Bill > A07506

This bill establishes a public library revolving loan program that will provide financial assistance to public, free association, Indian, school, and reference libraries for capital improvement projects. Libraries can apply for loans covering up to 50% of approved project costs (or up to 75% in high-need areas), with each library limited to one application annually and no more than one funding year in a three-year period. Loans will be provided at an interest rate two points below the prime rate, and can be used for projects such as constructing new library facilities, improving or expanding existing buildings, enhancing handicapped accessibility, and other substantive library improvements. The program requires applicants to demonstrate financial sustainability, project feasibility, compliance with legal requirements, and ability to complete the project promptly. The commissioner of education will oversee the program, establish guidelines within 180 days, and must report annually to state leadership about the program's funding, applications, and recommendations for improvement. A new "public library revolving loan fund" will be created in the joint custody of the state comptroller and commissioner of taxation and finance to manage the program's finances, with funds coming from appropriations and loan repayments. The act is set to take effect on July 1, 2026.

Education

https://www.nysenate.gov/legislation/bills/2025/A7506