2017-A1873 (ACTIVE) - Details

Current Committee:
Assembly Libraries And Education Technology
Law Section:
Education Law
Laws Affected:
Add §273-b, Ed L; add §91-e, St Fin L
Versions Introduced in Other Legislative Sessions:
2009-2010: A2458
2011-2012: A3367
2013-2014: A4040
2015-2016: A1930
2019-2020: A4174
2021-2022: A1579
2023-2024: A4533

2017-A1873 (ACTIVE) - Summary

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.

2017-A1873 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1873
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 13, 2017
                                ___________
 
 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:
 
   Section  1. The education law is amended by adding a new section 273-b
 to read as follows:
   § 273-B.  PUBLIC LIBRARY REVOLVING LOAN PROGRAM. 1.  THE  COMMISSIONER
 SHALL  ESTABLISH AND MAINTAIN A PUBLIC LIBRARY REVOLVING LOAN PROGRAM TO
 PROVIDE LOANS TO LIBRARIES AND LIBRARY SYSTEMS FOR THE  PURPOSES  DESIG-
 NATED  IN  THIS  PART.  NOTWITHSTANDING THE PROVISIONS OF ANY LAW TO THE
 CONTRARY, STATE FINANCIAL ASSISTANCE IN  THE  FORM  OF  A  LOAN  MAY  BE
 PROVIDED FOR UP TO FIFTY PERCENT OF THE APPROVED COSTS (EXCLUDING FEASI-
 BILITY  STUDIES,  PLANS  OR SIMILAR ACTIVITIES) OF ELIGIBLE PROJECTS FOR
 CAPITAL CONSTRUCTION BY AN ELIGIBLE PUBLIC, FREE ASSOCIATION  OR  INDIAN
 LIBRARY,  OR  BY  A  PUBLIC,  SCHOOL  OR  REFERENCE AND RESEARCH LIBRARY
 RESOURCE SYSTEM, AS PROVIDED IN THIS SECTION. IN AREAS OF HIGH NEED,  AS
 DEFINED  IN  REGULATIONS  PROMULGATED  BY  THE  COMMISSIONER PURSUANT TO
 SUBDIVISION ELEVEN OF THIS SECTION, A LOAN OF UP TO SEVENTY-FIVE PERCENT
 OF APPROVED COSTS  (EXCLUDING  FEASIBILITY  STUDIES,  PLANS  OR  SIMILAR
 ACTIVITIES)  MAY  BE  APPROVED BY THE COMMISSIONER. A LIBRARY OR LIBRARY
 SYSTEM MAY SUBMIT AN APPLICATION  FOR  STATE  FINANCIAL  ASSISTANCE  FOR
 ELIGIBLE PROJECTS AS PROVIDED IN THIS SECTION.
   2. THE COMMISSIONER, AFTER REVIEW OF THE PROGRAMMATIC AND FISCAL NEEDS
 AND  RESOURCES  OF  THE PROJECT AND THE LIBRARY OR LIBRARY SYSTEM, SHALL
 MAKE A DETERMINATION, SUBJECT TO THE RESTRICTIONS, LIMITATIONS,  RESPON-
 SIBILITIES  AND  REQUIREMENTS OF THIS SECTION, AS TO THE AMOUNT OF STATE
 FINANCIAL ASSISTANCE THAT THE LIBRARY OR LIBRARY SYSTEM MAY RECEIVE  FOR
 ANY  AMOUNT  UP  TO  AND  INCLUDING  THE AMOUNT OF FIVE HUNDRED THOUSAND
 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.
              

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