NY S07383

Legalizes and validates all actions taken by the Panama Central School District related to final building cost reports for approved building projects completed before December 31, 2012, despite any failure to timely file with the education department.

Prohibits the education commissioner from recovering any penalty from Panama Central School District for late filing of final cost reports, provided the district submitted the late report and the commissioner approves it.

Requires that any penalty amounts already recovered from the district be returned to it as payment for prior years' state funds, provided the funds were properly expended for the building project.

Conditions the penalty waiver on a finding that the failure to timely submit the report was an inadvertent administrative or ministerial oversight with no evidence of fraud or improper intent by the district.

Takes effect immediately upon enactment.