New York A07506 authorizes the establishment of a public library revolving loan fund to provide loans to municipalities for local public library.

New York A07506 amends the education law and the state finance law to establish a public library revolving loan fund. The fund will provide loans to libraries and library systems for eligible projects at an interest rate two points below the prime rate. Eligible projects include construction of new facilities, improvement or rehabilitation of existing buildings, and ensuring handicapped accessibility. The commissioner of education will establish and maintain the public library revolving loan program.

New York A07506 authorizes the establishment of a public library revolving loan fund to provide loans to municipalities for local public library.

New York A07506 amends the education law and the state finance law to establish a public library revolving loan fund. The fund will provide loans to libraries and library systems for eligible projects at an interest rate two points below the prime rate. Eligible projects include construction of new facilities, improvement or rehabilitation of existing buildings, and ensuring handicapped accessibility. The commissioner of education will establish and maintain the public library revolving loan program.