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History
- Referred to libraries and education technology
- Delivered to assembly
- Passed senateVote 58–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.366
- Referred to corporations, authorities and commissions
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Makes provision for construction and financing of facilities for the New York state library association
In Assembly Committee · Ways And Means · Sponsor Thomas Abinanti
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the public authorities law, in relation to the construction and financing of facilities by the dormitory authority for the New York Library Association; and providing for the repeal of such provisions upon expiration thereof
Summary of provisions
This legislation would amend Sections 1676 and 1680 of the Public Authorities Law to authorize the NY Dormitory Authority to provide its financing and construction services to the non-profit member libraries of the NYLA. Eligible projects may not exceed $5 million each.
Justification
This legislation would allow the New York Library Association to bundle together small bonding projects of less than $5 million per library and to submit them jointly to the Dormitory Authority for financing. The Dormitory Authority would be able to pool the individual loans together to achieve a sufficient size to make low cost tax-exempt bond financing available to these libraries. These projects could also benefit from the construction expertise available through the Dormitory Authority's construction service.
Many libraries have projects that range in cost from several hundred thousand dollars to one or two million dollars and are discouraged from submitting these projects on their own to the Dormitory Authority because of all the financing costs involved. The fixed financing costs involved in a tax exempt bond issue make small individual financing impractical. By pooling several projects together, fixed costs can be apportioned over several projects, making Dormitory Authority bond financing a practical alternative for cost effective financing.
Legislative history
2007/08: S.1684 - Passed Senate 2006/07: S.3110B - Passed Senate
Fiscal implications
None to the State
Local fiscal implications
Should reduce borrowing costs incurred by local public libraries in constructing or rehabilitating library buildings.
Effective date
Immediately, with a sunset date of December 31, 2021
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.