Bill > A08606

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 legislation 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 of the original obligations, without considering any subsequent refunding. Additionally, the bill mandates that the chief fiscal officer of the city must provide the commissioner with a detailed analysis of the actual and estimated average interest rates applied to capital debt for school renovation projects. If refunding bonds are issued, any savings must be used exclusively for funding projects eligible for state apportionment under education law. This technical amendment aims to provide more precise and transparent methods for calculating and reporting interest costs associated with school facility modernization in Rochester.

Budget and Finance, Education

https://www.nysenate.gov/legislation/bills/2025/A8606