Bill > S08218

This bill modifies how interest costs are calculated for bonds issued to finance school rehabilitation or reconstruction in the Rochester City School District. Specifically, the bill amends existing education law to provide more detailed guidelines for determining the net interest cost for bonds issued by the Monroe Industrial Development Agency or the Dormitory Authority of the State of New York. The bill requires that for each series of bonds issued to finance school projects, the interest rate will be calculated based on the actual rates applied to the original bonds, without considering any subsequent refunding. Additionally, the bill mandates that the city's chief fiscal officer provide the commissioner with an analysis of actual and estimated average interest rates for capital debt related to school renovation projects. The bill also stipulates that if refunding bonds are issued, any savings must be used exclusively for projects eligible for state apportionment under existing education law. These changes aim to provide more transparency and specificity in how interest costs are calculated and applied for school facility modernization projects in Rochester.

Education

https://www.nysenate.gov/legislation/bills/2025/S8218