N.Y. Transportation Law § 475: Contracts for municipal transportation infrastructure projects

* § 475. Contracts for municipal transportation infrastructure

projects. Any such contract between the commissioner and a municipality

may include such provisions as may be agreed upon by the parties

thereto, and shall include, in substance, the following:

1. an estimate of the reasonable cost of the project as determined by

the commissioner;

2. an agreement by the commissioner to pay to the municipality during

the progress of construction or following completion of construction an

amount as may be agreed upon by the parties;

3. an agreement by the municipality:

(a) to proceed expeditiously with and complete the project as approved

by the commissioner,

(b) to apply for and/or make reasonable efforts to secure federal

assistance, if any, for the project,

(c) to provide for the municipality's share of the cost of the

project, if any,

(d) to maintain the project at its own expense in accordance with the

requirements of the commissioner for the period of time corresponding to

the period of useful life for such project as determined by reference to

section sixty-one of the state finance law; and

4. a provision that, in the event that federal assistance which was

not included in the calculation of the state financial assistance

becomes available to the municipality, the amount of the state financial

assistance shall be recalculated by reducing the amount of the state

financial assistance by the amount of such federal assistance, and the

municipality shall pay to the state the amount by which the state

payment actually made exceeds the state financial assistance determined

by the recalculation, if any.

* NB Not effective due to defeat of the Transportation Bond Act of

2000