New York A08606 amends interest cost calculations for bonds financing Rochester school renovations.

New York A08606 amends the education law and the Rochester school facilities modernization program act. It modifies the calculation of interest costs for bonds issued to finance school rehabilitation or reconstruction in Rochester. The bill specifies that the interest rate for such bonds should be the lesser of two options: the net interest cost applicable to bonds issued by the Monroe industrial development agency or the net interest cost applicable to bonds issued by the state of New York dormitory authority.

New York A08606 amends interest cost calculations for bonds financing Rochester school renovations.

New York A08606 amends the education law and the Rochester school facilities modernization program act. It modifies the calculation of interest costs for bonds issued to finance school rehabilitation or reconstruction in Rochester. The bill specifies that the interest rate for such bonds should be the lesser of two options: the net interest cost applicable to bonds issued by the Monroe industrial development agency or the net interest cost applicable to bonds issued by the state of New York dormitory authority.