Establishes the bank of Rochester, including provisions related to definitions; sponsors and corporate structure; powers and restrictions.

The bill establishes the bank of Rochester as a not-for-profit corporation owned by the city of Rochester. It outlines the bank's powers, including selling bonds, purchasing stocks, issuing letters of credit, and engaging in local agency banking, infrastructure lending, wholesale lending, and participation lending. The bank is restricted from competing with commercial banks, engaging in direct commercial lending, retail banking, and equity markets. The bank is governed by a board of directors, including nine voting members and four non-voting directors.

Establishes the bank of Rochester, including provisions related to definitions; sponsors and corporate structure; powers and restrictions.

The bill establishes the bank of Rochester as a not-for-profit corporation owned by the city of Rochester. It outlines the bank's powers, including selling bonds, purchasing stocks, issuing letters of credit, and engaging in local agency banking, infrastructure lending, wholesale lending, and participation lending. The bank is restricted from competing with commercial banks, engaging in direct commercial lending, retail banking, and equity markets. The bank is governed by a board of directors, including nine voting members and four non-voting directors.