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New YorkS 82182025-2026 Regular SessionSenateWALLET

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

Sponsored By: Jeremy Cooney (Democratic)

Became Law

EDUCATION

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Bill Overview

Analyzed Economic Effects

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

Lower interest rate for Rochester school aid

For Rochester school rehab or rebuild projects financed through the Monroe County Industrial Development Agency or the state Dormitory Authority, the state now uses the lower of two net interest costs to set the aid formula’s borrowing rate. Each year, by September 1, the city’s chief fiscal officer sends the Education Commissioner an analysis of last year’s actual average rate and the current year’s estimate. Aid for the current year uses the estimated rate. Next year, the state recalculates and adjusts aid to match the actual rate.

Savings from refinancing must fund schools

If Rochester refinances bonds from its school modernization program, any savings can be used only for school projects that qualify for state building aid. Savings cannot be used for other local costs or tax relief.

Sponsors & Cosponsors

Sponsor

  • Jeremy Cooney

    Democratic • Senate

Cosponsors

  • Samra Brouk

    Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 78 • No: 1

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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