New York S08218 amends the calculation of interest costs for bonds issued to finance school rehabilitation or reconstruction in Rochester.

New York S08218 amends the education law to change how interest costs are calculated for bonds issued to finance school rehabilitation or reconstruction in Rochester. The bill specifies that the interest rate used for these bonds should be the lesser of the net interest cost applicable to the bonds or the net interest cost that would have been applicable if the project had been financed through the Monroe Industrial Development Agency or the Dormitory Authority of the State of New York.

New York S08218 amends the calculation of interest costs for bonds issued to finance school rehabilitation or reconstruction in Rochester.

New York S08218 amends the education law to change how interest costs are calculated for bonds issued to finance school rehabilitation or reconstruction in Rochester. The bill specifies that the interest rate used for these bonds should be the lesser of the net interest cost applicable to the bonds or the net interest cost that would have been applicable if the project had been financed through the Monroe Industrial Development Agency or the Dormitory Authority of the State of New York.