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New YorkS 82182025-2026 Regular SessionSenate

Relates to certain bonds issued to finance school rehabilitation or reconstruction costs for Rochester schools

Sponsored By: Jeremy Cooney (Democratic)

Signed by Governor

EDUCATION

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Bill Overview

Analyzed Economic Effects

2 provisions identified: 0 benefits, 1 costs, 1 mixed.

Rochester school refinancing savings face limits

Effective immediately, savings from refinancing bonds for Rochester’s school modernization program can only fund projects eligible for state school aid. Officials cannot use those savings for unrelated purposes. This limits how officials use the money; it creates no direct household payment requirement.

New Rochester school aid interest rules

Effective immediately, the law changes interest calculations for state aid for approved Rochester school rehabilitation and rebuilding projects. It covers financing through the Monroe County Industrial Development Agency or New York State Dormitory Authority. The calculation uses the lower of two defined net interest costs: original financing, ignoring refinancing, or equivalent Dormitory Authority financing. The relevant agency’s executive director certifies the financing comparison to the education commissioner. Current-year rates are tentative and adjusted the next year using actual averages. When qualifying school debt is refinanced, Rochester’s chief fiscal officer must report rate comparisons annually by September 1. Using the commissioner’s formula, the report compares actual average rates with estimated rates for the base and current years. Rates use five decimal places and are rounded to the nearest one-eighth of one-hundredth. These rates determine the repayment schedule used to calculate aid; next-year recalculations can raise or lower current-year aid.

Sponsors & Cosponsors

Sponsor

  • Jeremy Cooney

    Democratic • Senate

Cosponsors

  • Samra Brouk

    Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 222 • No: 1

House vote • 6/16/2025

Assembly floor vote

Yes: 144 • No: 0

committee vote • 6/12/2025

Rules Committee Vote

Yes: 20 • No: 0

Senate vote • 6/12/2025

FLOOR Vote

Yes: 58 • No: 1

Actions Timeline

  1. SIGNED CHAP.567

    11/21/2025Senate

  2. DELIVERED TO GOVERNOR

    11/17/2025Senate

  3. RETURNED TO SENATE

    6/16/2025House

  4. PASSED ASSEMBLY

    6/16/2025House

  5. ORDERED TO THIRD READING RULES CAL.839

    6/16/2025House

  6. SUBSTITUTED FOR A8606

    6/16/2025House

  7. REFERRED TO EDUCATION

    6/12/2025House

  8. DELIVERED TO ASSEMBLY

    6/12/2025Senate

  9. PASSED SENATE

    6/12/2025Senate

  10. ORDERED TO THIRD READING CAL.1918

    6/12/2025Senate

  11. COMMITTEE DISCHARGED AND COMMITTED TO RULES

    6/12/2025Senate

  12. REFERRED TO EDUCATION

    5/22/2025Senate

Bill Text

  • Original

    5/22/2025

    PDF

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