You've got to figure it's very possible for some buses to have a lot of condensation on the interior skin, not to mention the possibility of regular leaks.
FWIW where I live any rust that is holed all the way through will flunk a passenger vehicle. The OP's source may have been confused or lied to himself. You're right, though, I'd be suspicious.
I know PA is a stickler on rust... like the last post, for proivate vehicles, in fact they can fail a private car in PA for having what they deem as "too much bubble".. which indicates a rust hole to them...
wouldnt surprise me if the same applies for school busses in some states..
-Christopher