NY State Fin L § 99-O (2021)
2021 New York Laws STF - State Finance Article 6 - Funds of the State 99-O - Arts Institutions Revolving Loan Fund.

§  99-o.  Arts  institutions  revolving  loan fund. 1. There is hereby established within the custody of the state comptroller a new fund to be known as the "arts institutions revolving loan fund".   2. The fund shall consist of all moneys appropriated for its  purpose, all  moneys  transferred  to  such  fund pursuant to law, and all moneys required by this section or any other law to be paid into or credited to this fund, including all moneys received by the fund or donated  to  it, and payments of principal on loans made from the fund.   3.  Moneys  of  the  fund,  when  allocated, shall be available to the chairperson of the council on the arts to make loans as provided in this section. Up to five percent of the moneys of the fund or fifty  thousand dollars,  whichever  is less, may be used to pay the expenses, including personal service and maintenance and operation, in connection  with  the administration of such loans.   4.  (a)  The chairperson of the council on the arts, on recommendation of the members of the council may make, upon application duly  made,  up to  the amounts available by appropriation, loans for project support at arts institutions.  (b) No loan authorized by this section shall  have  an  interest  rate greater  than  two  and one-half percent. The minimum amount of any loan shall be five thousand dollars. The period of any loan shall not  exceed the  period  of one year. The chairperson of the council on the arts may make loans under this section subject to such other terms and conditions the council board deems proper.  (c) The council board shall have the power  to  make  such  rules  and regulations as may be necessary and proper to effectuate the purposes of this section.  (d)  The council board shall annually report by March fifteenth to the governor and the legislature describing the activities and operation  of the loan program authorized by this section. Such report shall set forth the  number of loan applications received and approved; the names of the arts institutions receiving loans together with the amount  and  purpose of  the  loan, and the outstanding balance; and the balance remaining in the arts institutions revolving loan fund.   5. (a) Application for loans may  be  made  by  an  arts  institution, including  but  not  limited to museums, orchestras, dance companies and theatre groups.  (b) Every application shall be in the form acceptable to the  chairman of  the  council on the arts. Every application shall accurately reflect the  conditions  which  give  rise  to  the  proposed  expenditure   and accurately  reflect  the  ability  of  the  applicant  to  make  such an expenditure without the proceeds of a loan under this section.  (c)(i) The council board shall give preference to  those  applications which  demonstrate  the  greatest need and benefit to the arts community and public at large.  (ii) In making determinations on loan applications, the council  board shall  assure  that loan fund moneys are equitably distributed among all sectors of the arts community and all geographical areas of the state.  (d) An application shall be referred by the chairperson of the council on the arts to the council board as defined by article three of the arts and cultural affairs law.  (e) An application shall not be approved:  (i) if the applicant is in  arrears  on  any  prior  loan  under  this section,  (ii) if it shall be shown that at any time in the prior ten years, the applicant  used  state funds to repay all or part of any loan made under this section.  (f) The council board shall,  to  the  maximum  extent  feasible,  and consistent  with  the  other provisions of this section, seek to provide that loans authorized by this section reflect an appropriate  geographic distribution and are distributed equitably.