NY S07370

Legalizes and ratifies all actions and proceedings by the Monticello 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 filing time requirements.

Prohibits the commissioner of education from recovering penalties from Monticello central school district for late filing of final cost reports for approved capital construction projects.

Requires any penalties already recovered from the district to be deemed payment of moneys due for prior years and returned to the district, provided the district submitted the late report and it was approved by the commissioner.

Establishes conditions for penalty relief: state funds must have been properly expended for the building project in accordance with approved terms, and the failure to timely file must have been an inadvertent administrative oversight with no evidence of fraudulent or improper intent.

Takes effect immediately upon enactment.