State Infrastructure Banks for Schools Act of 1999

State Infrastructure Banks for Schools Act of 1999 - Authorizes the Secretary of the Treasury, in consultation with the Secretary of Education, to enter into cooperative agreements with States for the establishment of State infrastructure banks and multistate infrastructure banks for making loans to: (1) local educational agencies to build or repair public elementary or secondary schools; or (2) public libraries to build or repair library facilities.

Grants the consent of the Congress for States to enter into interstate compacts to establish such multistate infrastructure banks.

Prescribes funding guidelines under which the Secretary of the Treasury is directed to make grants to State infrastructure banks and multistate infrastructure banks to provide initial capital for such loans.

Authorizes appropriations for grants to States for the initial capitalization of infrastructure banks.