NY A08606

Modifies how interest costs are calculated for bonds issued by the Monroe County Industrial Development Agency or the Dormitory Authority of New York to finance Rochester school rehabilitation and reconstruction projects

Requires interest rates to be calculated based on each series of bonds originally issued for approved project phases, without regard to any subsequent refunding of those obligations

Mandates the chief fiscal officer of Rochester to submit annual analyses to the commissioner showing actual and estimated average interest rates on capital debt for qualifying school renovation projects by September 1st each year

Requires interest rates to be expressed as decimals to five places, rounded to the nearest eighth of one-one hundredth, with apportionments recalculated and adjusted in the following year based on actual rates

Stipulates that any savings from refunding bonds must be used exclusively for school projects eligible for state aid apportionment under Education Law section 3602