NY S07034

Legalizes and validates all actions by the Panama central school district related to final building cost reports for approved building projects completed prior to December 31, 2012, notwithstanding any failure to comply with time requirements.

Prohibits the Commissioner of Education from recovering penalties from Panama central school district for late filing of final cost reports under section 31 of part A of chapter 57 of the laws of 2012.

Requires any penalties already recovered to be deemed payment of moneys due for prior years and returned to the Panama central school district, provided four conditions are met: the late report is submitted and approved, funds were properly expended, and the failure was an inadvertent administrative oversight with no fraudulent intent.

Takes effect immediately upon enactment.