NY S08218

Modifies how interest rates are calculated for state building aid on bonds issued by the Monroe County Industrial Development Agency or the Dormitory Authority of New York for Rochester school facilities modernization projects

Requires the interest rate for aid calculations to be based on each series of bonds originally issued for each project phase, without regard to any subsequent refunding of those obligations

Mandates that Rochester's chief fiscal officer submit annual analyses to the education commissioner detailing actual and estimated average interest rates on capital debt incurred for school renovation, rehabilitation, or reconstruction projects

Requires that savings from refunding bonds issued under the Rochester school facilities modernization program be used only for projects eligible for state building aid apportionment

Interest rates must be expressed as decimals to five places, rounded to the nearest eighth of one-one hundredth, with aid payments recalculated and adjusted the following year based on actual rates