Relates to certain bonds issued to finance school rehabilitation or reconstruction costs for Rochester schools

This bill (S 8218, now Chapter 567) modifies how interest costs are calculated for bonds financing Rochester school rehabilitation or reconstruction projects. It establishes a specific formula for determining the interest rate used to calculate state aid for these projects, requiring cities to provide annual interest rate analyses to the education commissioner. The bill ensures that refunding bond savings (from refinancing existing school debt) must be used solely for new eligible school projects. It directly affects Rochester schools, the Monroe Industrial Development Agency, and the State Dormitory Authority in administering school facility funding. The law clarifies the process for calculating interest costs to align with state funding formulas for school modernization programs.